N-CSR

S&P 500^®

Index⁷

Russell

2000^®

Index⁸

MSCI EAFE

(Net) Index⁹

MSCI Emerging

Markets (Net)

Index¹⁰

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05514

Wilmington Funds

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation
Rodney Square North
1100 North Market Street, Wilmington, DE 19890
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code:

302-651-8409

Date of fiscal year end:

April 30

Date of reporting period:

April 30, 2026

Item 1. Reports to Shareholders.

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Wilmington U.S. Government
Money Market Fund

Administrative Class | WAGXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington U.S. Government Money Market Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Government Money Market Fund (Administrative Class)	$61	0.60%

Key Fund Statistics

Fund net assets	$10,904,821,079
Total number of portfolio holdings	58
Total advisory fees paid	$10,546,781

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Repurchase Agreements	40.3%
U.S. Treasury Obligations	37.3%
U.S. Government Agency Obligations	21.4%
Money Market Funds	1.0%

Where can I find more information?

For more information about Wilmington U.S. Government Money Market Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WAGXX-0426

Wilmington U.S. Government Money Market Fund

Wilmington U.S. Government
Money Market Fund

Institutional Class | WGOXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Government Money Market Fund (Institutional Class)	$25	0.25%

Key Fund Statistics

Fund net assets	$10,904,821,079
Total number of portfolio holdings	58
Total advisory fees paid	$10,546,781

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Repurchase Agreements	40.3%
U.S. Treasury Obligations	37.3%
U.S. Government Agency Obligations	21.4%
Money Market Funds	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGOXX-0426

Wilmington U.S. Government Money Market Fund

Wilmington U.S. Government
Money Market Fund

Select Class | WGEXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Government Money Market Fund (Select Class)	$33	0.32%

Key Fund Statistics

Fund net assets	$10,904,821,079
Total number of portfolio holdings	58
Total advisory fees paid	$10,546,781

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Repurchase Agreements	40.3%
U.S. Treasury Obligations	37.3%
U.S. Government Agency Obligations	21.4%
Money Market Funds	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGEXX-0426

Wilmington U.S. Government Money Market Fund

Wilmington U.S. Government
Money Market Fund

Service Class | WGSXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Government Money Market Fund (Service Class)	$65	0.64%

Key Fund Statistics

Fund net assets	$10,904,821,079
Total number of portfolio holdings	58
Total advisory fees paid	$10,546,781

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Repurchase Agreements	40.3%
U.S. Treasury Obligations	37.3%
U.S. Government Agency Obligations	21.4%
Money Market Funds	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGSXX-0426

Wilmington U.S. Government Money Market Fund

Wilmington U.S. Government
Money Market Fund

Preferred Institutional Class | WGQXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Government Money Market Fund (Preferred Institutional Class)	$16	0.16%

Key Fund Statistics

Fund net assets	$10,904,821,079
Total number of portfolio holdings	58
Total advisory fees paid	$10,546,781

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Repurchase Agreements	40.3%
U.S. Treasury Obligations	37.3%
U.S. Government Agency Obligations	21.4%
Money Market Funds	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WGQXX-0426

Wilmington U.S. Government Money Market Fund

Wilmington U.S. Treasury
Money Market Fund

Administrative Class | WTAXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington U.S. Treasury Money Market Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Treasury Money Market Fund (Administrative Class)	$61	0.60%

Key Fund Statistics

Fund net assets	$2,310,025,037
Total number of portfolio holdings	26
Total advisory fees paid	$2,091,034

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

U.S. Treasury Obligations	58.8%
Repurchase Agreements	40.2%
Money Market Fund	1.0%

Where can I find more information?

For more information about Wilmington U.S. Treasury Money Market Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTAXX-0426

Wilmington U.S. Treasury Money Market Fund

Wilmington U.S. Treasury
Money Market Fund

Institutional Class | WTIXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Treasury Money Market Fund (Institutional Class)	$25	0.25%

Key Fund Statistics

Fund net assets	$2,310,025,037
Total number of portfolio holdings	26
Total advisory fees paid	$2,091,034

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

U.S. Treasury Obligations	58.8%
Repurchase Agreements	40.2%
Money Market Fund	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTIXX-0426

Wilmington U.S. Treasury Money Market Fund

Wilmington U.S. Treasury
Money Market Fund

Select Class | WTEXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Treasury Money Market Fund (Select Class)	$33	0.32%

Key Fund Statistics

Fund net assets	$2,310,025,037
Total number of portfolio holdings	26
Total advisory fees paid	$2,091,034

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

U.S. Treasury Obligations	58.8%
Repurchase Agreements	40.2%
Money Market Fund	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTEXX-0426

Wilmington U.S. Treasury Money Market Fund

Wilmington U.S. Treasury
Money Market Fund

Service Class | WTSXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Treasury Money Market Fund (Service Class)	$47	0.46%

Key Fund Statistics

Fund net assets	$2,310,025,037
Total number of portfolio holdings	26
Total advisory fees paid	$2,091,034

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

U.S. Treasury Obligations	58.8%
Repurchase Agreements	40.2%
Money Market Fund	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTSXX-0426

Wilmington U.S. Treasury Money Market Fund

Wilmington U.S. Treasury
Money Market Fund

Preferred Institutional Class | WTQXX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington U.S. Treasury Money Market Fund (Preferred Institutional Class)	$16	0.16%

Key Fund Statistics

Fund net assets	$2,310,025,037
Total number of portfolio holdings	26
Total advisory fees paid	$2,091,034

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

U.S. Treasury Obligations	58.8%
Repurchase Agreements	40.2%
Money Market Fund	1.0%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTQXX-0426

Wilmington U.S. Treasury Money Market Fund

Wilmington Broad Market Bond Fund

Class A | WABMX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Broad Market Bond Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Broad Market Bond Fund (Class A)	$63	0.62%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s A shares (excluding sales load) returned 3.32%.
For the same period, the Bloomberg U.S. Aggregate Bond Index (the “Index”) returned 4.06%.

What contributed to performance?

The Fund’s increased allocation to corporate securities as well as a slight overweight allocation to agency mortgage-backed securities contributed positively towards our relative performance for the annual period.

What detracted from performance?

The Fund’s slightly lower average corporate maturity profile versus the Index detracted from relative performance as 20+ year corporates outperformed over the annual period.

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Broad Market Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2016 to April 30, 2026, compared to the Bloomberg U.S. Aggregate Bond Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Broad Market Bond Fund — Class A (including 4.5% maximum sales load)	(1.32)%	(1.01)%	0.81%
Wilmington Broad Market Bond Fund — Class A (excluding sales load)	3.32%	(0.10)%	1.28%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%

Performance data quoted represents past performance, which is no guarantee of future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions 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 .

Key Fund Statistics

Fund net assets	$698,938,724
Total number of portfolio holdings	426
Total advisory fees paid	$2,226,420
Portfolio turnover rate as of the end of the reporting period	26%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Corporate Bonds	37.0%
U.S. Treasury Obligations	33.8%
Mortgage-Backed Securities	27.0%
Cash Collateral Invested for Securities on Loan	1.4%
Government Agencies	0.8%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

U.S. Government Agency Securities	27.0%
U.S. Treasury Obligations	33.8%
AA / Aa	1.4%
A	11.1%
BBB / Baa	24.5%
BB / Ba	0.8%
Not Rated	1.4%

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.

Where can I find more information?

For more information about Wilmington Broad Market Bond Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WABMX-0426

Wilmington Broad Market Bond Fund

Wilmington Broad Market Bond Fund

Class I | WIBMX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Broad Market Bond Fund (Class I)	$44	0.43%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund's Class I shares returned 3.60%.
For the same period, the Bloomberg U.S. Aggregate Bond Index (the “Index”) returned 4.06%.

What contributed to performance?

What detracted from performance?

The Fund’s slightly lower average corporate maturity profile versus the Index detracted from relative performance as 20+ year corporates outperformed over the annual period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Broad Market Bond Fund from April 30, 2016 to April 30, 2026, compared to the Bloomberg U.S. Aggregate Bond Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Broad Market Bond Fund — Class I	3.60%	0.21%	1.60%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%

Key Fund Statistics

Fund net assets	$698,938,724
Total number of portfolio holdings	426
Total advisory fees paid	$2,226,420
Portfolio turnover rate as of the end of the reporting period	26%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Corporate Bonds	37.0%
U.S. Treasury Obligations	33.8%
Mortgage-Backed Securities	27.0%
Cash Collateral Invested for Securities on Loan	1.4%
Government Agencies	0.8%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

U.S. Government Agency Securities	27.0%
U.S. Treasury Obligations	33.8%
AA / Aa	1.4%
A	11.1%
BBB / Baa	24.5%
BB / Ba	0.8%
Not Rated	1.4%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WIBMX-0426

Wilmington Broad Market Bond Fund

Wilmington Municipal Bond Fund

Class A | WTABX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Municipal Bond Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Municipal Bond Fund (Class A)	$74	0.72%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 5.26%.
For the same period, the S&P Intermediate Municipal Bond Index (the “Index”) returned 6.09%.

What contributed to performance?

The Fund’s allocation to State-level General Obligation and Airport securities as well as a slight overweight to index duration contributed positively towards our relative performance for the annual period.

What detracted from performance?

The Fund’s allocation to Higher Education securities contributed negatively towards our relative performance for the annual period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Municipal Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2016 to April 30, 2026, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor’s Intermediate Municipal Bond Index and Standard & Poor’s Investment Grade Intermediate Municipal Bond Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Municipal Bond Fund — Class A (including 4.5% maximum sales load)	0.53%	(0.33)%	0.92%
Wilmington Municipal Bond Fund — Class A (excluding sales load)	5.26%	0.58%	1.39%
Standard & Poor's Municipal Bond Index	5.99%	0.93%	2.13%
Standard & Poor’s Intermediate Municipal Bond Index	6.09%	1.22%	2.21%
Standard & Poor’s Investment Grade Intermediate Municipal Bond Index	6.12%	1.16%	2.14%

Key Fund Statistics

Fund net assets	$365,925,155
Total number of portfolio holdings	202
Total advisory fees paid	$1,147,843
Portfolio turnover rate as of the end of the reporting period	12%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

General	22.1%
General Obligations	13.0%
Medical	12.9%
Airport	12.0%
Transportation	8.7%
Higher Education	7.3%
Power	6.8%
School District	6.4%
Water	3.7%
Education	2.8%
Utilities	1.7%
Student Loan	1.2%
Development	0.8%
Tobacco Settlement	0.3%
Money Market Fund	0.3%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

AAA / Aaa	9.4%
AA / Aa	28.4%
A	47.8%
BBB / Baa	11.6%
Not Rated	2.8%

Where can I find more information?

For more information about Wilmington Municipal Bond Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTABX-0426

Wilmington Municipal Bond Fund

Wilmington Municipal Bond Fund

Class I | WTAIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Municipal Bond Fund (Class I)	$48	0.47%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares returned 5.62%.
For the same period, the S&P Intermediate Municipal Bond Index (the “Index”) returned 6.09%.

What contributed to performance?

What detracted from performance?

The Fund’s allocation to Higher Education securities contributed negatively towards our relative performance for the annual period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Municipal Bond Fund from April 30, 2016 to April 30, 2026, compared to the Standard & Poor's Municipal Bond Index (broad-based securities market index), Standard & Poor’s Intermediate Municipal Bond Index and Standard & Poor’s Investment Grade Intermediate Municipal Bond Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Municipal Bond Fund — Class I	5.62%	0.84%	1.65%
Standard & Poor's Municipal Bond Index	5.99%	0.93%	2.13%
Standard & Poor’s Intermediate Municipal Bond Index	6.09%	1.22%	2.21%
Standard & Poor’s Investment Grade Intermediate Municipal Bond Index	6.12%	1.16%	2.14%

Key Fund Statistics

Fund net assets	$365,925,155
Total number of portfolio holdings	202
Total advisory fees paid	$1,147,843
Portfolio turnover rate as of the end of the reporting period	12%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

General	22.1%
General Obligations	13.0%
Medical	12.9%
Airport	12.0%
Transportation	8.7%
Higher Education	7.3%
Power	6.8%
School District	6.4%
Water	3.7%
Education	2.8%
Utilities	1.7%
Student Loan	1.2%
Development	0.8%
Tobacco Settlement	0.3%
Money Market Fund	0.3%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

AAA / Aaa	9.4%
AA / Aa	28.4%
A	47.8%
BBB / Baa	11.6%
Not Rated	2.8%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WTAIX-0426

Wilmington Municipal Bond Fund

Wilmington New York
Municipal Bond Fund

Class A | WNYAX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington New York Municipal Bond Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington New York Municipal Bond Fund (Class A)	$83	0.81%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 4.98%.
For the same period, the S&P Intermediate Municipal Bond Index (the “Index”) returned 6.09%.

What contributed to performance?

The Fund’s allocation to IDR/PCR and Port securities contributed positively towards our relative performance for the annual period.

What detracted from performance?

The Fund’s allocation to Higher Education securities contributed negatively towards our relative performance for the annual period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington New York Municipal Bond Fund, assuming the maximum sales load of 4.5%, from April 30, 2016 to April 30, 2026, compared to the Standard & Poor’s Municipal Bond Index (broad-based securities market index), Standard & Poor’s Intermediate Municipal Bond Index and Standard & Poor’s Intermediate Term New York AMT-Free Municipal Bond Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington New York Municipal Bond Fund — Class A (including 4.5% maximum sales load)	0.22%	(0.54)%	0.69%
Wilmington New York Municipal Bond Fund — Class A (excluding sales load)	4.98%	0.38%	1.15%
Standard & Poor's Municipal Bond Index	5.99%	0.93%	2.13%
Standard & Poor’s Intermediate Municipal Bond Index	6.09%	1.22%	2.21%
Standard & Poor’s Intermediate Term New York AMT-Free Municipal Bond Index	5.96%	1.43%	2.00%

Key Fund Statistics

Fund net assets	$42,855,527
Total number of portfolio holdings	58
Total advisory fees paid	$-
Portfolio turnover rate as of the end of the reporting period	8%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

General	21.6%
General Obligations	17.6%
Higher Education	10.7%
Education	10.6%
Airport	7.7%
Medical	6.6%
School District	6.0%
Transportation	4.3%
Development	4.3%
Water	3.8%
Utilities	2.9%
Power	2.5%
Money Market Fund	1.4%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

AAA / Aaa	6.6%
AA / Aa	50.1%
A	24.2%
BBB / Baa	17.7%
Not Rated	1.4%

Where can I find more information?

For more information about Wilmington New York Municipal Bond Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WNYAX-0426

Wilmington New York Municipal Bond Fund

Wilmington New York
Municipal Bond Fund

Class I | WNYIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington New York Municipal Bond Fund (Class I)	$57	0.56%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares returned 5.25%.
For the same period, the S&P Intermediate Municipal Bond Index (the “Index”) returned 6.09%.

What contributed to performance?

The Fund’s allocation to IDR/PCR and Port securities contributed positively towards our relative performance for the annual period.

What detracted from performance?

The Fund’s allocation to Higher Education securities contributed negatively towards our relative performance for the annual period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2016 to April 30, 2026, compared to the Standard & Poor’s Municipal Bond Index (broad-based securities market index), Standard & Poor’s Intermediate Municipal Bond Index and Standard & Poor’s Intermediate Term New York AMT-Free Municipal Bond Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington New York Municipal Bond Fund — Class I	5.25%	0.63%	1.40%
Standard & Poor's Municipal Bond Index	5.99%	0.93%	2.13%
Standard & Poor’s Intermediate Municipal Bond Index	6.09%	1.22%	2.21%
Standard & Poor’s Intermediate Term New York AMT-Free Municipal Bond Index	5.96%	1.43%	2.00%

Key Fund Statistics

Fund net assets	$42,855,527
Total number of portfolio holdings	58
Total advisory fees paid	$-
Portfolio turnover rate as of the end of the reporting period	8%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

General	21.6%
General Obligations	17.6%
Higher Education	10.7%
Education	10.6%
Airport	7.7%
Medical	6.6%
School District	6.0%
Transportation	4.3%
Development	4.3%
Water	3.8%
Utilities	2.9%
Power	2.5%
Money Market Fund	1.4%

CREDIT QUALITY DIVERSIFICATION
(as a % of Total Investments)

AAA / Aaa	6.6%
AA / Aa	50.1%
A	24.2%
BBB / Baa	17.7%
Not Rated	1.4%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WNYIX-0426

Wilmington New York Municipal Bond Fund

Wilmington Enhanced Dividend
Income Strategy Fund

Class A | WDIAX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Enhanced Dividend Income Strategy Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Enhanced Dividend Income Strategy Fund (Class A)	$86	0.75%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 30.37%. The fund posted similar returns to its index.
U.S. Equities posted strong returns as underlying economic growth remained robust.
The U.S. Federal Reserve (the “Fed”) lowered its target fed-funds rate, albeit modestly, as it balanced the potential for slowing economy against the possibility of lingering inflation.
Higher dividend yielding stocks lagged with investors favoring pro-cyclical areas of the market.

What contributed to performance?

Stock selection was the biggest positive contributor to relative performance. Individual stock selection within the Financials sector accounted for the majority of the positive impact. Morgan Stanley (MS), Bank of America (BAC), and JPMorgan (JPM) appreciated during the period as the prospects for reduced regulation along with the expectation for a lower rate environment boosted returns.

What detracted from performance?

The biggest individual factor detractor was dividend yield. Dividend yield is the Fund’s largest active factor exposure. Given the income focus of the Fund, we would expect to maintain an overweight allocation to the dividend yield factor. Holdings within the Communications Services sector also negatively impacted relative performance.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Enhanced Dividend Income Strategy Fund, assuming the maximum sales load of 5.5%, from April 30, 2016 to April 30, 2026, compared to the Russell 1000^® Index (broad-based securities market index) and Russell 1000^® Value Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Enhanced Dividend Income Strategy Fund — Class A (including 5.5% maximum sales load)	23.21%	9.21%	8.34%
Wilmington Enhanced Dividend Income Strategy Fund — Class A (excluding sales load)	30.37%	10.45%	8.96%
Russell 1000^® Index	30.42%	12.32%	15.01%
Russell 1000^® Value Index	29.25%	10.29%	11.22%

Key Fund Statistics

Fund net assets	$93,738,371
Total number of portfolio holdings	46
Total advisory fees paid	$41,015
Portfolio turnover rate as of the end of the reporting period	12%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	98.9%
Money Market Fund	1.1%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Financials	22.5%
Information Technology	15.1%
Health Care	13.5%
Industrials	11.2%
Energy	9.4%
Consumer Staples	7.3%
Utilities	5.9%
Communication Services	4.7%
Consumer Discretionary	4.1%
Real Estate	3.7%
Materials	1.5%

Where can I find more information?

For more information about Wilmington Enhanced Dividend Income Strategy Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WDIAX-0426

Wilmington Enhanced Dividend Income Strategy Fund

Wilmington Enhanced Dividend
Income Strategy Fund

Class I | WDIIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Enhanced Dividend Income Strategy Fund (Class I)	$58	0.50%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares returned 30.68%.
U.S. Equities posted strong returns as underlying economic growth remained robust.
The U.S. Federal Reserve (the “Fed”) lowered its target fed-funds rate, albeit modestly, as it balanced the potential for slowing economy against the possibility of lingering inflation.
Higher dividend yielding stocks lagged with investors favoring pro-cyclical areas of the market.

What contributed to performance?

What detracted from performance?

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Enhanced Dividend Income Strategy Fund from April 30, 2016 to April 30, 2026, compared to the Russell 1000^® Index (broad-based securities market index) and Russell 1000^® Value Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Enhanced Dividend Income Strategy Fund — Class I	30.68%	10.73%	9.22%
Russell 1000^® Index	30.42%	12.32%	15.01%
Russell 1000^® Value Index	29.25%	10.29%	11.22%

Key Fund Statistics

Fund net assets	$93,738,371
Total number of portfolio holdings	46
Total advisory fees paid	$41,015
Portfolio turnover rate as of the end of the reporting period	12%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	98.9%
Money Market Fund	1.1%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Financials	22.5%
Information Technology	15.1%
Health Care	13.5%
Industrials	11.2%
Energy	9.4%
Consumer Staples	7.3%
Utilities	5.9%
Communication Services	4.7%
Consumer Discretionary	4.1%
Real Estate	3.7%
Materials	1.5%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WDIIX-0426

Wilmington Enhanced Dividend Income Strategy Fund

Wilmington Large-Cap Strategy Fund

Class I | WMLIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Large-Cap Strategy Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Large-Cap Strategy Fund (Class I)	$29	0.25%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund's Class I shares returned 30.12%.
For the same period, the Russell 1000 Index (the “Index”) returned 30.42%.
During the same period the Fund maintained sector weightings in line with the benchmark Index resulting in similar performance.

The Fund ended the annual fiscal year up, led by the following sectors: technology, communication services and industrials. Real estate, consumer staples, and utilities were the worst performing sectors indicating weaker defense sectors. The Artificial Intelligence (AI) theme continued to play out as technology was the best performing sector over this period. AI positivity permeated into strong performance in communication services and industrial companies that benefit from the buildout of AI data center capacity. Overall, uncertainty in the equity market from the Iran conflict had a subdued effect on markets as the growth acceleration in AI spend overshadowed the potential dampening effects of high oil prices.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2016 to April 30, 2026, compared to the Russell 1000^® Index (broad-based securities market index).

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Large-Cap Strategy Fund — Class I	30.12%	12.10%	14.91%
Russell 1000^® Index	30.42%	12.32%	15.01%

Key Fund Statistics

Fund net assets	$614,089,137
Total number of portfolio holdings	1,020
Total advisory fees paid	$806,759
Portfolio turnover rate as of the end of the reporting period	7%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	99.2%
Cash Collateral Invested for Securities on Loan	0.7%
Investment Companies	0.1%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Information Technology	33.0%
Financials	12.3%
Communication Services	10.7%
Consumer Discretionary	10.1%
Industrials	9.8%
Health Care	8.5%
Consumer Staples	4.7%
Energy	3.5%
Utilities	2.3%
Real Estate	2.2%
Materials	2.1%

Where can I find more information?

For more information about Wilmington Large-Cap Strategy Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMLIX-0426

Wilmington Large-Cap Strategy Fund

Wilmington International Fund

Class A | WINAX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington International Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington International Fund (Class A)	$126	1.08%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 32.64%.
The Wilmington International Fund had positive performance and outperformed the benchmark, the MSCI All Country World ex-US Index, during the year.
The portfolio’s European growth manager and Emerging Markets manager outperformed their respective regional benchmarks, while the European value manager underperformed its regional benchmark.
The market environment was marked by trade negotiations between nations, continued strength in AI infrastructure spending, easing rates by the Fed, and increased geopolitical risk with the onset of the Iran conflict in the later part of the period.

What contributed to performance?

Relative to the benchmark, the Fund had strong selection across several sectors, most notably technology (Aspeed Technoloy, SK Hynix). Selection was also strong in health care (Galderma Group, Roche Holdings) and financials (Bawag Group). Modest underweighting to consumer discretionary also contributed to performance. From a region/country perspective, the Fund had its strongest selection in South Korea, Taiwan, and Switzerland. Modest underweighting to China and Saudi Arabia also contributed to performance.

What detracted from performance?

Relative to the benchmark, selection in industrials (Genuit Group, DiDi Global) and, to a lesser extent, consumer staples (Tate & Lyle) detracted from performance. Modest underweighting to energy and overweighting to consumer staples also detracted from performance. From a region/country perspective, selection in the UK and China detracted from performance. An underweight to South Korea also detracted. The Fund’s overweighting to smaller cap stocks also detracted from performance during the period.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington International Fund, assuming the maximum sales load of 5.5%, from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI ex-US Net Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington International Fund — Class A (including 5.5% maximum sales load)	25.32%	5.78%	7.83%
Wilmington International Fund — Class A (excluding sales load)	32.64%	6.98%	8.44%
MSCI ACWI ex-US Net Index	32.20%	8.38%	9.10%

Key Fund Statistics

Fund net assets	$572,064,771
Total number of portfolio holdings	364
Total advisory fees paid	$3,481,950
Portfolio turnover rate as of the end of the reporting period	34%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	91.2%
Cash Collateral Invested for Securities on Loan	3.7%
Exchange-Traded Funds	2.9%
Money Market Fund	2.2%
Long Equity Index Futures (Notional Value)	2.3%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Financials	22.1%
Information Technology	18.1%
Industrials	13.2%
Consumer Discretionary	7.8%
Health Care	6.8%
Consumer Staples	5.7%
Materials	5.0%
Communication Services	4.7%
Energy	4.1%
Utilities	2.2%
Real Estate	1.5%

COUNTRY ALLOCATION
(as a % of Total Investments)

Japan	13.1%
United Kingdom	9.2%
Taiwan	8.0%
United States	7.9%
Canada	7.0%
China	6.5%
South Korea	5.7%
France	4.8%
Germany	4.4%
Netherlands	2.8%
Australia	2.1%
Hong Kong	2.1%
Brazil	1.6%
South Africa	1.5%
Spain	1.5%
Sweden	1.4%
Mexico	1.4%
Austria	1.2%
Norway	1.2%
Switzerland	1.2%
India	1.1%
Other Countries	8.4%

Where can I find more information?

For more information about Wilmington International Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WINAX-0426

Wilmington International Fund

Wilmington International Fund

Class I | WINIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington International Fund (Class I)	$97	0.83%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares returned 33.02%.
The Wilmington International Fund had positive performance and outperformed the benchmark, the MSCI All Country World ex-US Index, during the year.
The portfolio’s European growth manager and Emerging Markets manager outperformed their respective regional benchmarks, while the European value manager underperformed its regional benchmark.
The market environment was marked by trade negotiations between nations, continued strength in AI infrastructure spending, easing rates by the Fed, and increased geopolitical risk with the onset of the Iran conflict in the later part of the period.

What contributed to performance?

What detracted from performance?

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington International Fund from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI ex-US Net Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington International Fund — Class I	33.02%	7.26%	8.65%
MSCI ACWI ex-US Net Index	32.20%	8.38%	9.10%

Key Fund Statistics

Fund net assets	$572,064,771
Total number of portfolio holdings	364
Total advisory fees paid	$3,481,950
Portfolio turnover rate as of the end of the reporting period	34%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	91.2%
Cash Collateral Invested for Securities on Loan	3.7%
Exchange-Traded Funds	2.9%
Money Market Fund	2.2%
Long Equity Index Futures (Notional Value)	2.3%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Financials	22.1%
Information Technology	18.1%
Industrials	13.2%
Consumer Discretionary	7.8%
Health Care	6.8%
Consumer Staples	5.7%
Materials	5.0%
Communication Services	4.7%
Energy	4.1%
Utilities	2.2%
Real Estate	1.5%

COUNTRY ALLOCATION
(as a % of Total Investments)

Japan	13.1%
United Kingdom	9.2%
Taiwan	8.0%
United States	7.9%
Canada	7.0%
China	6.5%
South Korea	5.7%
France	4.8%
Germany	4.4%
Netherlands	2.8%
Australia	2.1%
Hong Kong	2.1%
Brazil	1.6%
South Africa	1.5%
Spain	1.5%
Sweden	1.4%
Mexico	1.4%
Austria	1.2%
Norway	1.2%
Switzerland	1.2%
India	1.1%
Other Countries	8.4%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WINIX-0426

Wilmington International Fund

Wilmington Global Alpha Equities Fund

Class A | WRAAX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Global Alpha Equities Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Global Alpha Equities Fund (Class A)	$155	1.49%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 8.21%.
The Wilmington Global Alpha Equities Fund had positive performance but underperformed the HFRX Equity Hedge Index and the broad-based market index, the MSCI ACWI Index, during the last fiscal year.
Three of the nine active strategies within the Fund outperformed the global equities, as measured by the MSCI ACWI Index.
Three of nine active managers outperformed their specific strategy benchmarks.

What contributed to performance?

Top performing exposures were in the International Value Strategy, and the Mega Cap completion sleeves.

What detracted from performance?

The hedging portfolio, which consists of short positions in equity index futures contracts detracted from absolute performance as equities rose for the period. The Fund’s China manager and Quality managers contributed positive returns, but underperformed their benchmarks and the MSCI ACWI.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Global Alpha Equities Fund, assuming the maximum sales load of 5.5%, from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI Index (Net) (broad-based securities market index) and HFRX Equity Hedge Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Global Alpha Equities Fund — Class A (including 5.5% maximum sales load)	2.26%	3.70%	4.45%
Wilmington Global Alpha Equities Fund — Class A (excluding sales load)	8.21%	4.89%	5.04%
MSCI ACWI Index (Net)	31.00%	10.68%	12.25%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%

Key Fund Statistics

Fund net assets	$242,419,971
Total number of portfolio holdings	738
Total advisory fees paid	$2,276,437
Portfolio turnover rate as of the end of the reporting period	66%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	94.8%
Money Market Fund	4.7%
Exchange-Traded Funds	0.3%
Preferred Stocks	0.2%
Long Equity Index Futures (Notional Value)	1.5%
Short Equity Index Futures (Notional Value)	(47.1)%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Information Technology	21.4%
Financials	16.6%
Industrials	12.9%
Consumer Discretionary	10.0%
Health Care	8.6%
Communication Services	7.9%
Consumer Staples	4.8%
Materials	4.1%
Energy	3.3%
Real Estate	2.6%
Utilities	2.6%

COUNTRY ALLOCATION
(as a % of Total Investments)

United States	46.0%
Japan	16.4%
United Kingdom	5.1%
China	3.9%
France	3.7%
Netherlands	2.3%
Germany	2.2%
Canada	2.0%
Taiwan	1.7%
Switzerland	1.4%
Hong Kong	1.4%
Italy	1.3%
South Korea	1.2%
Other Countries	6.7%

Where can I find more information?

For more information about Wilmington Global Alpha Equities Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WRAAX-0426

Wilmington Global Alpha Equities Fund

Wilmington Global Alpha Equities Fund

Class I | WRAIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Global Alpha Equities Fund (Class I)	$129	1.24%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares returned 8.53%.
The Wilmington Global Alpha Equities Fund had positive performance but underperformed the HFRX Equity Hedge Index and the broad-based market index, the MSCI ACWI Index, during the last fiscal year.
Three of the nine active strategies within the Fund outperformed the global equities, as measured by the MSCI ACWI Index.
Three of nine active managers outperformed their specific strategy benchmarks.

What contributed to performance?

Top performing exposures were in the International Value Strategy, and the Mega Cap completion sleeves.

What detracted from performance?

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI Index (Net) (broad-based securities market index) and HFRX Equity Hedge Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Global Alpha Equities Fund — Class I	8.53%	5.15%	5.32%
MSCI ACWI Index (Net)	31.00%	10.68%	12.25%
HFRX Equity Hedge Index	14.07%	6.24%	5.46%

Key Fund Statistics

Fund net assets	$242,419,971
Total number of portfolio holdings	738
Total advisory fees paid	$2,276,437
Portfolio turnover rate as of the end of the reporting period	66%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Common Stocks	94.8%
Money Market Fund	4.7%
Exchange-Traded Funds	0.3%
Preferred Stocks	0.2%
Long Equity Index Futures (Notional Value)	1.5%
Short Equity Index Futures (Notional Value)	(47.1)%

SECTOR CLASSIFICATION
(as a % of Total Investments)

Information Technology	21.4%
Financials	16.6%
Industrials	12.9%
Consumer Discretionary	10.0%
Health Care	8.6%
Communication Services	7.9%
Consumer Staples	4.8%
Materials	4.1%
Energy	3.3%
Real Estate	2.6%
Utilities	2.6%

COUNTRY ALLOCATION
(as a % of Total Investments)

United States	46.0%
Japan	16.4%
United Kingdom	5.1%
China	3.9%
France	3.7%
Netherlands	2.3%
Germany	2.2%
Canada	2.0%
Taiwan	1.7%
Switzerland	1.4%
Hong Kong	1.4%
Italy	1.3%
South Korea	1.2%
Other Countries	6.7%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WRAIX-0426

Wilmington Global Alpha Equities Fund

Wilmington Real Asset Fund

Class A | WMMRX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This annual shareholder report contains important information about the Wilmington Real Asset Fund (“Fund”) for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at wilmingtonfunds.com/fundreports. You can also request this information by contacting us at 1-800-836-2211.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Real Asset Fund (Class A)	$94	0.82%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class A shares (excluding sales load) returned 28.44%.
The Fund had positive performance but underperformed the Blended Index, which consisted of a 50% weighting to the Bloomberg Commodity Index and 50% to the S&P Developed Property Index.
The Fund’s performance against the broad-based market indexes was mixed with it underperforming the MSCI All Country World Index but outperforming the Bloomberg U.S. Aggregate Bond Index.
Both the Fund’s Commodity/Other Real Assets exposure and Real Estate exposure were positive but slightly trailed their respective benchmarks.

What contributed to performance?

Within Real Estate, the Fund’s Developed International outperformed. Within Commodities, the Fund’s natural resource equities position was up nearly 50% and 2 of 3 commodity futures managers outperformed.

What detracted from performance?

Within Real Estate, the Fund’s US exposure was positive but detracted relative to the index. Within Commodities/Other Real Assets, the Fund’s MLP position was positive but detracted.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $10,000 in Class A of the Wilmington Real Asset Fund, assuming the maximum sales load of 5.5%, from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI Index (Net) (broad-based securities market index), Bloomberg U.S. Aggregate Bond Index (broad-based securities market index), Real Asset Blended Index and Bloomberg Commodity Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Real Asset Fund — Class A (including 5.5% maximum sales load)	21.40%	5.90%	5.39%
Wilmington Real Asset Fund — Class A (excluding sales load)	28.44%	7.11%	5.99%
MSCI ACWI Index (Net)	31.00%	10.68%	12.25%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Real Asset Blended Index	31.50%	7.84%	6.67%
Bloomberg Commodity Index	44.82%	13.17%	7.58%

Key Fund Statistics

Fund net assets	$473,950,945
Total number of portfolio holdings	426
Total advisory fees paid	$1,704,538
Portfolio turnover rate as of the end of the reporting period	7%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Real Estate Related Real Estate Investment Trusts	31.4%
Real Estate Related Exchange-Traded Funds	8.3%
Real Estate Related Common Stocks	7.1%
Real Estate Related Investment Company	3.4%
Commodity Related Investment Companies	45.8%
Commodity Related Exchange-Traded Funds	1.9%
Money Market Fund	1.4%
Cash Collateral Invested for Securities on Loan	0.7%

Where can I find more information?

For more information about Wilmington Real Asset Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, please contact us at 1-800-836-2211, or visit wilmingtonfunds.com/fundreports.

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMMRX-0426

Wilmington Real Asset Fund

Wilmington Real Asset Fund

Class I | WMRIX

ANNUAL SHAREHOLDER REPORT | April 30, 2026

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund expenses for the last year?

(Based on a hypothetical $10,000 investment)

Fund (Class)	Costs of $10,000 Investment	Costs paid as a percentage of a $10,000 investment
Wilmington Real Asset Fund (Class I)	$65	0.57%

How did the Fund perform last year?

For the reporting period ended April 30, 2026, the Fund’s Class I shares (excluding sales load) returned 28.76%.
The Fund had positive performance but underperformed the Blended Index, which consisted of a 50% weighting to the Bloomberg Commodity Index and 50% to the S&P Developed Property Index.
The Fund’s performance against the broad-based market indexes was mixed with it underperforming the MSCI All Country World Index but outperforming the Bloomberg U.S. Aggregate Bond Index.
Both the Fund’s Commodity/Other Real Assets exposure and Real Estate exposure were positive but slightly trailed their respective benchmarks.

What contributed to performance?

What detracted from performance?

Within Real Estate, the Fund’s US exposure was positive but detracted relative to the index. Within Commodities/Other Real Assets, the Fund’s MLP position was positive but detracted.

How has the Fund historically performed?

The graph below illustrates a hypothetical investment of $100,000 in Class I of the Wilmington Real Asset Fund from April 30, 2016 to April 30, 2026, compared to the MSCI ACWI Index (Net) (broad-based securities market index), Bloomberg U.S. Aggregate Bond Index (broad-based securities market index), Real Asset Blended Index and Bloomberg Commodity Index.

GROWTH OF $100,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Year	10 Years
Wilmington Real Asset Fund — Class I	28.76%	7.39%	6.26%
MSCI ACWI Index (Net)	31.00%	10.68%	12.25%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Real Asset Blended Index	31.50%	7.84%	6.67%
Bloomberg Commodity Index	44.82%	13.17%	7.58%

Key Fund Statistics

Fund net assets	$473,950,945
Total number of portfolio holdings	426
Total advisory fees paid	$1,704,538
Portfolio turnover rate as of the end of the reporting period	7%

What Did the Fund Invest In?

(as of April 30, 2026)

PORTFOLIO COMPOSITION
(as a % of Total Investments)

Real Estate Related Real Estate Investment Trusts	31.4%
Real Estate Related Exchange-Traded Funds	8.3%
Real Estate Related Common Stocks	7.1%
Real Estate Related Investment Company	3.4%
Commodity Related Investment Companies	45.8%
Commodity Related Exchange-Traded Funds	1.9%
Money Market Fund	1.4%
Cash Collateral Invested for Securities on Loan	0.7%

Where can I find more information?

ALPS Distributors, Inc. is the distributor of the Wilmington Funds.

WT-AR-WMRIX-0426

Wilmington Real Asset Fund

(b)

Not applicable

Item 2. Code of Ethics.

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer

(b)

There have been no amendments to the registrant’s code of ethics that apply to its Principal Executive Officer or Principal Financial Officer.

(c)

There have been no amendments to the Funds’ code of ethics during the reporting period for this Form N-CSR.

(d)

The registrant has not granted any waivers, including an implicit waiver, from any provisions of its code of ethics during the reporting period for this Form N-CSR.

(e)

Not Applicable

(f)(3)

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-836-2211, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board has determined that each member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Gregory P. Chandler, Donald E. Foley, H. Thomas McMeekin and Valerie J. Sill.

Item 4. Principal Accountant Fees and Services.

(a)

The Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were as follows:

Fiscal year ended 2026 - $444,613

Fiscal year ended 2025 - $435,894

(b)

Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were as follows:

Fiscal year ended 2026 - $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, were, $0 and $0 respectively.

(c)

Tax Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were as follows:

Fiscal year ended 2026 - $142,265

Fiscal year ended 2025 - $146,382

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were, $0 and $0, respectively.

(c)

All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) and (c) of this Item were as follows:

Fiscal year ended 2026- $0

Fiscal year ended 2025 - $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were, $0 and $0 respectively.

(e)(1)

Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general

pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

AUDIT SERVICES

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

AUDIT-RELATED SERVICES

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

TAX SERVICES

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

ALL OTHER SERVICES

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

(1)

The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant or to its accountant during the fiscal year in which the services are provided;

(2)

Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and

(3)

Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee.

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

PRE-APPROVAL FEE LEVELS

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

PROCEDURES

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2)

Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Fiscal year ended 2026 – 0%

Fiscal year ended 2025 – 0%

(f)	Not applicable.

(g)	Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant:

Fiscal year ended 2026 – $142,265

Fiscal year ended 2025 - $146,382

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the annual financial statements and other information filed under Item 7 of this form.

(b)	Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The financial statements and financial highlights are included in the annual financial statements and other information attached herewith.

LOGO

CONTENTS


President’s Message			i

Portfolios of Investments			1

Statements of Assets and Liabilities			16

Statements of Operations			17

Statements of Changes in Net Assets			18

Financial Highlights			19

Notes to Financial Statements			21

Report of Independent Registered Public Accounting Firm			27

Federal Tax Information (unaudited)			28

Other Information.			29

[This Page Intentionally Left Blank]

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Financial Statements of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2025, through April 30, 2026.

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 year.

The economy

During the period, the U.S. economy navigated a significant transition marked by slower but still positive growth, renewed inflation pressures, and an elevated level of policy uncertainty. The most defining development occurred in April 2025, immediately preceding the start of the fiscal year, when broad tariff announcements reshaped the global trade landscape and triggered sharp reactions across financial markets. These measures had a lasting impact on the fiscal year, increasing costs for businesses and consumers, reviving concerns about inflation, and raising questions about the durability of economic growth. As the year progressed, tariff policy evolved and shifted as the Trump administration penned deals with different countries and altered the list of product exemptions. As a result, uncertainty around trade and fiscal policy remained a persistent feature of the economic environment, weighing on business sentiment and activity.

Despite these headwinds, the economy demonstrated notable resilience. Consumer spending remained an important stabilizing force, with a strong tax refund season in 2026 providing an offset to higher energy prices. Business investment, while more cautious, continued at a robust pace in areas tied to productivity, Artificial Intelligence, and technology. Growth moderated from prior levels but remained firmly positive, avoiding the contraction that many had feared earlier in the period. Inflation trends oscillated but remained above the Federal Reserve’s (the Fed) target of 2% core inflation for another year. The pass-through effects of tariffs elevated prices of goods during the period. Later in the fiscal year the U.S.-Iran War raised energy prices, which became the dominant inflationary force at the headline level. These crosscurrents complicated the policy backdrop and kept uncertainty elevated among businesses, households, and investors.

Monetary policy reflected these competing forces. The Fed responded to signs of slowing growth and a softening labor market by easing interest rates over the course of the fiscal year, while remaining attentive to the risk that inflation could prove more persistent. By the end of the period, the federal funds rate stood at its lowest level in two years, yet expectations for additional near-term easing diminished as inflation risks re-emerged. Overall, the economy entered the new fiscal year still expanding, but with a more cautious and uneven outlook than at the start of the period.

Bond markets

Bond markets mirrored the complexity of the economic backdrop. Yields were volatile throughout the year as investors weighed the opposing forces of monetary easing, inflation risk, expanding fiscal deficits, and increased Treasury issuance. While shorter-term yields benefited from expectations for easier monetary policy for most of the period, longer-term yields faced upward pressure as investors demanded additional compensation for inflation uncertainty and fiscal risk. As a result, the yield curve steepened at various points during the period, which also coincided with increased sensitivity to long-term policy credibility from the Fed.

Credit markets experienced episodes of volatility but remained broadly resilient. Higher starting yields helped cushion returns, and default conditions remained contained, even as spreads widened modestly at times in response to policy shocks and growth concerns. Fixed income as an asset class delivered positive performance over the fiscal year, with outperformance in the High-Yield Corporate Bond asset class.

For the 12-month period May 1, 2025 to April 30, 2026, certain Bloomberg indices performed as follows:¹



Bloomberg U.S. Treasury Bond Index²	Bloomberg U.S. Aggregate Bond Index³	Bloomberg U.S. Credit Bond Index⁴	Bloomberg Municipal Bond Index⁵	Bloomberg U.S. Corporate High Yield Bond Index⁶

2.53%	4.06%	5.25%	6.34%	8.84%

Past performance is no guarantee of future results.

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

April 30, 2026 / PRESIDENT’S MESSAGE

Equity markets

Equity markets faced repeated tests of resilience, but ultimately delivered constructive results over the annual fiscal year. Early in the period, global equity markets suffered sharp declines triggered by Liberation Day tariff announcements, with particular weakness in sectors sensitive to global trade, input costs, and interest rates. Market volatility increased, and investor sentiment weakened as uncertainty rose. Tariff exemptions and country-specific deals helped the market rally, performing very well for the duration of the period. Equities suffered a modest drawback upon the onset of the U.S.-Iran War, but a ceasefire and remarkably strong first-quarter-2026 earnings season helped the market recover quickly once again.

U.S. equities were led by large-cap stocks, which reached multiple new highs during the fiscal year. Performance was supported by strong results in sectors tied to innovation, productivity gains, and infrastructure investment, while more cyclical and rate-sensitive areas experienced greater pressure. The artificial intelligence theme continued to play a central role in shaping market leadership, boosting technology-related sectors for much of the period, even as periodic concerns about valuation, capital spending, and competition introduced volatility.

International equities enjoyed a period of outperformance at the beginning of the fiscal period when tariff uncertainty dominated the narrative. Valuation discounts for international equities helped attract capital flows at a time when U.S. policy unpredictability was seen as a key macro risk. However, later in the period, leadership shifted and international equities succumbed to energy vulnerability associated with the U.S.-Iran War. Over the full fiscal year, returns for developed and emerging market equities were comparable to U.S. stocks.

In summary, the period from May 2025 through April 2026 was characterized by policy uncertainty, market volatility, and a slowing but stable economy. Markets were shaped by all of these factors, but performance was a reflection of the dominance of the Artificial Intelligence investment cycle. While uncertainty remains elevated, businesses demonstrated an ability to adapt to challenging conditions, supporting overall equity and bond markets.

For the 12-month period May 1, 2025, to April 30, 2026, 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

Randy Vogel

President

May 18, 2026

PRESIDENT’S MESSAGE / April 30, 2026

iii

Must be preceded or accompanied by a prospectus.

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

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

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

1.	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.

4.	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. 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 $9.7 million to $11.4 billion. The index is unmanaged and investments cannot be made directly in an index.

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.

10.

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.

April 30, 2026 / PRESIDENT’S MESSAGE


		1

Wilmington Enhanced Dividend Income Strategy Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Number of Shares		Value

COMMON STOCKS – 98.7%

COMMUNICATION SERVICES – 4.7%

DIVERSIFIED TELECOMMUNICATION SERVICES – 4.7%

AT&T, Inc.		50,490	$	1,319,304

Verizon Communications, Inc.		64,050		3,076,321


			$	4,395,625

MEDIA – 0.0%**

Omnicom Group, Inc.		1		77


TOTAL COMMUNICATION SERVICES			$	4,395,702

CONSUMER DISCRETIONARY – 4.0%

HOTELS, RESTAURANTS & LEISURE – 2.8%

McDonald’s Corp.		3,140		921,873

Starbucks Corp.		15,940		1,678,960


			$	2,600,833

SPECIALTY RETAIL – 1.2%

Home Depot, Inc. (The)		3,590		1,180,392


TOTAL CONSUMER DISCRETIONARY			$	3,781,225

CONSUMER STAPLES – 7.3%

BEVERAGES – 1.3%

PepsiCo., Inc.		7,375		1,168,864

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.7%

Target Corp.		12,275		1,592,681

HOUSEHOLD PRODUCTS – 1.1%

Procter & Gamble Co. (The)		7,175		1,055,371

PERSONAL CARE PRODUCTS – 1.5%

Unilever PLC, ADR		23,465		1,383,965

TOBACCO – 1.7%

Philip Morris International, Inc.		9,900		1,634,193


TOTAL CONSUMER STAPLES			$	6,835,074

ENERGY – 9.4%

OIL, GAS & CONSUMABLE FUELS – 9.4%

Chevron Corp.		13,020		2,516,896

Enbridge, Inc.		28,610		1,585,566

Exxon Mobil Corp.		13,215		2,039,471

Valero Energy Corp.		10,495		2,650,827


TOTAL ENERGY			$	8,792,760

FINANCIALS – 22.5%

BANKS – 11.1%

Bank of America Corp.		75,240		4,022,330

JPMorgan Chase & Co.		15,990		5,008,548

Regions Financial Corp.		47,720		1,362,406


			$	10,393,284


CAPITAL MARKETS – 7.5%

Blackrock, Inc.		1,830		1,950,048



Description	Number of Shares		Value

CME Group, Inc.		5,150	$	1,482,273

Morgan Stanley		18,660		3,556,410


			$	6,988,731

INSURANCE – 3.9%

MetLife, Inc.		22,275		1,784,227

Old Republic International Corp.		47,025		1,878,649


			$	3,662,876


TOTAL FINANCIALS			$	21,044,891

HEALTH CARE – 13.5%

BIOTECHNOLOGY – 2.3%

AbbVie, Inc.		10,195		2,154,407

HEALTH CARE EQUIPMENT & SUPPLIES – 1.7%

Medtronic PLC		19,550		1,582,964

HEALTH CARE PROVIDERS & SERVICES – 2.5%

UnitedHealth Group, Inc.		6,235		2,309,943

PHARMACEUTICALS – 7.0%

Johnson & Johnson		13,020		2,992,647

Pfizer, Inc.		86,625		2,312,887

Sanofi SA, ADR		27,820		1,295,856


			$	6,601,390


TOTAL HEALTH CARE			$	12,648,704

INDUSTRIALS – 11.1%

AEROSPACE & DEFENSE – 1.4%

Lockheed Martin Corp.		2,525		1,307,874

BUILDING PRODUCTS – 3.8%

Johnson Controls International PLC		24,500		3,577,735

GROUND TRANSPORTATION – 1.5%

Union Pacific Corp.		5,245		1,413,423

MACHINERY – 4.4%

Caterpillar, Inc.		2,970		2,643,627

PACCAR, Inc.		12,670		1,505,196


			$	4,148,823


TOTAL INDUSTRIALS			$	10,447,855

INFORMATION TECHNOLOGY – 15.1%

COMMUNICATIONS EQUIPMENT – 3.4%

Cisco Systems, Inc.		34,155		3,125,182

IT SERVICES – 2.0%

International Business Machines Corp.		8,215		1,897,501

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.7%

Broadcom, Inc.		8,910		3,719,301

QUALCOMM, Inc.		14,305		2,568,892

Texas Instruments, Inc.		9,950		2,796,746


			$	9,084,939


TOTAL INFORMATION TECHNOLOGY			$	14,107,622

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


2		PORTFOLIOS OF INVESTMENTS


		Wilmington Enhanced Dividend Income Strategy Fund (concluded)



Description	Number of Shares		Value

MATERIALS – 1.5%

CHEMICALS – 1.5%

Air Products & Chemicals, Inc.		4,800	$	1,440,240


TOTAL MATERIALS			$	1,440,240

REAL ESTATE – 3.7%

HEALTH CARE REITS – 1.9%

Healthpeak Properties, Inc.		111,475		1,802,551

SPECIALIZED REITS – 1.8%

VICI Properties, Inc.		56,925		1,662,210


TOTAL REAL ESTATE			$	3,464,761

UTILITIES – 5.9%

ELECTRIC UTILITIES – 5.9%

American Electric Power Co., Inc.		16,830		2,307,561



Description	Number of Shares		Value

Duke Energy Corp.		15,295	$	1,981,467

NextEra Energy, Inc.		12,920		1,264,610


TOTAL UTILITIES			$	5,553,638


TOTAL COMMON STOCKS (COST $58,793,443)			$	92,512,472

MONEY MARKET FUND – 1.1%

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^		1,040,239		1,040,239


TOTAL MONEY MARKET FUND (COST $1,040,239)			$	1,040,239


TOTAL INVESTMENTS – 99.8% (COST $59,833,682)			$	93,552,711
OTHER ASSETS LESS LIABILITIES – 0.2%				185,660


TOTAL NET ASSETS – 100.0%			$	93,738,371

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, 2026 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks	$	92,512,472	$	—	$	—	$	92,512,472

Money Market Fund		1,040,239		—		—		1,040,239


Total	$	93,552,711	$	—	$	—	$	93,552,711

**	Represents less than 0.05%.

^	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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		3

Wilmington Large-Cap Strategy Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Number of Shares		Value

COMMON STOCKS – 99.8%

COMMUNICATION SERVICES – 10.7%

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8%

AST SpaceMobile, Inc.*		1,900	$	140,410

AT&T, Inc.		64,672		1,689,879

Comcast Corp., Class A		33,600		908,544

GCI Liberty, Inc., Class C*		253		8,665

Iridium Communications, Inc.		750		29,303

Liberty Global Ltd., Class A*		1,150		13,317

Verizon Communications, Inc.		39,350		1,889,981


			$	4,680,099

ENTERTAINMENT – 1.4%

Electronic Arts, Inc.		2,410		487,712

Liberty Media Corp. – Liberty Formula One, Class C*		2,085		179,206

Liberty Media Corp. – Liberty Formula One, Class A*		105		8,316

Live Nation Entertainment, Inc.*		1,470		232,172

Madison Square Garden Sports Corp.*		129		44,177

Netflix, Inc.*		39,750		3,720,997

Playtika Holding Corp.		100		366

ROBLOX Corp., Class A*		5,850		323,271

Roku, Inc.*		1,150		134,044

Spotify Technology SA*		1,450		647,498

Take-Two Interactive Software, Inc.*		1,768		377,928

TKO Group Holdings, Inc.		600		111,654

Walt Disney Co. (The)		17,098		1,773,917

Warner Bros Discovery, Inc.*		22,189		600,212


			$	8,641,470

INTERACTIVE MEDIA & SERVICES – 8.2%

Alphabet, Inc., Class A		54,220		20,863,856

Alphabet, Inc., Class C		44,140		16,858,832

Angi, Inc.*		498		3,655

IAC, Inc.*		600		26,736

Match Group, Inc.		2,242		83,896

Meta Platforms, Inc., Class A		20,325		12,437,071

Pinterest, Inc., Class A*		5,443		107,009

Reddit, Inc., Class A*		1,100		161,953

Trump Media & Technology Group Corp.*		1,050		9,608

ZoomInfo Technologies, Inc.*		2,450		15,312


			$	50,567,928

MEDIA – 0.2%

Charter Communications, Inc., Class A*		782		129,163

Fox Corp., Class A#		2,526		160,376

Fox Corp., Class B		1,090		62,152

Liberty Broadband Corp., Class C*		1,268		48,805

New York Times Co. (The), Class A		1,500		118,545

News Corp., Class A		4,007		105,464

News Corp., Class B#		898		27,371

Nexstar Media Group, Inc.		300		62,442



Description	Number of Shares		Value

Omnicom Group, Inc.		3,103	$	238,062

Paramount Skydance Corp., Class B#		96		983

Sirius XM Holdings, Inc.#		1,927		51,913

Trade Desk, Inc. (The), Class A*		4,150		97,899

Versant Media Group, Inc.		1,412		56,748


			$	1,159,923

WIRELESS TELECOMMUNICATION SERVICES – 0.1%

Millicom International Cellular SA		850		72,148

T-Mobile US, Inc.		4,409		861,959


			$	934,107


TOTAL COMMUNICATION SERVICES			$	65,983,527

CONSUMER DISCRETIONARY – 10.2%

AUTOMOBILE COMPONENTS – 0.1%

Aptiv PLC*		2,050		123,533

BorgWarner, Inc.		2,280		129,892

Gentex Corp.		2,280		52,691

Lear Corp.		400		50,852

QuantumScape Corp.*		3,450		25,150

Versigent PLC*		683		23,885


			$	406,003

AUTOMOBILES – 1.9%

Ford Motor Co.		37,750		456,020

General Motors Co.		8,895		683,936

Harley-Davidson, Inc.		900		21,501

Lucid Group, Inc.*,#		1,434		9,135

Rivian Automotive, Inc., Class A*,#		6,800		111,520

Tesla, Inc.*		26,375		10,065,491

Thor Industries, Inc.#		495		39,125


			$	11,386,728

BROADLINE RETAIL – 4.0%

Amazon.com, Inc.*		89,735		23,785,159

Coupang, Inc.*		11,950		238,761

eBay, Inc.		4,460		461,521

Etsy, Inc.*		1,100		70,774

Kohl’s Corp.		10		142

Macy’s, Inc.		1,900		37,145

Ollie’s Bargain Outlet Holdings, Inc.*		573		49,570


			$	24,643,072

DISTRIBUTORS – 0.1%

Genuine Parts Co.		1,320		141,544

LKQ Corp.		2,668		84,255

Pool Corp.		260		55,463


			$	281,262

DIVERSIFIED CONSUMER SERVICES – 0.1%

ADT, Inc.		4,110		30,948

Bright Horizons Family Solutions, Inc.*		533		43,232

Duolingo, Inc.*		220		24,222

Grand Canyon Education, Inc.*		300		50,721

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


4		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

H&R Block, Inc.		1,300	$	41,249

Liberty Live Holdings, Inc., Class C*		535		50,076

Liberty Live Holdings, Inc., Class A*		174		15,871

Service Corp. International		1,270		102,908


			$	359,227

HOTELS, RESTAURANTS & LEISURE – 1.8%

Airbnb, Inc., Class A*		3,900		547,404

Aramark		2,433		111,164

Booking Holdings, Inc.		7,525		1,266,909

Boyd Gaming Corp.		600		52,170

Caesars Entertainment, Inc.*		2,010		55,878

Carnival Corp.		10,380		275,174

Cava Group, Inc.*		1,000		93,410

Chipotle Mexican Grill, Inc.*		12,430		422,496

Choice Hotels International, Inc.#		260		25,761

Churchill Downs, Inc.		550		55,544

Darden Restaurants, Inc.		1,150		230,644

Domino’s Pizza, Inc.		300		101,826

DoorDash, Inc., Class A*		3,320		559,918

DraftKings, Inc., Class A*		4,520		105,406

Dutch Bros, Inc., Class A*		1,200		69,012

Expedia Group, Inc.		1,152		286,122

Flutter Entertainment PLC*		1,400		151,102

Hilton Worldwide Holdings, Inc.		2,153		697,723

Hyatt Hotels Corp., Class A#		400		67,028

Las Vegas Sands Corp.		2,870		156,731

Marriott International, Inc., Class A		2,126		768,953

McDonald’s Corp.		6,759		1,984,375

MGM Resorts International*		2,100		81,774

Norwegian Cruise Line Holdings Ltd.*		4,100		74,538

Penn Entertainment, Inc.*		1,450		25,317

Planet Fitness, Inc., Class A*		878		58,536

Restaurant Brands International LP		47		3,774

Restaurant Brands International, Inc.		2,950		238,006

Royal Caribbean Cruises Ltd.		2,380		627,749

Starbucks Corp.		10,670		1,123,871

Texas Roadhouse, Inc.		600		96,594

Travel + Leisure Co.		510		32,976

Vail Resorts, Inc.#		328		41,715

Viking Holdings Ltd.*		1,500		122,865

Wendy’s Co. (The)#		2,060		14,338

Wingstop, Inc.#		250		41,015

Wyndham Hotels & Resorts, Inc.#		760		61,849

Wynn Resorts Ltd.		818		87,616

Yum! Brands, Inc.		2,670		426,265


			$	11,243,548

HOUSEHOLD DURABLES – 0.3%

DR Horton, Inc.		2,570		395,420

Garmin Ltd.		1,490		374,199

Leggett & Platt, Inc.		15		163

Lennar Corp., Class A		1,910		172,473

Lennar Corp., Class B#		76		6,717

Mohawk Industries, Inc.*		555		58,586

Newell Brands, Inc.		5,214		21,273

NVR, Inc.*		30		189,476

PulteGroup, Inc.		1,890		231,260



Description	Number of Shares		Value

SharkNinja, Inc.*,#		650	$	75,095

Somnigroup International, Inc.		1,950		147,927

Toll Brothers, Inc.		900		127,926

TopBuild Corp.*		250		110,675

Whirlpool Corp.#		535		29,992


			$	1,941,182

LEISURE PRODUCTS – 0.0%**

Brunswick Corp.		750		59,587

Hasbro, Inc.		1,290		123,634

Mattel, Inc.*		2,800		42,224

YETI Holdings, Inc.*		750		29,595


			$	255,040

SPECIALTY RETAIL – 1.7%

AutoNation, Inc.*		250		53,095

AutoZone, Inc.*		170		629,685

Bath & Body Works, Inc.		2,305		44,809

Best Buy Co., Inc.		1,880		113,721

Burlington Stores, Inc.*		595		190,406

CarMax, Inc.*		1,450		57,000

Carvana Co.*		1,250		494,750

Chewy, Inc., Class A*		2,100		53,382

Dick’s Sporting Goods, Inc.		550		124,806

Five Below, Inc.*		528		124,428

Floor & Decor Holdings, Inc., Class A*,#		1,060		51,304

GameStop Corp., Class A*,#		3,650		91,068

Gap, Inc. (The)		2,290		56,311

Home Depot, Inc. (The)		9,330		3,067,704

Lithia Motors, Inc.		195		56,573

Lowe’s Cos., Inc.		5,310		1,267,975

Murphy USA, Inc.		150		88,200

O’Reilly Automotive, Inc.*		7,950		790,230

Penske Automotive Group, Inc.#		150		25,728

RH*		135		17,815

Ross Stores, Inc.		3,010		685,648

TJX Cos., Inc. (The)		10,520		1,649,010

Tractor Supply Co.		5,000		175,500

Ulta Beauty, Inc.*		450		241,866

Valvoline, Inc.*,#		1,500		49,845

Wayfair, Inc., Class A*		798		51,016

Williams-Sonoma, Inc.		1,110		201,143


			$	10,453,018

TEXTILES, APPAREL & LUXURY GOODS – 0.2%

Amer Sports, Inc.*		1,500		52,605

Birkenstock Holding PLC*,#		400		15,496

Columbia Sportswear Co.		218		13,281

Crocs, Inc.*		500		50,990

Deckers Outdoor Corp.*		1,320		134,904

Lululemon Athletica, Inc.*		1,005		138,388

NIKE, Inc., Class B		11,005		488,182

On Holding AG, Class A*		2,100		74,781

PVH Corp.		420		38,405

Ralph Lauren Corp.		385		138,076

Tapestry, Inc.		1,830		265,423

Under Armour, Inc., Class A*,#		928		5,837

Under Armour, Inc., Class C*,#		2,150		13,051

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		5

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

VF Corp.		3,150	$	59,629


			$	1,489,048


TOTAL CONSUMER DISCRETIONARY			$	62,458,128

CONSUMER STAPLES – 4.7%

BEVERAGES – 1.0%

Boston Beer Co., Inc. (The), Class A*		50		11,852

Brown-Forman Corp., Class A^#		50		1,314

Brown-Forman Corp., Class B		1,825		47,030

Celsius Holdings, Inc.*		1,600		53,712

Coca-Cola Co. (The)		35,140		2,767,627

Coca-Cola Consolidated, Inc.		500		102,535

Constellation Brands, Inc., Class A		1,290		201,988

Keurig Dr. Pepper, Inc.		11,200		329,280

Molson Coors Beverage Co., Class B		1,685		72,017

Monster Beverage Corp.*		6,730		518,681

PepsiCo., Inc.		12,390		1,963,691

Primo Brands Corp.		2,400		48,912


			$	6,118,639

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.9%

Albertsons Cos., Inc., Class A		2,450		41,283

BJ’s Wholesale Club Holdings, Inc.*		1,300		122,057

Casey’s General Stores, Inc.		335		275,420

Costco Wholesale Corp.		4,020		4,078,411

Dollar General Corp.		2,100		243,348

Dollar Tree, Inc.*		1,862		180,819

Grocery Outlet Holding Corp.^*,#		95		751

Kroger Co. (The)		5,600		381,192

Maplebear, Inc.^*,#		1,450		61,408

Performance Food Group Co.*		1,450		131,312

Sprouts Farmers Market, Inc.*		950		77,757

Sysco Corp.		4,600		343,666

Target Corp.		4,310		559,222

U.S. Foods Holding Corp.*		2,300		215,027

Walmart, Inc.		39,830		5,254,772


			$	11,966,445

FOOD PRODUCTS – 0.4%

Archer-Daniels-Midland Co.		4,350		324,249

Bunge Global SA		1,245		158,202

Campbell’s Co. (The)		1,350		28,067

Conagra Brands, Inc.		3,750		53,812

Darling Ingredients, Inc.*		1,685		108,228

Flowers Foods, Inc.		1,100		9,966

Freshpet, Inc.*		450		30,321

General Mills, Inc.		4,700		165,957

Hershey Co. (The)		1,400		260,036

Hormel Foods Corp.		2,200		47,234

Ingredion, Inc.		500		55,870

J.M. Smucker Co. (The)		850		83,325

Kraft Heinz Co. (The)		7,750		175,615

Lamb Weston Holdings, Inc.		1,250		54,437

McCormick & Co., Inc.		2,200		111,848

Mondelez International, Inc., Class A		11,540		709,018

Pilgrim’s Pride Corp.		250		8,275

Post Holdings, Inc.*		438		45,881



Description	Number of Shares		Value

Tyson Foods, Inc., Class A		2,400	$	153,768


			$	2,584,109

HOUSEHOLD PRODUCTS – 0.7%

Church & Dwight Co., Inc.		2,250		218,385

Clorox Co. (The)		1,210		116,692

Colgate-Palmolive Co.		7,520		641,907

Kimberly-Clark Corp.		2,900		285,447

Procter & Gamble Co. (The)		21,220		3,121,250

Reynolds Consumer Products, Inc.		350		7,340


			$	4,391,021

PERSONAL CARE PRODUCTS – 0.1%

BellRing Brands, Inc.*		1,250		22,250

Coty, Inc., Class A*		3,940		9,692

elf Beauty, Inc.*		550		35,184

Estee Lauder Cos., Inc. (The), Class A		2,350		180,269

Kenvue, Inc.		18,050		316,416


			$	563,811

TOBACCO – 0.6%

Altria Group, Inc.		15,120		1,098,468

Philip Morris International, Inc.		14,090		2,325,836


			$	3,424,304


TOTAL CONSUMER STAPLES			$	29,048,329

ENERGY – 3.5%

ENERGY EQUIPMENT & SERVICES – 0.3%

Baker Hughes Co.		9,340		650,718

Halliburton Co.		8,033		339,796

NOV, Inc.		3,448		70,546

SLB Ltd.		13,486		767,084

TechnipFMC PLC		3,850		290,944

Weatherford International PLC		650		71,727


			$	2,190,815

OIL, GAS & CONSUMABLE FUELS – 3.2%

Antero Midstream Corp.		2,450		53,557

Antero Resources Corp.*		2,750		107,965

APA Corp.		3,440		140,111

Cheniere Energy, Inc.		2,000		549,900

Chevron Corp.		16,809		3,249,348

Chord Energy Corp.		500		72,800

ConocoPhillips		10,947		1,376,914

Coterra Energy, Inc.		6,324		227,095

Devon Energy Corp.		5,586		286,953

Diamondback Energy, Inc.		1,797		369,517

DT Midstream, Inc.		975		144,290

EOG Resources, Inc.		4,780		671,925

EQT Corp.		5,450		327,436

Expand Energy Corp.		2,094		213,902

Exxon Mobil Corp.		39,366		6,075,355

HF Sinclair Corp.		1,340		90,061

Kinder Morgan, Inc.		16,925		556,325

Marathon Petroleum Corp.		2,650		657,968

Matador Resources Co.		1,050		66,612

New Fortress Energy, Inc.^*,#		690		477

Occidental Petroleum Corp.		6,710		406,492

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


6		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

ONEOK, Inc.		5,410	$	500,209

Ovintiv, Inc.		2,550		156,952

Permian Resources Corp., Class A		6,250		135,125

Phillips 66		3,540		634,191

Range Resources Corp.		1,850		80,475

Targa Resources Corp.		1,850		481,148

Texas Pacific Land Corp.		540		239,582

Valero Energy Corp.		2,920		737,533

Viper Energy, Inc., Class A		1,260		62,219

Williams Cos., Inc. (The)		10,890		831,016


			$	19,503,453


TOTAL ENERGY			$	21,694,268

FINANCIALS – 12.4%

BANKS – 3.5%

Bank of America Corp.		61,810		3,304,363

Bank OZK		1,150		55,384

BOK Financial Corp.^#		270		36,123

Citigroup, Inc.		16,357		2,093,369

Citizens Financial Group, Inc.		4,100		266,705

Columbia Banking System, Inc.		2,498		73,941

Commerce Bancshares, Inc.		1,455		75,704

Cullen/Frost Bankers, Inc.		490		71,016

East West Bancorp, Inc.		1,323		167,320

Fifth Third Bancorp		8,738		443,541

First Citizens BancShares, Inc., Class A		90		178,544

First Hawaiian, Inc.		1,100		30,008

First Horizon Corp.		5,230		130,541

FNB Corp.		4,235		75,595

Huntington Bancshares, Inc.		14,796		247,981

JPMorgan Chase & Co.		25,505		7,988,931

KeyCorp.		9,344		206,596

NU Holdings Ltd., Class A*		30,850		446,708

Pinnacle Financial Partners, Inc.		1,612		159,491

PNC Financial Services Group, Inc. (The)		3,710		827,330

Popular, Inc.		688		103,427

Prosperity Bancshares, Inc.		1,173		81,699

Regions Financial Corp.		8,706		248,556

SOUTHSTATE BANK CORP		950		92,787

Truist Financial Corp.		12,457		641,535

U.S. Bancorp		14,825		839,984

Webster Financial Corp.		1,762		127,498

Wells Fargo & Co.		29,075		2,390,837

Western Alliance Bancorp		950		77,463

Wintrust Financial Corp.		700		105,399

Zions Bancorp NA		1,490		94,496


			$	21,682,872

CAPITAL MARKETS – 3.2%

Affiliated Managers Group, Inc.		270		79,561

Ameriprise Financial, Inc.		840		398,824

Ares Management Corp., Class A		1,750		205,450

Bank of New York Mellon Corp. (The)		6,770		909,685

Blackrock, Inc.		1,440		1,534,464

Blackstone, Inc.^#		6,965		874,665

Blue Owl Capital, Inc.^#		5,970		58,208

Brookfield Asset Management Ltd., Class A		3,550		170,435



Description	Number of Shares		Value

Carlyle Group, Inc. (The)		2,600	$	130,182

Cboe Global Markets, Inc.		1,000		300,090

Charles Schwab Corp. (The)		15,705		1,439,206

CME Group, Inc.		3,350		964,197

Coinbase Global, Inc., Class A*		1,995		374,601

Evercore, Inc., Class A		350		112,451

FactSet Research Systems, Inc.		290		65,998

Franklin Resources, Inc.		2,720		81,518

Freedom Holding Corp.*,^#		100		14,983

Goldman Sachs Group, Inc. (The)		2,745		2,535,749

Hamilton Lane, Inc., Class A^#		400		36,796

Houlihan Lokey, Inc.		500		77,375

Interactive Brokers Group, Inc., Class A		3,842		305,439

Intercontinental Exchange, Inc.		5,290		836,296

Invesco Ltd.		3,245		85,051

Janus Henderson Group PLC		1,150		59,352

Jefferies Financial Group, Inc.		1,498		72,234

KKR & Co., Inc.		6,284		655,673

Lazard, Inc.		1,000		48,500

LPL Financial Holdings, Inc.		750		250,597

MarketAxess Holdings, Inc.		350		55,017

Moody’s Corp.		1,440		665,064

Morgan Stanley		10,781		2,054,751

Morningstar, Inc.		250		42,178

MSCI, Inc.		670		396,245

Nasdaq, Inc.		3,940		362,125

Northern Trust Corp.		1,925		320,204

Raymond James Financial, Inc.		1,710		270,727

Robinhood Markets, Inc., Class A*		6,900		502,941

S&P Global, Inc.		2,889		1,245,823

SEI Investments Co.		790		71,637

State Street Corp.		2,720		415,725

Stifel Financial Corp.		1,425		112,304

T Rowe Price Group, Inc.		2,030		208,846

TPG, Inc.		1,200		52,344

Tradeweb Markets, Inc., Class A		1,100		124,575

Virtu Financial, Inc., Class A		650		32,279

XP, Inc., Class A		4,005		76,736


			$	19,687,101

CONSUMER FINANCE – 0.6%

Ally Financial, Inc.		2,393		106,225

American Express Co.		5,040		1,628,172

Capital One Financial Corp.		5,778		1,105,331

Credit Acceptance Corp.*,^#		50		25,246

OneMain Holdings, Inc.		945		55,538

SLM Corp.		1,910		44,083

SoFi Technologies, Inc.*		10,600		170,660

Synchrony Financial		3,470		264,414


			$	3,399,669

FINANCIAL SERVICES – 3.3%

Affirm Holdings, Inc.*		2,500		160,700

Apollo Global Management, Inc.		3,926		505,355

Berkshire Hathaway, Inc., Class B*		17,336		8,210,330

Block, Inc.*		5,030		354,665

Corebridge Financial, Inc.		2,450		67,473

Corpay, Inc.*		650		199,206

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		7

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

Equitable Holdings, Inc.		2,443	$	103,095

Euronet Worldwide, Inc.*		415		30,038

Fidelity National Information Services, Inc.		5,000		232,650

Fiserv, Inc.*		4,910		307,612

Global Payments, Inc.		2,313		166,443

Jack Henry & Associates, Inc.		700		107,625

Mastercard, Inc., Class A		7,520		3,781,958

MGIC Investment Corp.		1,750		46,340

PayPal Holdings, Inc.		8,865		444,491

Rocket Cos., Inc., Class A*		8,700		127,194

Shift4 Payments, Inc., Class A^*,#		350		15,498

Toast, Inc., Class A*		4,050		115,506

UWM Holdings Corp.^#		1,900		6,726

Visa, Inc., Class A		15,685		5,173,540

Voya Financial, Inc.		930		76,223

Western Union Co. (The)^#		2,690		24,452

WEX, Inc.*		265		39,837


			$	20,296,957

INSURANCE – 1.7%

Aflac, Inc.		4,300		488,781

Allstate Corp. (The)		2,380		517,079

American Financial Group, Inc.		550		73,299

American International Group, Inc.		4,880		365,024

Aon PLC, Class A		2,000		623,300

Arch Capital Group Ltd.*		3,320		313,607

Arthur J. Gallagher & Co.		2,430		501,552

Assurant, Inc.		430		101,596

Assured Guaranty Ltd.		300		24,570

Axis Capital Holdings Ltd.		580		58,238

Brighthouse Financial, Inc.*		400		24,904

Brown & Brown, Inc.		2,650		159,398

Chubb Ltd.		3,447		1,127,169

Cincinnati Financial Corp.		1,406		230,022

CNA Financial Corp.		150		7,235

Everest Group Ltd.		370		132,001

F&G Annuities & Life, Inc.		143		4,096

Fidelity National Financial, Inc.		2,191		114,589

First American Financial Corp.		728		51,055

Globe Life, Inc.		793		122,360

Hanover Insurance Group, Inc. (The)		300		56,307

Hartford Insurance Group, Inc. (The)		2,640		361,178

Kemper Corp.		523		17,620

Kinsale Capital Group, Inc.		200		64,722

Lincoln National Corp.		1,458		55,127

Loews Corp.		1,650		185,806

Markel Group, Inc.*		120		212,696

Marsh & McLennan Cos., Inc.		4,740		794,945

MetLife, Inc.		5,201		416,600

Old Republic International Corp.		2,018		80,619

Primerica, Inc.		323		90,850

Principal Financial Group, Inc.		2,040		205,856

Progressive Corp. (The)		5,530		1,113,078

Prudential Financial, Inc.		3,230		316,895

Reinsurance Group of America, Inc.		590		124,761

RenaissanceRe Holdings Ltd.		378		116,035

RLI Corp.		800		41,416

Ryan Specialty Holdings, Inc.^#		950		33,032



Description	Number of Shares		Value

Travelers Cos., Inc. (The)		2,080	$	634,691

Unum Group		1,610		129,412

W.R. Berkley Corp.		2,345		156,716

White Mountains Insurance Group Ltd.		30		66,960

Willis Towers Watson PLC		900		230,580


			$	10,545,777

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%

AGNC Investment Corp.		9,585		105,627

Annaly Capital Management, Inc.		5,532		126,683

Rithm Capital Corp.		4,500		44,010

Starwood Property Trust, Inc.^#		2,418		44,394


			$	320,714


TOTAL FINANCIALS			$	75,933,090

HEALTH CARE – 8.6%

BIOTECHNOLOGY – 1.8%

AbbVie, Inc.		16,261		3,436,275

Alnylam Pharmaceuticals, Inc.*		1,165		360,556

Amgen, Inc.		4,914		1,701,472

Apellis Pharmaceuticals, Inc.*		1,250		51,188

Biogen, Inc.*		1,300		246,064

BioMarin Pharmaceutical, Inc.*		1,500		80,865

Exelixis, Inc.*		2,370		105,370

Gilead Sciences, Inc.		11,394		1,490,791

GRAIL, Inc.*		65		3,541

Halozyme Therapeutics, Inc.*		1,250		79,575

Incyte Corp.*		1,550		147,668

Insmed, Inc.*		1,800		245,394

Ionis Pharmaceuticals, Inc.*		1,480		110,645

Moderna, Inc.*		3,300		151,602

Natera, Inc.*		1,200		247,392

Neurocrine Biosciences, Inc.*		950		125,086

Regeneron Pharmaceuticals, Inc.		950		671,707

Revolution Medicines, Inc.*		1,700		245,004

Roivant Sciences Ltd.*		3,350		95,575

Sarepta Therapeutics, Inc.*		965		20,149

Summit Therapeutics, Inc.^*,#		1,150		24,679

Ultragenyx Pharmaceutical, Inc.*		950		23,456

United Therapeutics Corp.*		385		219,970

Vertex Pharmaceuticals, Inc.*		2,323		992,804

Viking Therapeutics, Inc.^*,#		1,000		31,180


			$	10,908,008

HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%

Abbott Laboratories		15,805		1,434,936

Align Technology, Inc.*		620		109,126

Baxter International, Inc.		5,230		91,943

Becton Dickinson & Co.		2,584		385,119

Boston Scientific Corp.*		13,720		790,409

Cooper Cos., Inc. (The)*		1,600		100,640

DENTSPLY SIRONA, Inc.		2,079		24,428

DexCom, Inc.*		3,695		220,037

Edwards Lifesciences Corp.*		5,306		443,051

Envista Holdings Corp.*		1,690		43,839

GE HealthCare Technologies, Inc.		4,350		264,654

Globus Medical, Inc., Class A*		1,050		94,689

IDEXX Laboratories, Inc.*		730		409,384

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


8		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

Inspire Medical Systems, Inc.*		300	$	16,842

Insulet Corp.*		660		113,612

Intuitive Surgical, Inc.*		3,320		1,519,265

Masimo Corp.*		450		80,294

Medtronic PLC		11,676		945,406

Penumbra, Inc.*,^#		350		114,268

ResMed, Inc.		1,370		292,920

Solventum Corp.*		1,415		95,314

STERIS PLC		900		195,192

Stryker Corp.		3,130		986,357

Teleflex, Inc.		460		56,999

Zimmer Biomet Holdings, Inc.		1,690		139,307


			$	8,968,031

HEALTH CARE PROVIDERS & SERVICES – 1.6%

Acadia Healthcare Co., Inc.*		900		23,306

Cardinal Health, Inc.		2,210		426,265

Cencora, Inc.		1,710		526,697

Centene Corp.*		4,680		251,269

Chemed Corp.		150		63,747

Cigna Group (The)		2,417		702,332

CVS Health Corp.		11,371		947,091

DaVita, Inc.*		388		60,194

Elevance Health, Inc.		2,070		779,189

Encompass Health Corp.		980		98,000

HCA Healthcare, Inc.		1,525		662,536

Henry Schein, Inc.*		920		68,623

Humana, Inc.		1,130		267,177

Labcorp Holdings, Inc.		757		194,398

McKesson Corp.		1,130		921,176

Molina Healthcare, Inc.*		505		98,283

Quest Diagnostics, Inc.		1,000		194,200

Tenet Healthcare Corp.*		795		140,810

UnitedHealth Group, Inc.		8,395		3,110,180

Universal Health Services, Inc., Class B		510		85,818


			$	9,621,291

HEALTH CARE TECHNOLOGY – 0.0%**

Certara, Inc.*		1,450		8,889

Doximity, Inc., Class A*		1,350		32,994

Veeva Systems, Inc., Class A*		1,400		218,358


			$	260,241

LIFE SCIENCES TOOLS & SERVICES – 0.8%

Agilent Technologies, Inc.		2,690		310,829

Avantor, Inc.*		6,495		52,610

Bio-Rad Laboratories, Inc., Class A*		190		53,223

Bio-Techne Corp.		1,550		85,746

Bruker Corp.^#		1,000		36,710

Charles River Laboratories International, Inc.*		470		78,476

Danaher Corp.		5,940		1,062,963

Fortrea Holdings, Inc.*		2		23

Illumina, Inc.*		1,490		188,843

IQVIA Holdings, Inc.*		1,630		258,143

Medpace Holdings, Inc.*		200		83,732

Mettler-Toledo International, Inc.*		210		268,088

QIAGEN NV		1,856		64,180

Repligen Corp.*		500		59,155



Description	Number of Shares		Value

Revvity, Inc.		1,110	$	96,148

Sotera Health Co.*		990		15,404

Tempus AI, Inc.*,^#		650		36,062

Thermo Fisher Scientific, Inc.		3,550		1,700,308

Waters Corp.*		940		290,676

West Pharmaceutical Services, Inc.		650		193,434


			$	4,934,753

PHARMACEUTICALS – 2.9%

Bristol-Myers Squibb Co.		18,526		1,122,490

Corcept Therapeutics, Inc.*		950		44,194

Elanco Animal Health, Inc.*		4,750		106,258

Eli Lilly & Co.		7,400		6,916,040

Jazz Pharmaceuticals PLC*		610		123,842

Johnson & Johnson		22,260		5,116,461

Merck & Co., Inc.		22,806		2,489,959

Organon & Co.		2,616		34,662

Perrigo Co. PLC		1,058		12,527

Pfizer, Inc.		51,803		1,383,140

Royalty Pharma PLC, Class A		3,250		162,792

Viatris, Inc.		11,305		168,897

Zoetis, Inc.		3,961		455,396


			$	18,136,658


TOTAL HEALTH CARE			$	52,828,982

INDUSTRIALS – 9.8%

AEROSPACE & DEFENSE – 2.3%

ATI, Inc.*		1,250		194,325

Axon Enterprise, Inc.*		680		273,197

Boeing Co. (The)*		7,032		1,610,539

BWX Technologies, Inc.		875		189,341

Carpenter Technology Corp.		450		192,690

Curtiss-Wright Corp.		335		241,267

FTAI Aviation Ltd.		900		224,703

General Dynamics Corp.		2,430		836,649

General Electric Co.		9,735		2,822,468

HEICO Corp.^#		450		121,464

HEICO Corp., Class A		652		136,281

Hexcel Corp.		800		75,096

Howmet Aerospace, Inc.		3,846		934,732

Huntington Ingalls Industries, Inc.		355		129,323

Karman Holdings, Inc.*		250		16,995

L3Harris Technologies, Inc.		1,732		555,193

Leonardo DRS, Inc.		700		28,441

Loar Holdings, Inc.*,^#		400		22,448

Lockheed Martin Corp.		1,940		1,004,862

Northrop Grumman Corp.		1,270		735,939

Rocket Lab Corp.*		3,850		317,663

RTX Corp.		12,554		2,210,383

StandardAero, Inc.*		1,200		29,832

Textron, Inc.		1,703		163,420

TransDigm Group, Inc.		510		591,590

Woodward, Inc.		525		190,570


			$	13,849,411

AIR FREIGHT & LOGISTICS – 0.3%

C.H. Robinson Worldwide, Inc.		1,134		206,173

Expeditors International of Washington, Inc.		1,280		189,299

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		9

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

FedEx Corp.		2,055	$	828,802

GXO Logistics, Inc.*		945		53,988

United Parcel Service, Inc., Class B		7,010		762,688


			$	2,040,950

BUILDING PRODUCTS – 0.6%

A.O. Smith Corp.^#		1,100		68,024

AAON, Inc.^#		550		51,321

Advanced Drainage Systems, Inc.		650		97,012

Allegion PLC		833		114,521

Armstrong World Industries, Inc.		328		55,888

Builders FirstSource, Inc.*		970		76,717

Carlisle Cos., Inc.^#		390		138,551

Carrier Global Corp.		7,600		510,492

Fortune Brands Innovations, Inc.		1,060		42,972

Hayward Holdings, Inc.*		1,350		20,264

Johnson Controls International PLC		5,931		866,104

Lennox International, Inc.^#		300		160,467

Masco Corp.		1,880		135,022

Owens Corning		748		92,258

Simpson Manufacturing Co., Inc.		350		66,756

Trane Technologies PLC		2,100		1,034,334

Trex Co., Inc.*		1,044		40,925


			$	3,571,628

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Cintas Corp.		3,240		566,060

Clean Harbors, Inc.*		510		159,467

Copart, Inc.*		8,400		278,124

MSA Safety, Inc.		300		49,917

RB Global, Inc.		1,726		180,022

Republic Services, Inc.		1,950		407,979

Rollins, Inc.		2,800		156,044

Tetra Tech, Inc.		2,500		80,800

Veralto Corp.		2,223		196,069

Waste Management, Inc.		3,510		816,250


			$	2,890,732

CONSTRUCTION & ENGINEERING – 0.4%

AECOM		1,255		105,546

API Group Corp.*		3,550		162,306

Comfort Systems USA, Inc.		350		644,087

EMCOR Group, Inc.		400		356,668

Everus Construction Group, Inc.*		370		54,549

MasTec, Inc.*		550		216,728

Quanta Services, Inc.		1,373		999,228

Valmont Industries, Inc.		160		81,286

WillScot Holdings Corp.^#		1,395		31,583


			$	2,651,981

ELECTRICAL EQUIPMENT – 1.3%

Acuity, Inc.		310		89,829

AMETEK, Inc.		2,240		527,520

Eaton Corp. PLC		3,688		1,596,941

Emerson Electric Co.		5,390		756,971

GE Vernova, Inc.		2,511		2,720,568

Generac Holdings, Inc.*		497		128,837

Hubbell, Inc.		490		249,003

nVent Electric PLC		1,566		223,781



Description	Number of Shares		Value

Regal Rexnord Corp.		600	$	129,018

Rockwell Automation, Inc.		1,070		437,534

Sensata Technologies Holding PLC		1,348		56,131

Vertiv Holdings Co., Class A		3,530		1,159,570


			$	8,075,703

GROUND TRANSPORTATION – 0.9%

Avis Budget Group, Inc.*,^#		95		17,164

CSX Corp.		18,070		820,920

JB Hunt Transport Services, Inc.		720		181,102

Knight-Swift Transportation Holdings, Inc.		1,505		97,674

Landstar System, Inc.		390		71,787

Lyft, Inc., Class A*		3,100		43,865

Norfolk Southern Corp.		2,160		682,193

Old Dominion Freight Line, Inc.		1,700		361,131

Ryder System, Inc.		390		98,970

Saia, Inc.*		240		107,717

Schneider National, Inc., Class B		618		19,214

Uber Technologies, Inc.*		18,660		1,392,222

U-Haul Holding Co.*,^#		213		10,940

U-Haul Holding Co.		817		38,963

Union Pacific Corp.		5,690		1,533,341

XPO, Inc.*		1,000		220,130


			$	5,697,333

INDUSTRIAL CONGLOMERATES – 0.3%

3M Co.		5,100		747,252

Honeywell International, Inc.		6,100		1,307,413


			$	2,054,665

MACHINERY – 2.1%

AGCO Corp.		595		72,007

Allison Transmission Holdings, Inc.		850		114,198

Caterpillar, Inc.		4,350		3,871,978

CNH Industrial NV		8,900		95,319

Crane Co.		500		88,865

Cummins, Inc.		1,330		892,443

Deere & Co.		2,300		1,356,701

Donaldson Co., Inc.		1,160		102,277

Dover Corp.		1,320		298,861

Esab Corp.		499		49,037

Flowserve Corp.		1,248		91,903

Fortive Corp.		3,190		190,730

Gates Industrial Corp. PLC*		2,575		65,946

Graco, Inc.		1,670		134,051

IDEX Corp.		770		167,744

Illinois Tool Works, Inc.		2,750		709,527

Ingersoll Rand, Inc.		3,894		310,975

ITT, Inc.		835		178,974

Lincoln Electric Holdings, Inc.		550		145,750

Middleby Corp. (The)*		500		70,180

Mueller Industries, Inc.		1,000		135,430

Nordson Corp.		550		158,647

Oshkosh Corp.		640		100,032

Otis Worldwide Corp.		3,825		297,891

PACCAR, Inc.		4,910		583,308

Parker-Hannifin Corp.		1,190		1,082,210

Pentair PLC		1,564		126,230

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


10		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

RBC Bearings, Inc.*		300	$	179,727

Snap-on, Inc.		480		184,032

Stanley Black & Decker, Inc.		1,470		114,895

Timken Co. (The)		650		72,079

Toro Co. (The)		880		83,750

Westinghouse Air Brake Technologies Corp.		1,645		443,969

Xylem, Inc.		2,310		272,950


			$	12,842,616

MARINE TRANSPORTATION – 0.0%**

Kirby Corp.*		600		90,324

PASSENGER AIRLINES – 0.2%

Alaska Air Group, Inc.*		1,175		45,954

American Airlines Group, Inc.*		6,468		75,740

Delta Air Lines, Inc.		6,315		429,357

Southwest Airlines Co.		4,480		169,882

United Airlines Holdings, Inc.*		3,003		270,270


			$	991,203

PROFESSIONAL SERVICES – 0.5%

Amentum Holdings, Inc.*		1,526		40,027

Automatic Data Processing, Inc.		3,900		826,566

Booz Allen Hamilton Holding Corp.		1,150		89,435

Broadridge Financial Solutions, Inc.		1,120		172,458

CACI International, Inc., Class A*		203		105,467

Clarivate PLC^*,#		2,400		6,888

Concentrix Corp.^#		543		12,934

Equifax, Inc.		1,130		196,552

ExlService Holdings, Inc.*		1,100		35,068

FTI Consulting, Inc.*		300		53,790

Genpact Ltd.		1,595		55,426

Jacobs Solutions, Inc.		1,150		148,821

KBR, Inc.		1,250		46,863

Leidos Holdings, Inc.		1,250		186,525

ManpowerGroup, Inc.		255		7,719

Parsons Corp.*		450		22,685

Paychex, Inc.		3,070		284,374

Paycom Software, Inc.		400		50,704

Paylocity Holding Corp.*		285		30,065

Robert Half, Inc.		1,048		27,887

Science Applications International Corp.		400		38,708

SS&C Technologies Holdings, Inc.		2,050		142,065

TransUnion		1,850		131,350

Verisk Analytics, Inc.		1,290		237,992


			$	2,950,369

TRADING COMPANIES & DISTRIBUTORS – 0.4%

Applied Industrial Technologies, Inc.		350		107,012

Core & Main, Inc., Class A*		1,895		95,451

Fastenal Co.		10,960		492,433

Ferguson Enterprises, Inc.		1,820		487,232

MSC Industrial Direct Co., Inc., Class A		340		34,772

QXO, Inc.^*,#		5,250		105,367

SiteOne Landscape Supply, Inc.*		400		50,420

United Rentals, Inc.		620		595,101

Watsco, Inc.^#		350		153,244

WESCO International, Inc.		440		153,613



Description	Number of Shares		Value

WW Grainger, Inc.		445	$	516,801


			$	2,791,446


TOTAL INDUSTRIALS			$	60,498,361

INFORMATION TECHNOLOGY – 33.2%

COMMUNICATIONS EQUIPMENT – 1.2%

Arista Networks, Inc.*		9,710		1,677,014

Ciena Corp.*		1,323		697,988

Cisco Systems, Inc.		37,710		3,450,465

F5, Inc.*		513		166,161

Lumentum Holdings, Inc.*		640		577,485

Motorola Solutions, Inc.		1,540		676,106

Ubiquiti, Inc.		50		50,601


			$	7,295,820

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.0%

Amphenol Corp., Class A		11,580		1,705,387

Arrow Electronics, Inc.*		365		68,558

Avnet, Inc.		600		49,506

CDW Corp.		1,190		162,923

Cognex Corp.		1,600		88,816

Coherent Corp.*		1,468		469,334

Corning, Inc.		7,470		1,226,873

Crane NXT Co.		600		26,808

Flex Ltd.*		3,550		325,002

IPG Photonics Corp.*		230		27,352

Jabil, Inc.		1,008		340,190

Keysight Technologies, Inc.*		1,650		577,351

Littelfuse, Inc.		243		98,213

Ralliant Corp.		813		36,943

TD SYNNEX Corp.		683		155,847

Teledyne Technologies, Inc.*		443		286,111

Vontier Corp.		1,036		37,172

Zebra Technologies Corp., Class A*		450		101,817


			$	5,784,203

IT SERVICES – 0.9%

Accenture PLC, Class A		5,960		1,065,112

Akamai Technologies, Inc.*		1,400		144,172

Amdocs Ltd.		920		59,496

Cloudflare, Inc., Class A*		2,900		594,413

Cognizant Technology Solutions Corp., Class A		4,500		238,050

DXC Technology Co.*		546		6,181

EPAM Systems, Inc.*		450		51,201

Gartner, Inc.*		650		96,518

Globant SA*		400		16,492

GoDaddy, Inc., Class A*		1,160		100,676

International Business Machines Corp.		8,830		2,039,553

Kyndryl Holdings, Inc.*		2,412		33,334

MongoDB, Inc.*		765		191,885

Okta, Inc.*		1,600		117,840

Snowflake, Inc., Class A*		3,080		420,328

Twilio, Inc., Class A*		1,400		207,284

VeriSign, Inc.		750		201,495


			$	5,584,030

MEDIA – 0.0%**

DoubleVerify Holdings, Inc.*		1,350		14,877

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		11

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 15.6%

Advanced Micro Devices, Inc.*		15,018	$	5,323,731

Allegro MicroSystems, Inc.*,^#		1,250		60,625

Amkor Technology, Inc.		900		62,775

Analog Devices, Inc.		4,632		1,863,268

Applied Materials, Inc.		7,500		2,958,675

Astera Labs, Inc.*		1,200		233,688

Broadcom, Inc.		43,130		18,003,756

Cirrus Logic, Inc.*		450		73,386

Enphase Energy, Inc.*		1,050		34,608

Entegris, Inc.		1,350		190,863

First Solar, Inc.*		950		191,796

GLOBALFOUNDRIES, Inc.*		750		48,450

Intel Corp.*		41,280		3,900,134

KLA Corp.		1,260		2,205,441

Lam Research Corp.		11,795		3,041,459

Lattice Semiconductor Corp.*		1,200		146,736

MACOM Technology Solutions Holdings, Inc.*		600		168,966

Marvell Technology, Inc.		8,061		1,331,274

Microchip Technology, Inc.		5,028		467,151

Micron Technology, Inc.		10,430		5,393,979

MKS, Inc		633		179,614

Monolithic Power Systems, Inc.		430		694,196

NVIDIA Corp.		218,590		43,624,006

ON Semiconductor Corp.*		3,828		385,901

Onto Innovation, Inc.*		450		132,777

Qnity Electronics, Inc.		1,631		229,416

Qorvo, Inc.*		750		70,665

QUALCOMM, Inc.		10,270		1,844,287

Skyworks Solutions, Inc.		1,240		87,011

Teradyne, Inc.		1,450		498,031

Texas Instruments, Inc.		8,590		2,414,477

Universal Display Corp.^#		350		30,482

Wolfspeed, Inc.*,^#		18		532


			$	95,892,156

SOFTWARE – 7.8%

Adobe, Inc.*		3,970		977,017

Appfolio, Inc., Class A*		200		33,418

AppLovin Corp., Class A*		2,200		981,970

Atlassian Corp., Class A*		1,350		92,597

Aurora Innovation, Inc.*,^#		9,950		58,506

Autodesk, Inc.*		2,030		481,110

Bentley Systems, Inc., Class B^#		1,500		48,930

BILL Holdings, Inc.*		750		28,500

Cadence Design Systems, Inc.*		2,600		856,934

CCC Intelligent Solutions Holdings, Inc.*		1,650		8,646

Crowdstrike Holdings, Inc., Class A*		2,319		1,033,694

Datadog, Inc., Class A*		2,898		383,087

Docusign, Inc.*		1,870		86,001

Dolby Laboratories, Inc., Class A		390		25,015

Dropbox, Inc., Class A*		1,250		30,363

Dynatrace, Inc.*		2,923		105,842

Elastic NV*		950		44,109

Fair Isaac Corp.*		240		246,000

Five9, Inc.*		93		1,600

Fortinet, Inc.*		5,930		499,958

Gen Digital, Inc.		4,670		90,084



Description	Number of Shares		Value

Gitlab, Inc., Class A*		1,300	$	28,782

Guidewire Software, Inc.*		750		103,793

HubSpot, Inc.*		483		107,110

Intuit, Inc.		2,610		1,013,985

Manhattan Associates, Inc.*		523		72,116

Microsoft Corp.		69,294		28,256,707

N-Able, Inc.*		436		2,258

nCino, Inc.*		795		13,897

Nutanix, Inc., Class A*		2,300		94,047

Oracle Corp.		15,780		2,546,734

Palantir Technologies, Inc., Class A*		20,410		2,839,235

Palo Alto Networks, Inc.*		7,410		1,328,761

Pegasystems, Inc.		840		30,702

Procore Technologies, Inc.*		1,150		65,067

PTC, Inc.*		1,150		156,745

RingCentral, Inc., Class A		600		24,132

Roper Technologies, Inc.		1,000		354,810

Rubrik, Inc., Class A*		1,100		58,498

SailPoint, Inc.*		500		5,710

Salesforce, Inc.		8,826		1,558,054

Samsara, Inc., Class A*		2,700		77,598

SentinelOne, Inc., Class A*		2,900		41,064

ServiceNow, Inc.*		9,650		852,191

Strategy, Inc., Class A*		2,450		405,352

Synopsys, Inc.*		1,759		848,893

Teradata Corp.*		1,070		28,195

Trimble, Inc.*		2,080		140,026

Tyler Technologies, Inc.*		410		139,867

UiPath, Inc., Class A*		4,050		41,715

Unity Software, Inc.*		3,010		79,524

Workday, Inc., Class A*		2,050		250,920

Zoom Communications, Inc., Class A*		2,378		231,023

Zscaler, Inc.*		950		124,146


			$	48,035,038

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.7%

Apple, Inc.		134,650		36,537,278

Dell Technologies, Inc., Class C		2,900		605,955

Everpure, Inc., Class A*		2,995		213,993

Hewlett Packard Enterprise Co.		12,590		362,214

HP, Inc.		9,190		191,703

NetApp, Inc.		1,853		205,257

Sandisk Corp.*		1,277		1,400,243

Super Micro Computer, Inc.*		4,750		130,150

Western Digital Corp.		3,183		1,383,077


			$	41,029,870


TOTAL INFORMATION TECHNOLOGY			$	203,635,994

MATERIALS – 2.2%

CHEMICALS – 1.1%

Air Products & Chemicals, Inc.		1,970		591,098

Albemarle Corp.		1,045		205,551

Ashland, Inc.		190		10,119

Axalta Coating Systems Ltd.*		2,090		59,440

Celanese Corp.		990		67,082

CF Industries Holdings, Inc.		1,500		186,300

Corteva, Inc.		6,352		514,576

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


12		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

Dow, Inc.		7,109	$	287,843

DuPont de Nemours, Inc.		3,962		180,905

Eastman Chemical Co.		860		62,857

Ecolab, Inc.		2,300		599,380

Element Solutions, Inc.		2,040		86,884

FMC Corp.		1,190		18,302

Huntsman Corp.		1,100		15,807

International Flavors & Fragrances, Inc.		2,140		150,228

Linde PLC		4,190		2,099,777

LyondellBasell Industries NV, Class A		2,450		182,770

Mosaic Co. (The)		3,265		75,977

NewMarket Corp.		50		33,781

Olin Corp.		900		25,632

PPG Industries, Inc.		2,100		227,850

RPM International, Inc.		1,050		106,984

Scotts Miracle-Gro Co. (The)		495		31,037

Sherwin-Williams Co. (The)		2,090		672,165

Solstice Advanced Materials, Inc.		1,437		117,762

Westlake Corp.		250		28,820


			$	6,638,927

CONSTRUCTION MATERIALS – 0.3%

CRH PLC		6,330		749,599

Eagle Materials, Inc.		250		52,528

James Hardie Industries PLC*		1,451		30,456

Martin Marietta Materials, Inc.		550		340,488

Vulcan Materials Co.		1,240		374,158


			$	1,547,229

CONTAINERS & PACKAGING – 0.2%

Amcor PLC		4,352		165,550

AptarGroup, Inc.		695		85,958

Avery Dennison Corp.		750		122,947

Ball Corp.		2,540		155,143

Crown Holdings, Inc.		1,068		104,995

Graphic Packaging Holding Co.^#		2,705		25,779

International Paper Co.		4,950		150,579

Packaging Corp. of America		850		181,432

Silgan Holdings, Inc.^#		805		32,643

Smurfit Westrock PLC		4,850		186,191

Sonoco Products Co.		680		33,973


			$	1,245,190

METALS & MINING – 0.6%

Alcoa Corp.		2,350		149,907

Anglogold Ashanti PLC		4,600		431,158

Cleveland-Cliffs, Inc.*		5,450		55,590

Freeport-McMoRan, Inc.		13,100		756,918

MP Materials Corp.*,^#		1,095		72,314

Newmont Corp.		9,910		1,100,902

Nucor Corp.		2,050		461,844

Reliance, Inc.		500		181,250

Royal Gold, Inc.		708		165,233

Southern Copper Corp.		755		129,626

Steel Dynamics, Inc.		1,200		274,392


			$	3,779,134

PAPER & FOREST PRODUCTS – 0.0%**

Louisiana-Pacific Corp.		450		32,486



Description	Number of Shares		Value

Magnera Corp.*		384	$	3,832


			$	36,318


TOTAL MATERIALS			$	13,246,798

REAL ESTATE – 2.2%

DIVERSIFIED REITS – 0.0%**

WP Carey, Inc.		2,000		145,860

HEALTH CARE REITS – 0.4%

Alexandria Real Estate Equities, Inc.		1,665		67,449

Healthcare Realty Trust, Inc.		3,380		63,206

Healthpeak Properties, Inc.		6,530		105,590

Medical Properties Trust, Inc.^#		1,950		9,633

Omega Healthcare Investors, Inc.		2,350		110,380

Ventas, Inc.		4,186		367,782

Welltower, Inc.		6,470		1,406,190


			$	2,130,230

HOTEL & RESORT REITS – 0.0%**

Host Hotels & Resorts, Inc.		6,680		141,148

Park Hotels & Resorts, Inc.		1,400		16,058


			$	157,206

INDUSTRIAL REITS – 0.3%

Americold Realty Trust, Inc.		2,940		35,956

EastGroup Properties, Inc.		495		99,594

First Industrial Realty Trust, Inc.		1,400		86,814

Lineage, Inc.		700		25,816

Prologis, Inc.		8,778		1,246,652

Rexford Industrial Realty, Inc.		2,265		81,291

STAG Industrial, Inc.		1,725		66,550


			$	1,642,673

OFFICE REITS – 0.0%**

BXP, Inc.		1,500		87,690

Cousins Properties, Inc.		1,333		34,138

Highwoods Properties, Inc.		840		20,420

Kilroy Realty Corp.		1,060		35,256

NET Lease Office Properties		182		2,377

Vornado Realty Trust		1,526		45,612


			$	225,493

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1%

CBRE Group, Inc., Class A*		2,860		408,208

CoStar Group, Inc.*		4,100		141,901

Howard Hughes Holdings, Inc.*		258		16,066

Jones Lang LaSalle, Inc.*		478		152,066

Seaport Entertainment Group, Inc.*		28		624

Zillow Group, Inc., Class A*		450		20,074

Zillow Group, Inc., Class C*		1,495		66,378


			$	805,317

RESIDENTIAL REITS – 0.3%

American Homes 4 Rent, Class A		3,450		109,848

AvalonBay Communities, Inc.		1,422		260,226

Camden Property Trust		1,020		107,120

Equity LifeStyle Properties, Inc.		1,950		123,416

Equity Residential		3,450		225,561

Essex Property Trust, Inc.		623		163,980

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		13

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

Invitation Homes, Inc.		5,785	$	166,434

Mid-America Apartment Communities, Inc.		1,171		151,270

Sun Communities, Inc.		1,100		140,624

UDR, Inc.		3,130		113,744


			$	1,562,223

RETAIL REITS – 0.3%

Agree Realty Corp.^#		1,050		80,965

Brixmor Property Group, Inc.		3,150		94,783

Federal Realty Investment Trust		848		94,043

Kimco Realty Corp.		6,356		150,256

NNN REIT, Inc.		1,415		61,963

Realty Income Corp.		8,439		542,121

Regency Centers Corp.		1,783		138,807

Simon Property Group, Inc.		3,043		619,890


			$	1,782,828

SPECIALIZED REITS – 0.8%

American Tower Corp.		4,410		805,751

Crown Castle, Inc.		4,090		363,110

CubeSmart		2,383		96,464

Digital Realty Trust, Inc.		3,260		655,064

EPR Properties		700		39,067

Equinix, Inc.		931		1,008,115

Extra Space Storage, Inc.		1,962		281,213

Gaming and Leisure Properties, Inc.		2,309		111,894

Iron Mountain, Inc.		2,806		353,528

Lamar Advertising Co., Class A		800		110,272

Millrose Properties, Inc., Class A		1,393		42,723

National Storage Affiliates Trust		750		31,920

Public Storage		1,510		456,700

Rayonier, Inc.		1,585		33,618

SBA Communications Corp.		1,050		232,260

VICI Properties, Inc.		9,588		279,970

Weyerhaeuser Co.		6,232		152,809


			$	5,054,478


TOTAL REAL ESTATE			$	13,506,308

UTILITIES – 2.3%

ELECTRIC UTILITIES – 1.5%

Alliant Energy Corp.^#		2,250		165,218

American Electric Power Co., Inc.		5,300		726,683

Constellation Energy Corp.		2,973		930,549

Duke Energy Corp.		7,135		924,339

Edison International		3,350		232,792

Entergy Corp.		4,350		512,908

Evergy, Inc.		2,300		190,532

Eversource Energy		3,300		233,310

Exelon Corp.		9,100		418,509

FirstEnergy Corp.		5,150		244,728

IDACORP, Inc.^#		450		66,483

NextEra Energy, Inc.		19,810		1,939,003

NRG Energy, Inc.		1,825		283,934

OGE Energy Corp.		1,763		86,034

PG&E Corp.		21,200		352,344

Pinnacle West Capital Corp.		1,050		108,906

PPL Corp.		6,500		243,360

Southern Co. (The)		10,050		971,835



Description	Number of Shares		Value

Xcel Energy, Inc.		5,300	$	439,635


			$	9,071,102

GAS UTILITIES – 0.1%

Atmos Energy Corp.		1,440		273,571

MDU Resources Group, Inc.		1,780		40,103

National Fuel Gas Co.		770		64,973

UGI Corp.		1,900		68,571


			$	447,218

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%

AES Corp. (The)		6,550		94,648

Brookfield Renewable Corp.		1,315		47,682

Clearway Energy, Inc., Class C		870		35,113

Talen Energy Corp.*		450		167,589

Vistra Corp.		3,175		501,142


			$	846,174

MULTI-UTILITIES – 0.6%

Ameren Corp.		2,450		278,443

CenterPoint Energy, Inc.		6,500		283,725

CMS Energy Corp.		2,650		203,361

Consolidated Edison, Inc.		3,250		362,342

Dominion Energy, Inc.		7,673		494,908

DTE Energy Co.		1,850		280,627

NiSource, Inc.		4,800		231,744

Public Service Enterprise Group, Inc.		4,490		366,653

Sempra		6,350		604,012

WEC Energy Group, Inc.		2,900		342,026


			$	3,447,841

WATER UTILITIES – 0.0%**

American Water Works Co., Inc.		1,700		218,314

Essential Utilities, Inc.		2,250		85,950


			$	304,264


TOTAL UTILITIES			$	14,116,599


TOTAL COMMON STOCKS (COST $111,318,890)			$	612,950,384

PREFERRED STOCK – 0.0%**

REAL ESTATE – 0.0%**

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**

Brookfield Property Preferred LP 6.25%^#		400		6,696


TOTAL REAL ESTATE			$	6,696


TOTAL PREFERRED STOCK (COST $9,880)			$	6,696

RIGHTS – 0.0%**

ABIOMED, Inc. CVR, Expire 12/31/49*,⁽¹⁾		150		—

Bristol-Myers Squibb Co. CVR, Expire 12/31/30*		89		7

Mirati Therapeutics, Inc. CVR, Expire 01/23/31*,⁽¹⁾		550		—

TPG, Inc. CVR*,⁽¹⁾		2,040		—

Walgreens Boots Alliance, Inc. CVR*,⁽¹⁾		7,455		—


TOTAL RIGHTS (COST $0)			$	7

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


14		PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)



Description	Number of Shares		Value

WARRANTS – 0.0%**

GameStop Corp. Class A, Expire 09/10/30*		424	$	1,556

Occidental Petroleum Corp. CW27, Expire 08/03/27*		1,645		63,415


TOTAL WARRANTS (COST $0)			$	64,971

INVESTMENT COMPANIES – 0.1%

EQUITY FUNDS – 0.1%

iShares Russell 1000 ETF		720		282,838

iShares Russell 1000 Growth ETF		1,320		157,436

iShares Russell 1000 Value ETF#		640		148,000


TOTAL EQUITY FUNDS			$	588,274


TOTAL INVESTMENT COMPANIES (COST $513,309)			$	588,274
	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%

REPURCHASE AGREEMENTS – 0.7%

Bank of Montreal, 3.65%, dated 4/30/26, due 5/01/26, repurchase price $227,224, collateralized by U.S. Government Agency Securities, 2.00% to 8.00%, maturing 10/20/37 to 2/15/67; total market value of $231,745.		$227,201		227,201

Cantor Fitzgerald Securities, 3.66%, dated 4/30/26, due 5/01/26, repurchase price $780,812, collateralized by U.S. Government Agency Securities, 2.00% to 6.81%, maturing 4/01/33 to 9/20/75; total market value of $796,348.		780,733		780,733

Daiwa Capital Markets America, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $780,812, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/12/27 to 5/01/56; total market value of $796,348.		780,733		780,733



Description	Par Value		Value

HSBC Securities USA, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $780,812, collateralized by U.S. Government Agency Securities, 1.53% to 7.00%, maturing 8/01/30 to 4/01/56; total market value of $796,348.	$	780,733	$	780,733

Nomura Securities International, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $780,812, collateralized by U.S. Government Agency Securities, 2.50% to 6.50%, maturing 9/01/28 to 9/01/62; total market value of $796,348.		780,733		780,733

TD Securities, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $780,812, collateralized by U.S. Government Agency Securities, 5.00% to 6.00%, maturing 3/20/53 to 10/20/55; total market value of $796,348.		780,733		780,733


TOTAL REPURCHASE AGREEMENTS (COST $4,130,866)			$	4,130,866


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,130,866)			$	4,130,866


TOTAL INVESTMENTS – 100.6% (COST $115,972,945)			$	617,741,198

COLLATERAL FOR SECURITIES ON LOAN – (0.7%)				(4,130,866	)

OTHER ASSETS LESS LIABILITIES – 0.1%				478,805


TOTAL NET ASSETS – 100.0%			$	614,089,137

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		15

Wilmington Large-Cap Strategy Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:



	Level 1			Level 2			Level 3				Total

Investments in Securities

Common Stocks		$	612,950,384		$	—		$	—			$	612,950,384

Preferred Stock			6,696			—			—				6,696

Rights			7			—			—	^(a)			7

Warrants			64,971			—			—				64,971

Investment Companies			588,274			—			—				588,274

Repurchase Agreements			—			4,130,866			—				4,130,866


Total		$	613,610,332		$	4,130,866		$	—			$	617,741,198

(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.

**	Represents less than 0.05%.

⁽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:


CVR		Contingent Value Rights

ETF		Exchange-Traded Fund

LP		Limited Partnership

NA		National Association

PLC		Public Limited Company

REIT		Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


16		STATEMENTS OF ASSETS AND LIABILITIES



April 30, 2026	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large-Cap Strategy Fund

ASSETS:

Investments, at identified cost		$	59,833,682			$	115,972,945


Investments in securities, at value		$	93,552,711			$	617,741,198	^(a)

Income receivable			120,546				241,825

Foreign tax reclaim receivable			6,290				—

Receivable for shares sold			210,282				185,857

Receivable for investments sold			—				980,406

Prepaid assets			23,182				34,108


TOTAL ASSETS			93,913,011				619,183,394

LIABILITIES:

Collateral for securities on loan			—				4,130,866

Due to custodian			—				672,305

Payable for shares redeemed			58,824				71,506

Payable for Trustees’ fees			6,019				6,019

Payable for administration fees			2,059				13,477

Payable for distribution services fees			7,564				—

Payable for investment advisory fees			542				63,894

Other accrued expenses			99,632				136,190


TOTAL LIABILITIES			174,640				5,094,257


NET ASSETS		$	93,738,371			$	614,089,137


NET ASSETS CONSIST OF:


Paid-in capital		$	58,074,549			$	91,080,384

Distributable earnings (loss)			35,663,822				523,008,753


TOTAL NET ASSETS		$	93,738,371			$	614,089,137

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Class A
Net Assets		$	38,035,089			$	—


Shares outstanding (unlimited shares authorized)			2,341,934				—


Net Asset Value per share		$	16.24			$	—


Offering Price per share*		$	17.19	**		$	—


Class I
Net Assets		$	55,703,282			$	614,089,137


Shares outstanding (unlimited shares authorized)			3,412,723				17,581,582


Net Asset Value and Offering Price per share		$	16.32			$	34.93

^(a)	Including $3,910,316 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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF OPERATIONS		17



Year Ended April 30, 2026	Wilmington Enhanced Dividend Income Strategy Fund				Wilmington Large-Cap Strategy Fund

INVESTMENT INCOME:

Dividends		$	2,651,977	^(a)		$	7,099,113	^(a)

Securities lending income, net			4,114				15,101


TOTAL INVESTMENT INCOME			2,656,091				7,114,214


EXPENSES:

Investment advisory fees			340,819				1,478,491

Administration fees			23,869				165,723

Portfolio accounting and administration fees			38,280				146,251

Custodian fees			3,968				22,346

Transfer and dividend disbursing agent fees and expenses			22,937				13,768

Trustees’ fees			80,948				80,948

Professional fees			139,368				138,396

Distribution services fee—Class A			88,460				—

Shareholder services fee—Class A			88,460				—

Share registration costs			26,303				22,284

Printing and postage			18,896				25,311

Miscellaneous			30,440				56,705


TOTAL EXPENSES			902,748				2,150,223


WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor			(299,804	)			(671,732	)

Waiver of shareholder services fee—Class A			(88,460	)			—


TOTAL WAIVERS AND REIMBURSEMENTS			(388,264	)			(671,732	)


Net expenses			514,484				1,478,491

Net investment income			2,141,607				5,635,723


REALIZED AND UNREALIZED GAIN (LOSS):

Net realized gain (loss) on investments			3,090,448				47,501,395

Net realized gain (loss) on foreign currency transactions			(502	)			—


Net realized gain (loss)			3,089,946				47,501,395


Net change in unrealized appreciation (depreciation) on investments			17,373,667				99,735,764


Net realized and unrealized gain (loss)			20,463,613				147,237,159


Change in net assets resulting from operations		$	22,605,220			$	152,872,882

^(a)	Net of foreign withholding taxes withheld of $23,080 and $3,022, respectively.

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


18		STATEMENTS OF CHANGES IN NET ASSETS



	Wilmington Enhanced Dividend Income Strategy Fund						Wilmington Large-Cap Strategy Fund

	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2026			Year Ended April 30, 2025
OPERATIONS:
Net investment income	$	2,141,607		$	2,102,629		$	5,635,723		$	6,196,379
Net realized gain (loss)		3,089,946			591,901			47,501,395			55,968,281
Net change in unrealized appreciation (depreciation)		17,373,667			3,599,740			99,735,764			4,097,249

Change in net assets resulting from operations		22,605,220			6,294,270			152,872,882			66,261,909


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,240,192	)		(1,205,212	)		—			—
Class I		(1,882,686	)		(1,607,122	)		(67,951,542	)		(43,476,733	)

Total distributions to shareholders		(3,122,878	)		(2,812,334	)		(67,951,542	)		(43,476,733	)


SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		228,598			349,109			—			—
Class I		5,172,110			6,751,538			25,693,552			33,986,376
Distributions reinvested
Class A		1,231,033			1,193,181			—			—
Class I		997,427			779,557			52,027,562			32,373,715
Cost of shares redeemed
Class A		(3,984,944	)		(3,627,383	)		—			—
Class I		(5,324,336	)		(7,475,797	)		(77,445,105	)		(98,767,605	)

Change in net assets resulting from share transactions		(1,680,112	)		(2,029,795	)		276,009			(32,407,514	)

Change in net assets		17,802,230			1,452,141			85,197,349			(9,622,338	)

NET ASSETS:
Beginning of year		75,936,141			74,484,000			528,891,788			538,514,126

End of year	$	93,738,371		$	75,936,141		$	614,089,137		$	528,891,788


SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		15,431			26,001			—			—
Class I		349,828			514,642			755,891			1,073,568
Distributions reinvested
Class A		83,237			89,300			—			—
Class I		66,591			57,856			1,549,327			980,469
Shares redeemed
Class A		(271,013	)		(271,965	)		—			—
Class I		(360,197	)		(551,451	)		(2,286,418	)		(3,079,631	)

Net change resulting from share transactions		(116,123	)		(135,617	)		18,800			(1,025,594	)

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS		19

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, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022
Net Asset Value, Beginning of Year		$ 12.90			$ 12.38			$ 11.49			$ 11.67			$ 11.55
Income (Loss) From Operations:
Net Investment Income^(a)		0.35			0.34			0.30			0.30			0.31
Net Realized and Unrealized Gain (Loss)		3.51			0.64			0.89			(0.12	)		0.15
Total Income (Loss) From Operations		3.86			0.98			1.19			0.18			0.46
Less Distributions From:
Net Investment Income		(0.31	)		(0.34	)		(0.29	)		(0.29	)		(0.34	)
Net Realized Gains		(0.21	)		(0.12	)		(0.01	)		(0.07	)		—
Total Distributions		(0.52	)		(0.46	)		(0.30	)		(0.36	)		(0.34	)
Net Asset Value, End of Year		$ 16.24			$ 12.90			$ 12.38			$ 11.49			$ 11.67

Total Return^(b)		30.37	%		7.88	%		10.52	%		1.69	%		3.99	%
Net Assets, End of Year (000’s)		$38,035			$32,435			$33,055			$33,151			$35,124
Ratios to Average Net Assets
Gross Expense^(c)		1.35	%		1.36	%		1.56	%		1.76	%		1.85	%
Net Expense^(c),(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.67	%
Net Investment Income		2.37	%		2.52	%		2.59	%		2.58	%		2.61	%
Portfolio Turnover Rate		12	%		16	%		20	%		10	%		66	%^(e)

CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022
Net Asset Value, Beginning of Year		$ 12.96			$ 12.42			$ 11.53			$ 11.69			$11.56
Income (Loss) From Operations:
Net Investment Income^(a)		0.39			0.37			0.32			0.32			0.34
Net Realized and Unrealized Gain (Loss)		3.53			0.65			0.89			(0.10	)		0.15
Total Income (Loss) From Operations		3.92			1.02			1.21			0.22			0.49
Less Distributions From:
Net Investment Income		(0.35	)		(0.36	)		(0.31	)		(0.31	)		(0.36	)
Net Realized Gains		(0.21	)		(0.12	)		(0.01	)		(0.07	)		—
Total Distributions		(0.56	)		(0.48	)		(0.32	)		(0.38	)		(0.36	)
Net Asset Value, End of Year		$ 16.32			$ 12.96			$ 12.42			$ 11.53			$11.69

Total Return^(b)		30.68	%		8.19	%		10.67	%		2.03	%		4.25	%
Net Assets, End of Year (000’s)		$55,703			$43,501			$41,429			$2,945			$ 633
Ratios to Average Net Assets
Gross Expense^(c)		0.85	%		0.86	%		0.88	%		1.25	%		1.37	%
Net Expense^(c),(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.42	%
Net Investment Income		2.62	%		2.77	%		2.74	%		2.78	%		2.82	%
Portfolio Turnover Rate		12	%		16	%		20	%		10	%		66	%^(e)

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


20		FINANCIAL HIGHLIGHTS (concluded)

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

WILMINGTON LARGE-CAP STRATEGY FUND



CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022
Net Asset Value, Beginning of Year		$ 30.11			$ 28.97			$ 25.22			$ 27.84			$ 30.08
Income (Loss) From Operations:
Net Investment Income^(a)		0.32			0.34			0.35			0.36			0.33
Net Realized and Unrealized Gain (Loss)		8.55			3.21			5.18			(0.04	)		(0.80	)
Total Income (Loss) From Operations		8.87			3.55			5.53			0.32			(0.47	)
Less Distributions From:
Net Investment Income		(0.31	)		(0.35	)		(0.35	)		(0.34	)		(0.33	)
Net Realized Gains		(3.74	)		(2.06	)		(1.43	)		(2.60	)		(1.44	)
Total Distributions		(4.05	)		(2.41	)		(1.78	)		(2.94	)		(1.77	)
Net Asset Value, End of Year		$ 34.93			$ 30.11			$ 28.97			$ 25.22			$ 27.84

Total Return		30.12	%		11.63	%		22.55	%		1.72	%		(2.24	)%
Net Assets, End of Year (000’s)		$614,089			$528,892			$538,514			$510,967			$553,649
Ratios to Average Net Assets
Gross Expense^(b)		0.36	%		0.36	%		0.37	%		0.37	%		0.53	%
Net Expense^(b),(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net Investment Income		0.95	%		1.07	%		1.28	%		1.42	%		1.07	%
Portfolio Turnover Rate		7	%		7	%		7	%		13	%		9	%

^(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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS		21

Wilmington Funds

April 30, 2026

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 that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


22		NOTES TO FINANCIAL STATEMENTS (continued)

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 4:00 pm 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, aftermar-ket 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 the Fund’s return on the transaction. It is the Funds’ 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, 2026, 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⁾
Large-Cap Strategy Fund
Bank of Montreal	$	227,201	$	227,201	$	—	$	—
Cantor Fitzgerald Securities		780,733		780,733		—		—
Daiwa Capital Markets America, Inc.		780,733		780,733		—		—
HSBC Securities USA, Inc.		780,733		780,733		—		—
Nomura Securities International, Inc.		780,733		780,733		—		—
TD Securities, Inc.		780,733		780,733		—		—

	$	4,130,866	$	4,130,866	$	—	$	—

⁽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. 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 invest-

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		23

ment 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.

Segment Reporting – Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds’ prospectus. The Investment Committee - General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds’ total returns, expense ratios, and changes in net assets as presented within the Funds’ financial statements to assess performance and to make decisions about resources to be allocated to 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, 2026, 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

$3,910,316

$—

⁽¹⁾

Collateral with a value of $4,130,866 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, 2026.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


24		NOTES TO FINANCIAL STATEMENTS (continued)

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, 2026, there were no such reclassifications.

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



	2026		2025

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

Enhanced Dividend Income Strategy Fund	$1,933,409	$ 1,189,469	$2,812,334	$ —
Large-Cap Strategy Fund	5,659,762	62,291,780	7,009,534	36,467,199

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

As of April 30, 2026, 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		$ 59,870,085		$ 33,719,030		$ (36,404)		$ 33,682,626
Large-Cap Strategy Fund		122,435,082		506,666,559		(11,360,443)		495,306,116

As of April 30, 2026, 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		$	207,656		$	1,773,540		$	—		$	33,682,626		$	—		$	—		$	35,663,822
Large-Cap Strategy Fund			780,830			26,921,807			—			495,306,116			—			—			523,008,753

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, 2027, 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%

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		25

Administrative Fees – The Bank of New York (“BNY”) provides the Trust with fund administration services. BNY 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
		0.300%	on the next $2 billion
		0.025%	on the next $3 billion
		0.018%	on assets in excess of $10 billion
BNY		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 BNY may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary waiver at any time at their sole discretion. Neither WFMC nor BNY will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2026, neither WFMC nor BNY 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, 2026, 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

Enhanced Dividend Income Strategy Fund		$913

Sales Charges – The Funds’ Class A shares, as applicable, bear front-end sales charges. For the year ended April 30, 2026, M&T did not receive sales charges on the sale of Class A shares.

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

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

For the year ended April 30, 2026, 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.

BNY provides custody services to the Trust.

BNY 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.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


26		NOTES TO FINANCIAL STATEMENTS (concluded)

5.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2026 were as follows:



Fund	Purchases		Sales
Enhanced Dividend Income Strategy Fund		$10,143,030		$ 11,606,298
Large-Cap Strategy Fund		38,413,332		100,452,190

6.	MARKET RISK IN GENERAL

There is a risk that the value of a Fund’s investments may decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by a Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally.

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 BNY, which was renewed and became effective March 25, 2026. 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. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the Statement of Operations. The LOC expires on March 24, 2027.

The Funds did not utilize the LOC during the year ended April 30, 2026.

9.	RECENT ACCOUNTING STANDARD

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which provides for enhanced income tax disclosures, including income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal period. Management of the Funds has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure. Accordingly, no additional income tax disclosures have been included in the financial statements.

10.	SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure in the financial statements through the date the financial statements were issued. Management has determined that there are no material subsequent events that would require recognition or disclosure in the Funds’ financial statements through this date.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		27

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, 2026, the related statements of operations for the year ended April 30, 2026, the statements of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (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, 2026, 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, 2026 and each of the financial highlights for each of the five years in the period ended April 30, 2026 in conformity with accounting principles generally accepted in the United States of America.

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, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2026

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


28

FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2026, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

For the fiscal year ended April 30, 2026, 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.

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		29

OTHER INFORMATION

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

Renewal of Advisory and Sub-Advisory Agreements

Not Applicable.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)


30

OF THE FUNDS AND THEIR DISTRIBUTOR

March 11, 2025

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; ensure 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 Practices

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.

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		31

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 only as long as needed to fulfill the business purpose(s).

●

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

●

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

●

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Notice

The effective date of this Notice is March 11, 2025. 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.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)

[This Page Intentionally Left Blank]

LOGO



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 Investment Servicing (U.S.) Inc.
1100 North Market Street		301 Bellevue Parkway
9^th Floor		Wilmington, DE 19809
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
240 Greenwich Street
New York, NY 10286

WT-AR-EQ-0426

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.

LOGO

CONTENTS


President’s Message			i

Portfolios of Investments			1

Statements of Assets and Liabilities			28

Statements of Operations			29

Statements of Changes in Net Assets			30

Financial Highlights			32

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			46

Federal Tax Information (unaudited)			47

Other Information.			48

[This Page Intentionally Left Blank]

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Financial Statements of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2025, through April 30, 2026.

The economy and financial markets in review

The economy

Bond markets

For the 12-month period May 1, 2025 to April 30, 2026, certain Bloomberg indices performed as follows:¹



Bloomberg U.S. Treasury Bond Index²	Bloomberg U.S. Aggregate Bond Index³	Bloomberg U.S. Credit Bond Index⁴	Bloomberg Municipal Bond Index⁵	Bloomberg U.S. Corporate High Yield Bond Index⁶

2.53%	4.06%	5.25%	6.34%	8.84%

Past performance is no guarantee of future results.

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

April 30, 2026 / PRESIDENT’S MESSAGE

Equity markets

For the 12-month period May 1, 2025, to April 30, 2026, 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

Randy Vogel

President

May 18, 2026

PRESIDENT’S MESSAGE / April 30, 2026

iii

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

4.	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.

April 30, 2026 / PRESIDENT’S MESSAGE


		1

Wilmington International Fund

PORTFOLIO OF INVESTMENTS^¢

April 30, 2026



Description	Number of Shares		Value

COMMON STOCKS – 93.4%

AUSTRALIA – 2.2%

ANZ Group Holdings Ltd.		30,495	$	809,994

Aristocrat Leisure Ltd.		6,950		239,118

BHP Group Ltd.		52,184		2,065,408

Brambles Ltd.		18,641		305,134

Commonwealth Bank of Australia		14,941		1,881,919

Computershare Ltd.		3,522		77,375

CSL Ltd.		4,401		397,237

Fortescue Ltd.		20,299		292,571

Goodman Group		20,791		450,452

Insurance Australia Group Ltd.		37,716		205,103

Lynas Rare Earths Ltd.*		17,117		242,825

Macquarie Group Ltd.		4,491		771,519

National Australia Bank Ltd.		29,707		859,356

Northern Star Resources Ltd.		16,927		259,461

Origin Energy Ltd.		21,910		191,583

Pro Medicus Ltd.		629		61,735

QBE Insurance Group Ltd.		8,548		138,459

Rio Tinto Ltd.		5,251		643,193

Stockland		48,094		141,045

Suncorp Group Ltd.		15,172		188,806

Transurban Group		36,651		371,449

Wesfarmers Ltd.		10,988		583,709

Westpac Banking Corp.		33,163		927,790

WiseTech Global Ltd.		1,654		52,094

Woolworths Group Ltd.		12,022		298,512


TOTAL AUSTRALIA			$	12,455,847

AUSTRIA – 1.2%

BAWAG Group AG		29,960		5,130,676

Erste Group Bank AG		16,206		1,790,700


TOTAL AUSTRIA			$	6,921,376

BELGIUM – 0.7%

KBC Group NV		14,720		1,959,203

UCB SA		7,829		2,131,769


TOTAL BELGIUM			$	4,090,972

BRAZIL – 1.6%

Banco BTG Pactual SA		86,329		1,036,095

Cia de Saneamento Basico do Estado de Sao

Paulo SABESP		187,338		1,256,791

Inter & Co., Inc., Class A		128,265		973,531

Localiza Rent a Car SA		115,967		1,082,902

MercadoLibre, Inc.*		799		1,432,311

PRIO SA*		215,221		2,888,129

Wheaton Precious Metals Corp.		4,780		603,786


TOTAL BRAZIL			$	9,273,545

CANADA – 7.2%

Agnico Eagle Mines Ltd.		4,811		904,681

Alamos Gold, Inc., Class A		2,317		92,451



Description	Number of Shares		Value

Alimentation Couche-Tard, Inc.		8,525	$	504,339

AltaGas Ltd.		6,932		259,806

Bank of Montreal		6,776		1,031,802

Bank of Nova Scotia (The)		62,275		4,845,012

Barrick Mining Corp.		14,843		583,186

Brookfield Asset Management Ltd., Class A		4,772		229,264

Brookfield Corp.		21,301		962,062

CAE, Inc.*		4,908		128,269

Cameco Corp.		5,132		630,869

Canadian Imperial Bank of Commerce		9,247		1,031,816

Canadian National Railway Co.		5,973		670,888

Canadian Pacific Kansas City Ltd.		8,968		779,975

Celestica, Inc.*		1,129		463,519

CGI, Inc.		2,652		173,585

Constellation Software, Inc.		145		264,081

Dollarama, Inc.		3,294		420,980

Enbridge, Inc.		68,681		3,809,347

Fairfax Financial Holdings Ltd.		145		250,927

Fortis, Inc.		8,129		464,873

Franco-Nevada Corp.		2,052		473,410

Gildan Activewear, Inc.		2,753		170,853

iA Financial Corp., Inc.		2,173		279,666

Imperial Oil Ltd.		5,207		697,512

Intact Financial Corp.		872		168,025

Keyera Corp.		12,028		464,703

Kinross Gold Corp.		11,893		360,288

Loblaw Cos. Ltd.		7,378		340,126

Manulife Financial Corp.		18,873		742,082

National Bank of Canada		2,942		444,089

Nutrien Ltd.		58,420		4,440,582

Pan American Silver Corp.		4,916		257,245

Pembina Pipeline Corp.		13,535		630,042

Power Corp. of Canada		4,288		239,220

RB Global, Inc.		1,436		150,033

Restaurant Brands International, Inc.		3,414		275,488

Rogers Communications, Inc., Class B		5,135		186,937

Royal Bank of Canada		37,138		6,679,563

Saputo, Inc.		4,290		129,899

Shopify, Inc., Class A*		10,778		1,308,261

Stantec, Inc.		881		80,463

Sun Life Financial, Inc.		6,747		486,126

TC Energy Corp.		12,211		818,771

Thomson Reuters Corp.		1,764		168,745

Toronto-Dominion Bank (The)		15,915		1,714,464

Tourmaline Oil Corp.		12,781		619,126

WSP Global, Inc.		1,170		194,663


TOTAL CANADA			$	41,022,114

CHILE – 0.3%

Lundin Mining Corp.		72,155		1,851,749

CHINA – 6.7%

Alibaba Group Holding Ltd.		188,220		3,102,056

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


2		PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)



Description	Number of Shares		Value

Alibaba Group Holding Ltd., ADR		14,708	$	1,939,691

China Resources Mixc Lifestyle Services Ltd.		137,391		829,785

Contemporary Amperex Technology Co. Ltd., Class A		30,100		1,932,837

Contemporary Amperex Technology Co. Ltd., Class H		14,100		1,114,408

DiDi Global, Inc., ADR*		227,515		828,155

Duality Biotherapeutics, Inc.*		16,981		605,967

Fuyao Glass Industry Group Co. Ltd., Class H		67,072		510,979

Fuyao Glass Industry Group Co. Ltd., Class A		74,770		647,288

Hesai Group, ADR*,^#		34,747		788,062

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H^#		173,767		1,448,919

KE Holdings, Inc., ADR^#		55,254		946,501

KE Holdings, Inc., Class A		136,088		755,647

Kweichow Moutai Co. Ltd., Class A		5,200		1,054,364

Kweichow Moutai Co. Ltd., Class A		1,400		283,767

Luxshare Precision Industry Co. Ltd., Class A		218,300		2,168,256

Meituan, Class B*		41,802		449,755

NAURA Technology Group Co. Ltd., Class A		22,660		1,793,317

NetEase, Inc.		44,820		1,049,200

PICC Property & Casualty Co. Ltd., Class H		1,781,289		3,217,654

Shenzhen Inovance Technology Co. Ltd.		156,200		1,575,028

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H*		15,405		931,805

Sigenergy Technology Co. Ltd., Class H*		10,600		771,401

Silergy Corp.		89,000		1,218,038

Tencent Holdings Ltd.		84,340		5,122,159

Trip.com Group Ltd., ADR*		37,300		2,022,033

Weichai Power Co. Ltd., Class A		149,800		689,220

Yangzijiang Shipbuilding Holdings Ltd.		42,462		144,815

Zhongsheng Group Holdings Ltd.		190,941		174,299


TOTAL CHINA			$	38,115,406

DENMARK – 0.7%

ROCKWOOL A/S, Class B		44,403		1,292,593

Royal Unibrew A/S		37,847		2,531,141


TOTAL DENMARK			$	3,823,734

FINLAND – 0.2%

Wartsila OYJ Abp		26,100		1,096,127

FRANCE – 4.9%

Capgemini SE		21,298		2,590,187

Cie de Saint-Gobain SA		25,546		2,340,521

Cie Generale des Etablissements Michelin SCA		47,867		1,734,032

Dassault Aviation SA		3,544		1,239,329

Elis SA^#		64,330		1,987,812

Engie SA^#		114,837		3,785,323

Publicis Groupe SA		25,458		2,378,729

Rexel SA		46,734		1,976,535

Technip Energies NV		40,534		1,917,565

Thales SA		6,468		1,777,002

TotalEnergies SE		65,623		6,101,204


TOTAL FRANCE			$	27,828,239

GERMANY – 4.5%

Allianz SE		4,170		1,904,575



Description	Number of Shares		Value

Brenntag SE		32,337	$	2,354,942

Deutsche Telekom AG		75,614		2,442,381

E.ON SE		136,712		3,035,637

Heidelberg Materials AG		7,209		1,590,617

IONOS Group SE*		38,560		1,186,940

RENK Group AG		20,035		1,273,326

SAP SE		11,359		1,907,099

Scout24 SE		11,874		988,657

Siemens AG		15,711		4,668,699

Talanx AG		22,206		2,894,338

United Internet AG		52,253		1,641,649


TOTAL GERMANY			$	25,888,860

GREECE – 0.8%

Alpha Bank SA		451,804		1,813,196

Hellenic Telecommunications Organization SA		79,806		1,706,239

Public Power Corp. SA		47,446		1,007,403


TOTAL GREECE			$	4,526,838

HONG KONG – 2.2%

AIA Group Ltd.		527,334		5,789,479

CK Asset Holdings Ltd.		47,697		300,456

Hong Kong & China Gas Co. Ltd.		245,223		227,033

Hong Kong Exchanges & Clearing Ltd.		58,203		3,100,052

Link REIT		38,839		195,566

Prudential PLC		130,953		1,973,402

Sun Hung Kai Properties Ltd.		23,109		404,571

Techtronic Industries Co. Ltd.		22,976		333,145


TOTAL HONG KONG			$	12,323,704

HUNGARY – 0.4%

OTP Bank Nyrt		15,303		2,052,575

INDIA – 1.1%

HDFC Bank Ltd., ADR		103,055		2,618,627

ICICI Bank Ltd., ADR		72,957		1,939,927

Infosys Ltd., ADR^#		83,463		1,039,949

MakeMyTrip Ltd.*,^#		20,837		983,715


TOTAL INDIA			$	6,582,218

INDONESIA – 0.7%

Bank Central Asia Tbk PT		11,323,174		3,839,012

Jardine Matheson Holdings Ltd.		2,667		181,815


TOTAL INDONESIA			$	4,020,827

IRELAND – 0.6%

AIB Group PLC		180,348		2,078,791

Kerry Group PLC, Class A		16,954		1,436,823


TOTAL IRELAND			$	3,515,614

ISRAEL – 0.3%

Bank Hapoalim BM		20,764		557,099

Bank Leumi Le-Israel BM		22,384		566,643

Check Point Software Technologies Ltd.*		1,017		114,382

Elbit Systems Ltd.		263		218,802

Nice Ltd.*		721		73,699

Nova Ltd.*		294		146,805

Tower Semiconductor Ltd.*		1,064		221,728


TOTAL ISRAEL			$	1,899,158

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		3

Wilmington International Fund (continued)



Description	Number of Shares		Value

ITALY – 0.9%

FinecoBank Banca Fineco SpA		173,744	$	4,313,303

Ryanair Holdings PLC		37,977		996,410


TOTAL ITALY			$	5,309,713

JAPAN – 13.4%

77 Bank Ltd. (The)		16,222		312,290

ABC-Mart, Inc.		24,334		413,356

ADEKA Corp.		12,768		319,782

Advantest Corp.		8,242		1,538,934

Aica Kogyo Co. Ltd.		16,955		379,627

and ST HD Co. Ltd.		10,466		199,848

ARE Holdings, Inc.		18,629		426,447

As One Corp.		21,560		298,974

Asahi Group Holdings Ltd.		68,761		676,995

ASKUL Corp.^#		29,305		220,241

Bandai Namco Holdings, Inc.		20,049		460,231

BIPROGY, Inc.		16,181		465,362

Chugai Pharmaceutical Co. Ltd.		15,406		821,593

CyberAgent, Inc.		43,636		349,460

Daiichi Life Group, Inc.		108,014		988,942

Daiichi Sankyo Co. Ltd.		75,682		1,229,385

Daiseki Co. Ltd.		9,943		266,266

Daito Trust Construction Co. Ltd.		12,768		287,191

dip Corp.^#		30,665		356,306

DTS Corp.		55,469		361,485

Fuji Corp.		11,094		432,198

Fujimi, Inc.		15,490		320,389

Fuso Chemical Co. Ltd.		30,770		644,226

Future Corp.^#		51,924		506,949

GMO Financial Gate, Inc.		4,707		171,582

GMO Payment Gateway, Inc.		14,397		723,123

Hikari Tsushin, Inc.		1,195		290,189

Hitachi Ltd.		49,286		1,567,213

Honda Motor Co. Ltd.		36,003		292,144

Hoshizaki Corp.		17,136		557,170

Isuzu Motors Ltd.		313,006		4,312,758

ITOCHU Corp.		63,935		792,353

Jeol Ltd.		4,919		197,875

JGC Holdings Corp.		14,757		224,224

Kaga Electronics Co. Ltd.		15,908		426,007

Kakaku.com, Inc.		19,609		327,649

KDDI Corp.		240,923		3,942,594

Keyence Corp.		3,144		1,442,046

KH Neochem Co. Ltd.		21,246		375,213

Kyowa Kirin Co. Ltd.		13,606		204,987

LaSalle Logiport REIT		535		522,956

Lintec Corp.		9,001		291,280

M3, Inc.		51,708		498,075

Maruwa Co. Ltd.		628		296,672

Mebuki Financial Group, Inc.		41,366		343,435

MISUMI Group, Inc.		49,762		1,145,448

Mitsubishi Corp.		34,673		1,110,460

Mitsubishi Gas Chemical Co., Inc.		12,036		338,870

Mitsubishi Heavy Industries Ltd.		34,477		1,028,997

Mitsubishi UFJ Financial Group, Inc.		329,836		5,924,791

Mitsui & Co. Ltd.		26,570		997,596



Description	Number of Shares		Value

Mizuho Financial Group, Inc.		47,193	$	2,029,427

MS&AD Insurance Group Holdings, Inc.		35,263		906,756

Nichicon Corp.		18,550		283,737

Nippon Soda Co. Ltd.		16,955		392,940

Nissan Chemical Corp.		8,373		362,045

Open Up Group, Inc.		34,747		388,307

OSG Corp.		19,048		398,364

Otsuka Holdings Co. Ltd.		13,815		1,006,868

PAL GROUP Holdings Co. Ltd.		26,900		258,557

Persol Holdings Co. Ltd.		318,687		474,340

Recruit Holdings Co. Ltd.		16,536		766,030

Relo Group, Inc.		34,328		429,731

Roland Corp.		18,629		485,828

Sansan, Inc.*		40,324		326,978

Sega Sammy Holdings, Inc.		39,647		574,789

Sekisui House Ltd.		21,246		462,610

Shin-Etsu Chemical Co. Ltd.		33,731		1,553,049

Shionogi & Co. Ltd.		50,864		1,027,603

Ship Healthcare Holdings, Inc.		21,036		313,048

SIGMAXYZ Holdings, Inc.^#		107,261		439,527

SoftBank Group Corp.		39,939		1,364,269

Sony Group Corp.		139,535		2,795,630

Subaru Corp.		14,034		209,039

Sumitomo Mitsui Financial Group, Inc.		39,421		1,391,918

Sumitomo Mitsui Trust Group, Inc.		28,886		965,755

Suzuki Motor Corp.		52,092		582,568

T&D Holdings, Inc.		28,697		695,271

TechMatrix Corp.		45,745		531,102

THK Co. Ltd.		8,894		333,428

Tokio Marine Holdings, Inc.		61,282		2,806,518

Tokyo Electron Ltd.		19,474		5,738,653

Toyo Suisan Kaisha Ltd.		3,339		229,331

Toyo Tanso Co. Ltd.		7,849		305,800

Toyota Motor Corp.		152,989		2,936,688

Toyota Tsusho Corp.		10,061		394,953

Ulvac, Inc.		9,105		573,365

Ushio, Inc.		18,629		375,119

Valqua Ltd.^#		16,807		619,118

Yamato Kogyo Co. Ltd.		4,814		367,461


TOTAL JAPAN			$	76,718,704

KAZAKHSTAN – 0.3%

Kaspi.KZ JSC, ADR		22,526		1,933,632

MACAO – 0.0%**

Galaxy Entertainment Group Ltd.		39,633		169,089

MEXICO – 1.4%

Controladora Vuela Cia de Aviacion SAB de CV, ADR^*,#		129,397		958,832

Corp Inmobiliaria Vesta SAB de CV, ADR		67,799		2,413,645

Esentia Energy Development SAB de CV*		308,200		1,051,534

Grupo Financiero Banorte SAB de CV, Class O		157,120		1,712,278

Wal-Mart de Mexico SAB de CV		597,500		1,889,110


TOTAL MEXICO			$	8,025,399

NETHERLANDS – 2.9%

Arcadis NV		43,070		1,844,585

ASML Holding NV		4,274		6,178,265

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


4		PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)



Description	Number of Shares		Value

Heineken NV		19,290	$	1,501,724

ING Groep NV		69,922		2,023,640

Koninklijke KPN NV		326,294		1,744,873

Koninklijke Philips NV		71,665		1,890,365

Wolters Kluwer NV		17,269		1,347,767


TOTAL NETHERLANDS			$	16,531,219

NEW ZEALAND – 0.1%

Fisher & Paykel Healthcare Corp. Ltd.		9,992		215,330

Xero Ltd.*		2,102		123,447


TOTAL NEW ZEALAND			$	338,777

NORWAY – 1.2%

DNB Bank ASA		89,095		2,698,095

Equinor ASA		102,121		4,156,044


TOTAL NORWAY			$	6,854,139

PERU – 0.3%

Credicorp Ltd.		5,108		1,655,860

POLAND – 0.4%

Allegro.eu SA*		252,004		2,075,238

PORTUGAL – 0.2%

Jeronimo Martins SGPS SA		44,620		1,071,440

SINGAPORE – 0.5%

CapitaLand Ascendas REIT		113,535		223,149

DBS Group Holdings Ltd.		22,188		1,023,104

Grab Holdings Ltd., Class A*		34,155		130,472

Keppel Ltd.		35,497		303,834

Keppel REIT		3,944		2,777

Oversea-Chinese Banking Corp. Ltd.		39,153		675,492

Sea Ltd., ADR*		3,847		326,533

Singapore Telecommunications Ltd.		90,266		326,925


TOTAL SINGAPORE			$	3,012,286

SOUTH AFRICA – 1.6%

Anglo American PLC		135,284		6,694,526

Naspers Ltd., Class N		43,371		2,348,536


TOTAL SOUTH AFRICA			$	9,043,062

SOUTH KOREA – 5.9%

Coupang, Inc.*		80,796		1,614,304

HD Hyundai Marine Solution Co. Ltd.		7,474		1,351,346

Hyundai Motor Co.		8,003		2,900,766

Samsung Electronics Co. Ltd.		102,722		15,468,669

SK hynix, Inc.		11,450		10,210,751

SK Telecom Co. Ltd.		30,858		1,999,663


TOTAL SOUTH KOREA			$	33,545,499

SPAIN – 1.6%

Banco Santander SA		161,637		1,972,348

Bankinter SA		114,199		1,900,396

Industria de Diseno Textil SA^#		84,303		5,045,593


TOTAL SPAIN			$	8,918,337

SWEDEN – 1.4%

AAK AB^#		37,837		1,085,353

Atlas Copco AB, Class A		138,470		2,661,067



Description	Number of Shares		Value

Sandvik AB^#		40,534	$	1,705,150

Trelleborg AB, Class B		27,462		1,127,563

Volvo AB, Class B^#		49,707		1,732,625


TOTAL SWEDEN			$	8,311,758

SWITZERLAND – 1.2%

Galderma Group AG*		9,179		1,925,694

Helvetia Baloise Holding AG		5,130		1,406,564

Sulzer AG		6,480		1,233,458

UBS Group AG		50,644		2,241,088


TOTAL SWITZERLAND			$	6,806,804

TAIWAN – 8.2%

ASPEED Technology, Inc.		7,984		4,291,981

MediaTek, Inc.		54,194		4,524,204

Quanta Computer, Inc.		258,709		2,579,555

Realtek Semiconductor Corp.		42,600		727,285

Taiwan Semiconductor Manufacturing Co. Ltd.		499,008		34,642,068


TOTAL TAIWAN			$	46,765,093

THAILAND – 0.3%

True Corp. PCL, NVDR		4,140,926		1,742,424

TURKEY – 0.4%

MLP Saglik Hizmetleri AS*		108,389		1,066,995

Yapi ve Kredi Bankasi AS*,^#		1,840,997		1,509,255


TOTAL TURKEY			$	2,576,250

UNITED ARAB EMIRATES – 0.3%

Abu Dhabi Islamic Bank PJSC		200,425		1,196,819

Aldar Properties PJSC		367,206		772,273


TOTAL UNITED ARAB EMIRATES			$	1,969,092

UNITED KINGDOM – 9.5%

AstraZeneca PLC		14,742		2,796,887

Babcock International Group PLC		92,131		1,387,979

BAE Systems PLC		123,211		3,426,937

Beazley PLC		131,612		2,286,021

British American Tobacco PLC		40,090		2,361,094

Bunzl PLC		62,911		2,073,927

Compass Group PLC		61,099		1,726,475

Genuit Group PLC		435,581		1,535,168

HSBC Holdings PLC		195,082		3,589,475

ICG PLC		142,006		3,501,120

London Stock Exchange Group PLC		20,839		2,704,002

National Grid PLC		151,972		2,720,387

QinetiQ Group PLC		147,543		894,111

Reckitt Benckiser Group PLC		86,369		5,495,541

Rotork PLC		374,502		1,574,213

RS Group PLC		150,211		1,233,897

Serco Group PLC		400,345		1,536,713

Smith & Nephew PLC		104,055		1,610,128

Smiths Group PLC		59,301		2,047,407

Standard Chartered PLC		82,575		2,102,758

Tesco PLC		257,153		1,684,623

Unilever PLC		74,214		4,327,800

Wise PLC, Class A*		107,479		1,537,093


TOTAL UNITED KINGDOM			$	54,153,756

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		5

Wilmington International Fund (continued)



Description	Number of Shares		Value

UNITED STATES – 5.1%

Haleon PLC		385,171	$	1,778,670

Holcim AG*		18,850		1,751,663

Nestle SA		28,129		2,847,770

Novartis AG		47,300		6,990,451

Philip Morris International, Inc.		22,227		3,669,011

QIAGEN NV		43,280		1,476,348

Roche Holding AG		349		145,973

Roche Holding AG*		21,761		8,867,608

Schneider Electric SE		5,988		1,905,435


TOTAL UNITED STATES			$	29,432,929


TOTAL COMMON STOCKS (Cost $332,242,742)			$	534,249,403

EXCHANGE-TRADED FUNDS – 3.0%

iShares MSCI India ETF^#		306,669		15,155,582

iShares MSCI Saudi Arabia ETF^#		48,357		1,890,759

Next Funds TOPIX ETF		88,560		223,432


TOTAL EXCHANGE-TRADED FUNDS (Cost $15,915,471)			$	17,269,773

PREFERRED STOCK – 0.0%**

BRAZIL – 0.0%**

Localiza Rent a Car SA, 1.18%		4,575		40,781


TOTAL PREFERRED STOCK (Cost $35,655)			$	40,781

MONEY MARKET FUND – 2.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^{^}		12,764,820		12,764,820


TOTAL MONEY MARKET FUND (Cost $12,764,820)			$	12,764,820


	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.8%

REPURCHASE AGREEMENTS – 3.8%
Bank of Montreal, 3.65%, dated 4/30/26, due 5/01/26, repurchase price $4,006,728, collateralized by U.S. Government Agency Securities, 2.00% to 8.00%, maturing 10/20/37 to 2/15/67; total market value of $4,086,448.	$	4,006,322		4,006,322
Citigroup Global Markets Ltd., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,624,352, collateralized by U.S. Government Agency Securities, 3.50% to 6.05%, maturing 4/09/27 to 12/15/60; total market value of $1,656,671.		1,624,187		1,624,187



Description	Par Value		Value

Daiwa Capital Markets America, Inc., 3.65%,dated 4/30/26, due 5/01/26, repurchase price $4,006,728, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/12/27 to 5/01/56; total market value of $4,086,449.	$	4,006,322	$	4,006,322

HSBC Securities USA, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,278,439, collateralized by U.S. Government Agency Securities, 1.53% to 7.00%, maturing 8/01/30 to 4/01/56; total market value of $1,303,875.		1,278,309		1,278,309

HSBC Securities USA, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $2,728,290, collateralized by U.S. Government Agency Securities, 2.00% to 7.00%, maturing 10/20/50 to 9/20/65; total market value of $2,782,573.		2,728,013		2,728,013

RBC Dominion Securities, Inc., 3.64%, dated 4/30/26, due 5/01/26, repurchase price $4,006,727, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.00%, maturing 8/18/26 to 2/01/56; total market value of $4,086,452.		4,006,322		4,006,322

TD Securities, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $4,006,728, collateralized by U.S. Government Agency Securities, 5.00% to 6.00%, maturing 3/20/53 to 10/20/55; total market value of $4,086,448.		4,006,322		4,006,322


TOTAL REPURCHASE AGREEMENTS (Cost $21,655,797)			$	21,655,797


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $21,655,797)			$	21,655,797


TOTAL INVESTMENTS – 102.4% (Cost $382,614,485)			$	585,980,574
COLLATERAL FOR SECURITIES ON LOAN – (3.8%)				(21,655,797	)
OTHER ASSETS LESS LIABILITIES – 1.4%				7,739,994


TOTAL NET ASSETS – 100.0%			$	572,064,771

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)

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


6		PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (continued)

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Assets

Investments in Securities

Common Stocks

Australia		$	—		$	12,455,847		$	—		$	12,455,847

Austria			—			6,921,376			—			6,921,376

Belgium			—			4,090,972			—			4,090,972

Brazil			9,273,545			—			—			9,273,545

Canada			41,022,114			—			—			41,022,114

Chile			1,851,749			—			—			1,851,749

China			7,295,843			30,819,563			—			38,115,406

Denmark			—			3,823,734			—			3,823,734

Finland			—			1,096,127			—			1,096,127

France			—			27,828,239			—			27,828,239

Germany			—			25,888,860			—			25,888,860

Greece			—			4,526,838			—			4,526,838

Hong Kong			—			12,323,704			—			12,323,704

Hungary			—			2,052,575			—			2,052,575

India			6,582,218			—			—			6,582,218

Indonesia			—			4,020,827			—			4,020,827

Ireland			—			3,515,614			—			3,515,614

Israel			114,382			1,784,776			—			1,899,158

Italy			—			5,309,713			—			5,309,713

Japan			—			76,718,704			—			76,718,704

Kazakhstan			1,933,632			—			—			1,933,632

Macao			—			169,089			—			169,089

Mexico			8,025,399			—			—			8,025,399

Netherlands			—			16,531,219			—			16,531,219

New Zealand			—			338,777			—			338,777

Norway			—			6,854,139			—			6,854,139

Peru			1,655,860			—			—			1,655,860

Poland			—			2,075,238			—			2,075,238

Portugal			—			1,071,440			—			1,071,440

Singapore			457,005			2,555,281			—			3,012,286

South Africa			—			9,043,062			—			9,043,062

South Korea			1,614,304			31,931,195			—			33,545,499

Spain			—			8,918,337			—			8,918,337

Sweden			—			8,311,758			—			8,311,758

Switzerland			—			6,806,804			—			6,806,804

Taiwan			—			46,765,093			—			46,765,093

Thailand			—			1,742,424			—			1,742,424

Turkey			—			2,576,250			—			2,576,250

United Arab Emirates			—			1,969,092			—			1,969,092

United Kingdom			—			54,153,756			—			54,153,756

United States			3,669,011			25,763,918			—			29,432,929

Exchange-Traded Funds			17,046,341			223,432			—			17,269,773

Preferred Stock

Brazil			40,781			—			—			40,781

Money Market Fund			12,764,820			—			—			12,764,820

Repurchase Agreements			—			21,655,797			—			21,655,797


Total Investments in Securities		$	113,347,004		$	472,633,570		$	—		$	585,980,574

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		7

Wilmington International Fund (continued)


	Level 1				Level 2			Level 3		Total

Other Financial Instruments^!

Financial Futures Contracts		$	13,175			$	—		$—		$	13,175


Total Assets - Other Financial Instruments		$	13,175			$	—		$—		$	13,175


Other Financial Instruments^!

Financial Futures Contracts		$	(113,142	)		$	—		$—		$	(113,142	)


Total Liabilities - Other Financial Instruments		$	(113,142	)		$	—		$—		$	(113,142	)

!	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.

**	Represents less than 0.05%.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:


ADR		American Depositary Receipt

EAFE		Europe, Australasia and Far East

ETF		Exchange-Traded Fund

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

SCA		Limited Partnership With Share Capital

SpA		Societa per Azioni

SPI		Share Price Index

TOPIX		Tokyo Stock Price Index

At April 30, 2026, the sector classifications of the Fund’s investments were as follows:


	% of Net Assets

Financials		22.6	%

Information Technology		18.6	%

Industrials		13.5	%

Consumer Discretionary		8.0	%

Health Care		6.9	%

Consumer Staples		5.8	%

Materials		5.2	%

Communication Services		4.8	%

Energy		4.2	%

Utilities		2.3	%

Real Estate		1.5	%

Other		6.6	%

		100.0	%

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


8		PORTFOLIOS OF INVESTMENTS

Wilmington International Fund (concluded)

At April 30, 2026, the International 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)

LONG POSITIONS:

EXCHANGE-TRADED:

SPI 200 Index		June 2026		42	$	6,665,695	$	6,552,553		$ —		$(113,142)

MSCI EAFE Index		June 2026		46		6,992,855		7,006,030		13,175		—

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$13,175		$(113,142)

^(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, 2026. 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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		9

Wilmington Global Alpha Equities Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Number of Shares		Value

COMMON STOCKS – 92.1%

AEROSPACE & DEFENSE – 1.6%

Axon Enterprise, Inc.*		1,184	$	475,684

BAE Systems PLC		40,352		1,122,333

General Dynamics Corp.		748		257,536

General Electric Co.		1,542		447,072

Hanwha Aerospace Co. Ltd.		678		651,253

HEICO Corp.		330		89,073

Lockheed Martin Corp.		905		468,763

Safran SA		1,380		443,136


TOTAL AEROSPACE & DEFENSE			$	3,954,850

AIR FREIGHT & LOGISTICS – 0.8%

C.H. Robinson Worldwide, Inc.		1,725		313,622

DSV A/S		3,878		953,755

Expeditors International of Washington, Inc.		3,496		517,023

United Parcel Service, Inc., Class B		1,797		195,514

Yamato Holdings Co. Ltd.		6,445		73,018


TOTAL AIR FREIGHT & LOGISTICS			$	2,052,932

AUTOMOBILE COMPONENTS – 0.7%

Aumovio SE*		1,870		81,099

Brembo NV		6,685		62,996

Bridgestone Corp.		8,632		179,382

Continental AG		1,272		96,243

Denso Corp.		1,841		21,996

Fuyao Glass Industry Group Co. Ltd., Class H		30,039		228,848

Hankook Tire & Technology Co. Ltd.		1,600		64,386

Hesai Group, ADR*		4,473		101,448

Hyundai Mobis Co. Ltd.		381		110,192

Koito Manufacturing Co. Ltd.		9,870		160,135

Minth Group Ltd.		40,904		178,885

Stanley Electric Co. Ltd.		4,387		85,621

Tachi-S Co. Ltd.		3,241		42,417

Tokai Rika Co. Ltd.		2,810		51,835

Toyota Boshoku Corp.		6,180		87,438

TS Tech Co. Ltd.		5,036		55,158

Valeo SE		5,629		70,854


TOTAL AUTOMOBILE COMPONENTS			$	1,678,933

AUTOMOBILES – 1.6%

Honda Motor Co. Ltd.		37,576		304,908

Isuzu Motors Ltd.		70,324		968,960

Mercedes-Benz Group AG		5,182		302,059

Nissan Motor Co. Ltd.*		29,348		67,149

Renault SA		3,852		135,318

Subaru Corp.		11,904		177,313

Suzuki Motor Corp.		22,219		248,485

Tesla, Inc.*		2,362		901,410

Toyota Motor Corp.		38,325		735,664


TOTAL AUTOMOBILES			$	3,841,266



Description	Number of Shares		Value

BANKS – 6.9%

77 Bank Ltd. (The)		7,007	$	134,892

ABN AMRO Bank NV		8,771		305,379

AIB Group PLC		22,702		261,676

Banco Bradesco SA, ADR		64,158		248,933

Bangkok Bank PCL		19,931		99,426

Bank Central Asia Tbk PT		1,569,900		532,259

Bank Negara Indonesia Persero Tbk PT		481,074		103,652

Bank of America Corp.		18,028		963,777

Bank of Ireland Group PLC		12,587		247,931

Bank of Nova Scotia (The)		10,642		827,950

Bank of Nova Scotia (The)		3,608		280,702

BDO Unibank, Inc.		44,421		83,065

BNP Paribas SA		3,709		389,525

BPER Banca SpA		13,512		199,461

Chiba Bank Ltd. (The)		15,160		209,257

Dah Sing Financial Holdings Ltd.		8,701		45,813

DNB Bank ASA		27,266		825,706

Erste Group Bank AG		6,033		666,623

FinecoBank Banca Fineco SpA		39,901		990,567

First Citizens BancShares, Inc., Class A		173		343,201

HDFC Bank Ltd., ADR		13,243		336,505

HSBC Holdings PLC		46,952		863,909

iM Financial Group Co. Ltd.		7,269		94,069

ING Groep NV		10,869		314,564

Kasikornbank PCL		29,042		175,065

Kasikornbank PCL, NVDR		11,062		65,857

KB Financial Group, Inc., ADR		1,646		183,068

KBC Group NV		2,973		395,700

Mebuki Financial Group, Inc.		17,712		147,051

Mitsubishi UFJ Financial Group, Inc.		30,135		541,310

Mizuho Financial Group, Inc.		10,925		469,805

Resona Holdings, Inc.		20,804		260,210

Royal Bank of Canada		6,061		1,090,119

Sberbank of Russia PJSC, ADR*,⁽¹⁾		3,982		—

Security Bank Corp.		18,687		19,756

Shiga Bank Ltd. (The)		5,150		63,493

Shinhan Financial Group Co. Ltd., ADR		4,637		319,211

Societe Generale SA		6,360		511,980

Standard Chartered PLC		20,591		524,346

Sumitomo Mitsui Trust Group, Inc.		25,440		850,544

Tochigi Bank Ltd. (The)		11,780		72,064

Truist Financial Corp.		10,163		523,394

UniCredit SpA		14,347		1,108,770


TOTAL BANKS			$	16,690,585

BEVERAGES – 0.8%

Ambev SA		56,326		165,959

Asahi Group Holdings Ltd.		33,308		327,938

Becle SAB de CV		32,501		26,327

Brown-Forman Corp., Class B		6,363		163,974

Cia Cervecerias Unidas SA		14,627		82,904

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


10		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Coca-Cola Co. (The)		688	$	54,187

Coca-Cola Europacific Partners PLC		604		57,120

Coca-Cola Icecek AS		12,712		21,134

Diageo PLC		8,267		167,154

Embotelladora Andina SA, Class B, ADR		1,395		39,353

Heineken Holding NV		1,019		72,411

Heineken NV		3,852		299,878

Kirin Holdings Co. Ltd.		4,658		73,452

Monster Beverage Corp.*		2,390		184,197

Suntory Beverage & Food Ltd.		208		5,994

Tsingtao Brewery Co. Ltd., Class H		11,462		79,244


TOTAL BEVERAGES			$	1,821,226

BIOTECHNOLOGY – 1.0%

AbbVie, Inc.		1,479		312,542

Argenx SE, ADR*		854		667,589

Duality Biotherapeutics, Inc.*		2,294		81,861

Gilead Sciences, Inc.		2,751		359,941

Keymed Biosciences, Inc.*		8,630		83,867

Natera, Inc.*		2,430		500,969

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H*		368		22,259

United Therapeutics Corp.*		685		391,375


TOTAL BIOTECHNOLOGY			$	2,420,403

BROADLINE RETAIL – 2.6%

Alibaba Group Holding Ltd.		62,667		1,032,816

Alibaba Group Holding Ltd., ADR		2,697		355,680

Amazon.com, Inc.*		16,037		4,250,767

ASKUL Corp.		17,937		134,805

JD.com, Inc., Class A		7,998		121,171

Pan Pacific International Holdings Corp.		59,210		334,895

Seria Co. Ltd.		3,720		81,371


TOTAL BROADLINE RETAIL			$	6,311,505

BUILDING PRODUCTS – 0.8%

AGC, Inc.		2,481		88,978

Allegion PLC		134		18,422

Assa Abloy AB, Class B		13,357		514,081

Belimo Holding AG		74		67,766

Cie de Saint-Gobain SA		1,754		160,701

Geberit AG		218		147,316

Lennox International, Inc.		542		289,910

Masco Corp.		3,880		278,662

Trane Technologies PLC		723		356,107


TOTAL BUILDING PRODUCTS			$	1,921,943

CAPITAL MARKETS – 3.1%

Amundi SA		489		47,265

Ares Management Corp., Class A		6,191		726,823

Blackrock, Inc.		915		975,024

Cboe Global Markets, Inc.		334		100,230

CME Group, Inc.		1,149		330,705

CSC Financial Co. Ltd., Class H		161,458		240,191

Daiwa Securities Group, Inc.		16,245		152,912

Deutsche Boerse AG		849		260,471

Hong Kong Exchanges & Clearing Ltd.		9,688		516,010

Interactive Brokers Group, Inc., Class A		10,570		840,315



Description	Number of Shares		Value

Intercontinental Exchange, Inc.		4,308	$	681,052

Japan Exchange Group, Inc.		10,141		120,797

London Stock Exchange Group PLC		4,792		621,795

Moody’s Corp.		789		364,400

Partners Group Holding AG		125		135,900

S&P Global, Inc.		1,760		758,965

Schroders PLC		5,897		46,433

T Rowe Price Group, Inc.		646		66,460

Tradeweb Markets, Inc., Class A		267		30,238

UBS Group AG		12,561		555,847


TOTAL CAPITAL MARKETS			$	7,571,833

CHEMICALS – 2.8%

ADEKA Corp.		5,474		137,100

Aica Kogyo Co. Ltd.		10,268		229,903

Air Liquide SA		1,158		249,133

Arkema SA		1,902		138,815

Asahi Kasei Corp.		13,348		131,342

BASF SE		4,086		262,062

China BlueChemical Ltd., Class H		85,413		29,476

Dow, Inc.		2,179		88,228

Ecolab, Inc.		831		216,559

Element Solutions, Inc.		6,437		274,152

EMS-Chemie Holding AG		55		46,883

Evonik Industries AG		6,427		132,931

Fujimi, Inc.		6,640		137,339

Fuso Chemical Co. Ltd.		13,148		275,277

Givaudan SA		10		35,661

KH Neochem Co. Ltd.		12,815		226,318

Kuraray Co. Ltd.		8,160		85,701

Linde PLC		736		368,839

Lintec Corp.		3,842		124,330

LyondellBasell Industries NV, Class A		670		49,982

Mitsubishi Gas Chemical Co., Inc.		8,712		245,284

Nippon Sanso Holdings Corp.		6,251		220,382

Nippon Shokubai Co. Ltd.		1,530		21,063

Nippon Soda Co. Ltd.		7,268		168,439

Nissan Chemical Corp.		5,182		224,067

NOF Corp.		2,375		48,505

Nutrien Ltd.		1,963		149,188

Sherwin-Williams Co. (The)		829		266,615

Shin-Etsu Chemical Co. Ltd.		25,837		1,189,592

Sika AG		1,416		261,204

Symrise AG		3,566		315,451

Taiyo Holdings Co. Ltd.		1,030		31,731

Tosoh Corp.		905		13,946

Valqua Ltd.		7,699		283,607

Wacker Chemie AG		866		95,031


TOTAL CHEMICALS			$	6,774,136

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Cintas Corp.		2,884		503,864

Copart, Inc.*		10,923		361,661

Daiseki Co. Ltd.		4,288		114,829

Kokuyo Co. Ltd.		3,870		19,276

Prosegur Cia de Seguridad SA		14,164		44,762

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		11

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Secom Co. Ltd.		2,581	$	93,974


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	1,138,366

COMMUNICATIONS EQUIPMENT – 0.8%

Arista Networks, Inc.*		2,906		501,895

Cisco Systems, Inc.		11,918		1,090,497

F5, Inc.*		190		61,541

Nokia OYJ		15,783		200,548

Telefonaktiebolaget LM Ericsson, Class B		15,665		186,868


TOTAL COMMUNICATIONS EQUIPMENT			$	2,041,349

CONSTRUCTION & ENGINEERING – 0.4%

Bouygues SA		1,508		89,183

Dai-Dan Co. Ltd.		1,116		19,932

Ferrovial SE		1,669		114,613

Fugro NV		1,597		23,159

Hazama Ando Corp.		1,858		22,526

JGC Holdings Corp.		14,443		219,453

Kinden Corp.		1,491		79,889

Kraftia Corp.		528		32,566

Obayashi Corp.		7,420		174,449

Vinci SA		707		106,914


TOTAL CONSTRUCTION & ENGINEERING			$	882,684

CONSTRUCTION MATERIALS – 0.1%

Imerys SA		1,368		35,807

Semen Indonesia Persero Tbk PT		284,752		32,984

Taiheiyo Cement Corp.		1,966		44,636

Vicat SACA		600		42,369


TOTAL CONSTRUCTION MATERIALS			$	155,796

CONSUMER FINANCE – 0.2%

Credit Acceptance Corp.*		933		471,081

Marui Group Co. Ltd.		2,076		39,741

Vanquis Banking Group PLC*		9,736		14,664


TOTAL CONSUMER FINANCE			$	525,486

CONSUMER STAPLES DISTRIBUTION & RETAIL – 0.6%

Carrefour SA		8,968		178,785

Costco Wholesale Corp.		413		419,001

J Sainsbury PLC		26,206		117,100

Koninklijke Ahold Delhaize NV		5,508		258,372

Tsuruha Holdings, Inc.		6,100		80,275

Walmart, Inc.		3,597		474,552


TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL			$	1,528,085

CONTAINERS & PACKAGING – 0.3%

Amcor PLC		8,856		336,882

Ball Corp.		3,656		223,308

International Paper Co.		1,216		36,991

Packaging Corp. of America		253		54,003


TOTAL CONTAINERS & PACKAGING			$	651,184

DISTRIBUTORS – 0.0%**

Genuine Parts Co.		349		37,423

DIVERSIFIED REITS – 0.1%

Activia Properties, Inc.		26		23,382

British Land Co. PLC (The)		17,121		90,595



Description	Number of Shares		Value

Land Securities Group PLC		12,535	$	100,860

Sekisui House REIT, Inc.		52		28,290

United Urban Investment Corp.		39		44,126


DIVERSIFIED REITS			$	287,253

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.9%

BT Group PLC		74,964		220,382

Deutsche Telekom AG		15,306		494,394

Koninklijke KPN NV		103,230		552,028

KT Corp., ADR		6,851		146,817

NTT, Inc.		122,362		119,188

Orange SA		21,161		440,622

Proximus SADP		5,555		42,372

Swisscom AG		166		140,407

Telefonica Brasil SA		15,678		124,713


TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	2,280,923

ELECTRIC UTILITIES – 0.4%

American Electric Power Co., Inc.		1,260		172,758

Edison International		1,255		87,210

EDP SA		12,027		65,599

Endesa SA		1,878		84,226

Enel Americas SA		927,456		86,581

Iberdrola SA		20,666		484,498


TOTAL ELECTRIC UTILITIES			$	980,872

ELECTRICAL EQUIPMENT – 1.0%

AMETEK, Inc.		750		176,625

Contemporary Amperex Technology Co. Ltd., Class H		4,241		335,192

Cosel Co. Ltd.		2,874		23,362

Hubbell, Inc.		1,089		553,397

Legrand SA		1,503		269,283

Mabuchi Motor Co. Ltd.		2,128		20,028

Schneider Electric SE		2,532		805,705

Sigenergy Technology Co. Ltd., Class H*		600		43,664

Toyo Tanso Co. Ltd.		3,365		131,102

Ushio, Inc.		7,986		160,808

Zumtobel Group AG		1,250		5,288


TOTAL ELECTRICAL EQUIPMENT			$	2,524,454

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.4%

Amphenol Corp., Class A		6,473		953,279

Azbil Corp.		5,725		50,951

Canon Marketing Japan, Inc.		1,281		29,154

CDW Corp.		1,915		262,183

Flex Ltd.*		9,972		912,937

Halma PLC		2,985		179,630

Horiba Ltd.		370		51,518

Jabil, Inc.		3,178		1,072,543

Jeol Ltd.		2,181		87,734

Kaga Electronics Co. Ltd.		6,819		182,609

Keyence Corp.		1,863		854,495

Maruwa Co. Ltd.		268		126,605

Maxell Ltd.		4,211		53,806

Nichicon Corp.		14,382		219,984

PAX Global Technology Ltd.		22,863		11,403

Shimadzu Corp.		2,664		61,926

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


12		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

TD SYNNEX Corp.		2,746	$	626,582

Tong Hsing Electronic Industries Ltd.		7,521		41,530

Yokogawa Electric Corp.		2,745		95,575


TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS			$	5,874,444

ENTERTAINMENT – 0.9%

Avex, Inc.		2,820		21,304

Capcom Co. Ltd.		154		3,251

Embracer Group AB*		10,849		74,825

NetEase, Inc.		9,845		230,463

Netflix, Inc.*		10,432		976,540

Nintendo Co. Ltd.		5,503		269,201

Spotify Technology SA*		1,155		515,765

Universal Music Group NV		4,803		100,707


TOTAL ENTERTAINMENT			$	2,192,056

FINANCIAL SERVICES – 1.4%

Adyen NV*		18		20,312

Berkshire Hathaway, Inc., Class B*		1,541		729,818

Fiserv, Inc.*		1,601		100,303

GMO Financial Gate, Inc.		2,036		74,217

GMO Payment Gateway, Inc.		6,158		309,300

Groupe Bruxelles Lambert NV		628		58,665

Mastercard, Inc., Class A		2,317		1,165,266

Mitsubishi HC Capital, Inc.		11,280		102,457

Poste Italiane SpA		3,558		94,443

Visa, Inc., Class A		2,208		728,287


TOTAL FINANCIAL SERVICES			$	3,383,068

FOOD PRODUCTS – 0.7%

Astral Foods Ltd.		3,271		48,119

China Mengniu Dairy Co. Ltd.		54,223		120,755

Chocoladefabriken Lindt & Spruengli AG		26		318,922

Danone SA		1,818		142,437

General Mills, Inc.		7,356		259,740

Hershey Co. (The)		140		26,004

Indofood CBP Sukses Makmur Tbk PT		182,127		71,432

Kerry Group PLC, Class A		528		44,747

M Dias Branco SA		17,592		83,843

Nestle SA		3,578		362,235

Orkla ASA		2,268		27,974

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		254,546		25,381

Tate & Lyle PLC		16,050		80,105

Toyo Suisan Kaisha Ltd.		1,539		105,702

Ulker Biskuvi Sanayi AS		19,451		53,375


TOTAL FOOD PRODUCTS			$	1,770,771

GAS UTILITIES – 0.6%

Atmos Energy Corp.		6,483		1,231,640

ENN Energy Holdings Ltd.		7,404		58,042

Osaka Gas Co. Ltd.		2,545		91,451


TOTAL GAS UTILITIES			$	1,381,133

GROUND TRANSPORTATION – 0.6%

Ayvens SA		9,034		122,251

Canadian National Railway Co.		3,489		391,885

Central Japan Railway Co.		761		18,257



Description	Number of Shares		Value

DiDi Global, Inc., ADR*		52,824	$	192,279

East Japan Railway Co.		3,237		70,660

Knight-Swift Transportation Holdings, Inc.		4,109		266,674

Old Dominion Freight Line, Inc.		1,673		355,395

West Japan Railway Co.		627		11,350


TOTAL GROUND TRANSPORTATION			$	1,428,751

HEALTH CARE EQUIPMENT & SUPPLIES – 0.8%

Boston Scientific Corp.*		3,486		200,828

Coloplast A/S, Class B		965		59,612

Hoya Corp.		3,296		615,508

IDEXX Laboratories, Inc.*		491		275,353

Koninklijke Philips NV		8,789		231,834

Medtronic PLC		730		59,108

ResMed, Inc.		329		70,344

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		198,279		87,387

Siemens Healthineers AG		1,031		42,275

Straumann Holding AG		121		13,132

Stryker Corp.		314		98,951

Sysmex Corp.		12,430		109,762


TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	1,864,094

HEALTH CARE PROVIDERS & SERVICES – 1.3%

Alfresa Holdings Corp.		5,525		83,409

As One Corp.		9,189		127,424

BML, Inc.		1,690		41,094

Cencora, Inc.		1,466		451,543

CVS Health Corp.		755		62,884

Elevance Health, Inc.		1,461		549,950

Fresenius SE & Co. KGaA		3,410		165,145

Labcorp Holdings, Inc.		626		160,757

Netcare Ltd.		79,679		82,642

Ship Healthcare Holdings, Inc.		12,602		187,537

UnitedHealth Group, Inc.		3,305		1,224,436


TOTAL HEALTH CARE PROVIDERS & SERVICES			$	3,136,821

HEALTH CARE REITS – 0.4%

Welltower, Inc.		4,394		954,992

HEALTH CARE TECHNOLOGY – 0.1%

M3, Inc.		22,193		213,773

Veeva Systems, Inc., Class A*		510		79,545


TOTAL HEALTH CARE TECHNOLOGY			$	293,318

HOTELS, RESTAURANTS & LEISURE – 1.6%

Accor SA		5,617		277,978

Choice Hotels International, Inc.		2,753		272,767

Compass Group PLC		37,641		1,063,622

Darden Restaurants, Inc.		3,059		613,513

Evolution AB		141		9,937

Galaxy Entertainment Group Ltd.		15,102		64,431

McDonald’s Corp.		757		222,248

McDonald’s Holdings Co. Japan Ltd.		707		36,685

Meituan, Class B*		27,203		292,682

Sodexo SA		1,698		86,366

Trip.com Group Ltd., ADR*		5,350		290,024

Viking Holdings Ltd.*		5,899		483,187

Yum China Holdings, Inc.		2,053		100,460

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		13

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Yum! Brands, Inc.		606	$	96,748


TOTAL HOTELS, RESTAURANTS & LEISURE			$	3,910,648

HOUSEHOLD DURABLES – 0.9%

Barratt Developments PLC		21,696		73,891

Coway Co. Ltd.		741		43,080

Crest Nicholson Holdings PLC		15,768		14,157

Garmin Ltd.		503		126,323

LG Electronics, Inc.		282		27,160

Nikon Corp.		4,145		45,859

NVR, Inc.*		88		555,797

Rinnai Corp.		3,820		86,817

SEB SA		1,239		76,039

Sekisui House Ltd.		13,063		284,434

Sony Group Corp.		37,657		754,471


TOTAL HOUSEHOLD DURABLES			$	2,088,028

HOUSEHOLD PRODUCTS – 0.8%

Henkel AG & Co. KGaA		1,032		71,121

Kimberly-Clark Corp.		7,430		731,335

Kimberly-Clark de Mexico SAB de CV, Class A		42,944		96,983

Reckitt Benckiser Group PLC		17,232		1,096,449

Unicharm Corp.		1,078		6,297


TOTAL HOUSEHOLD PRODUCTS			$	2,002,185

INDUSTRIAL CONGLOMERATES – 0.6%

CK Hutchison Holdings Ltd.		18,356		153,276

Hikari Tsushin, Inc.		511		124,089

Hitachi Ltd.		20,400		648,686

Honeywell International, Inc.		1,899		407,013

Lifco AB, Class B		921		28,980

Sekisui Chemical Co. Ltd.		4,660		71,409

Smiths Group PLC		2,525		87,177


TOTAL INDUSTRIAL CONGLOMERATES			$	1,520,630

INDUSTRIAL REITS – 0.1%

Industrial & Infrastructure Fund Investment Corp.		21		19,656

LaSalle Logiport REIT		229		223,844


TOTAL INDUSTRIAL REITS			$	243,500

INSURANCE – 4.5%

Admiral Group PLC		224		10,292

Ageas SA		3,226		252,805

AIA Group Ltd.		127,861		1,403,756

Allianz SE		721		329,304

American International Group, Inc.		3,011		225,223

ASR Nederland NV		628		47,703

Aviva PLC		16,941		143,681

AXA SA		4,312		207,861

China Pacific Insurance Group Co. Ltd., Class H		75,849		331,109

China Reinsurance Group Corp., Class H		384,188		60,581

Daiichi Life Group, Inc.		52,807		483,484

Gjensidige Forsikring ASA		877		24,636

Helvetia Baloise Holding AG		159		43,699

Intact Financial Corp.		2,458		473,631

Japan Post Insurance Co. Ltd.		17,100		166,735

Mapfre SA		7,263		35,555



Description	Number of Shares		Value

Markel Group, Inc.*		299	$	529,968

Marsh & McLennan Cos., Inc.		969		162,511

MetLife, Inc.		4,741		379,754

MS&AD Insurance Group Holdings, Inc.		18,554		477,099

Muenchener Rueckversicherungs AG		190		113,653

NN Group NV		2,835		248,158

Old Mutual Ltd.		170,363		139,287

People’s Insurance Co. Group of China Ltd. (The), Class H		119,000		81,422

PICC Property & Casualty Co. Ltd., Class H		109,406		197,627

Principal Financial Group, Inc.		716		72,252

Progressive Corp. (The)		2,130		428,726

Prudential PLC		63,753		960,729

RLI Corp.		3,401		176,070

Sampo OYJ, Class A		20,156		209,446

Standard Life PLC		5,428		55,844

Sun Life Financial, Inc.		3,585		258,302

Swiss Life Holding AG		21		24,656

T&D Holdings, Inc.		27,358		662,830

Talanx AG		4,327		563,983

Tokio Marine Holdings, Inc.		15,702		719,101

Tryg A/S		2,644		63,532

Zurich Insurance Group AG		310		216,138


TOTAL INSURANCE			$	10,981,143

INTERACTIVE MEDIA & SERVICES – 4.3%

Alphabet, Inc., Class A		15,486		5,959,013

Alphabet, Inc., Class C		2,734		1,044,224

Baidu, Inc., Class A*		9,996		157,847

Kakaku.com, Inc.		8,399		140,340

Meta Platforms, Inc., Class A		1,012		619,253

Scout24 SE		590		49,125

Tencent Holdings Ltd.		38,421		2,333,394


TOTAL INTERACTIVE MEDIA & SERVICES			$	10,303,196

IT SERVICES – 1.0%

Accenture PLC, Class A		1,490		266,278

Alten SA		1,196		79,679

BIPROGY, Inc.		6,915		198,874

Capgemini SE		2,280		277,286

Cognizant Technology Solutions Corp., Class A		5,476		289,680

DTS Corp.		23,778		154,959

Future Corp.		21,104		206,044

International Business Machines Corp.		1,848		426,851

Nomura Research Institute Ltd.		1,946		52,522

Obic Co. Ltd.		3,699		98,294

Otsuka Corp.		2,935		54,444

Sopra Steria Group		418		65,222

TechMatrix Corp.		19,581		227,337

TIS, Inc.		1,239		27,004


TOTAL IT SERVICES			$	2,424,474

LEISURE PRODUCTS – 0.4%

Bandai Namco Holdings, Inc.		11,345		260,428

Roland Corp.		7,986		208,268

Sega Sammy Holdings, Inc.		23,207		336,447

Shimano, Inc.		207		21,717

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


14		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Spin Master Corp.		3,322	$	50,478


TOTAL LEISURE PRODUCTS			$	877,338

LIFE SCIENCES TOOLS & SERVICES – 0.2%

Agilent Technologies, Inc.		321		37,092

Danaher Corp.		754		134,928

Hangzhou Tigermed Consulting Co. Ltd., Class H		4,952		25,631

Mettler-Toledo International, Inc.*		72		91,916

Thermo Fisher Scientific, Inc.		274		131,235


TOTAL LIFE SCIENCES TOOLS & SERVICES			$	420,802

MACHINERY – 3.8%

Alfa Laval AB		947		56,990

Amada Co. Ltd.		3,310		55,971

ARCHION Corp.*		10,992		21,274

Atlas Copco AB, Class A		15,335		294,703

Atlas Copco AB, Class B		6,864		117,039

Bodycote PLC		3,364		31,240

Daifuku Co. Ltd.		3,000		131,165

Daimler Truck Holding AG		4,031		203,315

Deere & Co.		764		450,661

Dover Corp.		428		96,903

Duerr AG		1,906		47,297

Fuji Corp.		4,756		185,283

Graco, Inc.		2,447		196,421

Hoshizaki Corp.		7,344		238,787

IDEX Corp.		244		53,155

Illinois Tool Works, Inc.		828		213,632

Kone OYJ, Class B		6,843		435,594

Kubota Corp.		12,960		211,565

MISUMI Group, Inc.		23,271		535,664

Nachi-Fujikoshi Corp.		1,703		55,337

Nordson Corp.		135		38,941

OKUMA Corp.		3,750		107,612

OSG Corp.		14,685		307,117

PACCAR, Inc.		11,062		1,314,166

Parker-Hannifin Corp.		443		402,873

Rational AG		40		29,248

Sandvik AB		14,030		590,202

Sany Heavy Industry Co. Ltd., Class H*		29,882		83,440

Schindler Holding AG		196		65,629

Schindler Holding AG		320		111,878

SKF AB, Class B		6,515		164,039

SMC Corp.		340		167,192

Snap-on, Inc.		145		55,593

Spirax Group PLC		579		56,509

Sumitomo Heavy Industries Ltd.		2,720		92,027

Tadano Ltd.		6,940		60,841

THK Co. Ltd.		5,677		212,826

Tsubakimoto Chain Co.		3,295		49,394

VAT Group AG		182		136,728

Weichai Power Co. Ltd., Class H		170,717		848,615

Westinghouse Air Brake Technologies Corp.		2,085		562,721


TOTAL MACHINERY			$	9,089,587

MARINE TRANSPORTATION – 0.0%**

Kuehne + Nagel International AG		380		89,249



Description	Number of Shares		Value

MEDIA – 0.7%

CyberAgent, Inc.		18,669	$	149,511

Dentsu Group, Inc.*		5,290		100,435

Hakuhodo DY Holdings, Inc.		9,850		66,138

Havas NV*		4,478		85,234

IPSOS		1,400		59,374

Megacable Holdings SAB de CV		20,133		70,800

Metropole Television SA		2,608		39,833

Nippon Television Holdings, Inc.		3,029		57,583

Omnicom Group, Inc.		4,482		343,859

Publicis Groupe SA		3,883		362,817

RTL Group SA		1,275		48,992

Television Francaise 1 SA		6,012		47,822

TV Asahi Holdings Corp.		3,849		79,647

WPP PLC		19,346		70,044


TOTAL MEDIA			$	1,582,089

METALS & MINING – 0.8%

Anglo American PLC		12,008		594,216

APERAM SA		833		44,558

ARE Holdings, Inc.		7,986		182,812

Barrick Mining Corp.		3,018		118,578

Ferrexpo PLC*		52,696		20,473

Maruichi Steel Tube Ltd.		11,172		103,749

Neturen Co. Ltd.		1,705		14,114

Outokumpu OYJ		18,746		126,094

Rio Tinto PLC		3,194		321,753

Yamato Kogyo Co. Ltd.		2,064		157,549

Zijin Gold International Co. Ltd.*		800		15,803

Zijin Mining Group Co. Ltd., Class H		29,612		137,518


TOTAL METALS & MINING			$	1,837,217

MULTI-UTILITIES – 1.2%

Dominion Energy, Inc.		7,188		463,626

Engie SA		30,509		1,005,655

National Grid PLC		20,806		372,440

Sempra		11,303		1,075,141


TOTAL MULTI-UTILITIES			$	2,916,862

OFFICE REITS – 0.1%

Derwent London PLC		4,466		104,490

Gecina SA		362		30,605

Japan Prime Realty Investment Corp.		43		27,221

Japan Real Estate Investment Corp.		81		61,996

Nippon Building Fund, Inc.		99		83,137

Orix JREIT, Inc.		66		41,929


TOTAL OFFICE REITS			$	349,378

OIL, GAS & CONSUMABLE FUELS – 3.2%

BP PLC		53,224		421,312

Chevron Corp.		852		164,700

Coterra Energy, Inc.		18,350		658,948

DCC PLC		2,048		154,364

Enbridge, Inc.		8,070		447,597

Eni SpA		21,061		595,530

Equinor ASA		20,368		828,922

Exxon Mobil Corp.		3,248		501,264

OMV AG		1,242		87,673

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		15

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Shell PLC		18,087	$	822,358

Targa Resources Corp.		1,170		304,294

Texas Pacific Land Corp.		191		84,741

TotalEnergies SE		22,831		2,122,680

Williams Cos., Inc. (The)		8,140		621,163


TOTAL OIL, GAS & CONSUMABLE FUELS			$	7,815,546

PAPER & FOREST PRODUCTS – 0.1%

Mondi PLC		9,063		93,634

Suzano SA		10,709		95,113

UPM-Kymmene OYJ		4,149		124,316


TOTAL PAPER & FOREST PRODUCTS			$	313,063

PASSENGER AIRLINES – 0.1%

easyJet PLC		27,931		133,687

Japan Airlines Co. Ltd.		5,947		93,522


TOTAL PASSENGER AIRLINES			$	227,209

PERSONAL CARE PRODUCTS – 0.8%

Beiersdorf AG		1,586		131,479

Kao Corp.		6,509		242,551

Kenvue, Inc.		1,365		23,928

LG H&H Co. Ltd.		261		44,986

L’Oreal SA		164		70,633

Natura Cosmeticos SA*		65,779		136,558

Unilever PLC		10,110		589,566

Unilever PLC, ADR		7,464		440,227

Unilever PLC		5,125		300,125


TOTAL PERSONAL CARE PRODUCTS			$	1,980,053

PHARMACEUTICALS – 5.0%

Almirall SA		4,619		68,375

Astellas Pharma, Inc.		3,631		51,458

AstraZeneca PLC		5,723		1,085,781

Chugai Pharmaceutical Co. Ltd.		14,329		764,157

Daiichi Sankyo Co. Ltd.		32,406		526,406

Eisai Co. Ltd.		3,399		101,740

Eli Lilly & Co.		1,381		1,290,683

Galderma Group AG*		2,835		594,764

Genomma Lab Internacional SAB de CV, Class B		88,661		83,390

GSK PLC		26,549		696,048

Hikma Pharmaceuticals PLC		5,434		103,317

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H		28,957		241,452

Johnson & Johnson		3,971		912,734

Kissei Pharmaceutical Co. Ltd.		503		14,034

Kyowa Kirin Co. Ltd.		6,089		91,736

Merck & Co., Inc.		11,847		1,293,455

Merck KGaA		2,512		325,272

Novartis AG		3,294		486,819

Novo Nordisk A/S, Class B		1,979		84,179

Otsuka Holdings Co. Ltd.		5,922		431,609

Roche Holding AG*		2,595		1,057,463

Sanofi SA		6,466		605,065

Shionogi & Co. Ltd.		22,436		453,273

Takeda Pharmaceutical Co. Ltd.		7,623		254,858



Description	Number of Shares		Value

UCB SA		1,413	$	384,748


TOTAL PHARMACEUTICALS			$	12,002,816

PROFESSIONAL SERVICES – 1.2%

Adecco Group AG		2,945		67,867

dip Corp.		17,645		205,023

Experian PLC		8,651		316,532

Hays PLC		50,451		22,850

Intertek Group PLC		732		47,154

MEITEC Group Holdings, Inc.		887		17,765

Open Up Group, Inc.		14,895		166,456

Pagegroup PLC		13,119		23,918

Persol Holdings Co. Ltd.		202,469		301,359

Randstad NV		2,572		76,212

Recruit Holdings Co. Ltd.		8,956		414,886

RELX PLC		9,795		357,188

SGS SA		495		53,633

SIGMAXYZ Holdings, Inc.		45,966		188,357

SThree PLC		8,789		20,155

Transcosmos, Inc.		1,720		41,991

TransUnion		8,182		580,922


TOTAL PROFESSIONAL SERVICES			$	2,902,268

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.6%

China Resources Mixc Lifestyle Services Ltd.		15,307		92,448

CK Asset Holdings Ltd.		22,066		139,000

Daito Trust Construction Co. Ltd.		8,272		186,062

Daiwa House Industry Co. Ltd.		482		14,706

Hulic Co. Ltd.		1,487		16,771

KE Holdings, Inc., ADR		4,389		75,184

KE Holdings, Inc., Class A		18,159		100,830

Mitsubishi Estate Co. Ltd.		5,506		156,911

Relo Group, Inc.		14,716		184,221

Sumitomo Realty & Development Co. Ltd.		17,900		554,893


TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	1,521,026

RESIDENTIAL REITS – 0.1%

Advance Residence Investment Corp.		36		37,214

Mitsui Fudosan Accommodations Fund, Inc.		23		19,214

Sun Communities, Inc.		398		50,880

UNITE Group PLC (The)		13,074		82,390


TOTAL RESIDENTIAL REITS			$	189,698

RETAIL REITS – 0.4%

Japan Metropolitan Fund Invest		91		67,440

Simon Property Group, Inc.		4,181		851,712


TOTAL RETAIL REITS			$	919,152

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 10.0%

Advanced Micro Devices, Inc.*		1,793		635,601

ams-OSRAM AG*		3,044		48,892

Analog Devices, Inc.		1,760		707,978

ARM Holdings PLC, ADR*		1,614		339,456

ASM Pacific Technology Ltd.		3,941		82,554

ASML Holding NV		1,048		1,514,932

Broadcom, Inc.		8,756		3,655,017

Disco Corp.		501		238,367

Lasertec Corp.		354		97,838

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


16		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

Miraial Co. Ltd.		1,080	$	8,973

NVIDIA Corp.		39,743		7,931,510

NXP Semiconductors NV		1,956		574,262

ON Semiconductor Corp.*		5,905		595,283

Optorun Co. Ltd.		3,502		91,325

QUALCOMM, Inc.		841		151,027

Rohm Co. Ltd.		8,033		173,794

SK hynix, Inc.		963		858,773

Taiwan Semiconductor Manufacturing Co. Ltd.		27,110		1,882,027

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,490		2,174,369

Texas Instruments, Inc.		2,477		696,235

Tokyo Electron Ltd.		5,001		1,473,709

Ulvac, Inc.		3,903		245,782


TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	24,177,704

SOFTWARE – 3.8%

Appfolio, Inc., Class A*		411		68,674

Cadence Design Systems, Inc.*		888		292,676

Constellation Software, Inc.		273		497,200

Dassault Systemes SE		3,128		70,485

Intuit, Inc.		644		250,194

Lumine Group, Inc.*		844		12,564

Microsoft Corp.		16,197		6,604,813

Nemetschek SE		429		31,134

Roper Technologies, Inc.		351		124,538

Sage Group PLC (The)		6,390		76,211

Salesforce, Inc.		1,506		265,854

Sansan, Inc.*		17,300		140,282

SAP SE		2,104		353,247

Synopsys, Inc.*		624		301,143

Topicus.com, Inc.*		376		25,901

Trimble, Inc.*		776		52,240

Tyler Technologies, Inc.*		97		33,091


TOTAL SOFTWARE			$	9,200,247

SPECIALIZED REITS – 0.7%

Equinix, Inc.		534		578,231

Lamar Advertising Co., Class A		6,754		930,972

Public Storage		603		182,377


TOTAL SPECIALIZED REITS			$	1,691,580

SPECIALTY RETAIL – 1.6%

ABC-Mart, Inc.		10,460		177,682

and ST HD Co. Ltd.		8,136		155,357

Fast Retailing Co. Ltd.		545		256,556

Home Depot, Inc. (The)		876		288,029

Industria de Diseno Textil SA		14,422		863,167

JINS Holdings, Inc.		1,380		58,812

Kingfisher PLC		28,583		112,397

Lojas Renner SA		41,278		113,035

Lowe’s Cos., Inc.		2,119		505,996

O’Reilly Automotive, Inc.*		4,206		418,076

PAL GROUP Holdings Co. Ltd.		11,599		111,487

TJX Cos., Inc. (The)		2,825		442,819

Ultrapar Participacoes SA		13,252		80,125

USS Co. Ltd.		1,896		20,478



Description	Number of Shares		Value

Xebio Holdings Co. Ltd.		3,528	$	22,452

Zalando SE*		3,582		88,475

Zhongsheng Group Holdings Ltd.		87,968		80,301

ZOZO, Inc.		5,772		38,739


TOTAL SPECIALTY RETAIL			$	3,833,983

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 2.7%

Apple, Inc.		23,328		6,330,053

Canon, Inc.		455		11,705

Dell Technologies, Inc., Class C		701		146,474

FUJIFILM Holdings Corp.		3,163		58,211

HP, Inc.		2,979		62,142

Quadient SA		1,937		26,488


TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS			$	6,635,073

TEXTILES, APPAREL & LUXURY GOODS – 0.4%

Burberry Group PLC*		6,258		99,303

Deckers Outdoor Corp.*		416		42,515

Hermes International SCA		58		110,960

LVMH Moet Hennessy Louis Vuitton SE		173		92,418

Swatch Group AG - BR (The)		649		150,651

Tapestry, Inc.		2,218		321,699

Yue Yuen Industrial Holdings Ltd.		40,954		76,171


TOTAL TEXTILES, APPAREL & LUXURY GOODS			$	893,717

TOBACCO – 0.9%

British American Tobacco PLC		11,797		694,782

Imperial Brands PLC		319		12,120

Japan Tobacco, Inc.		6,022		224,348

Philip Morris International, Inc.		8,052		1,329,144


TOTAL TOBACCO			$	2,260,394

TRADING COMPANIES & DISTRIBUTORS – 1.1%

Brenntag SE		1,395		101,591

Bunzl PLC		1,309		43,153

Fastenal Co.		8,287		372,335

Inaba Denki Sangyo Co. Ltd.		1,280		21,593

ITOCHU Corp.		21,431		265,597

MonotaRO Co. Ltd.		1,137		13,520

Sumitomo Corp.		5,717		212,571

Toyota Tsusho Corp.		4,314		169,349

Travis Perkins PLC		12,662		89,897

WESCO International, Inc.		1,699		593,155

WW Grainger, Inc.		681		790,879


TOTAL TRADING COMPANIES & DISTRIBUTORS			$	2,673,640

TRANSPORTATION INFRASTRUCTURE – 0.0%**

Kamigumi Co. Ltd.		998		32,984

WATER UTILITIES – 0.3%

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		117,425		787,769

WIRELESS TELECOMMUNICATION SERVICES – 0.9%

America Movil SAB de CV, Series B		176,032		234,192

Empresa Nacional de Telecomunicaciones SA		6,938		27,449

KDDI Corp.		81,613		1,335,559

MTN Group Ltd.		15,893		200,063

SK Telecom Co. Ltd.		2,983		193,305

SoftBank Corp.		151,835		213,703

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		17

Wilmington Global Alpha Equities Fund (continued)



Description	Number of Shares		Value

VEON Ltd., ADR*		834	$	41,483


TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	2,245,754


TOTAL COMMON STOCKS (Cost $ 154,925,380)			$	223,292,937

EXCHANGE-TRADED FUNDS – 0.3%

EQUITY FUNDS – 0.3%

iShares Core MSCI EAFE ETF		2,430		232,162

Next Funds TOPIX ETF		950		2,397

Vanguard Russell 1000 Value ETF		5,313		538,951


TOTAL EXCHANGE-TRADED FUNDS (Cost $ 710,680)			$	773,510

PREFERRED STOCKS – 0.3%

CONSUMER DISCRETIONARY – 0.1%

Bayerische Motoren Werke AG 5.29%		1,159		105,759

Volkswagen AG 7.24%		1,840		186,591


TOTAL CONSUMER DISCRETIONARY			$	292,350

CONSUMER STAPLES – 0.1%

Henkel AG & Co. KGaA 3.18%		1,808		131,565

FINANCIALS – 0.0%**

Banco do Estado do Rio Grande do Sul SA 10.45%		22,300		70,253



Description	Number of Shares		Value

MATERIALS – 0.1%

Fuchs SE 3.25%		1,578	$	74,334


TOTAL PREFERRED STOCKS (Cost $ 533,769)			$	568,502

WARRANTS – 0.0%**

Constellation Software, Inc., Expire 03/31/40^*,(1)		905		—


TOTAL WARRANTS (Cost $ —)			$	—

MONEY MARKET FUND – 4.5%

Dreyfus Government Cash Management Fund, Institutional Shares 3.53%^{^}		10,981,341		10,981,341


TOTAL MONEY MARKET FUND (Cost $ 10,981,341)			$	10,981,341


TOTAL INVESTMENTS – 97.2% (COST $ 167,151,170)			$	235,616,290

OTHER ASSETS LESS LIABILITIES – 2.8%				6,803,681


TOTAL NET ASSETS – 100.0%			$	242,419,971

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, 2026 in valuing the Fund’s assets and liabilities carried at fair value:


		Level 1		Level 2		Level 3		Total

Assets

Investments in Securities

Common Stocks

Aerospace & Defense	$		1,738,128	$	2,216,722		$—	$	3,954,850

Air Freight & Logistics			1,026,159		1,026,773		—		2,052,932

Automobile Components			101,448		1,577,485		—		1,678,933

Automobiles			901,410		2,939,856		—		3,841,266

Banks			5,116,860		11,573,725		—^(a)		16,690,585

Beverages			774,021		1,047,205		—		1,821,226

Biotechnology			2,232,416		187,987		—		2,420,403

Broadline Retail			4,606,447		1,705,058		—		6,311,505

Building Products			943,101		978,842		—		1,921,943

Capital Markets			4,874,212		2,697,621		—		7,571,833

Chemicals			1,413,563		5,360,573		—		6,774,136

Commercial Services & Supplies			865,525		272,841		—		1,138,366

Communications Equipment			1,653,933		387,416		—		2,041,349

Construction & Engineering			—		882,684		—		882,684

Construction Materials			—		155,796		—		155,796

Consumer Finance			471,081		54,405		—		525,486

Consumer Staples Distribution & Retail			893,553		634,532		—		1,528,085

Containers & Packaging			651,184		—		—		651,184

Distributors			37,423		—		—		37,423

Diversified REITs			—		287,253		—		287,253

Diversified Telecommunication Services			271,530		2,009,393		—		2,280,923

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


18		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)



	Level 1		Level 2		Level 3	Total

Electric Utilities	$	346,549	$	634,323	$—	$	980,872

Electrical Equipment		773,686		1,750,768	—		2,524,454

Electronic Equipment, Instruments & Components		3,827,524		2,046,920	—		5,874,444

Entertainment		1,492,305		699,751	—		2,192,056

Financial Services		2,723,674		659,394	—		3,383,068

Food Products		369,587		1,401,184	—		1,770,771

Gas Utilities		1,231,640		149,493	—		1,381,133

Ground Transportation		1,206,233		222,518	—		1,428,751

Health Care Equipment & Supplies		704,584		1,159,510	—		1,864,094

Health Care Providers & Services		2,449,570		687,251	—		3,136,821

Health Care REITs		954,992		—	—		954,992

Health Care Technology		79,545		213,773	—		293,318

Hotels, Restaurants & Leisure		1,978,487		1,932,161	—		3,910,648

Household Durables		682,120		1,405,908	—		2,088,028

Household Products		828,318		1,173,867	—		2,002,185

Industrial Conglomerates		407,013		1,113,617	—		1,520,630

Industrial REITs		—		243,500	—		243,500

Insurance		2,706,437		8,274,706	—		10,981,143

Interactive Media & Services		7,622,490		2,680,706	—		10,303,196

IT Services		982,809		1,441,665	—		2,424,474

Leisure Products		50,478		826,860	—		877,338

Life Sciences Tools & Services		395,171		25,631	—		420,802

Machinery		3,406,340		5,683,247	—		9,089,587

Marine Transportation		—		89,249	—		89,249

Media		414,659		1,167,430	—		1,582,089

Metals & Mining		118,578		1,718,639	—		1,837,217

Multi-Utilities		1,538,767		1,378,095	—		2,916,862

Office REITs		—		349,378	—		349,378

Oil, Gas & Consumable Fuels		2,782,707		5,032,839	—		7,815,546

Paper & Forest Products		95,113		217,950	—		313,063

Passenger Airlines		—		227,209	—		227,209

Personal Care Products		600,713		1,379,340	—		1,980,053

Pharmaceuticals		3,580,262		8,422,554	—		12,002,816

Professional Services		580,922		2,321,346	—		2,902,268

Real Estate Management & Development		75,184		1,445,842	—		1,521,026

Residential REITs		50,880		138,818	—		189,698

Retail REITs		851,712		67,440	—		919,152

Semiconductors & Semiconductor Equipment		17,460,738		6,716,966	—		24,177,704

Software		8,528,888		671,359	—		9,200,247

Specialized REITs		1,691,580		—	—		1,691,580

Specialty Retail		1,848,080		1,985,903	—		3,833,983

Technology Hardware, Storage & Peripherals		6,538,669		96,404	—		6,635,073

Textiles, Apparel & Luxury Goods		364,214		529,503	—		893,717

Tobacco		1,329,144		931,250	—		2,260,394

Trading Companies & Distributors		1,756,369		917,271	—		2,673,640

Transportation Infrastructure		—		32,984	—		32,984

Water Utilities		787,769		—	—		787,769

Wireless Telecommunication Services		303,124		1,942,630	—		2,245,754

Exchange-Traded Funds		771,113		2,397	—		773,510

Preferred Stocks		70,253		498,249	—		568,502

Warrants		—		—	—^(a)		—

Money Market Fund		10,981,341		—	—		10,981,341


Total Investments in Securities	$	126,912,325	$	108,703,965	$—	$	235,616,290


Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—	$	76,630	$—	$	76,630

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		19

Wilmington Global Alpha Equities Fund (continued)


	Level 1			Level 2			Level 3		Total

Financial Futures Contracts	$	30,895		$	—			$—	$	30,895


Total Assets - Other Financial Instruments	$	30,895		$	76,630			$—	$	107,525


Liabilities

Other Financial Instruments^!

Forward Foreign Currency Contracts	$	—		$	(766,949	)		$—	$	(766,949	)

Financial Futures Contracts		(5,799,536	)		—			—		(5,799,536	)


Total Liabilities - Other Financial Instruments	$	(5,799,536)		$	(766,949)			$—	$	(6,566,485	)

^(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

CHF		Swiss Franc

EAFE		Europe, Australasia and Far East

ETF		Exchange-Traded Fund

EUR		Euro

FTSE		Financial Times Stock Exchange

GBP		British Pound Sterling

HKD		Hong Kong Dollar

HSCE		Hang Seng China Enterprises

JPY		Japanese Yen

LLC		Limited Liability Corporation

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		Standard & Poor’s

SCA		Limited Partnership With Share Capital

SpA		Societa per Azioni

SPI		Share Price Index

STOXX		Stock Index of the Eurozone

TOPIX		Tokyo Stock Price Index

TSX		Toronto Stock Exchange

At April 30, 2026, the country allocations of the Fund’s investments were as follows:


	% of Net Assets

United States		44.7	%

Japan		16.0	%

United Kingdom		5.0	%

China		3.8	%

France		3.6	%

Netherlands		2.2	%

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


20		PORTFOLIOS OF INVESTMENTS

Wilmington Global Alpha Equities Fund (continued)


	% of Net Assets

Germany		2.1	%

Canada		1.9	%

Taiwan		1.7	%

Switzerland		1.4	%

Hong Kong		1.4	%

Italy		1.3	%

South Korea		1.1	%

Other Countries		6.5	%

Other		7.3	%

		100.0	%

At April 30, 2026, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:



Settlement Date	Counterparty	Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation		Unrealized (Depreciation)

CONTRACTS PURCHASED

6/17/2026	Standard Chartered PLC		1,328,000 GBP	$	1,757,631	$	1,806,901		$49,270		$ —

CONTRACTS SOLD

6/17/2026	Westpac Banking Corp.		8,770,000 GBP		11,741,679		11,932,620		—		(190,941	)

6/17/2026	Deutsche Bank AG		12,686,000 EUR		14,738,426		14,922,055		—		(183,628	)

6/17/2026	BNP Paribas		5,030,000 CAD		3,712,971		3,710,561		2,410		—

6/17/2026	JP Morgan Securities LLC		275,500,000 JPY		1,735,673		1,766,937		—		(31,264	)

6/17/2026	Citibank N.A.		56,390,000 HKD		7,235,675		7,212,327		23,348		—

6/17/2026	TD Securities Ltd.		325,000 CAD		234,124		239,748		—		(5,624	)

6/17/2026	CIBC World Markets Corp.		3,233,200,000 JPY		20,511,714		20,736,333		—		(224,619	)

6/17/2026	UBS Securities LLC		756,400,000 JPY		4,782,063		4,851,219		—		(69,156	)

6/17/2026	UBS Securities LLC		390,000 CHF		502,610		501,755		854		—

6/17/2026	HSBC Securities, Inc.		1,576,000 EUR		1,812,470		1,853,788		—		(41,318	)

6/17/2026	JP Morgan Securities LLC		3,285,000 HKD		420,902		420,154		748		—

6/17/2026	Morgan Stanley		489,000 GBP		644,943		665,342		—		(20,399	)

UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$76,630		$(766,949)

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		21

Wilmington Global Alpha Equities Fund (concluded)

At April 30, 2026, 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)

LONG POSITIONS:

EXCHANGE-TRADED:

SPI 200 Index		June 2026		22	$	3,430,349	$	3,432,290		$ 1,941		$ —

SHORT POSITIONS:

EXCHANGE-TRADED:

E-mini Russell 2000 Index		June 2026		49		6,141,730		6,879,110		—		(737,380	)

E-mini S&P 500 Index		June 2026		71		23,802,975		25,715,312		—		(1,912,337	)

E-Mini S&P Mid 400 Index		June 2026		2		660,063		730,240		—		(70,177	)

Euro STOXX 50 Index		June 2026		217		14,502,110		14,873,432		—		(371,322	)

FTSE 100 Index		June 2026		88		12,456,792		12,427,839		28,954		—

HSCE Index		May 2026		95		5,245,228		5,248,197		—		(2,969	)

MSCI EAFE Index		June 2026		133		19,491,578		20,256,565		—		(764,987	)

S&P TSX 60 Index		June 2026		13		3,616,317		3,797,931		—		(181,615	)

TOPIX Index		June 2026		112		25,025,959		26,784,708		—		(1,758,749	)

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS										$30,895		$(5,799,536)

^(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, 2026. 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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


22

Wilmington Real Asset Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Number of Shares		Value

REAL ESTATE RELATED SECURITIES – 50.6%

COMMON STOCKS – 7.2%

DIVERSIFIED – 0.0%**

Centuria Capital Group		73,546	$	90,489

DIVERSIFIED REAL ESTATE ACTIVITIES – 3.4%

Airport City Ltd.*		5,013		93,161

Allreal Holding AG		1,240		338,633

City Developments Ltd.		46,100		296,697

Daito Trust Construction Co. Ltd.		26,000		584,819

Daiwa House Industry Co. Ltd.		51,800		1,580,468

Dear Life Co. Ltd.		8,100		54,187

Great Eagle Holdings Ltd.		34,000		77,433

Heiwa Real Estate Co. Ltd.		6,800		105,503

JINUSHI Co. Ltd.		1,900		40,997

Kerry Properties Ltd.		50,500		153,709

Lendlease Corp. Ltd.		56,610		138,082

Mitsubishi Estate Co. Ltd.		103,400		2,946,718

Mitsui Fudosan Co. Ltd.		233,800		2,560,585

New World Development Co. Ltd.*		122,000		133,132

Nomura Real Estate Holdings, Inc.		44,500		290,329

Property & Building Corp. Ltd.		345		41,512

St. Joe Co. (The)		3,369		217,536

Starts Corp., Inc.		3,400		103,805

Sumitomo Realty & Development Co. Ltd.		79,600		2,467,569

Sun Frontier Fudousan Co. Ltd.		600		10,298

Sun Hung Kai Properties Ltd.		131,000		2,293,428

Tejon Ranch Co.*		4,023		78,730

Tokyo Tatemono Co. Ltd.		18,500		425,699

Tokyu Fudosan Holdings Corp.		53,600		456,357

UOL Group Ltd.		38,100		318,734

Wharf Holdings Ltd. (The)		83,000		274,799

YH Dimri Construction & Development Ltd.		773		105,367


TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	16,188,287

REAL ESTATE DEVELOPMENT – 0.6%

Africa Israel Residences Ltd.		903		72,342

Aura Investments Ltd.		13,183		94,114

Cham Swiss Properties AG		2,754		93,781

CK Asset Holdings Ltd.		165,500		1,042,527

DREAM Unlimited Corp., Class A		3,356		45,707

Forestar Group, Inc.*		2,103		59,431

Gemlife Communities Group*		23,809		79,909

Goldcrest Co. Ltd.		1,500		31,977

Henderson Land Development Co. Ltd.		116,735		461,419

Howard Hughes Holdings, Inc.*		2,602		162,026

Kasumigaseki Capital Co. Ltd.		1,800		74,816

Katitas Co. Ltd.		4,200		83,843

Mirarth Holdings, Inc.		16,500		41,841

Nexity SA*		5,635		55,937

Sino Land Co. Ltd.		316,000		506,728



Description	Number of Shares		Value

Tosei Corp.		4,600	$	47,794


TOTAL REAL ESTATE DEVELOPMENT			$	2,954,192

REAL ESTATE OPERATING COMPANIES – 3.2%

Alony Hetz Properties & Investments Ltd.		13,748		165,965

Amot Investments Ltd.		18,530		126,658

Argo Properties NV*		2,361		110,970

Aroundtown SA*		67,217		194,345

Art Group Holdings Ltd.*		125,000		45,066

Atrium Ljungberg AB, Class B		21,965		70,609

Azrieli Group Ltd.		3,107		495,566

Big Shopping Centers Ltd.		1,267		334,246

Blue Square Real Estate Ltd.		696		93,367

CA Immobilien Anlagen AG		3,408		109,206

Capitaland India Trust		86,834		71,752

Castellum AB		28,993		371,109

Catena AB		3,569		168,358

Cibus Real Estate AB publ		7,571		120,691

Corem Property Group AB, Class B		71,713		24,896

CPI Europe AG*		3,123		57,208

CTP NV		10,274		194,208

Deutsche Wohnen SE		3,475		80,706

Dios Fastigheter AB		11,065		76,267

Electra Real Estate Ltd.*		4,465		84,328

Entra ASA		6,908		78,347

Fabege AB		16,810		141,235

Fastighets AB Balder, Class B*		58,421		349,484

FRP Holdings, Inc.*		1,518		31,893

Gav-Yam Lands Corp. Ltd.		6,398		88,593

Grand City Properties SA*		6,646		74,802

Hang Lung Group Ltd.		72,000		149,527

Hang Lung Properties Ltd.		148,000		173,994

Hiag Immobilien Holding AG		577		100,737

Hongkong Land Holdings Ltd.		86,600		684,663

Hufvudstaden AB, Class A		10,212		136,001

Hulic Co. Ltd.		54,000		609,038

Hysan Development Co. Ltd.		52,001		130,356

Ichigo, Inc.		23,500		74,991

International Workplace Group PLC		63,719		160,406

Intershop Holding AG		540		117,216

Israel Canada T.R Ltd.		17,609		122,800

Keihanshin Building Co. Ltd.		4,900		58,876

Kennedy-Wilson Holdings, Inc.		11,544		125,830

LEG Immobilien SE		6,207		435,537

Leopalace21 Corp.		20,500		85,420

Logistea AB, Class B		50,906		77,245

Lumo Kodit OYJ		15,717		149,682

Mega Or Holdings Ltd.		2,016		412,378

Melisron Ltd.		2,063		304,211

Mivne Real Estate KD Ltd.		45,379		218,709

Mobimo Holding AG		620		296,021

NP3 Fastigheter AB		2,963		83,637

Nyfosa AB		13,690		99,501

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		23

Wilmington Real Asset Fund (continued)



Description	Number of Shares		Value

Pandox AB		8,632	$	158,641

Platzer Fastigheter Holding AB, Class B		7,498		56,102

PSP Swiss Property AG		3,919		783,294

Public Property Invest AS		37,747		80,314

Sagax AB, Class B		18,596		370,077

Samhallsbyggnadsbolaget i Norden AB*		131,894		48,260

StorageVault Canada, Inc.		20,835		67,489

Summit Real Estate Holdings Ltd.		3,339		62,525

Swedish Logistic Property AB, Class B*		18,709		77,015

Swire Properties Ltd.		88,400		282,449

Swiss Prime Site AG		6,598		1,143,405

TAG Immobilien AG		15,993		278,901

TOC Co. Ltd.		5,500		37,053

VGP NV		1,170		120,116

Vonovia SE		71,414		1,924,122

Wallenstam AB, Class B		29,304		124,618

Wharf Real Estate Investment Co. Ltd.		136,000		425,883

Wihlborgs Fastigheter AB		23,134		204,525


TOTAL REAL ESTATE OPERATING COMPANIES			$	14,811,440


TOTAL COMMON STOCKS (COST $26,096,762)			$	34,044,408

EXCHANGE-TRADED FUNDS – 8.4%

REAL ESTATE – 8.4%

Schwab U.S. REIT ETF		1,046,400		24,506,688

Vanguard Global ex-U.S. Real Estate ETF^#		318,500		15,042,755


TOTAL REAL ESTATE			$	39,549,443


TOTAL EXCHANGE-TRADED FUNDS (COST $32,942,426)			$	39,549,443

INVESTMENT COMPANY – 3.4%

EQUITY FUNDS – 3.4%

Tortoise Energy Infrastructure Total Return Fund, Institutional Class		686,091		16,274,078


TOTAL INVESTMENT COMPANY (COST $7,951,184)			$	16,274,078

REAL ESTATE INVESTMENT TRUSTS – 31.6%

DATA CENTER – 3.2%

DigiCo Infrastructure REIT		37,257		65,232

Digital Core REIT Management Pte Ltd.		140,100		72,340

Digital Realty Trust, Inc.		27,196		5,464,764

Equinix, Inc.		8,298		8,985,323

Keppel DC REIT		175,735		325,239

NTT DC REIT*		85,600		84,078


TOTAL DATA CENTER			$	14,996,976

DIVERSIFIED – 2.5%

Activia Properties, Inc.		173		155,581

AEW UK REIT PLC		21,753		30,533

AH Realty Trust, Inc.		7,345		44,731

American Assets Trust, Inc.		4,266		88,477

British Land Co. PLC (The)		84,463		446,933

Broadstone Net Lease, Inc.		15,290		302,742

CapitaLand Integrated Commercial Trust		494,692		921,372

Charter Hall Group		39,654		583,948

Charter Hall Long Wale REIT		57,114		145,045



Description	Number of Shares		Value

Covivio SA		4,433	$	293,190

CTO Realty Growth, Inc.		3,116		63,099

Custodian Property Income REIT PLC		42,620		48,534

Daiwa House REIT Investment Corp.		366		294,353

Essential Properties Realty Trust, Inc.		17,303		543,833

Gladstone Commercial Corp.		4,528		57,098

Global Net Lease, Inc.		17,038		162,883

GPT Group (The)		162,216		559,458

Growthpoint Properties Australia Ltd.		26,398		41,780

H&R REIT		11,299		88,921

Hankyu Hanshin REIT, Inc.		67		63,924

Heiwa REIT, Inc.		85		79,876

Hulic REIT, Inc.		99		103,292

ICADE*		2,678		64,472

KDX Realty Investment Corp.		343		358,267

Land Securities Group PLC		61,918		498,210

Mapletree Pan Asia Commercial Trust		180,823		183,737

Menivim- The New REIT Ltd.		115,216		85,884

Merlin Properties Socimi SA		34,533		603,886

Mirai Corp.		207		60,845

MIRARTH Real Estate Investment Corp.		100		56,246

Mirvac Group		333,311		411,788

Mori Trust REIT, Inc.		222		107,677

Nomura Real Estate Master Fund, Inc.		360		370,986

NTT UD REIT Investment Corp.		127		111,520

OUE REIT		318,600		91,457

Picton Property Income Ltd.		63,920		67,264

REIT 1 Ltd.		16,616		145,862

Schroder REIT Ltd.		45,679		29,774

Sekisui House REIT, Inc.		346		188,235

Sella Capital Real Estate Ltd.		19,590		73,236

Shaftesbury Capital PLC		165,887		302,417

Sirius Real Estate Ltd.		130,960		178,203

Star Asia Investment Corp.		211		75,914

Stockland		203,589		597,065

Stoneweg Europe Stapled Trust		48,300		88,096

Suntec REIT		186,000		218,861

Tokyu REIT, Inc.		79		97,436

Tosei REIT Investment Corp.		51		44,655

United Urban Investment Corp.		262		296,438

WP Carey, Inc.		18,208		1,327,909

Yuexiu REIT		440,000		40,554


TOTAL DIVERSIFIED			$	11,896,497

HEALTH CARE – 5.0%

Aedifica SA		6,955		586,316

Alexandria Real Estate Equities, Inc.		13,227		535,826

American Healthcare REIT, Inc.^#		14,798		751,442

Care Property Invest NV		4,663		70,775

CareTrust REIT, Inc.		18,526		730,851

Chiron Real Estate, Inc.		1,322		46,363

Cofinimmo SA		647		63,814

Community Healthcare Trust, Inc.		4,317		74,339

Diversified Healthcare Trust		19,260		145,220

Health Care & Medical Investment Corp.		33		24,353

Healthcare Realty Trust, Inc.		29,499		551,631

Healthpeak Properties, Inc.		58,972		953,577

LTC Properties, Inc.		3,930		150,205

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


24		PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)



Description	Number of Shares		Value

Medical Properties Trust, Inc.^#		42,441	$	209,659

National Health Investors, Inc.		3,834		294,873

Omega Healthcare Investors, Inc.		24,797		1,164,715

Parkway Life REIT		40,600		128,463

Primary Health Properties PLC		198,261		252,238

Sabra Health Care REIT, Inc.		21,064		435,182

Sila Realty Trust, Inc.		4,793		145,851

Target Healthcare REIT PLC		77,461		110,669

Universal Health Realty Income Trust		1,459		59,381

Ventas, Inc.		39,991		3,513,609

Vital Healthcare Property Trust		65,163		73,155

Vital Infrastructure Property Trust		12,608		51,700

Welltower, Inc.		58,757		12,770,246


TOTAL HEALTH CARE			$	23,894,453

HOTEL & RESORT – 0.8%

Apple Hospitality REIT, Inc.		18,766		252,778

CapitaLand Ascott Trust		215,449		151,788

CDL Hospitality Trusts		59,214		37,764

Chatham Lodging Trust		5,931		51,481

DiamondRock Hospitality Co.		18,163		185,263

Far East Hospitality Trust		94,900		42,931

Hoshino Resorts REIT, Inc.		53		85,721

Host Hotels & Resorts, Inc.		53,790		1,136,583

Invincible Investment Corp.		636		250,233

Japan Hotel REIT Investment Corp.		523		261,366

Park Hotels & Resorts, Inc.		17,264		198,018

Pebblebrook Hotel Trust		9,680		136,004

RLJ Lodging Trust		13,241		109,106

Ryman Hospitality Properties, Inc.		5,434		571,059

Service Properties Trust		59,024		91,487

Summit Hotel Properties, Inc.		11,188		55,604

Sunstone Hotel Investors, Inc.		17,186		168,766

Xenia Hotels & Resorts, Inc.		8,888		144,608


TOTAL HOTEL & RESORT			$	3,930,560

INDUSTRIAL – 5.4%

AIMS APAC REIT		43,700		51,841

Americold Realty Trust, Inc.		24,303		297,226

CapitaLand Ascendas REIT		355,400		698,527

Centuria Industrial REIT		46,315		100,438

CRE Logistics REIT, Inc.		87		86,087

Dexus Industria REIT		26,271		46,961

Dream Industrial REIT		11,389		114,699

EastGroup Properties, Inc.		4,478		900,974

ESR-REIT		52,029		99,052

First Industrial Realty Trust, Inc.		11,165		692,342

Frasers Logistics & Commercial Trust		249,620		188,647

GLP J-REIT		389		337,123

Goodman Group		172,119		3,729,086

Goodman New Zealand Ltd. & Goodman Property Services NZ Ltd.		123,909		138,558

Granite REIT		2,635		178,214

Industrial & Infrastructure Fund Investment Corp.		217		203,109

Industrial Logistics Properties Trust		5,000		37,150

Innovative Industrial Properties, Inc.		2,429		131,773

Japan Logistics Fund, Inc.		216		131,562



Description	Number of Shares		Value

LaSalle Logiport REIT		149	$	145,646

Lineage, Inc.		4,895		180,528

LondonMetric Property PLC		198,905		511,997

LXP Industrial Trust		5,237		266,668

Mapletree Industrial Trust		188,170		292,016

Mapletree Logistics Trust		279,150		268,737

Mitsubishi Estate Logistics REIT Investment Corp.		126		97,878

Mitsui Fudosan Logistics Park, Inc.		275		197,363

Montea NV		1,804		149,064

Nippon Prologis REIT, Inc.		580		332,158

One Liberty Properties, Inc.		1,556		35,337

Prologis, Inc.		78,321		11,123,148

Rexford Industrial Realty, Inc.		19,484		699,281

Segro PLC		113,334		1,073,498

SOSiLA Logistics REIT, Inc.		76		59,777

STAG Industrial, Inc.		15,740		607,249

Terreno Realty Corp.		8,710		567,892

Tritax Big Box REIT PLC		203,968		418,665

Warehouses De Pauw		16,087		422,834


TOTAL INDUSTRIAL			$	25,613,105

MULTI-FAMILY RESIDENTIAL – 2.4%

Advance Residence Investment Corp.		243		251,195

Altarea SCA		588		77,282

AvalonBay Communities, Inc.		11,886		2,175,138

Boardwalk REIT		2,080		103,942

BRT Apartments Corp.		1,574		22,618

Camden Property Trust		8,943		939,194

Canadian Apartment Properties REIT		6,637		178,733

Centerspace		1,362		92,984

Centurion Accommodation REIT		82,000		70,957

Comforia Residential REIT, Inc.		180		126,608

Daiwa Securities Living Investments Corp.		199		136,871

Equity Residential		28,928		1,891,313

Essex Property Trust, Inc.		5,407		1,423,176

Grainger PLC		61,925		135,247

Home REIT PLC*		42,087		5,670

Independence Realty Trust, Inc.		19,770		322,449

Ingenia Communities Group		40,228		116,587

InterRent REIT		6,334		61,552

Irish Residential Properties REIT PLC		45,362		57,098

Killam Apartment REIT		4,993		62,599

Mid-America Apartment Communities, Inc.		9,799		1,265,835

Mitsui Fudosan Accommodations Fund, Inc.		215		179,607

Morguard North American Residential REIT		1,808		22,428

NexPoint Residential Trust, Inc.		2,176		62,865

Samty Residential Investment Corp.		82		54,546

Social Housing REIT PLC		33,231		33,074

Starts Proceed Investment Corp.		27		33,462

UDR, Inc.		25,511		927,070

UNITE Group PLC (The)		41,751		263,105

Veris Residential, Inc.		6,873		130,381

Xior Student Housing NV		3,202		103,801


TOTAL MULTI-FAMILY RESIDENTIAL			$	11,327,387

OFFICE – 1.6%

Allied Properties REIT		5,371		38,908

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		25

Wilmington Real Asset Fund (continued)



Description	Number of Shares		Value

Brandywine Realty Trust		15,743	$	47,701

BXP, Inc.		12,358		722,449

Champion REIT		160,000		47,775

Colonial SFL Socimi SA		29,033		186,210

COPT Defense Properties		9,418		294,313

Cousins Properties, Inc.		13,799		353,392

Cromwell Property Group		262,936		76,019

Daiwa Office Investment Corp.		52		111,156

Derwent London PLC		9,601		224,632

Dexus		90,968		410,371

Douglas Emmett, Inc.		15,587		168,495

Easterly Government Properties, Inc.		3,981		93,195

Empire State Realty Trust, Inc., Class A		12,464		69,424

Gecina SA		4,380		370,304

Global One Real Estate Investment Corp.		95		74,193

Great Portland Estates PLC		34,798		146,688

Helical PLC		17,407		45,279

Highwoods Properties, Inc.^#		9,836		239,113

Hudson Pacific Properties, Inc.*		5,813		53,538

Ichigo Office REIT Investment Corp.		132		76,560

Japan Excellent, Inc.		109		99,680

Japan Prime Realty Investment Corp.		323		204,476

Japan Real Estate Investment Corp.		592		453,108

JBG SMITH Properties^#		6,049		90,735

Keppel REIT		242,200		170,525

Kilroy Realty Corp.		9,593		319,063

Mori Hills REIT Investment Corp.		119		102,000

NET Lease Office Properties		1,803		23,547

Nippon Building Fund, Inc.		728		611,353

NIPPON REIT Investment Corp.		156		89,313

NSI NV		1,776		35,417

One REIT, Inc.		90		44,975

Orix JREIT, Inc.		462		293,502

Peakstone Realty Trust		4,237		88,892

Piedmont Realty Trust, Inc, Class A*		10,974		91,743

Postal Realty Trust, Inc., Class A^#		2,000		43,760

Sankei Real Estate, Inc.		40		31,780

SL Green Realty Corp.		6,349		269,261

Vornado Realty Trust		13,500		403,515

Workspace Group PLC		12,028		55,266


TOTAL OFFICE			$	7,371,626

OTHER SPECIALIZED – 2.0%

Arena REIT		35,122		84,170

Charter Hall Social Infrastructure REIT		35,768		67,170

EPR Properties		6,503		362,932

Farmland Partners, Inc.		3,836		41,237

Four Corners Property Trust, Inc.		8,918		228,033

Gaming and Leisure Properties, Inc.		23,696		1,148,308

Gladstone Land Corp.		3,000		28,770

Iron Mountain, Inc.		24,866		3,132,867

Lamar Advertising Co., Class A		7,374		1,016,432

Millrose Properties, Inc., Class A		12,701		389,540

Outfront Media, Inc.		12,448		384,021

Rural Funds Trust		46,919		68,766

Safehold, Inc.		4,022		64,432



Description	Number of Shares		Value

VICI Properties, Inc.		89,445	$	2,611,794


TOTAL OTHER SPECIALIZED			$	9,628,472

RETAIL – 5.9%

Acadia Realty Trust		10,917		236,026

AEON REIT Investment Corp.		135		108,245

Agree Realty Corp.^#		9,804		755,986

Alexander’s, Inc.^#		201		50,644

Brixmor Property Group, Inc.		25,752		774,878

BWP Property Group Ltd.		49,088		138,957

CapitaLand China Trust		120,900		63,220

Carmila SA		6,271		125,252

CBL & Associates Properties, Inc.		1,325		59,651

Charter Hall Retail REIT		46,012		130,554

Choice Properties REIT		13,868		153,856

Crombie REIT		4,825		60,208

CT REIT		6,101		78,691

Curbline Properties Corp.		8,150		224,940

Eurocommercial Properties NV		4,984		163,504

Federal Realty Investment Trust		6,531		724,288

First Capital REIT		8,769		150,997

Fortune REIT		131,000		81,478

Frasers Centrepoint Trust		125,223		230,764

Frontier Real Estate Investment Corp.		195		106,806

FrontView REIT, Inc.		1,800		31,860

Fukuoka REIT Corp.		64		73,722

Getty Realty Corp.		4,465		147,881

Hamborner REIT AG		12,777		72,649

Hammerson PLC		43,552		195,497

HomeCo Daily Needs REIT		162,475		149,440

InvenTrust Properties Corp.		6,558		210,643

Japan Metropolitan Fund Invest		591		437,993

Kimco Realty Corp.		56,670		1,339,679

Kite Realty Group Trust		18,275		478,074

Klepierre SA		18,940		767,378

Lendlease Global Commercial REIT		193,725		86,996

Link REIT		218,100		1,098,197

Macerich Co. (The)		21,399		465,000

Mercialys SA		8,472		124,082

NETSTREIT Corp.^#		7,606		156,455

NewRiver REIT PLC		44,669		45,411

NNN REIT, Inc.		15,710		687,941

Phillips Edison & Co., Inc.		10,352		415,788

Primaris REIT		4,411		61,277

Realty Income Corp.		77,114		4,953,803

Regency Centers Corp.		13,715		1,067,713

Region Group		98,776		165,176

Retail Estates NV		1,199		95,594

RioCan REIT		11,906		186,345

Sasseur REIT		61,100		32,202

Saul Centers, Inc.		1,263		43,485

Scentre Group		439,067		1,179,857

Simon Property Group, Inc.		27,391		5,579,821

SITE Centers Corp.		4,500		24,705

Slate Grocery REIT, Class U		2,915		34,636

SmartCentres REIT		7,835		162,716

Starhill Global REIT		158,600		68,691

Supermarket Income REIT PLC		108,974		124,406

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


26		PORTFOLIOS OF INVESTMENTS

Wilmington Real Asset Fund (continued)



Description	Number of Shares		Value

Tanger, Inc.		9,484	$	351,667

Unibail-Rodamco-Westfield		10,360		1,257,782

Urban Edge Properties		10,642		233,273

Vicinity Ltd.		328,112		596,663

Waypoint REIT Ltd.		58,312		104,061

Wereldhave NV		2,996		77,477

Whitestone REIT		4,055		76,802


TOTAL RETAIL			$	27,881,783

SELF-STORAGE – 1.8%

Abacus Storage King		51,339		52,755

Big Yellow Group PLC		16,832		206,762

CubeSmart		19,108		773,492

Extra Space Storage, Inc.		17,830		2,555,574

National Storage Affiliates Trust		6,307		268,426

National Storage REIT		123,172		247,411

Public Storage		13,373		4,044,664

Safestore Holdings PLC		18,058		165,077

Shurgard Self Storage Ltd.		2,600		79,975

Smartstop Self Storage REIT, Inc.^#		4,992		157,148


TOTAL SELF-STORAGE			$	8,551,284

SINGLE-FAMILY RESIDENTIAL – 1.0%

American Homes 4 Rent, Class A		27,273		868,372

Equity LifeStyle Properties, Inc.		16,450		1,041,120

Invitation Homes, Inc.		47,071		1,354,233

Sun Communities, Inc.		9,709		1,241,199

UMH Properties, Inc.		7,096		110,343


TOTAL SINGLE-FAMILY RESIDENTIAL			$	4,615,267


TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $125,041,508)			$	149,707,410


TOTAL REAL ESTATE RELATED SECURITIES (COST $192,031,880)			$	239,575,339

COMMODITY RELATED SECURITIES – 48.1%

EXCHANGE-TRADED FUNDS – 1.9%

COMMODITY – 1.9%
State Street SPDR S&P Global Natural Resources ETF		119,300		8,921,254


TOTAL EXCHANGE-TRADED FUNDS (COST $5,102,945)			$	8,921,254

INVESTMENT COMPANIES – 46.2%

COMMODITY – 46.2%

Vanguard Commodity Strategy Fund, Admiral Shares		2,714,287		87,264,311

DFA Commodity Strategy Portfolio, Institutional Class^§		20,655,987		126,827,760

Parametric Commodity Strategy Fund, Institutional Class		616,776		4,989,720


TOTAL COMMODITY			$	219,081,791


TOTAL INVESTMENT COMPANIES (COST $171,230,145)			$	219,081,791


TOTAL COMMODITY RELATED SECURITIES (COST $176,333,090)			$	228,003,045



Description	Number of Shares		Value

SHORT-TERM INVESTMENTS – 1.4%

MONEY MARKET FUND – 1.4%

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^{^}		6,843,306	$	6,843,306


TOTAL SHORT-TERM INVESTMENT (COST $6,843,306)			$	6,843,306


Description	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7%

REPURCHASE AGREEMENTS – 0.7%

Bank of Montreal, 3.65%, dated 4/30/26,due 5/01/26, repurchase price $185,673,collateralized by U.S. Government Agency Securities, 2.00% to 8.00%, maturing 10/20/37 to 2/15/67; total market value of $189,367.	$	185,654		185,654

Cantor Fitzgerald Securities, 3.66%, dated 4/30/26, due 5/01/26, repurchase price $638,035, collateralized by U.S. Government Agency Securities, 2.00% to 6.81%, maturing 4/01/33 to 9/20/75; total market value of $650,729.		637,970		637,970

Daiwa Capital Markets America, Inc., 3.65%,dated 4/30/26, due 5/01/26, repurchase price $638,035, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/12/27 to 5/01/56; total market value of $650,729.		637,970		637,970

HSBC Securities USA, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $638,035, collateralized by U.S. Government Agency Securities, 1.53% to 7.00%, maturing 8/01/30 to 4/01/56; total market value of $650,729.		637,970		637,970

Nomura Securities International, Inc., 3.65%, dated 4/30/26, due 5/01/26,repurchase price $638,035, collateralized by U.S. Government Agency Securities, 2.50% to 6.50%, maturing 9/01/28 to 9/01/62; total market value of $650,729.		637,970		637,970

TD Securities, Inc., 3.65%, dated 4/30/26,due 5/01/26, repurchase price $638,035,collateralized by U.S. Government Agency Securities, 5.00% to 6.00%, maturing 3/20/53 to 10/20/55; total market value of $650,729.		637,970		637,970


TOTAL REPURCHASE AGREEMENTS (COST $3,375,504)			$	3,375,504


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,375,504)			$	3,375,504


TOTAL INVESTMENTS – 100.8% (Cost $378,583,780)			$	477,797,194

COLLATERAL FOR SECURITIES ON LOAN – (0.7%)				(3,375,504	)

OTHER ASSETS LESS LIABILITIES – (0.1)%				(470,745	)


TOTAL NET ASSETS – 100.0%			$	473,950,945

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		27

Wilmington Real Asset Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:


	Level 1		Level 2		Level 3		Total

Assets

Investments in Securities

Real Estate Related Securities

Common Stocks

Diversified	$	—	$	90,489		$—	$	90,489

Diversified Real Estate Activities		296,266		15,892,021		—		16,188,287

Real Estate Development		267,164		2,687,028		—		2,954,192

Real Estate Operating Companies		225,212		14,586,228		—		14,811,440

Exchange-Traded Funds		39,549,443		—		—		39,549,443

Investment Company		16,274,078		—		—		16,274,078

Real Estate Investment Trusts

Data Center		14,450,087		546,889		—		14,996,976

Diversified		2,679,693		9,216,804		—		11,896,497

Health Care		22,584,670		1,309,783		—		23,894,453

Hotel & Resort		3,100,757		829,803		—		3,930,560

Industrial		15,832,481		9,780,624		—		25,613,105

Multi-Family Residential		9,687,947		1,639,440		—		11,327,387

Office		3,411,044		3,960,582		—		7,371,626

Other Specialized		9,408,366		220,106		—		9,628,472

Retail		19,979,729		7,902,054		—		27,881,783

Self-Storage		7,799,304		751,980		—		8,551,284

Single-Family Residential		4,615,267		—		—		4,615,267

Commodity Related Securities

Exchange-Traded Funds		8,921,254		—		—		8,921,254

Investment Companies		219,081,791		—		—		219,081,791

Money Market Fund		6,843,306		—		—		6,843,306

Repurchase Agreements		—		3,375,504		—		3,375,504


Total Investments in Securities	$	405,007,859	$	72,789,335		$—	$	477,797,194

**	Represents less than 0.05%.

*	Non-income producing security.

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

^§	Affiliated company. See Note 5 in Notes to Financial Statements.

^{^}	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:


ETF		Exchange-Traded Fund

J-REIT		Japanese Real Estate Investment Trust

OYJ		Public Limited Company

PLC		Public Limited Company

REIT		Real Estate Investment Trust

SCA		Limited Partnership With Share Capital

SPDR		Standard & Poor’s Depositary Receipt

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


28		STATEMENTS OF ASSETS AND LIABILITIES



April 30, 2026	Wilmington International Fund				Wilmington Global Alpha Equities Fund				Wilmington Real Asset Fund
ASSETS:
Investments, at identified cost		$	382,614,485			$	167,151,170			$	378,583,780	^(a)

Investments in securities, at value		$	585,980,574	^(b)		$	235,616,290			$	477,797,194	^(c),(d)
Cash			—				916,534				—
Deposits for financial futures contracts			1,141,000				7,149,523				—
Cash denominated in foreign currencies			2,161,323	^(e)			783,740	^(e)			197,602	^(e)
Variation margin receivable for financial futures contracts			302,954				—				—
Income receivable			2,123,101				659,139				429,849
Foreign tax reclaim receivable			2,330,563				380,593				120,920
Receivable for shares sold			114,589				65,379				296,825
Unrealized appreciation on forward foreign currency contracts			—				76,630				—
Receivable for investments sold			785,611				477,889				—
Prepaid and other assets			26,894				32,668				29,706


TOTAL ASSETS			594,966,609				246,158,385				478,872,096

LIABILITIES:
Collateral for securities on loan			21,655,797				—				3,375,504
Due to custodian			68,471				—				—
Deferred foreign capital gains tax payable			67,171				14,296				—
Variation margin payable for financial futures contracts			21,166				1,055,073				—
Payable for investments purchased			274,720				1,438,118				1,084,632
Unrealized depreciation on forward foreign currency contracts			—				766,949				—
Payable for shares redeemed			69,795				5,462				76,227
Payable to sub-advisors			151,517				107,046				23,329
Payable for Trustees’ fees			6,019				6,019				6,019
Payable for administration fees			12,803				5,451				10,432
Payable for distribution services fees			844				51				213
Payable for investment advisory fees			128,435				85,490				134,666
Other accrued expenses			445,100				254,459				210,129


TOTAL LIABILITIES			22,901,838				3,738,414				4,921,151


NET ASSETS		$	572,064,771			$	242,419,971			$	473,950,945


NET ASSETS CONSIST OF:

Paid-in capital		$	348,417,131			$	183,840,339			$	416,724,934
Distributable earnings (loss)			223,647,640				58,579,632				57,226,011


TOTAL NET ASSETS		$	572,064,771			$	242,419,971			$	473,950,945

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets		$	4,227,811			$	265,106			$	1,087,915

Shares outstanding (unlimited shares authorized)			358,071				18,536				64,957

Net Asset Value per share		$	11.81			$	14.30			$	16.75

Offering Price per share*		$	12.50	**		$	15.13	**		$	17.72	**

Class I
Net Assets		$	567,836,960			$	242,154,865			$	472,863,030

Shares outstanding (unlimited shares authorized)			47,293,562				16,497,388				27,642,506

Net Asset Value and Offering Price per share		$	12.01			$	14.68			$	17.11

(a)	Includes $97,632,300 of investments in affiliated issuers.

(b)	Including $20,845,087 of securities on loan (Note 2).

(c)	Includes $126,827,760 of investments in affiliated issuers.

(d)	Including $3,328,650 of securities on loan (Note 2).

(e)	Cost of cash denominated in foreign currencies was $2,158,450, $781,530 and $200,240, respectively.

*	See “How are Shares Priced?” in the Prospectus.

**	Computation of offering price per share: 100/94.50 of net asset value.

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF OPERATIONS		29



Year Ended April 30, 2026	Wilmington International Fund			Wilmington Global Alpha Equities Fund			Wilmington Real Asset Fund
INVESTMENT INCOME:
Dividends	$	13,994,135	^(a)	$	5,127,973	^(a)	$	29,368,662	^(a),(b)
Interest		24,637			172,425			(175	)
Securities lending income, net		194,576			—			20,968

TOTAL INVESTMENT INCOME		14,213,348			5,300,398			29,389,455

EXPENSES:
Investment advisory fees		4,225,583			2,778,752			2,174,760
Administration fees		152,165			68,034			118,427
Portfolio accounting and administration fees		178,031			144,062			159,798
Custodian fees		173,209			118,869			34,451
Transfer and dividend disbursing agent fees and expenses		44,812			10,789			8,718
Trustees’ fees		80,948			80,948			80,948
Professional fees		275,815			198,768			190,412
Distribution services fee—Class A		9,567			615			2,305
Shareholder services fee—Class A		9,567			615			2,305
Share registration costs		31,138			32,993			33,888
Printing and postage		27,272			23,249			28,389
Miscellaneous		61,762			55,211			49,739

TOTAL EXPENSES		5,269,869			3,512,905			2,884,140

WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(743,633	)		(502,315	)		(470,222	)
Waiver of shareholder services fee—Class A		(9,567	)		(615	)		(2,305	)

TOTAL WAIVERS AND REIMBURSEMENTS		(753,200	)		(502,930	)		(472,527	)

Net expenses		4,516,669			3,009,975			2,411,613

Net investment income		9,696,679			2,290,423			26,977,842

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on unaffiliated investments		52,705,798			24,099,599	^(c)		(3,206,118	)^(c)
Net realized gain (loss) on affiliated investments		—			—			(2,389,194	)
Net realized gain (loss) on forward foreign currency contracts		—			1,407,509			—
Net realized gain (loss) on foreign currency transactions		(2,472	)		(46,080	)		16,515
Net realized gain (loss) on financial futures contracts		867,340			(19,376,253	)		—

Net realized gain (loss)		53,570,666			6,084,775			(5,578,797	)

Net change in unrealized appreciation (depreciation) on unaffiliated investments		90,441,630	^(d)		17,020,372	^(d)		52,644,873
Net change in unrealized appreciation (depreciation) on affiliated investments		—			—			34,727,799
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts		—			706,595			—
Net change in unrealized appreciation (depreciation) on foreign currency transactions		19,546			(5,012	)		(7,022	)
Net change in unrealized appreciation (depreciation) on financial futures contracts		(483,473	)		(6,490,013	)		—

Net change in unrealized appreciation (depreciation)		89,977,703			11,231,942			87,365,650

Net realized and unrealized gain (loss)		143,548,369			17,316,717			81,786,853

Change in net assets resulting from operations	$	153,245,048		$	19,607,140		$	108,764,695

^(a)	Net of foreign withholding taxes of $1,632,935, $461,286 and $283,568, respectively.

^(b)	Includes $10,665,776 received from affiliated issuers.

^(c)	Net of foreign capital gains tax paid of $1,354 and $1,104, respectively.

^(d)	Net of change in deferred foreign capital gains tax accrued of $32,598 and $9,834, respectively.

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


30		STATEMENTS OF CHANGES IN NET ASSETS



	Wilmington International Fund						Wilmington Global Alpha Equities Fund

	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2026			Year Ended April 30, 2025


OPERATIONS:
Net investment income	$	9,696,679		$	11,071,675		$	2,290,423		$	2,249,130
Net realized gain (loss)		53,570,666			33,643,983			6,084,775			15,175,252
Net change in unrealized appreciation (depreciation)		89,977,703			27,903,152			11,231,942			(304,388	)

Change in net assets resulting from operations		153,245,048			72,618,810			19,607,140			17,119,994


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(345,059	)		(90,506	)		(287	)		(3,186	)
Class I		(48,541,645	)		(15,810,220	)		(405,769	)		(3,134,540	)

Total distributions to shareholders		(48,886,704	)		(15,900,726	)		(406,056	)		(3,137,726	)


SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		243,447			14,457			36,738			5,603
Class I		29,402,185			45,695,196			24,529,190			70,912,988
Distributions reinvested
Class A		280,254			75,175			246			2,909
Class I		26,412,372			2,803,020			167,557			1,212,468
Cost of shares redeemed
Class A		(278,784	)		(309,360	)		(14,999	)		(3,548	)
Class I		(87,638,638	)		(142,172,520	)		(41,884,211	)		(61,889,430	)

Change in net assets resulting from share transactions		(31,579,164	)		(93,894,032	)		(17,165,479	)		10,240,990

Change in net assets		72,779,180			(37,175,948	)		2,035,605			24,223,258

NET ASSETS:
Beginning of year		499,285,591			536,461,539			240,384,366			216,161,108

End of year	$	572,064,771		$	499,285,591		$	242,419,971		$	240,384,366


SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		22,246			1,578			2,639			442
Class I		2,649,667			4,864,209			1,726,684			5,255,092
Distributions reinvested
Class A		26,252			8,368			18			224
Class I		2,419,669			307,596			11,734			91,163
Shares redeemed
Class A		(25,023	)		(34,066	)		(1,062	)		(274	)
Class I		(7,855,850	)		(14,751,822	)		(2,960,902	)		(4,720,821	)

Net change resulting from share transactions		(2,763,039	)		(9,604,137	)		(1,220,889	)		625,826

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF CHANGES IN NET ASSETS (concluded)		31



	Wilmington Real Asset Fund

		Year Ended April 30, 2026				Year Ended April 30, 2025
OPERATIONS:
Net investment income			$	26,977,842			$	10,064,878
Net realized gain (loss)				(5,578,797	)			(7,930,030	)
Net change in unrealized appreciation (depreciation)				87,365,650				29,918,639

Change in net assets resulting from operations				108,764,695				32,053,487

DISTRIBUTIONS TO SHAREHOLDERS:
Class A				(61,728	)			(22,044	)
Class I				(28,386,533	)			(10,059,547	)

Total distributions to shareholders				(28,448,261	)			(10,081,591	)

SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A				46,271				18,406
Class I				43,887,363				58,161,693
Distributions reinvested
Class A				60,609				21,435
Class I				11,409,318				4,584,899
Cost of shares redeemed
Class A				(62,790	)			(93,904	)
Class I				(48,230,463	)			(78,221,764	)

Change in net assets resulting from share transactions				7,110,308				(15,529,235	)

Change in net assets				87,426,742				6,442,661
NET ASSETS:
Beginning of year				386,524,203				380,081,542

End of year			$	473,950,945			$	386,524,203

SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A				2,889				1,308
Class I				2,935,686				4,074,564
Distributions reinvested
Class A				4,228				1,578
Class I				779,832				331,337
Shares redeemed
Class A				(4,373	)			(6,711	)
Class I				(3,158,177	)			(5,507,156	)

Net change resulting from share transactions				560,085				(1,105,080	)

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


32		FINANCIAL HIGHLIGHTS

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



		WILMINGTON INTERNATIONAL FUND


CLASS A	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 9.76			$ 8.83			$ 8.37			$ 8.44			$	10.47
Income (Loss) From Operations:
Net Investment Income^(a)		0.17			0.17			0.15			0.15				0.10
Net Realized and Unrealized Gain (Loss)		2.89			1.02			0.49			0.08				(1.75	)

Total Income (Loss) From Operations		3.06			1.19			0.64			0.23				(1.65	)

Less Distributions From:
Net Investment Income		(0.28	)		(0.26	)		(0.18	)		(0.13	)			(0.16	)
Net Realized Gains		(0.73	)		—			—			(0.17	)			(0.22	)

Total Distributions		(1.01	)		(0.26	)		(0.18	)		(0.30	)			(0.38	)

Net Asset Value, End of Year		$ 11.81			$ 9.76			$ 8.83			$ 8.37			$	8.44


Total Return^(b)		32.64	%		13.69	%		7.81	%		3.01	%			(16.31	)%
Net Assets, End of Year (000’s)		$4,228			$3,266			$3,166			$2,836			$	2,957
Ratios to Average Net Assets
Gross Expense^(c)		1.47	%		1.46	%		1.45	%		1.48	%			1.48	%
Net Expense^(c),(d)		1.08	%		1.08	%		1.08	%		1.09	%			1.10	%
Net Investment Income		1.52	%		1.82	%		1.77	%		1.87	%			1.00	%
Portfolio Turnover Rate		34	%		34	%		108	%		76	%			71	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 9.90			$ 8.94			$ 8.46			$ 8.52			$	10.56
Income (Loss) From Operations:
Net Investment Income^(a)		0.20			0.19			0.17			0.17				0.13
Net Realized and Unrealized Gain (Loss)		2.93			1.04			0.50			0.08				(1.77	)

Total Income (Loss) From Operations		3.13			1.23			0.67			0.25				(1.64	)

Less Distributions From:
Net Investment Income		(0.29	)		(0.27	)		(0.19	)		(0.14	)			(0.18	)
Net Realized Gains		(0.73	)		—			—			(0.17	)			(0.22	)

Total Distributions		(1.02	)		(0.27	)		(0.19	)		(0.31	)			(0.40	)

Net Asset Value, End of Year		$ 12.01			$ 9.90			$ 8.94			$ 8.46			$	8.52


Total Return^(b)		33.02	%		14.00	%		8.10	%		3.23	%			(16.10	)%
Net Assets, End of Year (000’s)		$567,837			$496,020			$533,296			$515,032			$	614,339
Ratios to Average Net Assets
Gross Expense^(c)		0.97	%		0.96	%		0.95	%		0.98	%			0.99	%
Net Expense^(c),(d)		0.83	%		0.83	%		0.83	%		0.84	%			0.85	%
Net Investment Income		1.79	%		2.02	%		2.05	%		2.12	%			1.27	%
Portfolio Turnover Rate		34	%		34	%		108	%		76	%			71	%

(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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS (continued)		33

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



		WILMINGTON GLOBAL ALPHA EQUITIES FUND


CLASS A	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$	13.23			$	12.36			$	11.76			$	11.68			$	11.97
Income (Loss) From Operations:
Net Investment Income^(a)			0.09				0.10				0.10				0.10				0.01
Net Realized and Unrealized Gain (Loss)			1.00				0.96				0.66				0.30				(0.24	)

Total Income (Loss) From Operations			1.09				1.06				0.76				0.40				(0.23	)

Less Distributions From:
Net Investment Income			(0.02	)			(0.19	)			(0.16	)			(0.32	)			(0.06	)

Total Distributions			(0.02	)			(0.19	)			(0.16	)			(0.32	)			(0.06	)

Net Asset Value, End of Year		$	14.30			$	13.23			$	12.36			$	11.76			$	11.68


Total Return^(b)			8.21	%			8.59	%			6.47	%			3.51	%			(1.97	)%
Net Assets, End of Year (000’s)		$	265			$	224			$	205			$	303			$	295
Ratios to Average Net Assets
Gross Expense^(c)			1.95	%			2.00	%			1.92	%			2.19	%			2.30	%
Net Expense^(c),(d)			1.49	%			1.49	%			1.49	%			1.49	%			1.49	%
Net Investment Income			0.67	%			0.80	%			0.83	%			0.87	%			0.12	%
Portfolio Turnover Rate			66	%			82	%			43	%			68	%			44	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 13.55			$ 12.63			$ 11.99			$ 11.88			$ 12.14
Income (Loss) From Operations:
Net Investment Income^(a)		0.13			0.15			0.14			0.13			0.05
Net Realized and Unrealized Gain (Loss)		1.02			0.96			0.66			0.30			(0.25	)

Total Income (Loss) From Operations		1.15			1.11			0.80			0.43			(0.20	)

Less Distributions From:
Net Investment Income		(0.02	)		(0.19	)		(0.16	)		(0.32	)		(0.06	)

Total Distributions		(0.02	)		(0.19	)		(0.16	)		(0.32	)		(0.06	)

Net Asset Value, End of Year		$ 14.68			$ 13.55			$ 12.63			$ 11.99			$ 11.88


Total Return^(b)		8.53	%		8.85	%		6.73	%		3.75	%		(1.63	)%
Net Assets, End of Year (000’s)		$242,155			$240,160			$215,956			$213,027			$211,957
Ratios to Average Net Assets
Gross Expense^(c)		1.45	%		1.50	%		1.41	%		1.69	%		1.80	%
Net Expense^(c),(d)		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Net Investment Income		0.94	%		1.09	%		1.13	%		1.12	%		0.38	%
Portfolio Turnover Rate		66	%		82	%		43	%		68	%		44	%

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


34		FINANCIAL HIGHLIGHTS (concluded)

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



		WILMINGTON REAL ASSET FUND


CLASS A	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$13.97			$13.22			$13.26			$ 16.30			$15.58
Income (Loss) From Operations:
Net Investment Income^(a)		0.91	^(b)		0.33			0.31			0.69			1.64	^(b)
Net Realized and Unrealized Gain (Loss)		2.88			0.77			(0.08	)		(3.04	)		0.82

Total Income (Loss) From Operations		3.79			1.10			0.23			(2.35	)		2.46

Less Distributions From:
Net Investment Income		(1.01	)		(0.35	)		(0.27	)		(0.69	)^(c)		(1.74	)

Total Distributions		(1.01	)		(0.35	)		(0.27	)		(0.69	)		(1.74	)

Net Asset Value, End of Year		$16.75			$13.97			$13.22			$ 13.26			$16.30


Total Return^(d)		28.44	%		8.41	%		1.73	%		(14.44	)%		16.34	%
Net Assets, End of Year (000’s)		$1,088			$ 869			$ 873			$ 941			$1,169
Ratios to Average Net Assets
Gross Expense^(e)		1.18	%		1.19	%		1.16	%		1.17	%		1.17	%
Net Expense^(e),(f)		0.82	%		0.82	%		0.82	%		0.85	%		0.89	%
Net Investment Income		6.13	%^(b)		2.35	%		2.36	%		4.78	%		10.04	%^(b)
Portfolio Turnover Rate		7	%		6	%		3	%		20	%		32	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 14.24			$ 13.45			$ 13.48			$ 16.54			$ 15.77
Income (Loss) From Operations:
Net Investment Income^(a)		0.97	^(b)		0.37			0.35			0.74			1.65	^(b)
Net Realized and Unrealized Gain (Loss)		2.94			0.79			(0.09	)		(3.09	)		0.89

Total Income (Loss) From Operations		3.91			1.16			0.26			(2.35	)		2.54

Less Distributions From:
Net Investment Income		(1.04	)		(0.37	)		(0.29	)		(0.71	)^(c)		(1.77	)

Total Distributions		(1.04	)		(0.37	)		(0.29	)		(0.71	)		(1.77	)

Net Asset Value, End of Year		$ 17.11			$ 14.24			$ 13.45			$ 13.48			$ 16.54


Total Return^(d)		28.76	%		8.70	%		1.94	%		(14.21	)%		16.66	%
Net Assets, End of Year (000’s)		$472,863			$385,655			$379,209			$409,335			$486,959
Ratios to Average Net Assets
Gross Expense^(e)		0.68	%		0.69	%		0.66	%		0.67	%		0.67	%
Net Expense^(e),(f)		0.57	%		0.57	%		0.57	%		0.60	%		0.64	%
Net Investment Income		6.38	%^(b)		2.59	%		2.60	%		5.10	%		9.98	%^(b)
Portfolio Turnover Rate		7	%		6	%		3	%		20	%		32	%

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

(b)	The net investment income earned by the Fund increased significantly during the fiscal year ended April 30, 2026 and 2022, respectively due to larger than usual net investment income distributions from the commodity-related investments in its portfolio.

(c)	A portion of this distribution amounting to less than $0.005 per share was a tax return of capital.

(d)	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.

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

(f)	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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS		35

Wilmington Funds

April 30, 2026

1.	ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.



Fund		Investment Goal

Wilmington International Fund (“International Fund”)^(d)		The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.

Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)^(d)		The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.

Wilmington Real Asset Fund (“Real Asset Fund”)^(d)		The Fund seeks to achieve long-term preservation of capital with current income.

^(d)Diversified

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

●

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

●

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

●

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

●

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

●

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

●

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


36		NOTES TO FINANCIAL STATEMENTS (continued)

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 Advisor, 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 4:00 pm 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, 2026, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:



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

International Fund
Bank of Montreal	$	4,006,322	$	4,006,322	$	—	$	—
Citigroup Global Markets Ltd.		1,624,187		1,624,187		—		—
Daiwa Capital Markets America, Inc.		4,006,322		4,006,322		—		—
HSBC Securities USA, Inc.		1,278,309		1,278,309		—		—
HSBC Securities USA, Inc.		2,728,013		2,728,013		—		—
RBC Dominion Securities, Inc.		4,006,322		4,006,322		—		—
TD Securities, Inc.		4,006,322		4,006,322		—		—

	$	21,655,797	$	21,655,797	$	—	$	—


Real Asset Fund
Bank of Montreal	$	185,654	$	185,654	$	—	$	—

Cantor Fitzgerald Securities		637,970		637,970		—		—

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		37



Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received⁽¹⁾		Cash Collateral Received⁽¹⁾		Net Exposure⁽²⁾
Daiwa Capital Markets America, Inc.	$	637,970	$	637,970	$	—	$	—
HSBC Securities USA, Inc.		637,970		637,970		—		—
Nomura Securities International, Inc.		637,970		637,970		—		—
TD Securities, Inc.		637,970		637,970		—		—

	$	3,375,504	$	3,375,504	$	—	$	—

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

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITs”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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.

Segment Reporting –Each Fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its investment objective as outlined in the Funds’ prospectus. The Investment Committee - General Matters, comprising senior management of the Advisor and the President of the Funds, acts as the chief operating decision maker (CODM) and regularly reviews the Funds’ total returns, expense ratios, and changes in net assets as presented within the Funds’ financial statements to assess performance and to make decisions about resources to be allocated to the Funds.

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.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


38		NOTES TO FINANCIAL STATEMENTS (continued)

ties lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day.

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

At April 30, 2026, the securities loaned which are subject to a MSLA on a net payment basis are as follows:



Fund	Value of Securities on Loan		Cash Collateral Received⁽¹⁾		Net Exposure⁽²⁾

International Fund		$20,845,087		$20,845,087		$—

Real Asset Fund		3,328,650		3,328,650		—

⁽¹⁾

Collateral with a value of $21,655,797 and $3,375,504, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

⁽²⁾

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

3.	DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, and financial futures contracts, may exceed amounts recognized on the Statements of Assets and Liabilities.

Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge a Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The 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, 2026, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		39

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, 2026.



	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**

The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2026.

The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.



	Asset Derivatives Fair Value

Fund	Total Value			Equity Contracts			Foreign Exchange Contracts

International Fund
Financial Futures Contracts	$	13,175		$	13,175		$	—

Totals	$	13,175		$	13,175		$	—



Global Alpha Equities Fund
Financial Futures Contracts	$	30,895		$	30,895		$	—
Forward Foreign Currency Contracts		76,630			—			76,630

Totals	$	107,525		$	30,895		$	76,630



	Liability Derivatives Fair Value

Fund	Total Value			Equity Contracts			Foreign Exchange Contracts

International Fund
Financial Futures Contracts	$	(113,142	)	$	(113,142	)	$	—

Totals	$	(113,142	)	$	(113,142	)	$	—



Global Alpha Equities Fund
Financial Futures Contracts	$	(5,799,536	)	$	(5,799,536	)	$	—
Forward Foreign Currency Contracts		(766,949	)		—			(766,949	)

Totals	$	(6,566,485	)	$	(5,799,536	)	$	(766,949	)

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, 2026.



		Derivative Type		Location on the Statements of Operations

		Equity contracts		Net realized gain (loss) on financial futures contracts
				Net change in unrealized appreciation (depreciation) on financial futures contracts

		Foreign exchange contracts		Net realized gain (loss) on forward foreign currency contracts
				Net change in unrealized appreciation (depreciation) on forward foreign currency contracts



	Net Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total		Equity Contracts		Foreign Exchange Contracts
International Fund
Financial Futures Contracts	$	867,340	$	867,340	$	—

Totals	$	867,340	$	867,340	$	—

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


40		NOTES TO FINANCIAL STATEMENTS (continued)



	Net Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total			Equity Contracts			Foreign Exchange Contracts
Global Alpha Equities Fund
Financial Futures Contracts	$	(19,376,253	)	$	(19,376,253	)	$	—
Forward Foreign Currency Contracts		1,407,509			—			1,407,509

Totals	$	(17,968,744	)	$	(19,376,253	)	$	1,407,509



	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Results from Operations
Fund	Total			Equity Contracts			Foreign Exchange Contracts

International Fund
Financial Futures Contracts	$	(483,473	)	$	(483,473	)	$	—

Totals	$	(483,473	)	$	(483,473	)	$	—

Global Alpha Equities Fund
Financial Futures Contracts	$	(6,490,013	)	$	(6,490,013	)	$	—
Forward Foreign Currency Contracts		706,595			—			706,595

Totals	$	(5,783,418)		$	(6,490,013)		$	706,595

The average quarterly volume of derivative activities for the year ended April 30, 2026 are as follows.



	Asset Derivative Volume
Fund	Financial Futures Contracts⁽¹⁾		Forward Foreign Currency Contracts⁽²⁾

International Fund	$	9,583,914	$	—
Global Alpha Equities Fund		3,148,787		58,109,149


	Liability Derivative Volume
Fund	Financial Futures Contracts⁽¹⁾		Forward Foreign Currency Contracts⁽²⁾

Global Alpha Equities Fund	$	111,601,482	$	862,004

⁽¹⁾

Notional Amount.

⁽²⁾

Contract Amount.

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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		41

At April 30, 2026, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:



Fund/Counterparty	Derivative Assets Subject to a MA			Derivatives Available for Offset				Non-Cash Collateral Received⁽¹⁾			Cash Collateral Received⁽¹⁾			Net Exposure of Derivative Assets⁽²⁾
Global Alpha Equities Fund
BNP Paribas		$	2,410		$	—			$	—		$	—		$	2,410

Citibank N.A.			23,348			—				—			—			23,348

JP Morgan Securities LLC			748			(748	)			—			—			—

Standard Chartered PLC			49,270			—				—			—			49,270

UBS Securities LLC			854			(854	)			—			—			—

Total Derivative Assets		$	76,630		$	(1,602	)		$	—		$	—		$	75,028



	Derivative Liabilities Subject to a MA			Derivatives Available for Offset				Non-Cash Collateral Pledged⁽¹⁾			Cash Collateral Pledged⁽¹⁾			Net Exposure of Derivative Liabilities⁽²⁾
CIBC World Markets Corp.		$	224,619		$	—			$	—		$	—		$	224,619
Deutsche Bank AG			183,628			—				—			—			183,628
HSBC Securities, Inc.			41,318			—				—			—			41,318
JP Morgan Securities LLC			31,264			(748	)			—			—			30,516
Morgan Stanley			20,399			—				—			—			20,399
TD Securities Ltd.			5,624			—				—			—			5,624
UBS Securities LLC			69,156			(854	)			—			—			68,302
Westpac Banking Corp.			190,941			—				—			—			190,941

Total Derivative Liabilities		$	766,949		$	(1,602	)		$	—		$	—		$	765,347

⁽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.

4.	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 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, 2026, there were no such reclassifications.

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



	2026				2025
Fund	Ordinary Income*		Long-Term Capital Gains			Ordinary Income*		Long-Term Capital Gains
International Fund		$18,963,761		$29,922,943			$15,900,726		$—
Global Alpha Equities Fund		406,056		—			3,137,726		—
Real Asset Fund		28,448,261		—			10,081,591		—

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


42		NOTES TO FINANCIAL STATEMENTS (continued)

As of April 30, 2026, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:



Fund	Tax Cost			Tax Unrealized Appreciation			Tax Unrealized Depreciation				Net Tax Unrealized Appreciation/ (Depreciation)
International Fund		$	389,420,248		$	222,640,875		$	(26,180,516	)		$	196,460,359
Global Alpha Equities Fund			172,278,798			78,843,804			(18,004,821	)			60,838,983
Real Asset Fund			390,179,766			116,293,299			(28,675,871	)			87,617,428

As of April 30, 2026, 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

International Fund		$	4,697,581		$	22,374,305		$	—		$	196,575,754		$	—			$	—		$	223,647,640

Global Alpha Equities Fund			3,897,336			—			2			60,863,097			(6,180,803	)			—			58,579,632

Real Asset Fund			1,296,992			—			4			87,623,628			(31,694,613	)			—			57,226,011

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, 2026, character of capital loss carryforwards were as follows:



Fund	Short-Term No Expiration			Long-Term No Expiration			Total Capital Loss Carryforwards
Global Alpha Equities Fund	$	(6,180,803	)	$	—		$	(6,180,803	)
Real Asset Fund		(1,111,408	)		(30,583,205	)		(31,694,613	)

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

Each of the Funds utilizes a sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.



Fund	Gross Fees			Fees Waived/ Reimbursed				Current Fee as a % of average net assets of the Fund/Allocated Net Assets for Sub-advisors
International Fund
WFMC		$	2,443,609		$	(743,633	)	0.45%
Sub-advisors:
Wellington Management Company LP			1,781,974			—		0.33%

Total^(a)		$	4,225,583		$	(743,633	)

Global Alpha Equities Fund
WFMC		$	1,456,142		$	(502,315	)	0.60%
Sub-advisors:
Wellington Management Company LP			1,322,610			—		0.55% on the first $250 million: and 0.50% on excess of $250 million

Total^(b)		$	2,778,752		$	(502,315	)

Real Asset Fund
WFMC		$	1,902,086		$	(470,222	)	0.45% on all Assets except Assets allocated to the inflation-protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		43



Fund	Gross Fees			Fees Waived/ Reimbursed				Current Fee as a % of average net assets of the Fund/Allocated Net Assets for Sub-advisors
Sub-advisors:
Parametric Portfolio Associates LLC		$	272,674		$	—		0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $110 million; and 0.10% of assets in excess of $150 million


Total^(c)		$	2,174,760		$	(470,222	)

^(a)

The total gross advisory and sub-advisory fees during the period were 0.78% for the International Fund.

^(b)

The total gross advisory and sub-advisory fees during the period were 1.14% for the Global Alpha Equities Fund.

^(c)

The total gross advisory and sub-advisory fees during the period were 0.51% for the Real Asset Fund.

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2026, 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

International Fund	1.08%	0.83%

Global Alpha Equities Fund	1.49%	1.24%

Real Asset 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

BNY	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

International Fund		$1,050
Global Alpha Equities Fund		27
Real Asset Fund		2

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


44		NOTES TO FINANCIAL STATEMENTS (continued)

Sales Charges – The Funds’ Class A shares, as applicable, bear front-end sales charges. For the year ended April 30, 2026, M&T did not receive 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, 2026, M&T did not receive any shareholder service fees from the Funds.

BNY provides custody services to the Trust.

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

Other Affiliated Parties and Transactions – Certain of the Funds’ investments are in companies that are considered to be affiliated companies of the Fund because the Fund owns more than 5% of the outstanding voting securities of the company. Transactions with affiliated companies during the year ended April 30, 2026 were as follows:



Fund/ Affiliated Investment NameCaption	Value 4/30/25		Purchases		Sales		Net Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ Depreciation		Value 4/30/26		Number of Shares 4/30/26		Dividend Income		Capital Gain Distributions
Real Asset Fund
Investment Company - 26.8%*
DFA Commodity Strategy Portfolio, Institutional Class		$100,823,380		$10,665,775		$17,000,000		$(2,389,194)		$34,727,799		$126,827,760		20,655,987		$10,665,776		$—

As a percentage of Net Assets as of April 30, 2026.

6.	INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2026 were as follows:


Fund	Purchases		Sales

International Fund	$	177,601,595	$	245,657,507
Global Alpha Equities Fund		149,386,785		192,537,453
Real Asset Fund		33,335,679		29,669,708

7.	MARKET RISK IN GENERAL

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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (concluded)		45

8.	CONTRACTUAL OBLIGATIONS

9.	LINE OF CREDIT

The Funds did not utilize the LOC during the year ended April 30, 2026.

10.	RECENT ACCOUNTING STANDARD

11.	SUBSEQUENT EVENTS

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


46

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund

Opinions on the Financial Statements

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, 2026, the related statements of operations for the year ended April 30, 2026, the statements of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (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, 2026, 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, 2026 and each of the financial highlights for each of the five years in the period ended April 30, 2026 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, 2026 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 23, 2026

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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		47

FEDERAL TAX INFORMATION (UNAUDITED)

Complete information regarding the tax status of distributions will be reported on Forms 1099.



Fund

International Fund		0.74%

Global Alpha Equities Fund		100.00%

Real Asset Fund		0.07%



Fund

International Fund		56.16%

Global Alpha Equities Fund		100.00%

Real Asset Fund		6.38%

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)


48

OTHER INFORMATION

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

Renewal of Advisory and Sub-Advisory Agreements

Not applicable.

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		49

OF THE FUNDS AND THEIR DISTRIBUTOR

March 11, 2025

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 Practices

●

Information Security

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)


50

Employee Access to Information

Visiting the Funds’ Website

●

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

●

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

What You Can Do

Surveys/Aggregate Data

Changes to Our Privacy Notice

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

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION

[This Page Intentionally Left Blank]

LOGO


		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 and Dividend Disbursing Agent
		Sub-Advisor
		Wilmington Trust Investment Advisors, Inc.		BNY Mellon Investment Servicing (U.S.) Inc.
		1100 North Market Street		301 Bellevue Parkway
		9^th Floor		Wilmington, DE 19809
		Wilmington, DE 19890		Independent Registered Public Accounting Firm
		Additional Sub-Advisors to the		PricewaterhouseCoopers LLP
		Wilmington International Fund		Two Commerce Square
		Wellington Management Company LLP		2001 Market Street, Suite 1800
		280 Congress Street		Philadelphia, PA 19103
		Boston, Massachusetts 02210
		Additional Sub-Advisors to the
		Wilmington Global Alpha Equities Fund
		Wellington Management Company LLP
		280 Congress Street
		Boston, Massachusetts 02210
		Additional Sub-Advisors to the
		Wilmington Real Asset Fund
		Parametric Portfolio Associates, LLC
		800 Fifth Avenue, Suite 2800
		Seattle, WA 98104
		Co-Administrator
		Wilmington Funds Management Corp.
		1100 North Market Street
		9^th Floor
		Wilmington, DE 19890
		Custodian
		The Bank of New York Mellon
		240 Greenwich Street
		New York, NY 10286

WT-AR-MMgr-0426

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.

LOGO

April 30, 2026 PRESIDENT’S MESSAGE AND ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Money Market Funds Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund

LOGO

CONTENTS


President’s Message			i

Portfolios of Investments			1

Statements of Assets and Liabilities			5

Statements of Operations			6

Statements of Changes in Net Assets			7

Financial Highlights			8

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Other Information.			18

[This Page Intentionally Left Blank]

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Financial Statements of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2025, through April 30, 2026.

The economy and financial markets in review

The economy

Bond markets

For the 12-month period May 1, 2025 to April 30, 2026, certain Bloomberg indices performed as follows:¹



Bloomberg U.S. Treasury Bond Index²	Bloomberg U.S. Aggregate Bond Index³	Bloomberg U.S. Credit Bond Index⁴	Bloomberg Municipal Bond Index⁵	Bloomberg U.S. Corporate High Yield Bond Index⁶

2.53%	4.06%	5.25%	6.34%	8.84%

Past performance is no guarantee of future results.

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

April 30, 2026 / PRESIDENT’S MESSAGE

Equity markets

For the 12-month period May 1, 2025, to April 30, 2026, 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

Randy Vogel

President

May 18, 2026

PRESIDENT’S MESSAGE / April 30, 2026

iii

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

4.	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.

April 30, 2026 / PRESIDENT’S MESSAGE


		1

Wilmington U.S. Government Money Market Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Par Value		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS – 21.4%

FEDERAL FARM CREDIT BANK (FFCB) – 7.3%

(SOFR + 0.06%), 3.63%, 08/13/26^Δ	$	30,000,000	$	30,000,000

3.63%, 09/15/26		140,000,000		139,964,711

(SOFR + 0.05%), 3.63%, 03/15/27^Δ		150,000,000		150,000,000

(SOFR + 0.05%), 3.63%, 04/23/27^Δ		100,000,000		100,000,000

(SOFR + 0.12%), 3.63%, 06/07/27^Δ		100,000,000		100,000,000

(SOFR + 0.13%), 3.63%, 09/10/27^Δ		75,000,000		75,000,000

(SOFR + 0.13%), 3.63%, 09/22/27^Δ		100,000,000		100,000,000

(SOFR + 0.08%), 3.63%, 10/08/27^Δ		100,000,000		100,000,000


TOTAL FEDERAL FARM CREDIT BANK (FFCB)			$	794,964,711

FEDERAL HOME LOAN BANK (FHLB) – 13.7%

(SOFR + 0.00%), 3.63%, 07/02/26^Δ		100,000,000		100,000,000

(SOFR + 0.01%), 3.63%, 09/01/26^Δ		100,000,000		100,000,000

(SOFR + 0.07%), 3.63%, 09/11/26^Δ		25,000,000		25,000,000

(SOFR + 0.03%), 3.63%, 10/20/26^Δ		150,000,000		150,000,000

3.63%, 10/26/26^‡		150,000,000		147,359,667

3.66%, 11/12/26^‡		150,000,000		147,087,188

3.63%, 11/20/26^‡		150,000,000		146,993,062

(SOFR + 0.03%), 3.63%, 12/07/26^Δ		150,000,000		150,000,000

(SOFR + 0.12%), 3.63%, 08/04/27^Δ		175,000,000		175,000,000

(SOFR + 0.18%), 3.63%, 10/20/27^Δ		125,000,000		125,000,000

(SOFR + 0.12%), 3.63%, 10/29/27^Δ		100,000,000		100,000,000

(SOFR + 0.17%), 3.63%, 11/05/27^Δ		125,000,000		125,000,000


TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	1,491,439,917

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.4%

(SOFR + 0.10%), 3.63%, 06/18/26^Δ		50,000,000		50,000,000


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,336,404,628)			$	2,336,404,628

U.S. TREASURY OBLIGATIONS – 37.4%

U.S. TREASURY BILLS – 32.8%

3.57%, 05/05/26^‡		150,000,000		149,941,142

3.75%, 05/07/26^‡		150,000,000		149,908,000

3.55%, 05/12/26^‡		150,000,000		149,839,125

3.81%, 05/14/26^‡		150,000,000		149,798,500

3.60%, 05/19/26^‡		150,000,000		149,733,000

3.62%, 05/26/26^‡		150,000,000		149,627,292

3.63%, 06/02/26^‡		150,000,000		149,521,333

3.73%, 06/11/26^‡		150,000,000		149,377,312

3.64%, 06/16/26^‡		150,000,000		149,310,958

3.55%, 06/18/26^‡		150,000,000		149,303,000

3.55%, 06/25/26^‡		150,000,000		149,201,354

3.55%, 07/02/26^‡		150,000,000		149,099,450

3.63%, 07/07/26^‡		100,000,000		99,331,675

3.54%, 07/09/26^‡		150,000,000		149,000,938

3.55%, 07/16/26^‡		150,000,000		148,894,833

3.58%, 07/23/26^‡		150,000,000		148,782,667

3.59%, 07/30/26^‡		150,000,000		148,678,125

3.70%, 08/06/26^‡		150,000,000		148,543,653



Description	Par Value		Value

3.56%, 08/13/26^‡	$	150,000,000	$	148,483,333

3.56%, 08/20/26^‡		150,000,000		148,381,250

3.59%, 08/27/26^‡		100,000,000		98,844,583

3.64%, 09/17/26^‡		100,000,000		98,618,688

3.68%, 10/15/26^‡		150,000,000		147,488,042

3.66%, 10/29/26^‡		150,000,000		147,292,542

3.80%, 03/18/27^‡		150,000,000		145,104,750


TOTAL U.S. TREASURY BILLS			$	3,572,105,545

U.S. TREASURY NOTES – 4.6%

3.63%, 05/15/26		80,000,000		79,983,938

(U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 3.74%, 01/31/27^Δ		125,000,000		124,988,450

2.25%, 02/15/27		150,000,000		148,418,736

2.50%, 03/31/27		150,000,000		148,381,038


TOTAL U.S. TREASURY NOTES			$	501,772,162


TOTAL U.S. TREASURY OBLIGATIONS (COST $4,073,877,707)			$	4,073,877,707


	Number of Shares

MONEY MARKET FUNDS – 1.1%

Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.54%^		13,404,960		13,404,960

Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.59%^		101,793,965		101,793,965


TOTAL MONEY MARKET FUNDS (COST $115,198,925)			$	115,198,925


	Par Value

REPURCHASE AGREEMENTS – 40.3%

CIBC World Markets Corp., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $900,091,000, Collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 06/04/26 to 08/15/55; total market value $900,000,065.	$	900,000,000		900,000,000

Deutsche Bank Securities, Inc., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $210,021,233, Collateralized by U.S. Treasury Securities, 1.75% to 4.75%, maturing 08/15/41 to 08/15/55; total market value $214,200,059.		210,000,000		210,000,000

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


2		PORTFOLIOS OF INVESTMENTS


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



Description	Par Value		Value

FICC Bank of New York, 3.64%, dated 04/30/26, due 05/01/26, repurchase price $1,260,127,400, Collateralized by U.S. Treasury Securities, 0.38% to 4.00%, maturing 01/15/27 to 11/15/35; total market value $1,285,200,010.	$	1,260,000,000	$	1,260,000,000

FICC Mizuho Securities USA, 3.64%, dated 04/30/26, due 05/01/26, repurchase price $880,088,978, Collateralized by U.S. Treasury Securities, 3.75% to 4.38%, maturing 11/30/28 to 08/15/34; total market value $897,600,029.		880,000,000		880,000,000

Sumitomo Mitsui Banking Corp., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $1,000,101,111, Collateralized by U.S. Treasury Securities, 0.00% to 4.75%, maturing 06/30/26 to 02/15/56; total market value $1,020,000,008.		1,000,000,000		1,000,000,000



Description	Par Value		Value

TD Securities, Inc., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $150,015,167, Collateralized by U.S. Treasury Securities, 1.25% to 1.50%, maturing 06/30/28 to 02/15/30; total market value $153,000,051.	$	150,000,000	$	150,000,000


TOTAL REPURCHASE AGREEMENTS (COST $4,400,000,000)			$	4,400,000,000


TOTAL INVESTMENTS – 100.2% (COST $10,925,481,260)			$	10,925,481,260

OTHER ASSETS LESS LIABILITIES – (0.2)%				(20,660,181	)


TOTAL NET ASSETS – 100.0%			$	10,904,821,079

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, 2026 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	$	—	$	2,336,404,628		$—	$	2,336,404,628

U.S. Treasury Obligations		—		4,073,877,707		—		4,073,877,707

Money Market Funds		115,198,925		—		—		115,198,925

Repurchase Agreements		—		4,400,000,000		—		4,400,000,000


Total	$	115,198,925	$	10,810,282,335		$—	$	10,925,481,260

^Δ

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

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

^{^}	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

SOFR Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		3

Wilmington U.S. Treasury Money Market Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Par Value		Value

U.S. TREASURY OBLIGATIONS – 59.0%

U.S. TREASURY BILLS - 38.7%

3.75%, 05/07/26^‡	$	50,000,000	$	49,969,333

3.55%, 05/12/26^‡		75,000,000		74,919,562

3.81%, 05/14/26^‡		50,000,000		49,933,375

3.60%, 05/19/26^‡		50,000,000		49,911,000

3.63%, 06/02/26^‡		50,000,000		49,840,444

3.64%, 06/16/26^‡		75,000,000		74,655,479

3.55%, 06/18/26^‡		75,000,000		74,651,500

3.54%, 07/09/26^‡		75,000,000		74,500,181

3.55%, 07/16/26^‡		75,000,000		74,447,153

3.59%, 07/30/26^‡		75,000,000		74,339,063

3.56%, 08/13/26^‡		75,000,000		74,241,667

3.59%, 08/27/26^‡		50,000,000		49,422,292

3.68%, 10/15/26^‡		50,000,000		49,162,681

3.66%, 10/22/26^‡		75,000,000		73,698,625


TOTAL U.S. TREASURY BILLS			$	893,692,355

U.S. TREASURY NOTES – 20.3%

3.63%, 05/15/26		20,000,000		19,995,985

(U.S. Treasury 3 Month Bill Money Market Yield + 0.21%), 3.85%, 10/31/26^Δ		50,000,000		50,029,061

(U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 3.74%, 01/31/27^Δ		100,000,000		99,996,270

2.25%, 02/15/27		75,000,000		74,210,200

2.50%, 03/31/27		75,000,000		74,226,531

(U.S. Treasury 3 Month Bill Money Market Yield + 0.19%), 3.83%, 10/31/27^Δ		75,000,000		75,054,600

(U.S. Treasury 3 Month Bill Money Market Yield + 0.10%), 3.74%, 01/31/28^Δ		75,000,000		74,996,803


TOTAL U.S. TREASURY NOTES			$	468,509,450


TOTAL U.S. TREASURY OBLIGATIONS (COST $1,362,201,805)			$	1,362,201,805


	Number of Shares

MONEY MARKET FUND – 1.0%

Blackrock Liquidity Funds T-Fund, Institutional Shares, 3.54%^		23,904,355		23,904,355


TOTAL MONEY MARKET FUND (COST $23,904,355)			$	23,904,355



Description	Par Value		Value

REPURCHASE AGREEMENTS – 40.3%

Deutsche Bank Securities, Inc., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $90,009,100, Collateralized by U.S. Treasury Security, 4.75%, maturing 11/15/43; total market value $91,800,054.	$	90,000,000	$	90,000,000

FICC Bank of New York, 3.64%, dated 04/30/26, due 05/01/26, repurchase price $140,014,156, Collateralized by U.S. Treasury Security, 0.38%, maturing 01/15/27; total market value $142,800,092.		140,000,000		140,000,000

FICC Mizuho Securities USA, 3.64%, dated 04/30/26, due 05/01/26, repurchase price $550,055,611, Collateralized by U.S. Treasury Securities, 1.25% to 4.13%, maturing 04/30/28 to 02/29/32; total market value $561,000,024.		550,000,000		550,000,000

TD Securities, Inc., 3.64%, dated 04/30/26, due 05/01/26, repurchase price $150,015,167, Collateralized by U.S. Treasury Securities, 1.50%, maturing 08/15/26 to 02/15/30; total market value $153,000,014.		150,000,000		150,000,000


TOTAL REPURCHASE AGREEMENTS (COST $930,000,000)			$	930,000,000


TOTAL INVESTMENTS – 100.3% (COST $2,316,106,160)			$	2,316,106,160

OTHER ASSETS LESS LIABILITIES – (0.3)%				(6,081,123	)


TOTAL NET ASSETS – 100.0%			$	2,310,025,037

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


4		PORTFOLIOS OF INVESTMENTS


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

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:



	Level 1		Level 2		Level 3		Total

Investments in Securities
U.S. Treasury Obligations	$	—	$	1,362,201,805		$—	$	1,362,201,805
Money Market Fund		23,904,355		—		—		23,904,355
Repurchase Agreements		—		930,000,000		—		930,000,000


Total	$	23,904,355	$	2,292,201,805		$—	$	2,316,106,160

^‡

The rate shown reflects the effective yield at purchase date.

^Δ

^{^}

7-Day net yield.

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF ASSETS AND LIABILITIES		5



April 30, 2026	Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund

ASSETS:

Investments, at identified cost	$	10,925,481,260		$	2,316,106,160

Investments in securities, at value (including repurchase agreements of $4,400,000,000 and $930,000,000, respectively)	$	10,925,481,260		$	2,316,106,160
Cash		14,088			—
Income receivable		11,470,444			1,037,315
Receivable for shares sold		116,159			7,240
Prepaid assets		89,044			47,202

TOTAL ASSETS		10,937,170,995			2,317,197,917


LIABILITIES:

Income distribution payable		29,510,489			6,462,561
Payable for shares redeemed		651			465
Payable for Trustees’ fees		6,019			6,019
Payable for administration fees		241,160			53,558
Payable for distribution services fees		9,238			206
Payable for shareholder services fees		1,038,616			226,204
Payable for investment advisory fees		912,797			167,703
Other accrued expenses		630,946			256,164

TOTAL LIABILITIES		32,349,916			7,172,880

NET ASSETS	$	10,904,821,079		$	2,310,025,037

NET ASSETS CONSIST OF:

Paid-in capital	$	10,904,951,815		$	2,310,032,515
Distributable earnings (loss)		(130,736	)		(7,478	)

TOTAL NET ASSETS	$	10,904,821,079		$	2,310,025,037


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

Administrative Class

Net Assets	$	18,989,740		$	716,084

Shares outstanding (unlimited shares authorized)		18,997,889			716,267

Net Asset Value and Offering Price per share	$	1.000		$	1.000


Institutional Class

Net Assets	$	3,740,179,776		$	834,383,803

Shares outstanding (unlimited shares authorized)		3,740,411,923			834,395,829

Net Asset Value and Offering Price per share	$	1.000		$	1.000


Select Class

Net Assets	$	5,833,978,710		$	1,289,007,000

Shares outstanding (unlimited shares authorized)		5,834,622,414			1,289,056,536

Net Asset Value and Offering Price per share	$	1.000		$	1.000


Service Class

Net Assets	$	18,890,329		$	320,004

Shares outstanding (unlimited shares authorized)		18,889,993			319,976

Net Asset Value and Offering Price per share	$	1.000		$	1.000


Preferred Institutional Class

Net Assets	$	1,292,782,524		$	185,598,146

Shares outstanding (unlimited shares authorized)		1,292,761,992			185,598,789

Net Asset Value and Offering Price per share	$	1.000		$	1.000

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


6		STATEMENTS OF OPERATIONS



Year Ended April 30, 2026	Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund
INVESTMENT INCOME:

Dividends	$	2,014,161		$	973,197
Interest		407,640,835			93,958,917

TOTAL INVESTMENT INCOME		409,654,996			94,932,114

EXPENSES:

Investment advisory fees		15,189,128			3,523,653
Administration fees		2,841,014			660,047
Portfolio accounting and administration fees		1,782,789			426,312
Custodian fees		151,573			59,332
Transfer and dividend disbursing agent fees and expenses		153,371			28,475
Trustees’ fees		80,948			80,948
Professional fees		244,144			165,007
Distribution services fee—Administrative Class		95,962			15,222
Distribution services fee—Service Class		69,907			781
Shareholder services fee—Administrative Class		95,962			15,222
Shareholder services fee—Institutional Class		3,579,765			859,172
Shareholder services fee—Select Class		14,253,981			3,457,768
Shareholder services fee—Service Class		69,907			781
Share registration costs		66,223			62,799
Printing and postage		44,556			24,628
Miscellaneous		290,336			159,979

TOTAL EXPENSES		39,009,566			9,540,126

WAIVERS AND REIMBURSEMENTS:

Waiver/reimbursement by investment advisor		(4,642,347	)		(1,432,619	)
Waiver of shareholder services fee—Administrative Class		(22,374	)		(3,433	)
Waiver of shareholder services fee—Institutional Class		(364,017	)		(85,615	)
Waiver of shareholder services fee—Select Class		(5,157,073	)		(1,247,951	)
Waiver of shareholder services fee—Service Class		(5,696	)		(613	)

TOTAL WAIVERS AND REIMBURSEMENTS		(10,191,507	)		(2,770,231	)


Net expenses		28,818,059			6,769,895


Net investment income		380,836,937			88,162,219

REALIZED GAIN (LOSS):

Net realized gain (loss) on investments		(617	)		634

Net realized gain (loss)		(617	)		634

Change in net assets resulting from operations	$	380,836,320		$	88,162,853

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF CHANGES IN NET ASSETS		7



	Wilmington U.S. Government Money Market Fund						Wilmington U.S. Treasury Money Market Fund
	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2026			Year Ended April 30, 2025
OPERATIONS:

Net investment income	$	380,836,937		$	450,254,589		$	88,162,219		$	92,975,719
Net realized gain (loss)		(617	)		24,162			634			—

Change in net assets resulting from operations		380,836,320			450,278,751			88,162,853			92,975,719

DISTRIBUTIONS TO SHAREHOLDERS:

Administrative Class		(1,363,361	)		(35,669,429	)		(225,603	)		(11,295,192	)
Institutional Class		(135,726,985	)		(120,011,036	)		(32,542,873	)		(25,658,668	)
Select Class		(212,802,954	)		(257,012,681	)		(51,605,822	)		(55,064,369	)
Service Class		(982,062	)		(22,770,760	)		(11,166	)		(11,553	)
Preferred Institutional Class		(29,952,960	)		(14,791,109	)		(3,776,682	)		(945,930	)

Total distributions to shareholders		(380,828,322	)		(450,255,015	)		(88,162,146	)		(92,975,712	)

SHARE TRANSACTIONS:

Proceeds from sale of shares

Administrative Class		174,775,867			5,286,144,940			1,801,870			1,202,070,886
Institutional Class		9,063,844,835			5,210,533,252			1,652,928,343			1,406,310,698
Select Class		11,641,822,613			11,862,479,366			2,396,029,712			2,496,803,199
Service Class		72,893,632			1,625,352,630			30,000			43,088
Preferred Institutional Class		2,946,921,515			1,720,244,555			1,051,532,249			399,636,792

Distributions reinvested

Administrative Class		3,895			4,603			19,250			17,774
Institutional Class		438,169			535,904			—			—
Select Class		1,371,765			2,483,684			1,156,315			1,528,634
Service Class		347,840			431,763			11,166			11,553
Preferred Institutional Class		4,231			4,915			4,216			4,906

Cost of shares redeemed

Administrative Class		(805,441,349	)		(5,456,365,572	)		(117,118,683	)		(1,329,238,178	)
Institutional Class		(8,134,382,862	)		(5,091,970,461	)		(1,532,658,833	)		(1,212,937,515	)
Select Class		(11,720,522,194	)		(11,469,369,390	)		(2,528,246,562	)		(2,164,701,218	)
Service Class		(279,770,303	)		(1,836,872,236	)		(14,512	)		(8,307	)
Preferred Institutional Class		(2,131,529,222	)		(1,518,330,748	)		(933,450,685	)		(349,583,399	)

Change in net assets resulting from share transactions		830,778,432			335,307,205			(7,976,154	)		449,958,913

Change in net assets		830,786,430			335,330,941			(7,975,447	)		449,958,920
NET ASSETS:

Beginning of year		10,074,034,649			9,738,703,708			2,318,000,484			1,868,041,564

End of year	$	10,904,821,079		$	10,074,034,649		$	2,310,025,037		$	2,318,000,484

SHARES OF BENEFICIAL INTEREST:

Shares sold

Administrative Class		174,775,867			5,286,144,940			1,801,870			1,202,070,886
Institutional Class		9,063,844,835			5,210,533,252			1,652,928,343			1,406,310,698
Select Class		11,641,822,613			11,862,479,366			2,396,029,712			2,496,803,199
Service Class		72,893,632			1,625,352,630			30,000			43,088
Preferred Institutional Class		2,946,921,515			1,720,244,555			1,051,532,249			399,636,792

Distributions reinvested

Administrative Class		3,895			4,603			19,250			17,774
Institutional Class		438,169			535,904			—			—
Select Class		1,371,765			2,483,684			1,156,315			1,528,634
Service Class		347,840			431,763			11,166			11,553
Preferred Institutional Class		4,231			4,915			4,216			4,906

Shares redeemed

Administrative Class		(805,441,349	)		(5,456,365,572	)		(117,118,683	)		(1,329,238,178	)
Institutional Class		(8,134,382,862	)		(5,091,970,461	)		(1,532,658,833	)		(1,212,937,515	)
Select Class		(11,720,522,194	)		(11,469,369,390	)		(2,528,246,562	)		(2,164,701,218	)
Service Class		(279,770,303	)		(1,836,872,236	)		(14,512	)		(8,307	)
Preferred Institutional Class		(2,131,529,222	)		(1,518,330,748	)		(933,450,685	)		(349,583,399	)

Net change resulting from share transactions		830,778,432			335,307,205			(7,976,154	)		449,958,913

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


8		FINANCIAL HIGHLIGHTS

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



		WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND


	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.036				0.043				0.047				0.026				0.000	^(a)
Net Realized Gain (Loss)			(0.002	)			0.000	^(a)			(0.000	)^(a)			(0.000	)^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.034				0.043				0.047				0.026				0.000

Less Distributions From:
Net Investment Income			(0.034	)			(0.043	)			(0.047	)			(0.026	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.50	%			4.37	%			4.85	%			2.59	%			0.02	%
Net Assets, End of Year (000’s)		$	18,990			$	649,315			$	819,609			$	773,332			$	1,163,736
Ratios to Average Net Assets
Gross Expense^(b)			0.71	%			0.71	%			0.81	%			0.81	%			0.81	%
Net Expense^(b),(c)			0.60	%			0.60	%			0.60	%			0.54	%			0.08	%
Net Investment Income			3.55	%			4.28	%			4.77	%			2.42	%			0.02	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.038				0.046				0.051				0.029				0.000	^(a)
Net Realized Gain (Loss)			(0.000	)^(a)			0.000	^(a)			(0.000	)^(a)			(0.000	)^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.038				0.046				0.051				0.029				0.000

Less Distributions From:
Net Investment Income			(0.038	)			(0.046	)			(0.051	)			(0.029	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.87	%			4.74	%			5.22	%			2.90	%			0.02	%
Net Assets, End of Year (000’s)		$	3,740,180			$	2,810,414			$	2,691,292			$	2,469,665			$	1,756,769
Ratios to Average Net Assets
Gross Expense^(b)			0.31	%			0.31	%			0.34	%			0.31	%			0.31	%
Net Expense^(b),(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.08	%
Net Investment Income			3.79	%			4.64	%			5.10	%			2.96	%			0.02	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.037				0.046				0.050				0.028				0.000	^(a)
Net Realized Gain (Loss)			(0.000	)^(a)			0.000	^(a)			(0.000	)^(a)			(0.000	)^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.037				0.046				0.050				0.028				0.000

Less Distributions From:
Net Investment Income			(0.037	)			(0.046	)			(0.050	)			(0.028	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.80	%			4.66	%			5.11	%			2.81	%			0.02	%
Net Assets, End of Year (000’s)		$	5,833,979			$	5,911,476			$	5,515,811			$	6,062,727			$	3,997,179
Ratios to Average Net Assets
Gross Expense^(b)			0.46	%			0.46	%			0.56	%			0.56	%			0.56	%
Net Expense^(b),(c)			0.32	%			0.32	%			0.35	%			0.34	%			0.08	%
Net Investment Income			3.73	%			4.56	%			5.00	%			2.91	%			0.02	%

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS (continued)		9


	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.035				0.042				0.046				0.024				0.000	^(a)
Net Realized Gain (Loss)			(0.001	)			0.000	^(a)			(0.000	)^(a)			(0.000	)^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.034				0.042				0.046				0.024				0.000
Less Distributions From:
Net Investment Income			(0.034	)			(0.042	)			(0.046	)			(0.024	)			(0.000	)^(a)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000

Total Return			3.48	%			4.31	%			4.73	%			2.43	%			0.01	%
Net Assets, End of Year (000’s)		$	18,890			$	225,430			$	436,534			$	645,974			$	500,998
Ratios to Average Net Assets
Gross Expense^(b)			0.71	%			0.71	%			0.81	%			0.81	%			0.81	%
Net Expense^(b),(c)			0.64	%			0.66	%			0.72	%			0.72	%			0.08	%
Net Investment Income			3.51	%			4.21	%			4.62	%			2.49	%			0.01	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				For the Period December 29, 2023* through April 30, 2024
PREFERRED INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.039				0.047				0.018
Net Realized Gain (Loss)			(0.000	)^(a)			0.000	^(a)			(0.000	)^(a)
Total Income (Loss) From Operations			0.039				0.047				0.018
Less Distributions From:
Net Investment Income			(0.039	)			(0.047	)			(0.018	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000

Total Return			3.97	%			4.83	%			1.79	%^(d)
Net Assets, End of Year (000’s)		$	1,292,782			$	477,400			$	275,458
Ratios to Average Net Assets
Gross Expense^(b)			0.21	%			0.21	%			0.31	%^(e)
Net Expense^(b),(c)			0.16	%			0.16	%			0.16	%^(e)
Net Investment Income			3.85	%			4.57	%			5.29	%^(e)

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


10		FINANCIAL HIGHLIGHTS (continued)

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



		WILMINGTON U.S. TREASURY MONEY MARKET FUND


	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.037				0.043				0.047				0.026				0.000	^(a)
Net Realized Gain (Loss)			(0.003	)			0.000				0.000	^(a)			0.000	^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.034				0.043				0.047				0.026				0.000

Less Distributions From:
Net Investment Income			(0.034	)			(0.043	)			(0.047	)			(0.026	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.46	%			4.36	%			4.85	%			2.59	%			0.02	%
Net Assets, End of Year (000’s)		$	716			$	116,005			$	243,127			$	238,372			$	336,133
Ratios to Average Net Assets
Gross Expense^(b)			0.72	%			0.72	%			0.82	%			0.83	%			0.82	%
Net Expense^(b),(c)			0.60	%			0.60	%			0.60	%			0.54	%			0.07	%
Net Investment Income			3.70	%			4.25	%			4.74	%			2.40	%			0.02	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.038				0.046				0.051				0.029				0.000	^(a)
Net Realized Gain (Loss)			0.000	^(a)			0.000				0.000	^(a)			0.000	^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.038				0.046				0.051				0.029				0.000

Less Distributions From:
Net Investment Income			(0.038	)			(0.046	)			(0.051	)			(0.029	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.86	%			4.73	%			5.22	%			2.90	%			0.02	%
Net Assets, End of Year (000’s)		$	834,384			$	714,117			$	520,749			$	511,825			$	342,827
Ratios to Average Net Assets
Gross Expense^(b)			0.32	%			0.32	%			0.36	%			0.33	%			0.32	%
Net Expense^(b),(c)			0.25	%			0.25	%			0.25	%			0.25	%			0.09	%
Net Investment Income			3.79	%			4.60	%			5.10	%			3.04	%			0.02	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.037				0.046				0.050				0.028				0.000	^(a)
Net Realized Gain (Loss)			0.000	^(a)			0.000				0.000	^(a)			0.000	^(a)			0.000	^(a)

Total Income (Loss) From Operations			0.037				0.046				0.050				0.028				0.000

Less Distributions From:
Net Investment Income			(0.037	)			(0.046	)			(0.050	)			(0.028	)			(0.000	)^(a)

Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000


Total Return			3.79	%			4.65	%			5.11	%			2.81	%			0.02	%
Net Assets, End of Year (000’s)		$	1,289,007			$	1,420,073			$	1,086,464			$	1,122,678			$	615,858
Ratios to Average Net Assets
Gross Expense^(b)			0.47	%			0.47	%			0.57	%			0.58	%			0.57	%
Net Expense^(b),(c)			0.32	%			0.32	%			0.35	%			0.34	%			0.08	%
Net Investment Income			3.73	%			4.53	%			4.99	%			2.95	%			0.02	%

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS (concluded)		11


	Year Ended April 30, 2026				Year Ended April 30, 2025				Year Ended April 30, 2024				Year Ended April 30, 2023				Year Ended April 30, 2022
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			0.036				0.044				0.046				0.024				0.000	^(a)
Net Realized Gain (Loss)			0.000	^(a)			0.000				0.000	^(a)			0.000	^(a)			0.000	^(a)
Total Income (Loss) From Operations			0.036				0.044				0.046				0.024				0.000
Less Distributions From:
Net Investment Income			(0.036	)			(0.044	)			(0.046	)			(0.024	)			(0.000	)^(a)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000			$	1.000			$	1.000

Total Return			3.64	%			4.50	%			4.73	%			2.43	%			0.01	%
Net Assets, End of Year (000’s)		$	320			$	293			$	247			$	166			$	290
Ratios to Average Net Assets
Gross Expense^(b)			0.72	%			0.72	%			0.82	%			0.83	%			0.82	%
Net Expense^(b),(c)			0.46	%			0.45	%			0.72	%			0.71	%			0.09	%
Net Investment Income			3.57	%			4.40	%			4.63	%			2.16	%			0.01	%

	Year Ended April 30, 2026				Year Ended April 30, 2025				For the Period December 29, 2023* through April 30, 2024
PREFERRED INSTITUTIONAL CLASS
Net Asset Value, Beginning of Year		$	1.000			$	1.000			$	1.000
Income (Loss) From Operations:
Net Investment Income			0.038				0.047				0.018
Net Realized Gain (Loss)			0.001				0.000				0.000	^(a)
Total Income (Loss) From Operations			0.039				0.047				0.018
Less Distributions From:
Net Investment Income			(0.039	)			(0.047	)			(0.018	)
Net Asset Value, End of Year		$	1.000			$	1.000			$	1.000

Total Return			3.95	%			4.82	%			1.79	%^(d)
Net Assets, End of Year (000’s)		$	185,598			$	67,512			$	17,455
Ratios to Average Net Assets
Gross Expense^(b)			0.22	%			0.21	%			0.33	%^(e)
Net Expense^(b),(c)			0.16	%			0.16	%			0.16	%^(e)
Net Investment Income			3.76	%			4.47	%			5.22	%^(e)

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


12		NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2026

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 offer Service Class, Select Class, Administrative Class, Institutional Class and Preferred Institutional Class shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		13

the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

At April 30, 2026, 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
CIBC World Markets Corp.	$	900,000,000	$	900,000,000	$	—	$	—
Deutsche Bank Securities, Inc.		210,000,000		210,000,000		——
FICC Bank of New York		1,260,000,000		1,260,000,000		——
FICC Mizuho Securities USA		880,000,000		880,000,000		——
Sumitomo Mitsui Banking Corp.		1,000,000,000		1,000,000,000		——
TD Securities, Inc.		150,000,000		150,000,000		——

	$	4,400,000,000	$	4,400,000,000	$	—	$	—

U.S. Treasury Money Market Fund
Deutsche Bank Securities, Inc.	$	90,000,000	$	90,000,000	$	—	$	—
FICC Bank of New York		140,000,000		140,000,000		——
FICC Mizuho Securities USA		550,000,000		550,000,000		——
TD Securities, Inc.		150,000,000		150,000,000		——

	$	930,000,000	$	930,000,000	$	—	$	—

(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. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassi-

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


14		NOTES TO FINANCIAL STATEMENTS (continued)

fied 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, 2026, there were no such reclassifications.

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



	2026			2025
Fund	Ordinary Income*		Long-Term Capital Gains	Ordinary Income*		Long-Term Capital Gains

U.S. Government Money Market Fund		$380,828,322	$—		$450,255,015	$—
U.S. Treasury Money Market Fund		88,162,146	—		92,975,712	—

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, 2026, 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		$	29,503,349		$—		$	(29,510,489)		$—		$	(123,596)		$—		$	(130,736)
U.S. Treasury Money Market Fund			6,455,083		—			(6,462,561)		—			—		—			(7,478)



Fund	Short-Term No Expiration			Total Capital Loss Carryforwards

U.S. Government Money Market Fund		$	(123,596)		$	(123,596	)

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		0.15%

U.S. Treasury Money Market Fund		0.15%

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2026, 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	Preferred Institutional Class
U.S. Government Money Market Fund	0.60%	0.25%	0.32%	0.66%*	0.16%
U.S. Treasury Money Market Fund	0.60%	0.25%	0.32%	0.66%**	0.16%

In addition, for the year ended April 30, 2026, $5,696 or 0.02% of shareholder servicing fees were voluntarily waived.

In addition, for the year ended April 30, 2026, $613 or 0.20% of shareholder servicing fees were voluntarily waived.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		16



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

BNY		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.



Fund	Distribution Fees

U.S. Government Money Market Fund	$	144,804
U.S. Treasury Money Market Fund		14,448

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 and up to 0.10% of the average daily net assets of each Fund’s Institutional Class 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 shareholder servicing fees for each Fund’s shares for whom M&T provides shareholder services. 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 voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2026, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:



Fund	Shareholder Services Fees

U.S. Government Money Market Fund	$	12,422,912
U.S. Treasury Money Market Fund		2,950,832

BNY provides custody services to the Trust.

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


16		NOTES TO FINANCIAL STATEMENTS (concluded)

5.	MARKET RISK IN GENERAL

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

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

6.	CONTRACTUAL OBLIGATIONS

7.	LINE OF CREDIT

The Funds did not utilize the LOC during the year ended April 30, 2026.

8.	SUBSEQUENT EVENTS

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION

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, 2026, the related statements of operations for the year ended April 30, 2026, the statements of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2026, 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, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 23, 2026

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


18

OTHER INFORMATION

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

Renewal of Advisory and Sub-Advisory Agreements

Not Applicable.

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		19

OF THE FUNDS AND THEIR DISTRIBUTOR

March 11, 2025

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 Practices

●

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 par- ties 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.

Information Security

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)


20

Employee Access to Information

Visiting the Funds’ Website

●

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

●

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

What You Can Do

Surveys/Aggregate Data

Changes to Our Privacy Notice

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

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION

[This Page Intentionally Left Blank]

LOGO



Investment Advisor		Distributor
Wilmington Funds Management Corp.		ALPS Distributors, Inc.
1100 North Market Street		1290 Broadway, Suite 1100
9^thFloor		Denver, CO 80203
Wilmington, DE 19890		Fund Accountant, Co-Administrator, Transfer Agent
Sub-Advisor		and Dividend Disbursing Agent
Wilmington Trust Investment Advisors, Inc.		BNY Investment Servicing (U.S.) Inc.
1100 North Market Street		301 Bellevue Parkway
9^thFloor		Wilmington, DE 19809
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^thFloor		Philadelphia, PA 19103
Wilmington, DE 19890
Custodian
The Bank of New York
240 Greenwich Street
New York, NY 10286


WT-AR-MM-0426
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.

LOGO

April 30, 2026 PRESIDENT’S MESSAGE AND ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund

LOGO

CONTENTS


President’s Message			i

Portfolios of Investments			1

Statements of Assets and Liabilities			21

Statements of Operations			22

Statements of Changes in Net Assets			23

Financial Highlights			25

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			35

Other Information			36

[This Page Intentionally Left Blank]

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Financial Statements of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2025, through April 30, 2026.

The economy and financial markets in review

The economy

Bond markets

For the 12-month period May 1, 2025 to April 30, 2026, certain Bloomberg indices performed as follows:1



Bloomberg U.S. Treasury Bond Index²	Bloomberg U.S. Aggregate Bond Index³	Bloomberg U.S. Credit Bond Index⁴	Bloomberg Municipal Bond Index⁵	Bloomberg U.S. Corporate High Yield Bond Index⁶

2.53%	4.06%	5.25%	6.34%	8.84%

Past performance is no guarantee of future results.

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

April 30, 2026 / PRESIDENT’S MESSAGE

Equity markets

For the 12-month period May 1, 2025, to April 30, 2026, 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

Randy Vogel

President

May 18, 2026

PRESIDENT’S MESSAGE / April 30, 2026

iii

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

4.	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.

April 30, 2026 / PRESIDENT’S MESSAGE


		1

Wilmington Broad Market Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Par Value		Value

ADJUSTABLE RATE MORTGAGE – 0.0%**

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

Pool 612514, (RFUCCT1Y + 1.72%, Cap 9.04%, Floor 1.72%), 6.47%, 05/01/33^Δ	$	4,148	$	4,203


TOTAL ADJUSTABLE RATE MORTGAGE (COST $4,142)			$	4,203

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**
Series 2005-29, Class WC, 4.75%, 04/25/35		1,938		1,940

WHOLE LOAN – 0.0%**
Bank of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 5.28%, 02/25/34^Δ		15,582		15,042

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.76%, 11/25/35^Δ		8,066		9,493


TOTAL WHOLE LOAN			$	24,535


TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $25,482)			$	26,475

CORPORATE BONDS – 37.3%

AEROSPACE & DEFENSE – 1.6%
Boeing Co. (The), Sr. Unsecured
3.20%, 03/01/29		150,000		144,595

5.81%, 05/01/50		3,000,000		2,934,728

General Dynamics Corp., Company Guaranteed,

4.95%, 08/15/35		1,000,000		1,005,408

L3Harris Technologies, Inc., Sr. Unsecured

2.90%, 12/15/29		835,000		789,681
5.40%, 07/31/33		3,000,000		3,073,467
5.35%, 06/01/34		2,900,000		2,949,822


TOTAL AEROSPACE & DEFENSE			$	10,897,701

AUTOMOTIVE – 1.6%
Ford Motor Credit Co. LLC, Sr. Unsecured

2.90%, 02/16/28		250,000		240,859

5.73%, 09/05/30		3,000,000		3,021,003

5.87%, 10/31/35^#		2,000,000		1,950,151

General Motors Co., Sr. Unsecured, 6.25%, 10/02/43		1,000,000		989,665

General Motors Financial Co., Inc., Sr. Unsecured

1.50%, 06/10/26		3,000,000		2,991,093

5.45%, 07/15/30		2,000,000		2,047,947


TOTAL AUTOMOTIVE			$	11,240,718

BIOTECHNOLOGY – 0.2%
Amgen, Inc., Sr. Unsecured, 5.65%, 03/02/53		1,280,000		1,229,343



Description	Par Value		Value

BUILDING PRODUCTS – 0.0%**

Johnson Controls International PLC, Sr. Unsecured, 4.63%, 07/02/44	$	100,000	$	86,468

CAPITAL MARKETS – 1.9%

Bank of America Corp., Subordinated, (SOFR + 1.57%), 5.49%, 04/23/37^Δ		3,000,000		2,973,244

Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28^#		775,000		749,919

Goldman Sachs Group, Inc. (The), Sr. Unsecured (3 Month Term SOFR + 1.77%), 3.69%, 06/05/28^Δ		2,080,000		2,063,179

(SOFR + 1.25%), 2.38%, 07/21/32^Δ		1,115,000		986,593

JPMorgan Chase & Co., Sr. Unsecured, (SOFR + 1.26%), 5.15%, 04/23/37^Δ		3,000,000		2,986,639

Morgan Stanley, Sr. Unsecured, (SOFR + 1.18%), 5.07%, 01/30/37^Δ		3,000,000		2,927,237

Morgan Stanley, Sr. Unsecured, MTN, (SOFR + 3.12%), 3.62%, 04/01/31^Δ		890,000		856,442


TOTAL CAPITAL MARKETS			$	13,543,253

CHEMICALS – 0.1%

Nutrien Ltd., Sr. Unsecured, 4.50%, 03/12/27		775,000		774,830

COMMERCIAL SERVICES & SUPPLIES – 0.5%

Global Payments, Inc., Sr. Unsecured 4.50%, 11/15/28		2,600,000		2,581,068

2.90%, 05/15/30		1,000,000		916,886


TOTAL COMMERCIAL SERVICES & SUPPLIES			$	3,497,954

COMPUTERS – 0.4%

Hewlett Packard Enterprise Co., Sr. Unsecured, 4.50%, 03/23/28		3,000,000		3,001,588

DIVERSIFIED FINANCIAL SERVICES – 8.2%

American Express Co., Sr. Unsecured, (SOFR + 0.81%), 4.35%, 07/20/29^Δ		2,770,000		2,765,841

Bank of America Corp., Sr. Unsecured, MTN 3.25%, 10/21/27		1,095,000		1,080,336

(SOFR + 1.88%), 2.83%, 10/24/51^Δ		250,000		153,860

Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,000,335

Bank of Montreal, Sr. Unsecured, (SOFR + 0.67%), 5.00%, 01/27/29^Δ		2,550,000		2,571,927

Bank of Nova Scotia (The), Sr. Unsecured, GMTN, 5.40%, 06/04/27		4,675,000		4,728,657

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


2		PORTFOLIOS OF INVESTMENTS


		Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

Canadian Imperial Bank of Commerce, Sr. Unsecured, 5.24%, 06/28/27	$	2,120,000	$	2,145,459

Capital One Financial Corp., Subordinated, (SOFR + 2.04%), 6.18%, 01/30/36^Δ		3,000,000		3,047,307

Charles Schwab Corp. (The), Sr. Unsecured, 3.20%, 03/02/27		2,894,000		2,872,152

Citigroup, Inc., Sr. Unsecured, (SOFR + 1.49%), 5.17%, 09/11/36^Δ		3,000,000		2,965,559

Citigroup, Inc., Subordinated, 4.13%, 07/25/28		1,900,000		1,883,482

Fifth Third Bancorp, Sr. Unsecured

2.55%, 05/05/27		780,000		767,271

3.95%, 03/14/28^#		3,000,000		2,975,940

(SOFR + 1.84%), 5.63%, 01/29/32^Δ		1,250,000		1,287,689

(SOFR + 0.95%), 4.57%, 04/29/32^Δ		2,000,000		1,967,557

FMR LLC, Sr. Unsecured, 6.45%, 11/15/39^W		1,000,000		1,080,908

Huntington Bancshares, Inc., Subordinated, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.35%), 5.61%, 01/28/41^Δ		2,000,000		1,954,729

Huntington National Bank (The), Sr. Unsecured, (SOFR + 0.72%), 4.87%, 04/12/28^Δ		3,000,000		3,012,304

JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month Term SOFR + 1.26%), 4.91%, 05/15/47^#,^Δ		1,000,000		906,250

PNC Bank NA, Subordinated, BKNT, 2.70%, 10/22/29		1,125,000		1,059,743

PNC Financial Services Group, Inc. (The), Sr. Unsecured 3.45%, 04/23/29		100,000		97,725

(SOFR + 1.20%), 5.49%, 05/14/30^Δ		2,000,000		2,054,784

Royal Bank of Canada, Sr. Unsecured,, (SOFR + 0.89%), 4.50%, 08/06/29^Δ		3,430,000		3,435,562

Toronto-Dominion Bank (The), Sr. Unsecured, 4.86%, 01/31/28		1,510,000		1,522,695

Toronto-Dominion Bank (The), Sr. Unsecured, MTN, 4.57%, 06/02/28		3,095,000		3,108,426

Truist Bank, Subordinated, BKNT

3.80%, 10/30/26		1,000,000		997,851

2.25%, 03/11/30		1,850,000		1,690,122

Truist Financial Corp., Sr. Unsecured, MTN, (SOFR + 2.36%), 5.87%, 06/08/34^Δ		1,500,000		1,563,383

U.S. Bancorp, Sr. Unsecured, (SOFR + 1.30%), 5.08%, 05/15/31^Δ		1,745,000		1,770,592

Wells Fargo & Co., Subordinated, MTN, 4.40%, 06/14/46		1,000,000		804,605


TOTAL DIVERSIFIED FINANCIAL SERVICES			$	57,273,051

ELECTRIC – 4.4%

Ameren Corp., Sr. Unsecured, 5.70%, 12/01/26		1,450,000		1,461,164



Description	Par Value		Value

DTE Energy Co., Sr. Unsecured

4.95%, 07/01/27	$	2,000,000	$	2,012,248

5.20%, 04/01/30		4,000,000		4,083,932

Duke Energy Indiana LLC, 1st Mortgage, 5.90%, 05/15/55		5,000,000		4,988,633

Entergy Arkansas LLC, 1st Mortgage, 5.75%, 01/15/56		1,000,000		976,680

Exelon Corp., Sr. Unsecured

5.15%, 03/15/29		2,015,000		2,053,825

5.13%, 03/15/31		2,000,000		2,031,191

4.70%, 04/15/50		2,000,000		1,663,400

FirstEnergy Corp., Series B, Sr. Unsecured, 3.90%, 07/15/27		5,000,000		4,968,053

Public Service Electric and Gas Co., Secured, 4.20%, 01/01/31		2,000,000		1,978,255

Southern Co. (The), Series 21-B, Sr. Unsecured, 1.75%, 03/15/28		40,000		38,131

Southwestern Public Service Co., 1st Mortgage, 6.00%, 06/01/54		1,175,000		1,180,440

Union Electric Co., 1st Mortgage, 3.50%, 03/15/29		220,000		215,976

WEC Energy Group, Inc., Sr. Unsecured

1.38%, 10/15/27		750,000		718,493

1.80%, 10/15/30		394,000		347,697

Wisconsin Public Service Corp., Sr. Unsecured, 4.25%, 01/15/31^#		2,000,000		1,977,079


TOTAL ELECTRIC			$	30,695,197

FOOD & STAPLES RETAILING – 1.2%

Campbell’s Company (The), Sr. Unsecured, 4.55%, 03/21/31		3,000,000		2,913,480

Conagra Brands, Inc., Sr. Unsecured

1.38%, 11/01/27		200,000		190,603

5.40%, 11/01/48^#		665,000		569,342

General Mills, Inc., Sr. Unsecured, 2.88%, 04/15/30		5,000,000		4,675,847


TOTAL FOOD & STAPLES RETAILING			$	8,349,272

GAS – 0.2%

Southern Co. Gas Capital Corp., Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,089,443

HEALTHCARE-PRODUCTS – 0.4%

Solventum Corp., Sr. Unsecured, 5.45%, 02/25/27		537,000		540,764

Zimmer Biomet Holdings, Inc., Sr. Unsecured, 4.70%, 02/19/27		2,000,000		2,008,859


TOTAL HEALTHCARE-PRODUCTS			$	2,549,623

HEALTHCARE-SERVICES – 0.8%

Cardinal Health, Inc., Sr. Unsecured, 4.50%, 11/15/44		650,000		542,164

Cigna Group (The), Company Guaranteed, 4.80%, 07/15/46		1,000,000		865,738

Cigna Group (The), Sr. Unsecured, 2.38%, 03/15/31		250,000		225,907

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		3

Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

CommonSpirit Health, Sr. Secured, 3.35%, 10/01/29	$	150,000	$	143,800

Elevance Health, Inc., Sr. Unsecured, 3.65%, 12/01/27		1,650,000		1,633,535

NYU Langone Hospitals, Series 2020, Secured, 3.38%, 07/01/55^#		1,000,000		674,460

UnitedHealth Group, Inc., Sr. Unsecured

2.95%, 10/15/27		1,350,000		1,327,194

3.95%, 10/15/42		290,000		233,556


TOTAL HEALTHCARE-SERVICES			$	5,646,354

INSURANCE – 1.9%

Aon North America, Inc., Company Guaranteed, 5.75%, 03/01/54		2,000,000		1,931,206

Berkshire Hathaway Finance Corp., Company Guaranteed, 4.30%, 05/15/43		425,000		373,084

CNA Financial Corp., Sr. Unsecured, 5.20%, 08/15/35		3,000,000		2,944,377

Hartford Insurance Group, Inc. (The), Sr. Unsecured, 5.95%, 10/15/36		2,000,000		2,118,399

Lincoln Financial Global Funding, Secured, 5.30%, 01/13/30^W		3,000,000		3,044,878

Principal Life Global Funding II, Secured, 1.63%, 11/19/30^W		250,000		217,965

W.R. Berkley Corp., Sr. Unsecured

4.75%, 08/01/44		1,715,000		1,508,958

4.00%, 05/12/50		1,425,000		1,079,275


TOTAL INSURANCE			$	13,218,142

MISCELLANEOUS MANUFACTURING – 0.3%

Textron, Inc., Sr. Unsecured, 2.45%, 03/15/31		2,000,000		1,805,093

OIL & GAS – 0.6%

Diamondback Energy, Inc., Company Guaranteed, 5.40%, 04/18/34		1,245,000		1,271,741

Pioneer Natural Resources Co., Sr. Unsecured, 2.15%, 01/15/31		1,000,000		902,512

Valero Energy Corp., Sr. Unsecured

2.15%, 09/15/27		1,800,000		1,747,440

4.90%, 03/15/45		563,000		492,999


TOTAL OIL & GAS			$	4,414,692

ONLINE RETAILER – 0.4%

Meta Platforms, Inc., Sr. Unsecured, 5.50%, 11/15/45		3,000,000		2,802,146

PHARMACEUTICALS – 1.0%

AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		460,000		403,868

Becton Dickinson & Co., Sr. Unsecured, 1.96%, 02/11/31		100,000		88,437

Cardinal Health, Inc., Sr. Unsecured, 5.15%, 09/15/35		3,000,000		2,984,013

CVS Health Corp., Sr. Unsecured 1.30%, 08/21/27		145,000		139,312



Description	Par Value		Value

5.45%, 09/15/35	$	2,000,000	$	2,017,129

Pfizer, Inc., Sr. Unsecured, 2.63%, 04/01/30		650,000		609,399

Zoetis, Inc., Sr. Unsecured

3.00%, 09/12/27		125,000		122,861

3.95%, 09/12/47		1,005,000		785,768


TOTAL PHARMACEUTICALS			$	7,150,787

PIPELINES – 3.5%

Enbridge, Inc., Company Guaranteed

4.90%, 06/20/30		1,000,000		1,009,533

4.85%, 03/27/31		2,000,000		2,007,992

Energy Transfer LP, Sr. Unsecured

4.00%, 10/01/27		3,000,000		2,983,972

4.95%, 06/15/28		3,000,000		3,028,804

3.75%, 05/15/30		715,000		692,715

5.30%, 04/15/47		1,250,000		1,109,601

Enterprise Products Operating LLC, Company Guaranteed

4.20%, 01/31/50		1,120,000		890,097

4.95%, 10/15/54		500,000		440,425

Kinder Morgan Energy Partners LP, Company Guaranteed, 5.40%, 09/01/44		1,000,000		932,469

Kinder Morgan, Inc., Company Guaranteed, 3.60%, 02/15/51		1,315,000		909,695

MPLX LP, Sr. Unsecured, 6.10%, 04/01/56		3,000,000		2,907,493

ONEOK Partners LP, Company Guaranteed, 6.20%, 09/15/43		1,000,000		998,277

ONEOK, Inc., Company Guaranteed, 6.10%, 11/15/32		335,000		353,253

Targa Resources Corp., Company Guaranteed, 5.65%, 02/15/36		3,900,000		3,956,178

Targa Resources Partners LP, Company Guaranteed, 4.88%, 02/01/31		1,245,000		1,244,420

Williams Cos., Inc. (The), Sr. Unsecured, 3.50%, 10/15/51		1,485,000		1,001,704


TOTAL PIPELINES			$	24,466,628

REAL ESTATE INVESTMENT TRUSTS – 3.5%

American Tower Corp., Sr. Unsecured

3.13%, 01/15/27		1,000,000		991,745

4.05%, 03/15/32		1,000,000		963,524

3.10%, 06/15/50		1,500,000		961,470

AvalonBay Communities, Inc., Sr. Unsecured, MTN, 3.35%, 05/15/27		1,420,000		1,408,252

Boston Properties LP, Sr. Unsecured

3.25%, 01/30/31		2,000,000		1,850,659

5.75%, 01/15/35		3,000,000		3,012,007

Healthcare Realty Holdings LP, Company Guaranteed

3.63%, 01/15/28		1,100,000		1,080,267

3.10%, 02/15/30		4,000,000		3,762,814

Healthpeak OP LLC, Company Guaranteed, 2.88%, 01/15/31		2,350,000		2,164,962

Prologis LP, Sr. Unsecured, 4.25%, 06/15/31		3,000,000		2,949,599

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


4		PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

Ventas Realty LP, Company Guaranteed

4.00%, 03/01/28	$	250,000	$	247,992

5.10%, 07/15/32		4,000,000		4,050,448

Welltower OP LLC, Company Guaranteed, 4.95%, 09/01/48		1,000,000		908,864


TOTAL REAL ESTATE INVESTMENT TRUSTS			$	24,352,603

RETAIL – 0.1%

Lowe’s Cos., Inc., Sr. Unsecured, 3.65%, 04/05/29		200,000		196,199

Nordstrom, Inc., Sr. Secured, 5.00%, 01/15/44		1,000,000		705,000


TOTAL RETAIL			$	901,199

SEMICONDUCTORS – 1.3%

Broadcom, Inc., Sr. Unsecured

4.35%, 02/15/30		3,000,000		2,991,330

5.20%, 07/15/35		3,000,000		3,030,457

Intel Corp., Sr. Unsecured, 4.65%, 06/01/31		3,000,000		2,990,136


TOTAL SEMICONDUCTORS			$	9,011,923

SOFTWARE – 1.1%

Oracle Corp., Sr. Unsecured, 6.00%, 08/03/55		4,000,000		3,349,366

Roper Technologies, Inc., Sr. Unsecured

2.00%, 06/30/30		1,345,000		1,202,876

5.10%, 09/15/35#		2,000,000		1,940,641

Workday, Inc., Sr. Unsecured, 3.50%, 04/01/27		1,385,000		1,376,043


TOTAL SOFTWARE			$	7,868,926

TELECOMMUNICATIONS – 1.0%

AT&T, Inc., Sr. Unsecured

4.50%, 05/15/35		845,000		798,063

3.55%, 09/15/55		1,423,000		916,396

T-Mobile USA, Inc., Company Guaranteed

2.55%, 02/15/31		4,000,000		3,643,450

5.75%, 01/15/34		1,275,000		1,331,128

Verizon Communications, Inc., Sr. Unsecured

2.10%, 03/22/28		50,000		48,067

2.36%, 03/15/32		305,000		266,356


TOTAL TELECOMMUNICATIONS			$	7,003,460

TRANSPORTATION – 0.6%

Ryder System, Inc., Sr. Unsecured,, 4.30%, 12/01/30		1,300,000		1,285,899

Ryder System, Inc., Sr. Unsecured, MTN, 2.85%, 03/01/27		2,645,000		2,614,733

Union Pacific Corp., Sr. Unsecured, 4.30%, 03/01/49		675,000		548,378


TOTAL TRANSPORTATION			$	4,449,010

TRUCKING & LEASING – 0.5%

GATX Corp., Sr. Unsecured

3.85%, 03/30/27		1,500,000		1,495,118

4.00%, 06/30/30		1,000,000		977,178



Description	Par Value		Value

5.20%, 03/15/44	$	640,000	$	589,887


TOTAL TRUCKING & LEASING			$	3,062,183


TOTAL CORPORATE BONDS (COST $267,861,613)			$	260,381,587

GOVERNMENT AGENCIES – 0.8%

FEDERAL HOME LOAN BANK (FHLB) – 0.6%

3.25%, 11/16/28^#		4,460,000		4,382,151

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%

6.25%, 05/15/29		750,000		798,798

7.25%, 05/15/30^#		400,000		448,539


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,247,337


TOTAL GOVERNMENT AGENCIES (COST $5,829,864)			$	5,629,488

MORTGAGE-BACKED SECURITIES – 27.2%

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 10.0%

Pool C00478, 8.50%, 09/01/26		299		300

Pool E09010, 2.50%, 09/01/27		35,516		35,043

Pool G18497, 3.00%, 01/01/29		8,972		8,874

Pool C01272, 6.00%, 12/01/31		3,660		3,752

Pool A13990, 4.50%, 10/01/33		3,437		3,441

Pool G01625, 5.00%, 11/01/33		11,533		11,606

Pool A18401, 6.00%, 02/01/34		4,341		4,546

Pool QN1900, 3.00%, 04/01/35		348,660		337,146

Pool G08097, 6.50%, 11/01/35		7,887		8,298

Pool G02296, 5.00%, 06/01/36		32,059		32,616

Pool G02390, 6.00%, 09/01/36		3,356		3,509

Pool G05317, 5.00%, 04/01/37		133,015		135,330

Pool G08193, 6.00%, 04/01/37		6,114		6,444

Pool G03703, 5.50%, 12/01/37		3,916		4,061

Pool G04776, 5.50%, 07/01/38		14,744		15,055

Pool G05500, 5.00%, 05/01/39		120,895		121,624

Pool A93415, 4.00%, 08/01/40		188,423		181,507

Pool A93505, 4.50%, 08/01/40		234,293		232,555

Pool A93996, 4.50%, 09/01/40		173,605		172,317

Pool G06222, 4.00%, 01/01/41		279,195		269,460

Pool A97047, 4.50%, 02/01/41		169,733		169,196

Pool G06956, 4.50%, 08/01/41		177,323		176,761

Pool C03750, 3.50%, 02/01/42		77,921		73,274

Pool C03849, 3.50%, 04/01/42		42,727		39,582

Pool Q08305, 3.50%, 05/01/42		314,263		300,798

Pool C04305, 3.00%, 11/01/42		839,750		769,217

Pool C09020, 3.50%, 11/01/42		631,437		593,788

Pool G07266, 4.00%, 12/01/42		537,125		520,248

Pool C04444, 3.00%, 01/01/43		27,653		25,144

Pool C09029, 3.00%, 03/01/43		119,045		109,328

Pool G08534, 3.00%, 06/01/43		146,846		134,862

Pool Q19476, 3.50%, 06/01/43		234,708		221,036

Pool C09044, 3.50%, 07/01/43		279,427		263,150

Pool G07889, 3.50%, 08/01/43		224,889		211,417

Pool G07624, 4.00%, 12/01/43		249,259		244,206

Pool G60038, 3.50%, 01/01/44		1,341,325		1,261,362

Pool G07680, 4.00%, 04/01/44		430,222		416,181

Pool G07943, 4.50%, 08/01/44		22,796		22,634

Pool G08607, 4.50%, 09/01/44		154,502		153,519

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		5

Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

Pool Q33547, 3.50%, 05/01/45	$	222,375	$	207,886

Pool Q36970, 4.00%, 10/01/45		101,515		96,860

Pool G60384, 4.50%, 12/01/45		15,887		15,769

Pool Q39644, 3.50%, 03/01/46		655,131		606,582

Pool Q39438, 4.00%, 03/01/46		672,096		645,806

Pool G08705, 3.00%, 05/01/46		60,946		54,754

Pool G08708, 4.50%, 05/01/46		107,038		105,145

Pool ZS4671, 3.00%, 08/01/46		394,260		353,781

Pool Q44452, 3.00%, 11/01/46		570,715		513,091

Pool ZS4693, 3.00%, 12/01/46		1,102,011		988,504

Pool SD8037, 2.50%, 01/01/50		2,229,025		1,893,599

Pool RA2341, 2.50%, 04/01/50		1,919,576		1,627,448

Pool SD8104, 1.50%, 11/01/50		2,052,580		1,576,734

Pool RA4349, 2.50%, 01/01/51		989,681		841,258

Pool SD8141, 2.50%, 04/01/51		939,639		793,519

Pool SD0778, 2.50%, 12/01/51		4,069,301		3,411,205

Pool SD8190, 3.00%, 01/01/52		1,688,787		1,493,568

Pool SD8199, 2.00%, 03/01/52		4,230,692		3,403,859

Pool QE2363, 3.50%, 05/01/52		985,842		899,415

Pool SD3139, 3.50%, 07/01/52		848,574		773,925

Pool RA7777, 4.50%, 08/01/52		2,656,174		2,559,642

Pool SD8254, 3.00%, 10/01/52		3,169,891		2,775,849

Pool SD2066, 4.00%, 12/01/52		540,162		506,935

Pool SD3238, 5.50%, 12/01/52		1,500,992		1,517,745

Pool SD2617, 5.00%, 03/01/53		4,595,326		4,553,653

Pool RA8714, 4.50%, 04/01/53		6,306,997		6,105,272

Pool RA8647, 4.50%, 05/01/53		1,961,849		1,900,436

Pool SD3786, 5.00%, 05/01/53		1,100,966		1,090,633

Pool RA9431, 5.50%, 07/01/53		2,722,015		2,771,320

Pool SD3745, 6.00%, 09/01/53		2,743,372		2,811,384

Pool SD5763, 5.50%, 07/01/54		1,913,813		1,934,388

Pool RJ2210, 6.00%, 08/01/54		4,555,297		4,664,336

Pool SL0727, 5.50%, 02/01/55		2,216,097		2,244,307

Pool SL3524, 5.50%, 06/01/55		6,501,934		6,569,973


TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	69,601,768

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 17.2%

Pool 256639, 5.00%, 02/01/27		913		914

Pool 256752, 6.00%, 06/01/27		1,546		1,553

Pool 257007, 6.00%, 12/01/27		2,117		2,134

Pool AB8997, 2.50%, 04/01/28		12,971		12,793

Pool AS4480, 2.50%, 02/01/30		123,713		120,700

Pool AS7462, 2.50%, 06/01/31		70,681		68,462

Pool 254007, 6.50%, 10/01/31		1,771		1,839

Pool 254240, 7.00%, 03/01/32		6,059		6,351

Pool 638023, 6.50%, 04/01/32		17,419		18,029

Pool 642345, 6.50%, 05/01/32		10,218		10,574

Pool 651292, 6.50%, 07/01/32		25,414		26,093

Pool 686398, 6.00%, 03/01/33		28,731		29,846

Pool BP6496, 2.00%, 07/01/35		514,056		475,301

Pool MA4095, 2.00%, 08/01/35		662,023		612,103

Pool 745412, 5.50%, 12/01/35		9,568		9,866

Pool 888789, 5.00%, 07/01/36		55,016		56,367

Pool 256515, 6.50%, 12/01/36		3,992		4,206

Pool AE0217, 4.50%, 08/01/40		27,960		27,891

Pool AB1796, 3.50%, 11/01/40		164,181		156,209

Pool AH5583, 4.50%, 02/01/41		71,670		70,972



Description	Par Value		Value

Pool 890551, 4.50%, 08/01/41	$	18,167	$	17,988

Pool AL0658, 4.50%, 08/01/41		105,573		104,529

Pool AL1319, 4.50%, 10/01/41		130,353		129,019

Pool AL6302, 4.50%, 10/01/41		188,476		186,641

Pool AX5302, 4.00%, 01/01/42		325,586		315,402

Pool AK4523, 4.00%, 03/01/42		369,539		356,651

Pool AL2034, 4.50%, 04/01/42		35,965		35,487

Pool AB7936, 3.00%, 02/01/43		554,676		510,380

Pool AL3761, 4.50%, 02/01/43		54,814		54,416

Pool MA1458, 3.00%, 06/01/43		117,233		106,935

Pool AT7899, 3.50%, 07/01/43		775,197		733,050

Pool AS0302, 3.00%, 08/01/43		1,269,546		1,157,998

Pool AU4279, 3.00%, 09/01/43		258,472		235,762

Pool AL5537, 4.50%, 04/01/44		86,245		85,713

Pool AS3155, 4.00%, 08/01/44		13,082		12,636

Pool AX0833, 3.50%, 09/01/44		206,778		194,306

Pool AL6325, 3.00%, 10/01/44		811,884		740,337

Pool AS5136, 4.00%, 06/01/45		73,261		70,004

Pool AZ7362, 4.00%, 11/01/45		202,001		193,270

Pool AZ9565, 3.50%, 12/01/45		283,461		264,197

Pool BC0326, 3.50%, 12/01/45		260,297		242,596

Pool BC0245, 3.00%, 02/01/46		161,252		146,258

Pool BC0830, 3.00%, 04/01/46		242,218		219,698

Pool AS7568, 4.50%, 07/01/46		33,637		32,961

Pool BC4764, 3.00%, 10/01/46		337,880		303,195

Pool MA2771, 3.00%, 10/01/46		100,296		89,999

Pool AS8276, 3.00%, 11/01/46		344,753		309,346

Pool BC9003, 3.00%, 11/01/46		354,874		318,432

Pool BE1899, 3.00%, 11/01/46		1,390,055		1,247,294

Pool BE3767, 3.50%, 07/01/47		305,790		282,895

Pool BH2618, 3.50%, 08/01/47		89,866		83,138

Pool MA3088, 4.00%, 08/01/47		260,214		248,020

Pool BH4010, 4.50%, 09/01/47		238,062		233,224

Pool BH9215, 3.50%, 01/01/48		439,813		406,882

Pool BJ0650, 3.50%, 03/01/48		1,823,456		1,684,022

Pool BJ0639, 4.00%, 03/01/48		102,578		97,591

Pool BJ9169, 4.00%, 05/01/48		479,868		456,561

Pool BK4764, 4.00%, 08/01/48		453,698		431,652

Pool BN1628, 4.50%, 11/01/48		208,348		202,895

Pool BM5334, 3.50%, 01/01/49		416,934		386,339

Pool MA3871, 3.00%, 12/01/49		1,132,418		1,002,206

Pool CA5306, 3.00%, 03/01/50		930,079		819,713

Pool CA5353, 3.50%, 03/01/50		835,027		765,772

Pool MA4100, 2.00%, 08/01/50		1,089,018		881,800

Pool FM3989, 2.50%, 08/01/50		686,178		583,923

Pool CA6983, 2.00%, 09/01/50		1,893,539		1,539,421

Pool CA7106, 2.00%, 09/01/50		1,226,760		997,361

Pool MA4119, 2.00%, 09/01/50		816,651		661,241

Pool BQ2999, 2.50%, 10/01/50		1,587,497		1,346,802

Pool CA7383, 3.00%, 10/01/50		1,063,095		943,386

Pool CA7734, 2.50%, 11/01/50		1,088,612		923,246

Pool FM5297, 3.00%, 11/01/50		1,396,737		1,246,219

Pool MA4208, 2.00%, 12/01/50		844,832		683,929

Pool CA8021, 2.50%, 12/01/50		3,227,244		2,741,239

Pool FM5166, 3.00%, 12/01/50		734,342		651,188

Pool BQ4495, 2.00%, 02/01/51		4,583,703		3,697,874

Pool CA8929, 2.00%, 02/01/51		2,122,589		1,724,548

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


6		PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

Pool FM6426, 2.00%, 03/01/51	$	1,796,186	$	1,464,105

Pool CB0199, 3.00%, 04/01/51		578,894		507,484

Pool BR7857, 2.50%, 05/01/51		2,803,527		2,368,391

Pool FM7188, 2.50%, 05/01/51		1,906,844		1,638,196

Pool CB0727, 2.50%, 06/01/51		4,954,915		4,213,148

Pool FM8440, 2.50%, 08/01/51		1,123,623		955,130

Pool BT6823, 2.50%, 10/01/51		2,895,274		2,446,015

Pool FM9949, 2.00%, 12/01/51		716,624		584,138

Pool FM9871, 2.50%, 12/01/51		5,204,443		4,425,716

Pool BU1416, 3.00%, 01/01/52		1,732,866		1,523,834

Pool FS6380, 2.50%, 02/01/52		3,295,851		2,763,605

Pool FS0982, 3.00%, 03/01/52		1,475,876		1,304,030

Pool FS1571, 2.00%, 04/01/52		3,216,134		2,590,050

Pool CB3334, 3.50%, 04/01/52		4,602,547		4,218,766

Pool MA4598, 2.50%, 05/01/52		6,021,923		5,071,234

Pool BV7245, 4.00%, 05/01/52		5,226,134		4,918,918

Pool MA4644, 4.00%, 05/01/52		1,032,366		973,529

Pool FA0609, 2.00%, 06/01/52		4,222,485		3,398,579

Pool CB4818, 4.00%, 10/01/52		907,709		856,121

Pool CB4800, 4.50%, 10/01/52		5,330,190		5,164,018

Pool FS5676, 5.00%, 12/01/52		5,632,925		5,572,859

Pool FS6931, 5.50%, 01/01/53		2,461,234		2,488,468

Pool FS5113, 5.50%, 07/01/53		541,059		546,582

Pool MA5108, 6.00%, 08/01/53		1,974,447		2,015,867

Pool CB7336, 5.50%, 10/01/53		3,230,503		3,259,808

Pool CB8151, 5.50%, 03/01/54		3,274,637		3,303,139

Pool CB8709, 6.00%, 06/01/54		2,295,756		2,350,329

Pool FS9945, 6.50%, 09/01/54		1,803,919		1,875,500

Pool FS9801, 5.50%, 11/01/54		7,388,215		7,444,336

Pool CB9610, 5.00%, 12/01/54		4,332,069		4,291,832


TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	120,383,517

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**

Pool 780825, 6.50%, 07/15/28		4,521		4,587

Pool 2616, 7.00%, 07/20/28		2,796		2,846

Pool 2701, 6.50%, 01/20/29		6,672		6,813

Pool 426727, 7.00%, 02/15/29		1,096		1,106

Pool 503405, 6.50%, 04/15/29		3,867		3,985

Pool 781231, 7.00%, 12/15/30		4,096		4,181


TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	23,518


TOTAL MORTGAGE-BACKED SECURITIES (COST $203,818,084)			$	190,008,803

U.S. TREASURY OBLIGATIONS – 34.0%

U.S. TREASURY BONDS – 10.0%

6.38%, 08/15/27		450,000		463,369

5.25%, 02/15/29^#		12,500,000		12,948,802

6.25%, 05/15/30		500,000		540,996

4.38%, 05/15/40		2,000,000		1,930,010

2.00%, 11/15/41		985,000		676,724

2.38%, 02/15/42		2,000,000		1,449,168

3.00%, 05/15/42		500,000		395,645

3.63%, 08/15/43		881,000		746,646

3.75%, 11/15/43		365,000		313,988

3.63%, 02/15/44		2,106,000		1,774,808

3.13%, 08/15/44		6,637,000		5,162,006



Description	Par Value		Value

3.00%, 11/15/44	$	2,000,000	$	1,519,189

4.63%, 11/15/44		5,250,000		5,039,281

2.50%, 02/15/45		2,135,000		1,483,665

4.75%, 02/15/45		575,000		560,440

3.00%, 05/15/45		2,000,000		1,508,627

2.88%, 08/15/45		300,000		220,867

3.00%, 11/15/45^#		765,000		573,527

2.50%, 02/15/46		280,000		191,396

4.63%, 02/15/46		6,145,000		5,870,234

3.00%, 02/15/47		1,098,000		811,397

3.00%, 05/15/47		1,695,000		1,247,779

2.75%, 11/15/47		2,235,000		1,562,514

1.25%, 05/15/50		3,300,000		1,549,460

1.38%, 08/15/50		3,000,000		1,450,461

1.63%, 11/15/50		2,500,000		1,290,696

2.00%, 08/15/51		9,755,000		5,490,708

3.63%, 05/15/53		3,035,000		2,403,457

4.13%, 08/15/53		3,000,000		2,600,571

4.63%, 05/15/54		3,000,000		2,826,153

4.50%, 11/15/54		1,500,000		1,384,657

4.63%, 02/15/55		1,000,000		942,054

4.63%, 11/15/55		3,000,000		2,829,451


TOTAL U.S. TREASURY BONDS			$	69,758,746

U.S. TREASURY NOTES – 24.0%

2.75%, 02/15/28		3,900,000		3,823,443

4.00%, 02/29/28		10,000,000		10,020,545

3.88%, 03/15/28		5,000,000		4,999,544

1.25%, 06/30/28		500,000		472,789

2.88%, 08/15/28		5,000,000		4,889,476

4.38%, 08/31/28		5,500,000		5,557,851

1.38%, 10/31/28		8,000,000		7,522,925

4.88%, 10/31/28		3,000,000		3,068,858

3.13%, 11/15/28		350,000		343,445

2.38%, 05/15/29		6,900,000		6,598,270

4.25%, 06/30/29		7,000,000		7,067,211

1.63%, 08/15/29		5,000,000		4,649,757

3.13%, 08/31/29		4,000,000		3,899,204

3.50%, 04/30/30		8,500,000		8,350,846

0.63%, 05/15/30		550,000		481,607

4.00%, 05/31/30		1,500,000		1,501,106

3.50%, 11/30/30		2,985,000		2,922,402

3.75%, 01/31/31		7,000,000		6,920,778

1.13%, 02/15/31		4,000,000		3,501,731

3.88%, 03/31/31		5,000,000		4,967,848

1.63%, 05/15/31		5,000,000		4,452,978

4.63%, 05/31/31		6,250,000		6,414,441

1.38%, 11/15/31		1,880,000		1,627,777

1.88%, 02/15/32		3,000,000		2,655,194

4.13%, 03/31/32		8,145,000		8,146,590

4.13%, 05/31/32		4,500,000		4,497,204

2.75%, 08/15/32		7,000,000		6,457,233

4.13%, 11/15/32		4,000,000		3,987,554

3.38%, 05/15/33		7,000,000		6,644,189

3.88%, 08/15/33		5,000,000		4,890,026

3.88%, 08/15/34		5,000,000		4,852,607

4.25%, 11/15/34		9,000,000		8,954,478

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		7

Wilmington Broad Market Bond Fund (continued)



Description	Par Value		Value

4.63%, 02/15/35	$	3,000,000	$	3,063,011

4.25%, 08/15/35		3,000,000		2,973,959

4.13%, 02/15/36		7,000,000		6,851,522


TOTAL U.S. TREASURY NOTES			$	168,028,399


TOTAL U.S. TREASURY OBLIGATIONS (COST $254,848,914)			$	237,787,145


	Number of Shares

MONEY MARKET FUND – 0.0%**

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^		67,636		67,636


TOTAL MONEY MARKET FUND (COST $67,636)			$	67,636

	Par Value

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 1.4%

REPURCHASE AGREEMENTS – 1.4%

Bank of Montreal, 3.65%, dated 4/30/26, due 5/01/26, repurchase price $747,030, collateralized by U.S. Government Agency Securities, 2.00% to 8.00%, maturing 10/20/37 to 2/15/67; total market value of $761,893.	$	746,954		746,954

Cantor Fitzgerald Securities, 3.66%, dated 4/30/26, due 5/01/26, repurchase price $1,842,669, collateralized by U.S. Government Agency Securities, 2.00% to 6.81%, maturing 4/01/33 to 9/20/75; total market value of $1,879,332.		1,842,482		1,842,482

Daiwa Capital Markets America, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,842,669, collateralized by U.S. Government Agency & Treasury Securities, 0.50% to 6.50%, maturing 5/12/27 to 5/01/56; total market value of $1,879,332.		1,842,482		1,842,482



Description	Par Value		Value

HSBC Securities USA, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,842,669, collateralized by U.S. Government Agency Securities, 1.53% to 7.00%, maturing 8/01/30 to 4/01/56; total market value of $1,879,332.	$	1,842,482	$	1,842,482

Nomura Securities International, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,842,669, collateralized by U.S. Government Agency Securities, 2.50% to 6.50%, maturing 9/01/28 to 9/01/62; total market value of $1,879,332.		1,842,482		1,842,482

TD Securities, Inc., 3.65%, dated 4/30/26, due 5/01/26, repurchase price $1,842,669, collateralized by U.S. Government Agency Securities, 5.00% to 6.00%, maturing 3/20/53 to 10/20/55; total market value of $1,879,332.		1,842,482		1,842,482


TOTAL REPURCHASE AGREEMENTS (COST $9,959,364)			$	9,959,364


TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $9,959,364)			$	9,959,364


TOTAL INVESTMENTS – 100.7% (COST $742,415,099)			$	703,864,701

COLLATERAL FOR SECURITIES ON LOAN – (1.4%)				(9,959,364	)

OTHER ASSETS LESS LIABILITIES – 0.7%				5,033,387

TOTAL NET ASSETS – 100.0%			$	698,938,724

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, 2026 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Investments in Securities

Adjustable Rate Mortgage		$	—		$	4,203		$	—		$	4,203

Collateralized Mortgage Obligations			—			26,475			—			26,475

Corporate Bonds			—			260,381,587			—			260,381,587

Government Agencies			—			5,629,488			—			5,629,488

Mortgage-Backed Securities			—			190,008,803			—			190,008,803

U.S. Treasury Obligations			—			237,787,145			—			237,787,145

Money Market Fund			67,636			—			—			67,636

Repurchase Agreements			—			9,959,364			—			9,959,364

Total		$	67,636		$	703,797,065		$	—		$	703,864,701

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


8		PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

**	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.

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

Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2026, these liquid restricted securities amounted to $4,343,751, representing 0.70% of total net assets.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:


BKNT		Bank Notes

GMTN		Global Medium Term Note

LLC		Limited Liability Corporation

LP		Limited Partnership

MTN		Medium Term Note

NA		National Association

PLC		Public Limited Company

RFUCCT1Y		Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR		Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		9

Wilmington Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Par Value		Value

MUNICIPAL BONDS – 98.9%

ALABAMA – 4.1%

GENERAL – 4.1%

Alabama Highway Authority, AL, Highways Improvement Revenue Bonds, (AG), 5.00%, 09/01/40	$	1,000,000	$	1,118,057

Black Belt Energy Gas District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series B), 5.00%, 10/01/55		2,000,000		2,094,908

Black Belt Energy Gas District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series E), 5.00%, 12/01/55		3,500,000		3,716,274

Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54		3,000,000		3,196,883

Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 5.00%, 10/01/55		1,500,000		1,593,093

Southeast Energy Authority A Cooperative District, AL, Revenue Bonds, Natural Gas Utility Improvements, (Series F), 5.25%, 11/01/55		3,000,000		3,245,950


TOTAL ALABAMA			$	14,965,165

ARIZONA – 2.6%

EDUCATION – 1.0%

Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)

5.00%, 11/01/26		1,000,000		1,009,552

5.00%, 11/01/30		1,000,000		1,047,453

5.00%, 11/01/32		865,000		901,555

La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		600,000		610,476


TOTAL EDUCATION			$	3,569,036

MEDICAL – 0.7%

Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)

5.00%, 09/01/34		1,000,000		1,075,329

5.00%, 09/01/35		725,000		776,842

5.00%, 09/01/36		500,000		533,779


TOTAL MEDICAL			$	2,385,950

UTILITIES – 0.9%

Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C),

5.00%, 07/01/36		3,000,000		3,467,121


TOTAL ARIZONA			$	9,422,107



Description	Par Value		Value

CALIFORNIA – 0.4%

AIRPORT – 0.4%

City of Los Angeles Department of Airports, CA, Revenue Bonds, (Series A)

4.00%, 05/15/36	$	800,000	$	810,166

4.00%, 05/15/37		500,000		503,969


TOTAL CALIFORNIA			$	1,314,135

COLORADO – 2.5%

AIRPORT – 0.7%

City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,616,313

HIGHER EDUCATION – 0.6%

Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35		2,000,000		2,212,361

MEDICAL – 0.7%

Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, (CommonSpirit Health), (Series A), 5.00%, 08/01/32		2,270,000		2,390,515

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		1,830,369


TOTAL COLORADO			$	9,049,558

CONNECTICUT – 2.6%

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		2,806,942

HIGHER EDUCATION – 0.4%

Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31		1,385,000		1,416,437

MEDICAL – 1.4%

Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), 5.00%, 07/01/34		3,000,000		3,219,124

Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)

4.00%, 07/01/28		785,000		797,960

4.00%, 07/01/29		500,000		510,707

4.00%, 07/01/30		600,000		614,280


TOTAL MEDICAL			$	5,142,071


TOTAL CONNECTICUT			$	9,365,450

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


10		PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

DISTRICT OF COLUMBIA – 1.0%

GENERAL – 0.6%

Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)

5.00%, 10/01/30	$	610,000	$	670,986

5.00%, 10/01/31		875,000		952,186

5.00%, 10/01/32		500,000		541,911


TOTAL GENERAL			$	2,165,083

TRANSPORTATION – 0.4%

Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,537,849


TOTAL DISTRICT OF COLUMBIA			$	3,702,932

FLORIDA – 5.8%

AIRPORT – 1.8%

Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,008,335

Hillsborough County Aviation Authority, FL, Revenue Bonds, (Series B), 5.00%, 10/01/33		2,000,000		2,215,654

Lee FL Airport Revenue County, FL, Revenue Bonds

5.00%, 10/01/34		1,000,000		1,109,482

5.00%, 10/01/35		2,000,000		2,198,497


TOTAL AIRPORT			$	6,531,968

GENERAL OBLIGATIONS – 0.5%

State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,022,740

HIGHER EDUCATION – 1.3%

Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)

5.00%, 04/01/28		750,000		779,221

5.00%, 04/01/30		750,000		778,090

5.00%, 04/01/31		750,000		776,959

5.00%, 04/01/33		750,000		774,630

Florida Higher Educational Facilities Financing Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,613,300


TOTAL HIGHER EDUCATION			$	4,722,200

MEDICAL – 0.6%

Lakeland, FL, Refunding Revenue Bonds, (Lakeland Regional Health Systems), (Series S), 5.00%, 11/15/42		2,000,000		2,148,998

POWER – 0.7%

JEA Electric System Revenue, FL, Current Refunding Revenue Bonds, (Series A), 4.00%, 10/01/37		2,450,000		2,471,525

SCHOOL DISTRICT – 0.9%

School District of Broward County, FL, GO Unlimited, Current Refunding, AD Valorem Property Tax, 5.00%, 07/01/38		3,000,000		3,435,529


TOTAL FLORIDA			$	21,332,960



Description	Par Value		Value

GEORGIA – 6.8%

GENERAL – 4.1%

Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28	$	4,359,000	$	4,451,458

Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)

4.00%, 07/01/52		3,000,000		3,039,166

5.00%, 06/01/53		3,000,000		3,152,726

Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series B)

5.00%, 07/01/53		1,000,000		1,057,582

5.00%, 12/01/55		3,000,000		3,167,015


TOTAL GENERAL			$	14,867,947

MEDICAL – 1.2%

Gainesville & Hall County Hospital Authority, GA, Revenue Bonds, (Northeast Georgia Health System, Inc. Project), 5.00%, 10/15/34		3,805,000		4,308,533

POWER – 1.0%

Municipal Electric Authority of Georgia, GA, Project One Subordinated Current Refunding Revenue Bonds, (Series B), 5.00%, 01/01/31		2,000,000		2,185,952

Municipal Electric Authority of Georgia, GA, Project One Subordinated Revenue Bonds, (Series B), (BAM), 5.25%, 01/01/44		1,250,000		1,358,364


TOTAL POWER			$	3,544,316

TRANSPORTATION – 0.5%

Georgia Ports Authority, GA, Revenue Bonds

4.00%, 07/01/37		1,000,000		1,020,018

4.00%, 07/01/39		1,000,000		1,012,582


TOTAL TRANSPORTATION			$	2,032,600


TOTAL GEORGIA			$	24,753,396

IDAHO – 0.8%

HIGHER EDUCATION – 0.8%

Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project) , 5.00%, 11/01/33		3,000,000		3,053,675


TOTAL IDAHO			$	3,053,675

ILLINOIS – 9.8%

AIRPORT – 1.5%

Chicago O’Hare International Airport, IL, Current Refunding Revenue Bonds, (Senior Lien), (Series D), 5.00%, 01/01/34		2,000,000		2,269,899

Chicago O’Hare International Airport, IL, Revenue Bonds, (Senior Lien), (Series D), 5.00%, 01/01/34		3,000,000		3,030,548


TOTAL AIRPORT			$	5,300,447

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		11

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

GENERAL – 1.3%

Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31	$	1,450,000	$	1,605,737

State of Illinois, IL, (Series C), 5.00%, 06/15/41		3,000,000		3,235,222


TOTAL GENERAL			$	4,840,959

GENERAL OBLIGATIONS – 4.1%

Chicago Park District, IL, GO, Current Refunding, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 01/01/37		2,115,000		2,127,684

Chicago, IL, GO Unlimited, (Series A), 5.00%, 01/01/44		2,000,000		1,956,038

Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32		3,000,000		3,108,313

State of Illinois, IL, GO Unlimited, Refunding Bonds, 5.00%, 02/01/39		450,000		487,581

State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)

5.00%, 10/01/29		2,000,000		2,095,605
5.00%, 10/01/33		1,000,000		1,039,138

State of Illinois, IL, GO Unlimited, (Series D)

5.00%, 11/01/28		3,000,000		3,093,265
5.00%, 09/01/39		1,000,000		1,080,339


TOTAL GENERAL OBLIGATIONS			$	14,987,963

SCHOOL DISTRICT – 1.0%

Cook County Township High School District No 201 J Sterling Morton, IL, GO Limited, AD Valorem Property Tax, (Ag), 5.00%, 06/01/41		1,400,000		1,529,641

Will County Community High School District No 210 Lincoln-Way, IL, GO Unlimited, AD Valorem Property Tax, (SeriesB), (BAM), 5.00%, 01/01/36		2,000,000		2,219,605


TOTAL SCHOOL DISTRICT			$	3,749,246

TRANSPORTATION – 0.4%

Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,513,771

WATER – 1.5%

Chicago Wastewater Transmission Revenue, IL, Current Refunding Revenue Bonds, (Bam), 5.00%, 01/01/35		1,500,000		1,662,158

Chicago Wastewater Transmission Revenue, IL, Current Refunding Revenue Bonds, (Series B), (Bam), 5.00%, 01/01/35		1,500,000		1,662,159

Chicago Waterworks Revenue, IL, Current Refunding Revenue Bonds, (Series A), 5.00%, 11/01/36		2,000,000		2,210,180


TOTAL WATER			$	5,534,497


TOTAL ILLINOIS			$	35,926,883

INDIANA – 0.3%

GENERAL – 0.3%

Westfield-Washington Multi-School Building Corp., IN, Revenue Bonds, (Series A), (BAM ST INTERCEPT), 5.00%, 07/15/31		1,000,000		1,101,025


TOTAL INDIANA			$	1,101,025



Description	Par Value		Value

KENTUCKY – 2.2%

GENERAL – 2.2%

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A)

4.00%, 08/01/52	$	3,000,000	$	3,031,512
5.00%, 05/01/55		1,000,000		1,049,980

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		4,000,000		4,040,488


TOTAL KENTUCKY			$	8,121,980

LOUISIANA – 2.3%

DEVELOPMENT – 0.8%

Parish of St John the Baptist, LA, Current Refunding Revenue Bonds, (Marathon Oil Corporation Project), (Series C), 3.30%, 06/01/37		3,000,000		3,019,614

HIGHER EDUCATION – 0.5%

Louisiana Public Facilities Authority, LA, Refunding Revenue Bonds, (Tulane University of Louisiana Project), 4.00%, 04/01/39		1,830,000		1,802,396

TRANSPORTATION – 1.0%

Greater New Orleans Expressway Commission, LA, Refunding Revenue Bonds, (AG), 5.00%, 11/01/38		1,050,000		1,163,090

State of Louisiana Gasoline & Fuels Tax Revenue, LA, Refunding Revenue Bonds, (Second Lien), (Series A), 4.00%, 05/01/40		2,500,000		2,536,403


TOTAL TRANSPORTATION			$	3,699,493


TOTAL LOUISIANA			$	8,521,503

MARYLAND – 0.7%

AIRPORT – 0.7%

Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)

5.00%, 08/01/28		730,000		763,200

5.00%, 08/01/29		500,000		531,119

5.00%, 08/01/30		515,000		554,134

5.00%, 08/01/31		650,000		706,508


TOTAL MARYLAND			$	2,554,961

MASSACHUSETTS – 0.8%

MEDICAL – 0.3%

Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,002,617

STUDENT LOAN – 0.5%

Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B), 5.00%, 07/01/33		1,800,000		1,921,867


TOTAL MASSACHUSETTS			$	2,924,484

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


12		PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

MICHIGAN – 1.1%

AIRPORT – 0.2%

Gerald R Ford International Airport Authority, MI, Revenue Bonds, (CNTY GTD), 5.00%, 01/01/41	$	500,000	$	534,372

SCHOOL DISTRICT – 0.9%

Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax

4.00%, 05/01/33		1,330,000		1,348,021

4.00%, 05/01/34		1,000,000		1,010,538

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		1,027,849


TOTAL SCHOOL DISTRICT			$	3,386,408

WATER – 0.0%**

Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AG-CR FGIC), 5.50%, 07/01/29		105,000		109,326


TOTAL MICHIGAN			$	4,030,106

MINNESOTA – 1.4%

GENERAL OBLIGATIONS – 0.6%

State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38		2,000,000		2,047,651

MEDICAL – 0.8%

Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		3,056,848


TOTAL MINNESOTA			$	5,104,499

NEVADA – 2.0%

GENERAL OBLIGATIONS – 0.8%

Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37		3,000,000		3,087,043

SCHOOL DISTRICT – 0.9%

Clark County School District, NV, GO Limited, AD Valorem Property Tax, (Series A), 5.00%, 06/15/39		3,000,000		3,316,314

TRANSPORTATION – 0.3%

Clark County, NV, Refunding Revenue Bonds, 4.00%, 07/01/41		1,000,000		1,010,040


TOTAL NEVADA			$	7,413,397

NEW JERSEY – 2.9%

GENERAL – 1.8%

Garden State Preservation Trust, NJ, Revenue Bonds, (Series A), (AG), 5.75%, 11/01/28		1,905,000		1,993,997

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System), 5.00%, 12/15/34		1,720,000		1,799,144

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		535,191



Description	Par Value		Value

New Jersey Transportation Trust Fund Authority, NJ, Refunding Revenue Bonds, (Series A), 5.00%, 06/15/33	$	2,000,000	$	2,256,895


TOTAL GENERAL			$	6,585,227

HIGHER EDUCATION – 0.9%

New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Princeton University), 5.00%, 07/01/64		2,000,000		2,303,771

New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,023,164


TOTAL HIGHER EDUCATION			$	3,326,935

STUDENT LOAN – 0.2%

New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B), 4.00%, 12/01/44		860,000		831,912


TOTAL NEW JERSEY			$	10,744,074

NEW YORK – 7.4%

AIRPORT – 2.4%

New York Transportation Development Corp., NY, Revenue Bonds, (Terminal 4 John F. Kennedy International Airport Project), (Series P), 5.00%, 12/01/31		3,000,000		3,237,295

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)

4.00%, 03/15/30		1,000,000		1,014,431

5.00%, 09/15/31		2,500,000		2,585,204

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (222nd Series ), (BAM-TCRS), 4.00%, 07/15/39		1,840,000		1,863,195


TOTAL AIRPORT			$	8,700,125

GENERAL – 1.8%

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Series E-1), 4.00%, 02/01/38		2,500,000		2,534,039

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, Income Tax Revenue, (Series A), 4.00%, 02/15/34		2,000,000		2,011,754

New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		2,024,456


TOTAL GENERAL			$	6,570,249

GENERAL OBLIGATIONS – 0.9%

New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)

5.00%, 09/01/36		1,600,000		1,752,461

4.00%, 08/01/37		1,500,000		1,516,354


TOTAL GENERAL OBLIGATIONS			$	3,268,815

HIGHER EDUCATION – 1.0%

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (The New School), (Series A), 5.00%, 07/01/33		2,500,000		2,762,974

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		13

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30	$	990,000	$	1,030,274


TOTAL HIGHER EDUCATION			$	3,793,248

TRANSPORTATION – 0.7%

Metropolitan Transportation Authority, NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 11/15/39		2,500,000		2,730,474

WATER – 0.6%

New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, (Series FF), 4.00%, 06/15/36		1,990,000		2,015,284


TOTAL NEW YORK			$	27,078,195

NORTH CAROLINA – 1.9%

POWER – 1.2%

North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,546,483

TRANSPORTATION – 0.4%

North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AG), 5.00%, 01/01/32		1,250,000		1,312,039

WATER – 0.3%

Charlotte Water & Sewer System Revenue, NC, Current Refunding Revenue Bonds, 5.00%, 07/01/33		1,000,000		1,090,570


TOTAL NORTH CAROLINA			$	6,949,092

OHIO – 4.8%

EDUCATION – 0.4%

University of Akron (The), OH, Advance Refunding Revenue Bonds, (Series A), (Bam), 5.00%, 01/01/33		1,420,000		1,572,355

University of Akron (The), OH, Advance Refunding Revenue Bonds, (Series A), Prerefunded/ETM, (Bam), 5.00%, 01/01/33		10,000		11,265


TOTAL EDUCATION			$	1,583,620

GENERAL – 1.1%

Cleveland-Cuyahoga County Port Authority, OH, Revenue Bonds, Public Improvements, (Administrative Headquarters Project), 5.00%, 07/01/37		3,500,000		3,964,355

GENERAL OBLIGATIONS – 0.3%

State of Ohio, OH, GO Unlimited, Public Improvements, (Series A), 5.00%, 03/01/35		1,000,000		1,124,576

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		1,062,131

Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		2,000,381


TOTAL HIGHER EDUCATION			$	3,062,512



Description	Par Value		Value

MEDICAL – 1.2%

Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28	$	3,035,000	$	3,163,957

State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), (Series A), 4.00%, 01/01/34		1,250,000		1,262,648


TOTAL MEDICAL			$	4,426,605

POWER – 0.9%

American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), 5.00%, 02/15/32		3,000,000		3,220,701


TOTAL OHIO			$	17,382,369

OKLAHOMA – 1.4%

GENERAL – 1.2%

Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34		3,000,000		3,377,466

Oklahoma County Finance Authority, OK, Revenue Bonds, (Midwest City-Del City Public Schools Project), (BAM), 5.00%, 10/01/40		1,000,000		1,098,385


TOTAL GENERAL			$	4,475,851

POWER – 0.2%

Grand River Dam Authority, OK, Refunding Revenue Bonds, (Series A), 5.00%, 06/01/41		600,000		654,439


TOTAL OKLAHOMA			$	5,130,290

OREGON – 0.3%

GENERAL – 0.3%

Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39		1,000,000		1,100,326


TOTAL OREGON			$	1,100,326

PENNSYLVANIA – 5.9%

AIRPORT – 1.2%

Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)

5.00%, 01/01/28		1,500,000		1,549,608

4.00%, 01/01/38		1,500,000		1,495,504

Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,532,314


TOTAL AIRPORT			$	4,577,426

GENERAL – 0.9%

Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		3,129,599

HIGHER EDUCATION – 0.9%

Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,026,672

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


14		PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program), 5.00%, 05/01/35	$	1,130,000	$	1,169,050

Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program - Gwynedd Mercy University Project), 5.25%, 05/01/38		1,000,000		1,036,449


TOTAL HIGHER EDUCATION			$	3,232,171

MEDICAL – 0.7%

Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AG), 5.00%, 07/01/35		2,500,000		2,726,833

STUDENT LOAN – 0.1%

Pennsylvania Higher Education Assistance Agency, PA, Revenue Bonds, (Series A), 4.13%, 06/01/45		405,000		395,042

TOBACCO SETTLEMENT – 0.3%

Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,036,023

TRANSPORTATION – 1.0%

Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32		2,000,000		2,067,479

Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B)
5.00%, 12/01/35		500,000		557,002
5.00%, 12/01/36		500,000		554,568
5.00%, 12/01/37		500,000		552,424


TOTAL TRANSPORTATION			$	3,731,473

WATER – 0.8%

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AG)
5.00%, 09/01/38		1,250,000		1,377,755
5.00%, 09/01/39		1,000,000		1,097,497

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AG), 5.00%, 09/01/33		340,000		386,140


TOTAL WATER			$	2,861,392


TOTAL PENNSYLVANIA			$	21,689,959

SOUTH CAROLINA – 2.6%

MEDICAL – 0.5%

South Carolina Jobs-Economic Development Authority, SC, Revenue Bonds, (Novant Health Obligated Group), 5.00%, 11/01/34		1,750,000		1,964,224

POWER – 1.4%

Piedmont Municipal Power Agency, SC, Current Refunding Revenue Bonds, (Series B), 4.00%, 01/01/34		2,155,000		2,181,950



Description	Par Value		Value

Piedmont Municipal Power Agency, SC, Current Refunding Revenue Bonds, (Series D), 4.00%, 01/01/34	$	2,830,000	$	2,862,970


TOTAL POWER			$	5,044,920

UTILITIES – 0.7%

South Carolina Public Service Authority, SC, Current Refunding Revenue Bonds, (Series B), 5.00%, 12/01/31		1,000,000		1,110,195

South Carolina Public Service Authority, SC, Revenue Bonds, (Series A), 5.00%, 12/01/34		1,335,000		1,521,357


TOTAL UTILITIES			$	2,631,552


TOTAL SOUTH CAROLINA			$	9,640,696

TENNESSEE – 2.6%

AIRPORT – 0.6%

Memphis-Shelby County Airport Authority, TN, Revenue Bonds, 5.00%, 07/01/33		1,035,000		1,063,872

Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,182,052


TOTAL AIRPORT			$	2,245,924

GENERAL OBLIGATIONS – 1.1%

Carter County, TN, GO Unlimited, AD Valorem Property Tax, 5.00%, 05/01/33		2,500,000		2,602,576

Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (Series A), 4.00%, 01/01/37		1,515,000		1,556,064


TOTAL GENERAL OBLIGATIONS			$	4,158,640

MEDICAL – 0.9%

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, TN, Revenue Bonds, (Vanderbilt University Medical Center), 5.00%, 07/01/31		3,000,000		3,249,128


TOTAL TENNESSEE			$	9,653,692

TEXAS – 13.2%

AIRPORT – 1.0%

Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,023,612

Dallas Fort Worth International Airport, TX, Revenue Bonds, (Series A), 5.00%, 11/01/35		1,305,000		1,443,877

Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38		1,000,000		1,101,782


TOTAL AIRPORT			$	3,569,271

EDUCATION – 1.3%

Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD)
5.00%, 08/15/39		500,000		544,889
5.00%, 08/15/40		500,000		542,440

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		15

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

Clifton Higher Education Finance Corp., TX, Refunding Revenue Bonds, (Idea Public Schools), (PSF-GTD), 5.00%, 08/15/34	$	2,500,000	$	2,762,026

Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), (PSF-GTD), 5.00%, 08/15/29		1,000,000		1,049,154


TOTAL EDUCATION			$	4,898,509

GENERAL – 1.5%

Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax 4.00%, 08/15/31		1,000,000		1,001,574

4.00%, 08/15/32		1,000,000		1,001,392

Houston Hotel Occupancy Tax & Special Revenue, TX, Refunding Revenue Bonds, (First Lien), (Series C) 5.00%, 09/01/39		1,000,000		1,107,747

5.00%, 09/01/40		1,200,000		1,322,760

5.00%, 09/01/41		1,000,000		1,097,655


TOTAL GENERAL			$	5,531,128

GENERAL OBLIGATIONS – 3.2%

Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A) 5.00%, 02/15/40		1,250,000		1,357,493

5.00%, 02/15/41		1,000,000		1,082,401

Kaufman County Municipal Utility District No 3, TX, GO Unlimited, AD Valorem Property Tax, (Series A), (BAM) 4.00%, 03/01/38		1,020,000		1,026,762

4.00%, 03/01/39		1,065,000		1,068,346

4.00%, 03/01/40		1,110,000		1,108,933

State of Texas, TX, GO Unlimited, (Series A),

4.50%, 08/01/29		2,125,000		2,221,227

State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		3,968,654


TOTAL GENERAL OBLIGATIONS			$	11,833,816

MEDICAL – 0.9%

Tarrant County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Ascension Senior Credit), (Series C-2), 5.00%, 11/15/51		1,500,000		1,674,229

Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,538,644


TOTAL MEDICAL			$	3,212,873

SCHOOL DISTRICT – 1.7%

Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		1,022,906

Prosper Independent School District, TX, GO Unlimited, (PSF-GTD), 4.00%, 02/15/48		4,000,000		3,751,652

Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Series B), (Permanent School Fund - Guaranteed), 4.00%, 02/15/48		1,475,000		1,387,350


TOTAL SCHOOL DISTRICT			$	6,161,908



Description	Par Value		Value

STUDENT LOAN – 0.4%

Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43	$	1,225,000	$	1,268,262

TRANSPORTATION – 3.2%

Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,516,677

Central Texas Turnpike System, TX, Current Refunding Revenue Bonds, (Series C)

5.00%, 08/15/35		3,045,000		3,410,680

5.00%, 08/15/38		3,000,000		3,300,460

Texas Private Activity Bond Surface Transportation Corp., TX, Current Refunding Revenue Bonds, (North Tarrant Express Managed Lanes Project), (Series A), 4.00%, 12/31/37		3,500,000		3,467,019


TOTAL TRANSPORTATION			$	11,694,836


TOTAL TEXAS			$	48,170,603

UTAH – 3.8%

AIRPORT – 1.6%

Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,111,910
5.00%, 07/01/33		2,500,000		2,589,282


TOTAL AIRPORT			$	5,701,192

MEDICAL – 2.2%

Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM

5.40%, 02/15/28		2,850,000		2,880,509

5.13%, 02/15/33		5,145,000		5,200,091


TOTAL MEDICAL			$	8,080,600


TOTAL UTAH			$	13,781,792

WASHINGTON – 3.6%

GENERAL – 0.7%

Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL),

4.75%, 02/01/28		2,710,000		2,726,924

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		1,789,293

POWER – 0.9%

Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, (Series A), 5.00%, 07/01/33		3,000,000		3,358,928

SCHOOL DISTRICT – 0.9%

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		3,114,884

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


16		PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)



Description	Par Value		Value

TRANSPORTATION – 0.6%

Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29	$	2,090,000	$	2,211,161


TOTAL WASHINGTON			$	13,201,190

WISCONSIN – 1.3%

GENERAL OBLIGATIONS – 0.5%

State of Wisconsin, WI, GO Unlimited, AD Valorem Property Tax, (Series 2), 5.00%, 05/01/35		1,860,000		2,099,603

MEDICAL – 0.3%

Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)
4.00%, 01/01/32		500,000		512,823
4.00%, 01/01/33		500,000		511,527


TOTAL MEDICAL			$	1,024,350

POWER – 0.5%

Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,750,493


TOTAL WISCONSIN			$	4,874,446


TOTAL MUNICIPAL BONDS
(Cost $364,927,201)			$	362,054,940



Description	Number of Shares		Value

MONEY MARKET FUND – 0.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^		1,003,664	$	1,003,664


TOTAL MONEY MARKET FUND (Cost $1,003,664)			$	1,003,664


TOTAL INVESTMENTS – 99.2%
(Cost $365,930,865)			$	363,058,604

OTHER ASSETS LESS LIABILITIES – 0.8%				2,866,551


TOTAL NET ASSETS – 100.0%			$	365,925,155

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, 2026 in valuing the Fund’s assets carried at fair value:


	Level 1			Level 2			Level 3			Total

Investments in Securities

Municipal Bonds		$	—		$	362,054,940		$	—		$	362,054,940

Money Market Fund			1,003,664			—			—			1,003,664


Total		$	1,003,664		$	362,054,940		$	—		$	363,058,604

**	Represents less than 0.05%.

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:



AG		Insured by Assured Guaranty Inc.

AICUP		Association of Independent Colleges and Universities of Pennsylvania

AMBAC		American Municipal Bond Assurance Corporation

BAM		Build America Mutual Assurance Company

BHAC		Berkshire Hathaway Assurance Corporation

CNTY GTD		County Guarantee Program

CR		Custodial Receipts

ETM		Escrowed to Maturity

FGIC		Financial Guaranty Insurance Corporation

GO		General Obligation

IDA		Industrial Development Authority/Agency

MORAL OBLG		Moral Obligation Bond

NATL		National Public Finance Guarantee Corporation

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		17

Wilmington Municipal Bond Fund (concluded)



PSF-GTD		Permanent School Fund Guarantee Program

SCH BD GTY		School Bond Guaranty

TCRS		Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


18

Wilmington New York Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

April 30, 2026



Description	Par Value		Value

MUNICIPAL BONDS – 97.4%

NEW YORK – 97.4%

AIRPORT – 7.6%

New York Transportation Development Corp., NY, Revenue Bonds, (Terminal 4 John F. Kennedy International Airport Project), (Series P), 5.00%, 12/01/30	$	1,000,000	$	1,069,934

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31		1,000,000		1,092,497

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39		1,000,000		1,088,103


TOTAL AIRPORT			$	3,250,534

DEVELOPMENT – 4.2%

Battery Park City Authority, NY, Revenue Bonds, (Series A), 5.00%, 11/01/41		500,000		556,518

New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		1,095,000		1,254,090


TOTAL DEVELOPMENT			$	1,810,608

EDUCATION –10.4%

Build NYC Resource Corp., NY, Revenue Bonds, (Success Academy Charter School), 5.00%, 09/01/32		850,000		921,637

New York State Dormitory Authority, NY, Revenue Bonds, (AG State Aid Withholding)

5.00%, 10/01/32		1,000,000		1,136,502

5.00%, 10/01/38		545,000		592,510

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33		1,200,000		1,241,910

New York State Dormitory Authority, NY, Financing Program Revenue Bonds, School District, School Improvements, (Series P), (BAM), 5.00%, 10/01/36		540,000		581,660

New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AG), 5.00%, 10/01/29		5,000		5,280


TOTAL EDUCATION			$	4,479,499

GENERAL – 21.3%

Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33		900,000		914,654

Metropolitan Transportation Authority Dedicated Tax Fund, NY, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/37		210,000		229,618

Nassau County Interim Finance Authority, NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 11/15/33		455,000		506,589

New York City Transitional Finance Authority Building Aid Revenue, NY, Advance Refunding Revenue Bonds, (Series S), (State Aid Withholding), 5.00%, 07/15/34		425,000		435,436



Description	Par Value		Value

New York City Transitional Finance Authority Building Aid Revenue, NY, Current Refunding Revenue Bonds, (Series S), (State Aid Withholding), 5.00%, 07/15/35	$	300,000	$	348,982

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		1,643,816

New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (Series M), 5.00%, 07/01/31		565,000		618,357

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Cash Flow Management, (Series A-1), 5.25%, 08/01/42		800,000		867,375

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Series E-1), 4.00%, 02/01/38		655,000		663,918

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		801,180

New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32		600,000		605,048

New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37		1,000,000		1,014,727

Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Senior Lien), 5.00%, 11/15/39		450,000		492,284


TOTAL GENERAL			$	9,141,984

GENERAL OBLIGATIONS – 17.4%

Amherst, NY, GO, Refunding Notes, AD Valorem Property Tax, 4.00%, 10/15/40		500,000		511,035

Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32		500,000		530,346

New York, NY, GO Unlimited, Refunding Bonds, AD Valorem Property Tax, (Series A), 5.00%, 08/01/31		250,000		276,187

New York, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series A-1), 5.00%, 09/01/38		1,000,000		1,084,195

North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42		650,000		663,760

Onondaga County, NY, GO, Public Improvements, AD Valorem Property Tax, 4.00%, 11/01/41		800,000		813,907

Saratoga County, NY, GO, Refunding Notes, AD

Valorem Property Tax, 4.00%, 09/01/44		500,000		503,166

Suffolk County, NY, GO, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 06/15/33		500,000		564,929

Suffolk County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), 4.00%, 10/15/37		540,000		563,591

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


PORTFOLIOS OF INVESTMENTS		19

Wilmington New York Municipal Bond Fund (continued)



Description	Par Value		Value

Syracuse, NY, GO, Public Improvements, AD Valorem Property Tax, 4.00%, 05/01/34	$	805,000	$	856,000

Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM), 5.00%, 05/01/30		1,000,000		1,080,487


TOTAL GENERAL OBLIGATIONS			$	7,447,603

HIGHER EDUCATION – 10.6%

Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A), 5.00%, 07/01/29		500,000		506,922

Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32		1,040,000		1,073,063

Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33		725,000		790,617

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		1,086,148

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 07/01/38		725,000		784,538

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30		300,000		306,867


TOTAL HIGHER EDUCATION			$	4,548,155

MEDICAL – 6.5%

Monroe County Industrial Development Corp., NY, Current Refunding Revenue Bonds, (Rochester Regional Health Project), 5.00%, 12/01/34		500,000		524,742

New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Memorial Sloan Kettering Cancer Center), (Series C), 4.00%, 07/01/34		500,000		504,908

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29		1,000,000		1,049,361

New York State Dormitory Authority, NY, Revenue Bonds, (Northwell Health Obligated Group), (Series A), 4.00%, 05/01/38		500,000		501,732

New York State Dormitory Authority, NY, Refunding Revenue Bonds, (NYU Langone Hospitals Obligated Group), (Series A), 5.00%, 07/01/34		175,000		200,110


TOTAL MEDICAL			$	2,780,853

POWER – 2.5%

Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38		950,000		1,059,173

SCHOOL DISTRICT – 6.0%

Corning City School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 4.00%, 06/15/37		500,000		512,803



Description	Par Value		Value

Niagara Falls City School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (BAM State Aid Withholding), 5.00%, 06/15/34	$	400,000	$	455,791

Springville-Griffith Institiute Central School District, NY, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 4.00%, 06/15/33		1,000,000		1,071,779

Union Free School District Of The Tarrytowns, NY, GO Unlimited, School Improvements, AD Valorem Property Tax, (State Aid Withholding), 4.00%, 12/01/40		500,000		515,488


TOTAL SCHOOL DISTRICT			$	2,555,861

TRANSPORTATION – 4.3%

Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29		1,530,000		1,598,135

Triborough Bridge & Tunnel Authority, NY, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/15/36		245,000		249,740


TOTAL TRANSPORTATION			$	1,847,875

UTILITIES – 2.8%

Long Island Power Authority, NY, Electric, Lightand Power Improvements, Revenue Bonds, (Series A)

5.00%, 09/01/34		750,000		808,600

4.00%, 09/01/39		400,000		406,752


TOTAL UTILITIES			$	1,215,352

WATER – 3.8%

New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, (Series FF), 5.00%, 06/15/34		750,000		798,717

New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31		750,000		834,304


TOTAL WATER			$	1,633,021


TOTAL NEW YORK			$	41,770,518


TOTAL MUNICIPAL BONDS (Cost $42,271,978)			$	41,770,518

	Number of Shares

MONEY MARKET FUND – 1.4%

Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%^		588,474		588,474


TOTAL MONEY MARKET FUND (Cost $588,474)			$	588,474


TOTAL INVESTMENTS – 98.8% (Cost $42,860,452)			$	42,358,992

OTHER ASSETS LESS LIABILITIES – 1.2%				496,535


TOTAL NET ASSETS – 100.0%			$	42,855,527

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


20		PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s assets carried at fair value:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Municipal Bonds	$	—	$	41,770,518		$—	$	41,770,518

Money Market Fund		588,474		—		—		588,474


Total	$	588,474	$	41,770,518		$—	$	42,358,992

^	7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:



AG		Insured by Assured Guaranty Inc.

BAM		Build America Mutual Assurance Company

GO		General Obligation

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF ASSETS AND LIABILITIES		21



April 30, 2026		Wilmington Broad Market Bond Fund		Wilmington Municipal Bond Fund				Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost	$	742,415,099			$	365,930,865			$	42,860,452

Investments in securities, at value	$	703,864,701	^(a)		$	363,058,604			$	42,358,992
Income receivable		6,054,086				4,898,365				573,200
Foreign tax reclaim receivable		667				—				—
Due from advisor		—				—				8,794
Receivable for shares sold		642,766				75,202				17,348
Prepaid assets		30,544				25,919				18,236


TOTAL ASSETS		710,592,764				368,058,090				42,976,570

LIABILITIES:
Collateral for securities on loan		9,959,364				—				—
Income distribution payable		1,288,799				619,357				16,613
Payable for shares redeemed		53,442				1,273,131				2,837
Payable for Trustees’ fees		6,019				6,019				6,019
Payable for administration fees		15,994				8,357				974
Payable for distribution services fees		313				2,445				710
Payable for shareholder services fees		125				—				—
Payable for investment advisory fees		186,281				99,500				—
Other accrued expenses		143,703				124,126				93,890


TOTAL LIABILITIES		11,654,040				2,132,935				121,043


NET ASSETS	$	698,938,724			$	365,925,155			$	42,855,527


NET ASSETS CONSIST OF:

Paid-in capital	$	754,270,582			$	378,542,229			$	44,838,713
Distributable earnings (loss)		(55,331,858	)			(12,617,074	)			(1,983,186	)


TOTAL NET ASSETS	$	698,938,724			$	365,925,155			$	42,855,527

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A

Net Assets	$	1,515,354			$	12,002,243			$	3,431,575


Shares outstanding (unlimited shares authorized)		170,171				964,636				344,774


Net Asset Value per share	$	8.90			$	12.44			$	9.95


Offering Price per share*	$	9.32	**		$	13.03	**		$	10.42	**

Class I

Net Assets	$	697,423,370			$	353,922,912			$	39,423,952


Shares outstanding (unlimited shares authorized)		79,685,841				28,437,275				3,958,902


Net Asset Value and Offering Price per share	$	8.75			$	12.45			$	9.96

^(a)	Including $9,530,673 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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


22		STATEMENTS OF OPERATIONS



Year Ended April 30, 2026		Wilmington Broad Market Bond Fund			Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends	$	109,210		$	134,714		$	17,796
Interest		28,658,814			11,283,787			1,181,297
Securities lending income, net		37,392			—			—


TOTAL INVESTMENT INCOME		28,805,416			11,418,501			1,199,093

EXPENSES:
Investment advisory fees		3,110,078			1,623,225			184,252
Administration fees		193,658			101,070			11,473
Portfolio accounting and administration fees		169,804			106,748			34,634
Custodian fees		15,357			5,265			1,442
Transfer and dividend disbursing agent fees and expenses		15,022			13,750			2,070
Trustees’ fees		80,948			80,948			80,948
Professional fees		147,936			142,498			139,370
Distribution services fee—Class A		4,022			29,997			9,208
Shareholder services fee—Class A		4,022			29,997			9,208
Share registration costs		35,741			34,073			15,047
Printing and postage		22,890			16,832			13,010
Miscellaneous		64,077			46,341			27,202


TOTAL EXPENSES		3,863,555			2,230,744			527,864

WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(883,658	)		(475,382	)		(280,156	)
Waiver of shareholder services fee—Class A		(3,674	)		(29,997	)		(9,208	)


TOTAL WAIVERS AND REIMBURSEMENTS		(887,332	)		(505,379	)		(289,364	)


Net expenses		2,976,223			1,725,365			238,500


Net investment income		25,829,193			9,693,136			960,593


REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		(2,238,720	)		(1,136,401	)		(26,473	)
Net change in unrealized appreciation (depreciation) on investments		1,247,545			10,801,200			1,109,838


Net realized and unrealized gain (loss)		(991,175	)		9,664,799			1,083,365


Change in net assets resulting from operations	$	24,838,018		$	19,357,935		$	2,043,958

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


STATEMENTS OF CHANGES IN NET ASSETS		23



	Wilmington Broad Market Bond Fund						Wilmington Municipal Bond Fund

	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2026			Year Ended April 30, 2025
OPERATIONS:
Net investment income	$	25,829,193		$	21,972,094		$	9,693,136		$	8,273,017
Net realized gain (loss)		(2,238,720	)		(7,560,780	)		(1,136,401	)		(967,191	)
Net change in unrealized appreciation (depreciation)		1,247,545			31,016,312			10,801,200			(482,722	)

Change in net assets resulting from operations		24,838,018			45,427,626			19,357,935			6,823,104


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(56,241	)		(57,461	)		(293,245	)		(329,859	)
Class I		(26,015,434	)		(22,011,383	)		(9,399,887	)		(7,942,874	)

Total distributions to shareholders		(26,071,675	)		(22,068,844	)		(9,693,132	)		(8,272,733	)


SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		4,346			26,639			453,787			478,044
Class I		114,437,752			134,629,175			75,235,564			73,122,608
Distributions reinvested
Class A		54,479			55,460			250,395			280,898
Class I		10,881,434			9,473,351			2,068,145			1,654,256
Cost of shares redeemed
Class A		(239,730	)		(254,640	)		(1,683,529	)		(2,858,486	)
Class I		(81,946,283	)		(91,624,611	)		(55,985,677	)		(50,431,576	)

Change in net assets resulting from share transactions		43,191,998			52,305,374			20,338,685			22,245,744

Change in net assets		41,958,341			75,664,156			30,003,488			20,796,115

NET ASSETS:
Beginning of year		656,980,383			581,316,227			335,921,667			315,125,552

End of year	$	698,938,724		$	656,980,383		$	365,925,155		$	335,921,667


SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		488			3,023			36,332			39,046
Class I		13,018,175			15,484,400			6,100,375			5,982,188
Distributions reinvested
Class A		6,072			6,237			20,217			22,898
Class I		1,233,537			1,084,737			166,807			134,845
Shares redeemed
Class A		(26,745	)		(28,449	)		(137,007	)		(233,246	)
Class I		(9,287,356	)		(10,548,497	)		(4,524,957	)		(4,113,572	)

Net change resulting from share transactions		4,944,171			6,001,451			1,661,767			1,832,159

See Notes which are an integral part of the Financial Statements

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


24		STATEMENTS OF CHANGES IN NET ASSETS (concluded)



	Wilmington New York Municipal Bond Fund

	Year Ended April 30, 2026			Year Ended April 30, 2025
OPERATIONS:
Net investment income		$ 960,593			$ 873,540
Net realized gain (loss)		(26,473	)		(347,803	)
Net change in unrealized appreciation (depreciation)		1,109,838			137,662

Change in net assets resulting from operations		2,043,958			663,399


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(77,939	)		(86,845	)
Class I		(882,654	)		(786,714	)

Total distributions to shareholders		(960,593	)		(873,559	)


SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		3,566			14,986
Class I		8,388,066			4,288,436
Distributions reinvested
Class A		72,040			79,933
Class I		712,234			629,310
Cost of shares redeemed
Class A		(677,532	)		(739,686	)
Class I		(5,539,769	)		(4,403,650	)

Change in net assets resulting from share transactions		2,958,605			(130,671	)

Change in net assets		4,041,970			(340,831	)

NET ASSETS:
Beginning of year		38,813,557			39,154,388

End of year		$42,855,527		$	38,813,557


SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		361			1,533
Class I		848,046			440,094
Distributions reinvested
Class A		7,276			8,149
Class I		71,857			64,104
Shares redeemed
Class A		(68,291	)		(75,285	)
Class I		(561,706	)		(448,825	)

Net change resulting from share transactions		297,543			(10,230	)

See Notes which are an integral part of the Financial Statements

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS		25

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



		WILMINGTON BROAD MARKET BOND FUND



CLASS A	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 8.92			$ 8.58			$ 8.96			$ 9.23			$ 10.25
Income (Loss) From Operations:
Net Investment Income^(a)		0.31			0.29			0.25			0.19			0.15
Net Realized and Unrealized Gain (Loss)		(0.02	)		0.34			(0.38	)		(0.26	)		(0.99	)

Total Income (Loss) From Operations		0.29			0.63			(0.13	)		(0.07	)		(0.84	)


Less Distributions From:
Net Investment Income		(0.31	)		(0.29	)		(0.25	)		(0.20	)		(0.18	)

Total Distributions		(0.31	)		(0.29	)		(0.25	)		(0.20	)		(0.18	)

Net Asset Value, End of Year		$ 8.90			$ 8.92			$ 8.58			$ 8.96			$ 9.23


Total Return^(b)		3.32	%		7.40	%		(1.46	)%		(0.71	)%		(8.37	)%
Net Assets, End of Year (000’s)		$1,515			$1,698			$1,798			$2,018			$2,691
Ratios to Average Net Assets
Gross Expense^(c)		1.06	%		1.06	%		1.06	%		1.07	%		1.06	%
Net Expense^(c),(d)		0.62	%		0.70	%		0.77	%		0.77	%		0.77	%
Net Investment Income		3.54	%		3.26	%		2.81	%		2.16	%		1.45	%
Portfolio Turnover Rate		26	%		29	%		18	%		24	%		26	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 8.77			$ 8.44			$ 8.81			$ 9.08			$ 10.08
Income (Loss) From Operations:
Net Investment Income^(a)		0.33			0.31			0.27			0.22			0.18
Net Realized and Unrealized Gain (Loss)		(0.02	)		0.33			(0.37	)		(0.26	)		(0.97	)

Total Income (Loss) From Operations		0.31			0.64			(0.10	)		(0.04	)		(0.79	)


Less Distributions From:
Net Investment Income		(0.33	)		(0.31	)		(0.27	)		(0.23	)		(0.21	)

Total Distributions		(0.33	)		(0.31	)		(0.27	)		(0.23	)		(0.21	)

Net Asset Value, End of Year		$ 8.75			$ 8.77			$ 8.44			$ 8.81			$ 9.08


Total Return^(b)		3.60	%		7.66	%		(1.09	)%		(0.42	)%		(8.02	)%
Net Assets, End of Year (000’s)		$697,424			$655,282			$579,518			$550,087			$570,825
Ratios to Average Net Assets
Gross Expense^(c)		0.56	%		0.56	%		0.56	%		0.57	%		0.56	%
Net Expense^(c),(d)		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Net Investment Income		3.74	%		3.54	%		3.15	%		2.51	%		1.79	%
Portfolio Turnover Rate		26	%		29	%		18	%		24	%		26	%

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


26		FINANCIAL HIGHLIGHTS (continued)

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



		WILMINGTON MUNICIPAL BOND FUND



CLASS A	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 12.11			$ 12.16			$ 12.25			$ 12.12			$ 13.41
Income (Loss) From Operations:
Net Investment Income^(a)		0.30			0.29			0.26			0.22			0.19
Net Realized and Unrealized Gain (Loss)		0.33			(0.05	)		(0.09	)		0.13			(1.25	)

Total Income (Loss) From Operations		0.63			0.24			0.17			0.35			(1.06	)


Less Distributions From:
Net Investment Income		(0.30	)		(0.29	)		(0.26	)		(0.22	)		(0.19	)
Net Realized Gains		—			—			—			—			(0.04	)

Total Distributions		(0.30	)		(0.29	)		(0.26	)		(0.22	)		(0.23	)

Net Asset Value, End of Year		$ 12.44			$ 12.11			$ 12.16			$ 12.25			$ 12.12


Total Return^(b)		5.26	%		1.93	%		1.42	%		2.92	%		(8.08	)%
Net Assets, End of Year (000’s)		$12,002			$12,652			$14,790			$16,745			$17,942
Ratios to Average Net Assets
Gross Expense^(c)		1.10	%		1.11	%		1.10	%		1.11	%		1.08	%
Net Expense^(c),(d)		0.72	%		0.72	%		0.73	%		0.74	%		0.74	%
Net Investment Income		2.44	%		2.34	%		2.15	%		1.81	%		1.42	%
Portfolio Turnover Rate		12	%		22	%		19	%		28	%		23	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 12.11			$ 12.16			$ 12.26			$ 12.13			$ 13.42
Income (Loss) From Operations:
Net Investment Income^(a)		0.33			0.32			0.29			0.25			0.22
Net Realized and Unrealized Gain (Loss)		0.34			(0.05	)		(0.10	)		0.13			(1.25	)

Total Income (Loss) From Operations		0.67			0.27			0.19			0.38			(1.03	)


Less Distributions From:
Net Investment Income		(0.33	)		(0.32	)		(0.29	)		(0.25	)		(0.22	)
Net Realized Gains		—			—			—			—			(0.04	)

Total Distributions		(0.33	)		(0.32	)		(0.29	)		(0.25	)		(0.26	)

Net Asset Value, End of Year		$ 12.45			$ 12.11			$ 12.16			$ 12.26			$ 12.13


Total Return^(b)		5.62	%		2.20	%		1.60	%		3.18	%		(7.83	)%
Net Assets, End of Year (000’s)		$353,923			$323,270			$300,336			$322,805			$303,707
Ratios to Average Net Assets
Gross Expense^(c)		0.60	%		0.61	%		0.60	%		0.61	%		0.59	%
Net Expense^(c),(d)		0.47	%		0.47	%		0.48	%		0.49	%		0.49	%
Net Investment Income		2.70	%		2.59	%		2.40	%		2.06	%		1.67	%
Portfolio Turnover Rate		12	%		22	%		19	%		28	%		23	%

(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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


FINANCIAL HIGHLIGHTS (concluded)		27

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



WILMINGTON NEW YORK MUNICIPAL BOND FUND



CLASS A	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 9.68			$ 9.74			$ 9.83			$ 9.71			$ 10.69
Income (Loss) From Operations:
Net Investment Income^(a)		0.21			0.20			0.18			0.15			0.13
Net Realized and Unrealized Gain (Loss)		0.27			(0.06	)		(0.09	)		0.12			(0.95	)

Total Income (Loss) From Operations		0.48			0.14			0.09			0.27			(0.82	)


Less Distributions From:
Net Investment Income		(0.21	)		(0.20	)		(0.18	)		(0.15	)		(0.13	)
Net Realized Gains		—			—			—			—			(0.03	)

Total Distributions		(0.21	)		(0.20	)		(0.18	)		(0.15	)		(0.16	)

Net Asset Value, End of Year		$ 9.95			$ 9.68			$ 9.74			$ 9.83			$ 9.71


Total Return^(b)		4.98	%		1.43	%		0.90	%		2.79	%		(7.74	)%
Net Assets, End of Year (000’s)		$3,432			$3,926			$4,589			$ 5,212			$5,536
Ratios to Average Net Assets
Gross Expense^(c)		1.74	%		1.73	%		1.57	%		1.53	%		1.37	%
Net Expense^(c),(d)		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%
Net Investment Income		2.12	%		2.04	%		1.81	%		1.52	%		1.24	%
Portfolio Turnover Rate		8	%		27	%		29	%		6	%		7	%


CLASS I	Year Ended April 30, 2026			Year Ended April 30, 2025			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022

Net Asset Value, Beginning of Year		$ 9.69			$ 9.75			$ 9.84			$ 9.72			$ 10.70
Income (Loss) From Operations:
Net Investment Income^(a)		0.23			0.22			0.20			0.17			0.16
Net Realized and Unrealized Gain (Loss)		0.27			(0.06	)		(0.09	)		0.12			(0.95	)

Total Income (Loss) From Operations		0.50			0.16			0.11			0.29			(0.79	)


Less Distributions From:
Net Investment Income		(0.23	)		(0.22	)		(0.20	)		(0.17	)		(0.16	)
Net Realized Gains		—			—			—			—			(0.03	)

Total Distributions		(0.23	)		(0.22	)		(0.20	)		(0.17	)		(0.19	)

Net Asset Value, End of Year		$ 9.96			$ 9.69			$ 9.75			$ 9.84			$ 9.72


Total Return^(b)		5.25	%		1.68	%		1.15	%		3.04	%		(7.50	)%
Net Assets, End of Year (000’s)		$39,424			$34,888			$34,565			$40,420			$47,950
Ratios to Average Net Assets
Gross Expense^(c)		1.24	%		1.23	%		1.07	%		1.03	%		0.87	%
Net Expense^(c),(d)		0.56	%		0.56	%		0.56	%		0.57	%		0.57	%
Net Investment Income		2.37	%		2.29	%		2.06	%		1.77	%		1.49	%
Portfolio Turnover Rate		8	%		27	%		29	%		6	%		7	%

(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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


28		NOTES TO FINANCIAL STATEMENTS

Wilmington Funds

April 30, 2026

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”)^(d)		The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.

^(d) Diversified

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.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		29

At April 30, 2026, 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 Montreal	$	746,954	$	746,954	$	—	$	—
Cantor Fitzgerald Securities		1,842,482		1,842,482		—		—
Daiwa Capital Markets America, Inc.		1,842,482		1,842,482		—		—
HSBC Securities USA, Inc.		1,842,482		1,842,482		—		—
Nomura Securities International, Inc.		1,842,482		1,842,482		—		—
TD Securities, Inc.		1,842,482		1,842,482		—		—

	$	9,959,364	$	9,959,364	$	—	$	—

⁽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.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


30		NOTES TO FINANCIAL STATEMENTS (continued)

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

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

At April 30, 2026, the securities loaned which are subject to a MSLA on a net payment basis are as follows:



Fund	Value of Securities on Loan	Cash Collateral Received⁽¹⁾	Net Exposure⁽²⁾

Broad Market Bond Fund	$9,530,673	$9,530,673	$—

⁽¹⁾

Collateral with a value of $9,959,364 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, 2026, there were no such reclassifications.

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



Fund	Ordinary Income*		2026 Tax Exempt Income		Long-Term Capital Gains		Ordinary Income*		2025 Tax Exempt Income		Long-Term Capital Gains

Broad Market Bond Fund		$26,071,675	$	—		$—	$	22,068,844		$ —		$—
Municipal Bond Fund		123,670		9,569,462		—		205,545		8,067,188		—
New York Municipal Bond Fund		15,461		945,132		—		28,304		845,255		—

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

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		31



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

Broad Market Bond Fund	$	742,484,037		$6,357		$(38,625,693)		$(38,619,336)
Municipal Bond Fund		365,952,756		—		(2,894,152)		(2,894,152)
New York Municipal Bond Fund		42,860,452		—		(501,460)		(501,460)

As of April 30, 2026, 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		$1,894,565		$ —	$—		$(1,288,799)		$(38,619,336)		$(17,318,288)	$—		$(55,331,858)
Municipal Bond Fund		—		608,832	—		(619,357)		(2,894,152)		(9,712,397)	—		(12,617,074)
New York Municipal Bond Fund		—		16,319	—		(16,613)		(501,460)		(1,481,432)	—		(1,983,186)



Fund	Short-Term No Expiration	Long-Term No Expiration	Total Capital Loss Carryforwards

Broad Market Bond Fund	$(2,189,207)	$(15,129,081)	$(17,318,288)

Municipal Bond Fund	(1,354,227)	(8,358,170)	(9,712,397)
New York Municipal Bond Fund	(63,903)	(1,417,529)	(1,481,432)

For the year ended April 30, 2026, 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%

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


32		NOTES TO FINANCIAL STATEMENTS (continued)

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	0.81%	0.56%

In addition, for the year ended April 30, 2026, $3,674 or 0.23% of shareholder servicing fees were voluntarily waived.



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

BNY		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

Broad Market Bond Fund		$ 78
Municipal Bond Fund		4,482
New York Municipal Bond Fund		63

Sales Charges – The Funds’ Class A shares bear front-end sales charges. For the year ended April 30, 2026, M&T did not receive 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, 2026, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:



Fund		Shareholder Services Fees

Broad Market Bond Fund		$31

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


NOTES TO FINANCIAL STATEMENTS (continued)		33

BNY provides custody services to the Trust.

BNY 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, 2026 were as follows:



Fund	Purchases		Sales

Broad Market Bond Fund	$	131,470,439	$	55,658,411
Municipal Bond Fund		66,366,982		40,905,996
New York Municipal Bond Fund		6,612,165		3,233,202

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2026 were as follows:



Fund	Purchases		Sales

Broad Market Bond Fund	$	90,835,615	$	123,165,786

6.	MARKET RISK IN GENERAL

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

7.	CONTRACTUAL OBLIGATIONS

8.	LINE OF CREDIT

The Funds did not utilize the LOC during the year ended April 30, 2026.

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


34		NOTES TO FINANCIAL STATEMENTS (concluded)

9.	SUBSEQUENT EVENTS

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		35

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, 2026, the related statements of operations for the year ended April 30, 2026, the statements of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2026 (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, 2026, 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, 2026 and each of the financial highlights for each of the five years in the period ended April 30, 2026 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, 2026 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 23, 2026

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026


36

OTHER INFORMATION

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

Renewal of Advisory and Sub-Advisory Agreements

Not applicable.

April 30, 2026 / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION


		37

OF THE FUNDS AND THEIR DISTRIBUTOR

March 11, 2025

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 Practices

●

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 par- ties 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.

Information Security

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

ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION / April 30, 2026 (unaudited)


38

Employee Access to Information

Visiting the Funds’ Website

●

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

●

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

What You Can Do

Surveys/Aggregate Data

Changes to Our Privacy Notice

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

April 30, 2026 (unaudited) / ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION

[This Page Intentionally Left Blank]

LOGO


		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 and Dividend Disbursing Agent
		Sub-Advisor
		Wilmington Trust Investment Advisors, Inc.		BNY Mellon Investment Servicing (U.S.) Inc.
		1100 North Market Street		301 Bellevue Parkway
		9^th Floor		Wilmington, DE 19809
		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-FI-0426

Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com

We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is included as part of the annual financial statements and other information filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 16. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable

(a)(2)

Not applicable

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)(1)

There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(3)(2)

There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Wilmington Funds


By (Signature and Title)*		/s/ Charles S. Todd
		Charles S. Todd
		(Principal Executive Officer)

Date: July 2, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ Charles S. Todd
		Charles S. Todd
		(Principal Executive Officer)

Date: July 2, 2026


By (Signature and Title)*		/s/ Robert A. DeVault Jr.
		Robert A. DeVault Jr.
		(Principal Financial Officer)

Date: July 2, 2026

^* Print the name and title of each signing officer under his or her signature.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATION

906 CERTIFICATION

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