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 Trust Investment Advisors, Inc.

111 South Calvert Street, 26th Floor

Baltimore, Maryland 21202

(Address of principal executive offices) (Zip code)

Mary Ellen Reilly

Wilmington Trust Investment Advisors, Inc.

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

(Name and address of agent for service)

Registrant’s telephone number, including area code: 410-986-5600

Date of fiscal year end: April 30

Date of reporting period: October 31, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	5
Portfolio of Investments	6
Statement of Assets and Liabilities	21
Statement of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	25
Board Approval of Investment Advisory Agreements	31

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2016, through October 31, 2016. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

The Economy

The economic recovery entered its eighth year, making it the fourth-longest recovery since 1850, but also the weakest one in the post-World War II period.ⁱ The gross domestic product (GDP) grew at a feeble rate of 1.4% in the second calendar quarter, but accelerated in the third quarter, posting a 2.9% jump.ⁱⁱ It’s been a familiar story with this recovery—disappointing growth numbers to begin the year, but a quickening of pace in the second half of the year.

ⁱ  http://www.marketwatch.com/story/current-us-economic-recovery-may-end-up-as-longest-ever-2016-07-18

ⁱⁱ  http://www.bea.gov/national/Index.htm

During the Trust’s semi-annual fiscal year period, the unemployment rate rose from 4.7% in May to 4.9% in October.ⁱⁱⁱ While the increase in the unemployment rate may appear at odds with a continuing economic expansion, the uptick suggests that a growing number of individuals are re-entering the labor pool as new jobs are added.

ⁱⁱⁱ  http://data.bls.gov/timeseries/LNS14000000

Inflation remains historically low, but has picked up in recent months. In September, it posted its biggest gain in five months, with the Consumer Price Index rising 1.5% for the 12-month period ending September 2016, the biggest year-over-year jump since October 2014.^iv Core inflation, which excludes the more volatile food and energy components, reached 1.7% in the third quarter, the highest such reading in two years.^v

^iv http://www.reuters.com/article/us-usa-economy-inflation-idUSKCN12I1GP

^v  http://www.advisorperspectives.com/dshort/updates/2016/10/31/pce-price-index-headline-and-core-rose-again-in-september

Rising oil prices has been one reason that inflation has picked up. West Texas Intermediate (a grade of crude oil used as an oil pricing benchmark) rose from $40.75 per barrel at April-end to $46.83 at the close of October.^vi

^vi  http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

The Federal Reserve (the “Fed”) has yet to follow up its December 2015 rate hike, putting off further hikes because of concerns about the resiliency of economic growth and how global markets will react. However, at its most recent Federal Open Market Committee meeting in September, the Fed indicated that a rate hike may come relatively soon.

The Bond Markets

The yield on the 10-year Treasury note ended largely where it began, but there was a great deal of volatility over the six-month period. Yields stood at 1.83% at April-end, but dropped precipitously in reaction to the British exit (“Brexit”) vote in late June, as the decision by British voters to leave the European Union (“EU”) led to a world-wide flight to safety, driving down yields to as low as 1.37%, a level reached in early July. As anxieties eased, rates slowly climbed back to 1.84% by the close of trading in October.^vii

^vii  http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

Despite the rollercoaster ride in yields, the Barclays U.S. Aggregate Bond Index1 gained 1.51% for the six-month period ended October 31, 2016.

High-yield bonds have been enjoying a very good year. After a price swoon earlier in the year, high-yield bonds have posted strong returns, with oil prices coming off their extreme lows propelling the Barclays U.S. Corporate High Yield Index2 to a gain of 7.59% for the six-month period ended October 31, 2016.

The municipal bond market was challenged by heavy new issuance volumes, leading to a more subdued return for the Barclays Municipal Bond Index3 of 0.49% for the Trust’s semi-annual fiscal year period.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

ii

The Barclays Global Aggregate ex-USD Bond Index4 slumped by 2.08% during the reporting period, as investors were disappointed by monetary policy announcements from the Bank of England, the European Central Bank, and the Bank of Japan.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain Barclays indices performed as follows⁵:

Barclays U.S. Aggregate Bond Index	Barclays U.S. Treasury Bond Index6			Barclays U.S. Mortgage-Backed Securities Index7			Barclays U.S. Credit Bond Index8			Barclays Municipal Bond Index
1.51%		0.80	%		1.28	%		2.61	%		0.49	%

The Stock Markets

Stocks began the period on a positive note, buoyed by rising oil prices and waning concerns about an imminent rate hike. The impending vote in Britain on whether to break away from the European Union, however, soon began to weigh on stocks. Markets turned volatile as investors reacted to each new release of polling numbers about whether the “Stay” or “Leave” vote would prevail. With the polls closest to the referendum date indicating that voters might choose to remain in the EU, the shock of a “Leave” victory sent global markets into a nosedive that shaved off $3 trillion in market value.^viii U.S. stocks recovered quickly, regaining their losses after two days of trading, but overseas markets took considerably longer to claw back their losses.

^viii  http://independent.co.uk/news/business/news/brexit-wipes-record-3tn-off-global-markets-in-two-days-a7107481.html

U.S. equities reached near-historic highs in July, powered by strong economic reports, better-than-expected corporate earnings, and growing conviction that the Fed would not be raising rates in the near term. July’s momentum stalled as markets went quiet in August amid very light trading volumes and low volatility.

The calm ended when September began, with stocks selling off sharply to begin the month. Investor sentiment shifted to worries about a Fed rate increase and mounting concerns that the European Central Bank would be hitting the “pause” button on its monetary-easing efforts.

Stocks remained volatile over the course of the month, moving in reaction to changes in the price of oil, central bank statements, and banking troubles emanating from Europe.

Despite a better-than-expected third-quarter earnings season, October was the third consecutive month to close lower.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain stock market indices performed as follows:

S&P 500 Index9	Dow Jones Industrial Average10			NASDAQ Composite Index11			MSCI All Country World ex-USD (Net) Index12
4.06%		3.44	%		9.33	%		2.01	%

In the months ahead, markets will likely be tested. A looming hike in the federal funds rate, a new incoming president, and uncertain global economic growth may drive further market volatility. It is essential, however, that investors maintain a long-term focus.

For our part, the Trust will remain committed to managing your important savings with the same disciplined process that has created value for our shareholders and helped them achieve their important long-term financial goals. We appreciate the confidence and trust you have shown us.

Sincerely,

Christopher D. Randall

President

November 14, 2016

October 31, 2016 (unaudited) / PRESIDENT’S MESSAGE

iii

For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they 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 Funds, and you should not expect that the investment advisor will provide financial support to the Funds at any time.

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

2. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

4. Barclays Global Aggregate ex-USD Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

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

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

7. Barclays U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

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

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

10. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

11. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

12. MSCI All Country World ex-USD (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

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5

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2016 to October 31, 2016.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

	Beginning		Ending
	Account Value 5/01/16		Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON LARGE-CAP STRATEGY FUND
Actual
Class I	$	1,000.00	$	1,041.20	$	1.29		0.25	%
Hypothetical (assuming a 5% return before expense)
Class I	$	1,000.00	$	1,023.95	$	1.28		0.25	%

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

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At October 31, 2016, the Fund’s sector classifications were as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks
Information Technology		22.5	%
Financials		17.6	%
Health Care		14.6	%
Consumer Discretionary		12.9	%
Industrials		11.0	%
Energy		7.2	%
Consumer Staples		6.8	%
Telecommunication Services		2.9	%
Materials		2.8	%
Utilities		1.4	%
Investment Companies		0.3	%
Rights		0.0	%3
Warrants		0.0	%3
Cash Equivalents1		2.5	%
Other Assets and Liabilities – Net2		(2.5	)%
TOTAL		100.0	%

(1) Cash Equivalents include investments in repurchase agreements.

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

(3) Represent less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS—99.7%
CONSUMER DISCRETIONARY—12.9%
AUTO COMPONENTS—0.3%
Adient PLC*		2,113	$	96,167
BorgWarner, Inc.#		6,180		221,491
Delphi Automotive PLC		5,450		354,632
Gentex Corp.		4,680		79,139
Goodyear Tire & Rubber Co. (The)		7,350		213,370
Lear Corp.		2,500		306,950
Visteon Corp.		1,500		105,915
			$	1,377,664
AUTOMOBILES—0.6%
Ford Motor Co.		106,100		1,245,614
General Motors Co.		36,700		1,159,720
Harley-Davidson, Inc.#		3,970		226,369

Description	Number of Shares		Value
Tesla Motors, Inc.#, *		2,850	$	563,531
Thor Industries, Inc.		1,380		109,448
			$	3,304,682
DISTRIBUTORS—0.1%
Genuine Parts Co.		4,620		418,526
LKQ Corp.*		7,780		251,138
			$	669,664
DIVERSIFIED CONSUMER SERVICES—0.1%
Graham Holdings Co., Class B		140		66,500
H&R Block, Inc.		6,660		152,980
Service Corp. International		4,170		106,752
ServiceMaster Global Holdings, Inc.*		2,280		81,601
			$	407,833
HOTELS, RESTAURANTS & LEISURE—1.8%
Aramark		5,800		215,934

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    7

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Brinker International, Inc.#		520	$	25,605
Carnival Corp.		2,220		109,002
Chipotle Mexican Grill, Inc.*		850		306,646
Choice Hotels International, Inc.		1,610		78,004
Darden Restaurants, Inc.		1,440		93,298
Domino’s Pizza, Inc.		2,200		372,328
Dunkin’ Brands Group, Inc.		3,900		188,604
Hilton Worldwide Holdings, Inc.		7,360		166,336
Hyatt Hotels Corp., Class A*		2,800		142,212
International Game Technology		1,273		36,561
Las Vegas Sands Corp.#		9,520		551,018
Marriott International, Inc., Class A		7,036		483,373
McDonald’s Corp.		23,849		2,684,682
MGM Resorts International*		12,310		322,153
Norwegian Cruise Line Holdings*		4,660		181,134
Panera Bread Co., Class A#,*		845		161,192
Restaurant Brands International LP		47		2,093
Royal Caribbean Cruises Ltd.		4,180		321,317
Six Flags Entertainment Corp.		3,100		172,515
Starbucks Corp.		35,490		1,883,454
Wendy’s Co. (The)		200		2,168
Wyndham Worldwide Corp.		3,360		221,222
Wynn Resorts Ltd.#		2,200		208,010
Yum! Brands, Inc.		10,150		875,742
			$	9,804,603
HOUSEHOLD DURABLES—0.5%
CalAtlantic Group, Inc.		2,100		67,872
DR Horton, Inc.		7,070		203,828
Garmin Ltd.		1,690		81,728
Harman International Industries, Inc.		1,920		153,043
Leggett & Platt, Inc.		3,670		168,380
Lennar Corp., Class A		3,810		158,839
Mohawk Industries, Inc.*		1,900		350,170
Newell Brands, Inc.		12,569		603,563
NVR, Inc.*		130		197,990
PulteGroup, Inc.		10,090		187,674
Tempur Sealy International, Inc.#,*		1,700		91,919
Toll Brothers, Inc.*		6,650		182,476
Tupperware Brands Corp.		1,000		59,520
Whirlpool Corp.		2,350		352,077
			$	2,859,079
INTERNET & CATALOG RETAIL—2.4%
Amazon.com, Inc.*		10,460		8,261,517
Expedia, Inc.		2,852		368,564
Groupon, Inc.#,*		12,350		49,276

Description	Number of Shares		Value
Liberty Interactive Corp., QVC Group, Class A*		7,350	$	135,901
Liberty Ventures, Series A*		4,102		163,670
Netflix, Inc.*		10,600		1,323,622
Priceline Group, Inc. (The)*		1,330		1,960,726
TripAdvisor, Inc.*		3,000		193,440
			$	12,456,716
LEISURE EQUIPMENT & PRODUCTS—0.2%
Brunswick Corp.		2,490		108,315
Hasbro, Inc.		3,490		291,101
Mattel, Inc.		10,050		316,876
Polaris Industries, Inc.#		1,900		145,559
Vista Outdoor, Inc.*		340		13,148
			$	874,999
MEDIA—3.2%
AMC Networks, Inc., Class A*		1,685		82,447
Cable One, Inc.		140		80,744
CBS Corp., Non-Voting		12,730		720,773
Charter Communications, Inc.*		4,702		1,174,983
Cinemark Holdings, Inc.		500		19,900
Clear Channel Outdoor Holdings, Inc., Class A		17,700		101,775
Comcast Corp., Class A		66,000		4,080,120
Discovery Communications, Inc., Class A*		7,080		184,859
Discovery Communications, Inc., Class C*		2,600		65,286
DISH Network Corp., Class A*		4,880		285,773
Gannett Co., Inc.		1,645		12,782
Interpublic Group of Cos., Inc. (The)		10,120		226,587
John Wiley & Sons, Inc., Class A		2,100		108,360
Liberty Braves Group, Class A*		84		1,424
Liberty Broadband Corp., Class A*		1,335		86,708
Liberty Broadband Corp., Class C*		1,271		84,712
Liberty Media Corp., Class A#,*		210		5,844
Liberty SiriusXM Group, Class A*		843		28,047
Liberty SiriusXM Group, Class C*		6,086		201,994
Lions Gate Entertainment Corp.#		4,760		96,914
Live Nation Entertainment, Inc.*		4,370		120,918
Madison Square Garden Co., Class A (The)*		729		120,642
Morningstar, Inc.		1,100		77,693
News Corp., Class A		16,157		195,823
News Corp., Class B		300		3,720
Omnicom Group, Inc.		5,490		438,212
Regal Entertainment Group, Class A		770		16,563
Scripps Networks Interactive, Inc., Class A#		1,380		88,817
Sirius XM Holdings, Inc.#,*		63,640		265,379
Starz, Class A*		4,143		130,339
TEGNA, Inc.		4,940		96,923

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

8    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Thomson Reuters Corp.		6,650	$	262,077
Time Warner, Inc.		20,016		1,781,224
Tribune Media Co., Class A		2,550		83,130
Twenty-First Century Fox, Inc., Class A		33,930		891,341
Twenty-First Century Fox, Inc., Class B		7,180		189,480
Viacom, Inc.		10,700		401,892
Walt Disney Co. (The)		42,046		3,897,244
			$	16,711,449
MULTILINE RETAIL—0.6%
Burlington Stores, Inc.*		900		67,446
Dillard’s, Inc., Class A		1,400		85,820
Dollar General Corp.		7,700		531,993
Dollar Tree, Inc.*		6,962		525,979
JC Penney Co., Inc.#,*		10,630		91,312
Kohl’s Corp.		5,910		258,562
Macy’s, Inc.		10,880		397,011
Nordstrom, Inc.#		5,880		305,760
Sears Holdings Corp.#,*		70		778
Target Corp.		13,960		959,471
			$	3,224,132
SPECIALTY RETAIL—2.4%
Advance Auto Parts, Inc.		1,850		259,148
AutoNation, Inc.*		1,780		78,089
AutoZone, Inc.*		660		489,826
Bed, Bath & Beyond, Inc.		2,310		93,370
Best Buy Co., Inc.		6,780		263,810
Cabela’s, Inc.*		900		55,449
CarMax, Inc.#,*		6,500		324,610
CST Brands, Inc.		1,718		82,498
Dick’s Sporting Goods, Inc.		3,280		182,532
Foot Locker, Inc.		2,410		160,916
GameStop Corp., Class A#		2,820		67,821
Gap, Inc. (The)#		7,650		211,063
Home Depot, Inc. (The)		33,650		4,105,636
L Brands, Inc.		6,110		441,081
Lowe’s Cos., Inc.		23,100		1,539,615
Michaels Cos, Inc. (The)*		1,700		39,525
Murphy USA, Inc.*		1,387		95,398
O’Reilly Automotive, Inc.*		2,700		713,988
Penske Automotive Group, Inc.#		600		26,850
Ross Stores, Inc.		10,440		652,918
Sally Beauty Holdings, Inc.*		2,500		64,850
Signet Jewelers Ltd.#		1,720		139,767
Staples, Inc.		12,960		95,904
Tiffany & Co.#		3,950		290,009
TJX Cos., Inc. (The)		18,540		1,367,325

Description	Number of Shares		Value
Tractor Supply Co.		2,900	$	181,627
Ulta Salon Cosmetics & Fragrance, Inc.*		1,700		413,678
Urban Outfitters, Inc.*		3,460		115,737
Williams-Sonoma, Inc.#		3,740		172,863
			$	12,725,903
TEXTILES, APPAREL & LUXURY GOODS—0.7%
Carter’s, Inc.		1,400		120,876
Coach, Inc.		8,010		287,479
Hanesbrands, Inc.#		8,700		223,590
Kate Spade & Co.*		1,500		25,125
lululemon athletica, Inc.*		2,700		154,575
Michael Kors Holdings Ltd.*		4,300		218,354
NIKE, Inc., Class B		32,840		1,647,911
PVH Corp.		2,480		265,310
Ralph Lauren Corp.		1,700		166,770
Skechers U.S.A., Inc., Class A*		5,500		115,665
Under Armour, Inc., Class A#,*		4,600		143,060
Under Armour, Inc., Class C*		3,122		80,735
VF Corp.		7,150		387,602
			$	3,837,052
TOTAL CONSUMER DISCRETIONARY			$	68,253,776
CONSUMER STAPLES—6.8%
BEVERAGES—1.5%
Brown-Forman Corp., Class A		3,200		155,200
Brown-Forman Corp., Class B		3,400		156,978
Coca-Cola Co. (The)		72,800		3,086,720
Constellation Brands, Inc., Class A		2,700		451,224
Dr. Pepper Snapple Group, Inc.		2,300		201,917
Molson Coors Brewing Co., Class B		1,900		197,239
Monster Beverage Corp.*		3,300		476,322
PepsiCo, Inc.		27,900		2,990,880
			$	7,716,480
FOOD & STAPLES RETAILING—1.5%
Costco Wholesale Corp.		7,900		1,168,173
CVS Health Corp.		22,000		1,850,200
Kroger Co. (The)		20,900		647,482
Rite Aid Corp.*		23,500		157,685
Sprouts Farmers Market, Inc.#,*		5,500		121,825
Sysco Corp.		8,900		428,268
US Foods Holding Corp.*		2,400		54,240
Walgreens Boots Alliance, Inc.		17,400		1,439,502
Wal-Mart Stores, Inc.		28,700		2,009,574
Whole Foods Market, Inc.		8,800		248,952
			$	8,125,901
FOOD PRODUCTS—1.2%
Archer-Daniels-Midland Co.		12,200		531,554

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    9

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Blue Buffalo Pet Products, Inc.*		3,300	$	82,896
Bunge Ltd.		4,600		285,246
Campbell Soup Co.		1,400		76,076
ConAgra Foods, Inc.		8,400		404,712
General Mills, Inc.		9,400		582,612
Hain Celestial Group, Inc. (The)*		6,500		236,405
Hershey Co. (The)		3,500		358,610
Hormel Foods Corp.		4,700		180,950
Ingredion, Inc.		500		65,585
JM Smucker Co. (The)		1,200		157,572
Kellogg Co.		3,000		225,390
Kraft Heinz Co. (The)		12,700		1,129,665
McCormick & Co., Inc.		600		57,522
Mead Johnson Nutrition Co.		3,600		269,172
Mondelez International, Inc., Class A		31,500		1,415,610
Pilgrim’s Pride Corp.		3,000		65,520
Tyson Foods, Inc., Class A		3,900		276,315
WhiteWave Foods Co. (The)*		4,500		245,205
			$	6,646,617
HOUSEHOLD PRODUCTS—1.3%
Church & Dwight Co., Inc.		2,600		125,476
Clorox Co. (The)		2,300		276,046
Colgate-Palmolive Co.		15,600		1,113,216
Energizer Holdings, Inc.		1,700		79,067
Kimberly-Clark Corp.		5,900		675,019
Procter & Gamble Co. (The)		51,600		4,478,880
Spectrum Brands Holdings, Inc.#		200		27,048
			$	6,774,752
PERSONAL PRODUCTS—0.1%
Edgewell Personal Care Co.*		3,100		233,740
Estee Lauder Cos., Inc. Class A (The)		3,200		278,816
Herbalife Ltd.#,*		1,900		115,292
Nu Skin Enterprises, Inc., Class A		1,600		98,640
			$	726,488
TOBACCO—1.2%
Altria Group, Inc.		35,900		2,373,708
Philip Morris International, Inc.		30,800		2,970,352
Reynolds American, Inc.		18,200		1,002,456
			$	6,346,516
TOTAL CONSUMER STAPLES			$	36,336,754
ENERGY—7.2%
ENERGY EQUIPMENT & SERVICES—1.2%
Baker Hughes, Inc.		9,500		526,300
Diamond Offshore Drilling, Inc.#		1,600		26,384
Dril-Quip, Inc.*		660		31,350

Description	Number of Shares		Value
Ensco PLC, Class A		18,950	$	148,189
FMC Technologies, Inc.*		7,860		253,642
Frank’s International NV#		2,050		23,063
Halliburton Co.		22,790		1,048,340
Helmerich & Payne, Inc.#		2,960		186,806
Nabors Industries Ltd.		8,630		102,697
National Oilwell Varco, Inc.#		6,905		221,650
Noble Corp. PLC#		15,200		75,088
Oceaneering International, Inc.		3,780		89,964
Patterson-UTI Energy, Inc.		4,800		107,904
Rowan Cos. PLC, Class A		340		4,512
RPC, Inc.#, *		3,450		59,582
Schlumberger Ltd.		35,495		2,776,774
Superior Energy Services, Inc.		4,550		64,428
Targa Resources Corp.		4,300		188,770
Transocean Ltd.#,*		6,300		60,543
Weatherford International PLC*		30,250		145,805
			$	6,141,791
OIL, GAS & CONSUMABLE FUELS—6.0%
Anadarko Petroleum Corp.		12,450		740,028
Antero Resources Corp.*		2,050		54,263
Apache Corp.		10,840		644,763
Cabot Oil & Gas Corp.		11,600		242,208
Cheniere Energy, Inc.*		4,930		185,861
Chesapeake Energy Corp.#, *		33,700		185,687
Chevron Corp.		48,520		5,082,470
Cimarex Energy Co.		2,900		374,477
Cobalt International Energy, Inc.*		500		472
Concho Resources, Inc.*		3,460		439,212
ConocoPhillips		32,360		1,406,042
CONSOL Energy, Inc.#		10,300		174,585
Continental Resources, Inc.*		3,820		186,836
CVR Energy, Inc.#		100		1,326
Devon Energy Corp.		12,080		457,711
Diamondback Energy, Inc.*		1,900		173,451
Energen Corp.		4,380		219,569
EOG Resources, Inc.		14,680		1,327,366
EQT Corp.		4,830		318,780
Exxon Mobil Corp.		109,793		9,147,953
Golar LNG Ltd.		750		16,418
Gulfport Energy Corp.*		4,150		100,056
Hess Corp.		7,190		344,904
HollyFrontier Corp.		9,440		235,528
Kinder Morgan, Inc.		50,355		1,028,753
Kosmos Energy Ltd.*		3,050		15,891
Laredo Petroleum, Inc.*		8,700		103,704

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

10    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Marathon Oil Corp.		28,330	$	373,389
Marathon Petroleum Corp.		15,730		685,671
Murphy Oil Corp.		7,100		183,677
Newfield Exploration Co.*		4,310		174,943
Noble Energy, Inc.		14,320		493,610
Occidental Petroleum Corp.		20,600		1,501,946
ONEOK, Inc.		7,660		370,974
PBF Energy, Inc., Class A#		3,000		65,400
Phillips 66		11,390		924,299
Pioneer Natural Resources Co.		4,750		850,345
QEP Resources, Inc.		5,800		93,206
Range Resources Corp.		6,198		209,430
Rice Energy, Inc.*		800		17,672
SM Energy Co.		3,150		105,935
Southwestern Energy Co.#, *		12,200		126,758
Spectra Energy Corp.		19,850		829,929
Tesoro Corp.		3,340		283,800
Valero Energy Corp.		13,020		771,305
Whiting Petroleum Corp.*		19,350		159,444
Williams Cos., Inc. (The)		13,070		381,644
World Fuel Services Corp.		2,100		84,525
WPX Energy, Inc.*		3,817		41,453
			$	31,937,669
TOTAL ENERGY			$	38,079,460
FINANCIALS—17.6%
CAPITAL MARKETS—1.9%
Affiliated Managers Group, Inc.*		1,270		168,478
Ameriprise Financial, Inc.		5,540		489,681
Artisan Partners Asset Management, Inc., Class A		350		9,100
Bank of New York Mellon Corp. (The)		25,620		1,108,577
BlackRock, Inc.		3,760		1,283,062
Charles Schwab Corp. (The)		27,250		863,825
Donnelley Financial Solutions, Inc.*		396		8,494
E*TRADE Financial Corp.*		7,200		202,752
Eaton Vance Corp.#		4,970		174,248
Federated Investors, Inc., Class B		4,970		134,190
Franklin Resources, Inc.		6,320		212,731
Goldman Sachs Group, Inc. (The)		9,540		1,700,410
Interactive Brokers Group, Inc., Class A		200		6,638
Invesco Ltd.		12,320		346,069
Lazard Ltd., Class A		3,650		133,079
Legg Mason, Inc.		1,310		37,623
LPL Financial Holdings, Inc.#		3,200		99,072
Morgan Stanley		36,546		1,226,849
Northern Trust Corp.		3,380		244,780

Description	Number of Shares		Value
NorthStar Asset Management Group, Inc.		4,300	$	58,910
Raymond James Financial, Inc.		4,510		271,141
SEI Investments Co.		3,840		170,227
State Street Corp.		9,070		636,805
T. Rowe Price Group, Inc.		4,480		286,765
TD Ameritrade Holding Corp.		2,550		87,236
			$	9,960,742
COMMERCIAL BANKS—4.8%
Associated Banc-Corp.		8,385		170,215
Bank of America Corp.		270,050		4,455,825
Bank of Hawaii Corp.#		2,470		185,620
BankUnited, Inc.		2,700		78,678
BB&T Corp.		18,690		732,648
BOK Financial Corp.		820		58,236
CIT Group, Inc.		5,800		210,714
Citizens Financial Group, Inc.		13,750		362,175
Comerica, Inc.		5,030		262,013
Commerce Bancshares, Inc.		1,642		81,804
Cullen/Frost Bankers, Inc.#		1,440		109,426
East West Bancorp, Inc.		2,600		102,726
Fifth Third Bancorp		18,250		397,120
First Horizon National Corp.		8,934		137,673
First Republic Bank		5,000		372,150
Huntington Bancshares, Inc.		16,641		176,395
JPMorgan Chase & Co.		96,920		6,712,679
KeyCorp		19,144		270,313
M&T Bank Corp.§		1,610		197,595
PacWest Bancorp.		3,239		140,540
PNC Financial Services Group, Inc. (The)		12,860		1,229,416
Popular, Inc.		3,900		141,570
Regions Financial Corp.		28,656		306,906
Signature Bank*		1,000		120,560
SunTrust Banks, Inc.		12,880		582,562
SVB Financial Group*		1,300		158,951
Synovus Financial Corp.		5,594		184,994
TCF Financial Corp.		2,910		41,613
U.S. Bancorp		40,870		1,829,341
Wells Fargo & Co.		118,375		5,446,434
Zions Bancorporation		3,790		122,076
			$	25,378,968
CONSUMER FINANCE—0.8%
Ally Financial, Inc.		14,400		260,208
American Express Co.		19,040		1,264,637
Capital One Financial Corp.		15,700		1,162,428
Credit Acceptance Corp.#,*		250		46,025
Discover Financial Services		12,980		731,163

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    11

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Navient Corp.		12,160	$	155,405
Santander Consumer USA Holdings, Inc.*		3,700		45,140
SLM Corp.*		8,660		61,053
Synchrony Financial		27,800		794,802
			$	4,520,861
DIVERSIFIED FINANCIAL SERVICES—3.0%
Berkshire Hathaway, Inc., Class B*		51,496		7,430,873
CBOE Holdings, Inc.#		3,000		189,630
Citigroup, Inc.		78,782		3,872,135
CME Group, Inc.		8,600		860,860
Intercontinental Exchange, Inc.		3,618		978,271
Leucadia National Corp.		3,210		59,931
Moody’s Corp.		5,940		597,089
MSCI, Inc.		4,320		346,421
Nasdaq, Inc.		4,530		289,784
OneMain Holdings, Inc.*		2,800		79,352
S&P Global, Inc.		8,190		997,952
Voya Financial, Inc.		2,000		61,100
			$	15,763,398
INSURANCE—3.3%
Aflac, Inc.		12,600		867,762
Alleghany Corp.*		256		132,150
Allied World Assurance Co. Holdings AG		3,890		167,192
Allstate Corp. (The)		12,080		820,232
American Financial Group, Inc.		1,600		119,200
American International Group, Inc.		27,280		1,683,176
American National Insurance Co.		600		70,296
AmTrust Financial Services, Inc.		2,100		55,419
Aon PLC		8,300		919,889
Arch Capital Group Ltd.*		2,590		201,942
Arthur J Gallagher & Co.		6,580		317,353
Aspen Insurance Holdings Ltd.		4,665		225,086
Assurant, Inc.		3,230		260,080
Assured Guaranty Ltd.		3,550		106,110
Axis Capital Holdings Ltd.		3,280		186,862
Brown & Brown, Inc.		5,570		205,310
Chubb Ltd.		13,747		1,745,869
Cincinnati Financial Corp.		6,106		432,183
CNA Financial Corp.		1,050		38,398
Endurance Specialty Holdings Ltd.		2,000		183,900
Erie Indemnity Co., Class A		670		68,601
Everest Re Group Ltd.		1,170		238,118
FNF Group		8,041		288,752
Hanover Insurance Group, Inc. (The)		1,100		83,809
Hartford Financial Services Group, Inc. (The)		7,290		321,562
Lincoln National Corp.		7,670		376,520
Loews Corp.		10,450		449,663

Description	Number of Shares		Value
Markel Corp.*		280	$	245,680
Marsh & McLennan Cos., Inc.		16,190		1,026,284
Mercury General Corp.		2,370		129,094
MetLife, Inc.		22,351		1,049,603
Old Republic International Corp.		13,500		227,610
Principal Financial Group, Inc.		6,990		381,654
ProAssurance Corp.		3,000		159,900
Progressive Corp. (The)		19,230		605,937
Prudential Financial, Inc.		10,530		892,839
Reinsurance Group of America, Inc.		1,690		182,283
RenaissanceRe Holdings Ltd.		1,120		139,205
Torchmark Corp.		1,695		107,480
Travelers Cos., Inc. (The)		8,880		960,638
Unum Group		5,610		198,594
Validus Holdings Ltd.		170		8,687
White Mountains Insurance Group Ltd.		160		132,755
WR Berkley Corp.		3,580		204,418
Xl Group Ltd.		7,270		252,269
			$	17,470,364
REAL ESTATE INVESTMENT TRUSTS—3.7%
AGNC Investment Corp.		4,030		80,842
Alexandria Real Estate Equities, Inc.		2,915		314,266
American Campus Communities, Inc.		4,700		244,917
American Homes 4 Rent, Class A		1,650		34,831
American Tower Corp.		11,560		1,354,716
Annaly Capital Management, Inc.		37,380		387,257
Apartment Investment & Management Co., Class A		3,970		174,958
AvalonBay Communities, Inc.		2,722		465,952
Boston Properties, Inc.		4,550		548,184
Brandywine Realty Trust		4,680		72,540
Brixmor Property Group, Inc.		6,250		158,875
Camden Property Trust		2,670		217,445
Care Capital Properties, Inc.		796		21,150
Chimera Investment Corp.		6,740		105,616
Communications Sales & Leasing, Inc.		3,350		95,240
Corporate Office Properties Trust		4,700		125,443
Corrections Corp. of America		367		5,303
Crown Castle International Corp.		9,340		849,847
CyrusOne, Inc.		600		26,766
DDR Corp.		9,900		151,371
Digital Realty Trust, Inc.		3,910		365,311
Douglas Emmett, Inc.		4,410		160,965
Duke Realty Corp.		10,010		261,761
Empire State Realty Trust, Inc., Class A		1,600		31,312
Equinix, Inc.		1,781		636,316
Equity Commonwealth*		4,992		150,808
Equity Lifestyle Properties, Inc.		3,400		257,856

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

12    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Equity Residential		7,050	$	435,337
Essex Property Trust, Inc.		1,073		229,719
Extra Space Storage, Inc.		3,100		226,765
Federal Realty Investment Trust		1,970		286,103
Forest City Realty Trust, Inc., Class A		6,100		131,699
Gaming and Leisure Properties, Inc.		1,404		46,093
General Growth Properties, Inc.		14,643		365,343
HCP, Inc.		8,330		285,302
Healthcare Trust of America, Inc., Class A		7,100		217,260
Hospitality Properties Trust		6,800		186,048
Host Hotels & Resorts, Inc.		8,740		135,295
Iron Mountain, Inc.		7,303		246,330
Kilroy Realty Corp.		3,925		281,933
Kimco Realty Corp.		12,980		345,398
Lamar Advertising Co., Class A		2,400		152,280
Liberty Property Trust		4,040		163,337
Macerich Co. (The)		4,960		351,069
Mid-America Apartment Communities, Inc.		3,200		296,800
National Retail Properties, Inc.		2,500		114,050
NorthStar Realty Finance Corp.		9,800		142,296
Omega Healthcare Investors, Inc.#		2,850		90,715
Outfront Media, Inc.		1,300		27,963
Piedmont Office Realty Trust, Inc., Class A		4,950		101,376
Post Properties, Inc.		100		6,579
Prologis, Inc.		13,490		703,638
Public Storage		4,060		867,703
Rayonier, Inc.		5,615		150,594
Realty Income Corp.		6,710		397,500
Regency Centers Corp.		3,435		247,560
Retail Properties of America, Inc., Class A		7,400		115,218
Senior Housing Properties Trust		7,000		148,890
Simon Property Group, Inc.		7,993		1,486,378
SL Green Realty Corp.		1,190		116,882
Spirit Realty Capital, Inc.		14,700		175,077
Starwood Property Trust, Inc.		4,170		92,741
Tanger Factory Outlet Centers, Inc.		3,100		107,880
Taubman Centers, Inc.		2,480		179,701
UDR, Inc.		8,580		300,043
Ventas, Inc.		8,286		561,377
VEREIT, Inc.		13,000		122,200
Vornado Realty Trust		5,073		470,673
Washington Prime Group, Inc.		6,176		64,786
Weingarten Realty Investors		3,560		128,908
Welltower, Inc.		8,970		614,714
Weyerhaeuser Co.		14,942		447,214
WP Carey, Inc.		1,400		85,036
			$	19,749,651

Description	Number of Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
CBRE Group, Inc., Class A*		8,810	$	226,946
Howard Hughes Corp. (The)*		658		72,268
Jones Lang LaSalle, Inc.		950		92,007
Realogy Holdings Corp.		400		9,156
			$	400,377
THRIFTS & MORTGAGE FINANCE—0.0%**
New York Community Bancorp, Inc.		2,690		38,628
People’s United Financial, Inc.#		7,400		120,176
TFS Financial Corp.		1,050		18,711
			$	177,515
TOTAL FINANCIALS			$	93,421,876
HEALTH CARE—14.6%
BIOTECHNOLOGY—2.7%
ACADIA Pharmaceuticals, Inc.#,*		2,600		60,606
Agios Pharmaceuticals, Inc.#,*		900		43,056
Alexion Pharmaceuticals, Inc.*		6,490		846,945
Alkermes PLC*		4,400		221,804
Alnylam Pharmaceuticals, Inc.#,*		2,300		81,880
Amgen, Inc.		21,764		3,072,206
Biogen, Inc.*		6,300		1,765,134
BioMarin Pharmaceutical, Inc.*		4,900		394,548
Celgene Corp.*		22,766		2,326,230
Gilead Sciences, Inc.		38,744		2,852,721
Incyte Corp.*		4,660		405,280
Intercept Pharmaceuticals, Inc.#,*		300		37,122
Intrexon Corp.#,*		1,860		48,546
Ionis Pharmaceuticals, Inc.#,*		3,800		98,724
Juno Therapeutics, Inc.#,*		1,900		46,151
Neurocrine Biosciences, Inc.*		2,000		87,540
OPKO Health, Inc.#,*		10,400		97,968
Regeneron Pharmaceuticals, Inc.*		2,400		828,048
Seattle Genetics, Inc.#,*		2,000		103,400
United Therapeutics Corp.*		1,140		136,880
Vertex Pharmaceuticals, Inc.*		7,143		541,868
			$	14,096,657
HEALTH CARE EQUIPMENT & SUPPLIES—2.8%
Abbott Laboratories		39,509		1,550,333
ABIOMED, Inc.*		600		62,994
Alere, Inc.*		50		2,234
Align Technology, Inc.*		2,260		194,179
Baxter International, Inc.		16,330		777,145
Becton Dickinson & Co.		6,780		1,138,430
Boston Scientific Corp.*		41,200		906,400
Cooper Cos., Inc. (The)		1,850		325,674
CR Bard, Inc.		2,580		559,034

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    13

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
DENTSPLY SIRONA, Inc.		8,179	$	470,865
DexCom, Inc.*		1,940		151,786
Edwards Lifesciences Corp.*		6,472		616,264
Hill-Rom Holdings, Inc.		2,260		125,227
Hologic, Inc.*		6,740		242,707
IDEXX Laboratories, Inc.*		2,680		287,135
Intuitive Surgical, Inc.*		1,100		739,288
Medtronic PLC		40,826		3,348,549
ResMed, Inc.#		5,720		341,884
St. Jude Medical, Inc.		8,770		682,657
Stryker Corp.		10,600		1,222,710
Teleflex, Inc.		2,060		294,848
Varian Medical Systems, Inc.*		4,050		367,457
Zimmer Biomet Holdings, Inc.		5,810		612,374
			$	15,020,174
HEALTH CARE PROVIDERS & SERVICES—2.5%
Aetna, Inc.		8,731		937,273
AmerisourceBergen Corp.		6,370		447,938
Amsurg Corp.*		1,200		71,700
Anthem, Inc.		6,810		829,867
Brookdale Senior Living, Inc.*		770		11,111
Cardinal Health, Inc.		7,920		544,025
Centene Corp.*		5,132		320,647
Cigna Corp.		6,530		775,960
DaVita, Inc.*		4,488		263,087
Envision Healthcare Holdings, Inc.*		1,400		27,692
Express Scripts Holding Co.*		17,162		1,156,719
HCA Holdings, Inc.*		7,400		566,322
Henry Schein, Inc.*		3,160		471,472
Humana, Inc.		3,730		639,807
Laboratory Corp. of America Holdings*		2,857		358,096
LifePoint Hospitals, Inc.*		130		7,780
McKesson Corp.		5,900		750,303
MEDNAX, Inc.#, *		2,640		161,700
Patterson Cos., Inc.#		970		41,429
Premier, Inc., Class A*		1,300		41,392
Quest Diagnostics, Inc.		4,350		354,264
Quorum Health Corp.*		61		246
Tenet Healthcare Corp.*		2,425		47,797
UnitedHealth Group, Inc.		27,320		3,861,136
Universal Health Services, Inc., Class B		3,480		420,071
VCA, Inc.*		2,070		127,222
			$	13,235,056
HEALTH CARE TECHNOLOGY—0.1%
Allscripts Healthcare Solutions, Inc.*		1,800		21,618
athenahealth, Inc.*		1,000		103,320
Cerner Corp.*		8,140		476,841

Description	Number of Shares		Value
Inovalon Holdings, Inc., Class A*		1,300	$	17,680
Veeva Systems, Inc., Class A*		3,320		128,982
			$	748,441
LIFE SCIENCES TOOLS & SERVICES—0.8%
Agilent Technologies, Inc.		7,490		326,339
Bio-Rad Laboratories, Inc., Class A*		890		140,691
Bruker Corp.		4,900		100,401
Charles River Laboratories International, Inc.*		2,620		198,806
Illumina, Inc.*		4,240		577,234
Mettler-Toledo International, Inc.*		1,120		452,570
PerkinElmer, Inc.		4,070		207,122
QIAGEN N.V.*		2,100		51,198
Quintiles IMS Holdings, Inc.*		2,480		177,915
Thermo Fisher Scientific, Inc.		11,720		1,723,192
VWR Corp.*		6,000		165,060
Waters Corp.*		2,310		321,413
			$	4,441,941
PHARMACEUTICALS—5.7%
AbbVie, Inc.		47,478		2,648,323
Akorn, Inc.*		2,460		58,917
Allergan PLC*		11,585		2,420,570
Bristol-Myers Squibb Co.		46,360		2,360,188
Eli Lilly & Co.		26,630		1,966,359
Endo International PLC*		2,400		45,000
Johnson & Johnson		78,800		9,140,012
Mallinckrodt PLC*		2,710		160,595
Merck & Co., Inc.		78,066		4,584,036
Mylan NV*		10,730		391,645
Perrigo Co. PLC		2,740		227,941
Pfizer, Inc.		169,903		5,387,624
Zoetis, Inc.		14,481		692,192
			$	30,083,402
TOTAL HEALTH CARE			$	77,625,671
INDUSTRIALS—11.0%
AEROSPACE & DEFENSE—2.7%
B/E Aerospace, Inc.		3,000		178,560
Boeing Co. (The)		17,040		2,427,007
BWX Technologies, Inc.		2,940		115,307
General Dynamics Corp.		5,730		863,740
HEICO Corp.		1,000		60,000
Hexcel Corp.		3,600		163,764
Honeywell International, Inc.		21,870		2,398,702
Huntington Ingalls Industries, Inc.		1,645		265,437
L-3 Communications Holdings, Inc.		2,010		275,249

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

14    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Lockheed Martin Corp.		7,350	$	1,810,893
Northrop Grumman Corp.		5,170		1,183,930
Raytheon Co.		8,620		1,177,578
Rockwell Collins, Inc.		2,870		241,998
Spirit AeroSystems Holdings, Inc., Class A*		1,940		97,698
Textron, Inc.		3,370		135,070
TransDigm Group, Inc.		1,490		405,965
United Technologies Corp.		22,200		2,268,840
			$	14,069,738
AIR FREIGHT & LOGISTICS—0.7%
C.H. Robinson Worldwide, Inc.#		4,084		278,202
Expeditors International of Washington, Inc.		7,280		374,702
FedEx Corp.		5,960		1,038,947
United Parcel Service, Inc., Class B		19,730		2,126,105
			$	3,817,956
AIRLINES—0.6%
Alaska Air Group, Inc.		4,400		317,768
American Airlines Group, Inc.		14,900		604,940
Copa Holdings SA, Class A Class A#		200		18,446
Delta Air Lines, Inc.		22,090		922,699
JetBlue Airways Corp.*		10,000		174,800
Southwest Airlines Co.		16,330		654,017
Spirit Airlines, Inc.*		1,500		71,895
United Continental Holdings, Inc.*		8,383		471,376
			$	3,235,941
BUILDING PRODUCTS—0.4%
Allegion PLC		2,233		142,555
Armstrong Flooring, Inc.*		310		5,019
Armstrong World Industries, Inc.*		620		23,250
Fortune Brands Home & Security, Inc.		4,760		260,039
Johnson Controls International PLC		21,131		852,002
Lennox International, Inc.#		1,490		217,376
Masco Corp.		10,930		337,518
Owens Corning		2,290		111,706
Smith (A.O.) Corp.		5,000		225,850
			$	2,175,315
COMMERCIAL SERVICES & SUPPLIES—0.4%
Cintas Corp.		3,520		375,478
Copart, Inc.#, *		1,900		99,693
Herc Holdings, Inc.*		520		15,647
KAR Auction Services, Inc.		4,100		174,578
LSC Communications, Inc.*		396		9,599
R.R. Donnelley & Sons Co.		1,056		18,744
Republic Services, Inc.		8,740		459,986

Description	Number of Shares		Value
Stericycle, Inc.*		1,552	$	124,300
Waste Management, Inc.		13,940		915,300
			$	2,193,325
CONSTRUCTION & ENGINEERING—0.2%
AECOM*		3,191		88,869
Chicago Bridge & Iron Co. NV		1,382		44,252
Fluor Corp.		3,750		194,962
Jacobs Engineering Group, Inc.*		4,150		214,057
KBR, Inc.		4,450		65,904
Quanta Services, Inc.*		2,760		79,350
TopBuild Corp.*		1,736		52,306
			$	739,700
ELECTRICAL EQUIPMENT—0.5%
Acuity Brands, Inc.		1,300		290,641
AMETEK, Inc.		3,260		143,766
Babcock & Wilcox Enterprises, Inc.*		1,470		23,138
Eaton Corp. PLC		14,578		929,639
Emerson Electric Co.		14,540		736,887
Hubbell, Inc.		1,290		134,831
Regal Beloit Corp.		600		35,460
Rockwell Automation, Inc.		2,320		277,750
SolarCity Corp.#, *		620		12,152
			$	2,584,264
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
Fortive Corp.		8,540		435,967
INDUSTRIAL CONGLOMERATES—2.2%
3M Co.		16,660		2,753,898
Carlisle Cos., Inc.		1,290		135,256
Danaher Corp.		17,080		1,341,634
General Electric Co.		243,720		7,092,252
Roper Technologies, Inc.		3,000		519,930
			$	11,842,970
MACHINERY—1.8%
AGCO Corp.#		3,260		166,521
Allison Transmission Holdings, Inc.		4,800		140,592
Caterpillar, Inc.		16,300		1,360,398
Colfax Corp.*		2,900		92,191
Crane Co.		1,200		81,612
Cummins, Inc.		5,580		713,236
Deere & Co.#		8,390		740,837
Donaldson Co., Inc.#		4,010		146,445
Dover Corp.		4,160		278,262
Flowserve Corp.		3,000		127,050
Graco, Inc.		2,140		160,286

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    15

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
IDEX Corp.		2,120	$	183,253
Illinois Tool Works, Inc.		8,000		908,560
Ingersoll-Rand PLC		9,050		608,975
ITT, Inc.		2,535		89,283
Joy Global, Inc.		3,700		102,971
Lincoln Electric Holdings, Inc.		2,600		171,158
Manitowoc Co., Inc. (The)		3,910		15,796
Manitowoc Foodservice, Inc.*		3,910		59,080
Middleby Corp. (The)*		1,600		179,376
Nordson Corp.		2,000		200,260
Oshkosh Corp.		1,790		95,765
PACCAR, Inc.		11,090		609,063
Parker-Hannifin Corp.		2,960		363,340
Pentair PLC		3,816		210,376
Snap-on, Inc.		1,280		197,248
SPX Corp.*		330		6,273
Stanley Black & Decker, Inc.		4,220		480,405
Terex Corp.		3,730		89,072
Timken Co. (The)		600		19,830
Toro Co. (The)		4,680		224,078
Trinity Industries, Inc.		2,400		51,240
Valmont Industries, Inc.		1,060		135,627
WABCO Holdings, Inc.*		2,050		201,843
Wabtec Corp.		1,720		132,973
Xylem, Inc.		5,010		242,133
			$	9,585,408
MARINE—0.0%**
Kirby Corp.*		900		53,055
PROFESSIONAL SERVICES—0.3%
Dun & Bradstreet Corp. (The)		930		116,110
Equifax, Inc.		4,060		503,318
IHS Markit Ltd.*		787		28,954
ManpowerGroup, Inc.		1,860		142,848
Nielsen Holdings PLC		7,450		335,399
Robert Half International, Inc.		2,060		77,085
TransUnion*		2,400		74,976
Verisk Analytics, Inc.*		4,800		391,440
			$	1,670,130
ROAD & RAIL—0.9%
AMERCO		300		96,717
Avis Budget Group, Inc.*		2,180		70,545
CSX Corp.		26,300		802,413
Hertz Global Holdings, Inc.*		1,560		51,714
JB Hunt Transport Services, Inc.		2,980		243,198
Kansas City Southern		2,180		191,317
Landstar System, Inc.		1,590		113,128

Description	Number of Shares		Value
Norfolk Southern Corp.		9,060	$	842,580
Old Dominion Freight Line, Inc.*		2,800		209,104
Ryder System, Inc.		40		2,776
Union Pacific Corp.		23,270		2,051,949
			$	4,675,441
TRADING COMPANIES & DISTRIBUTORS—0.2%
Air Lease Corp.		1,200		36,312
Fastenal Co.		3,620		141,108
HD Supply Holdings, Inc.*		6,400		211,200
MSC Industrial Direct Co., Inc. Class A		1,390		101,192
NOW, Inc.*		1,663		35,854
United Rentals, Inc.*		2,820		213,361
Watsco, Inc.		100		13,729
WW Grainger, Inc.		1,140		237,257
			$	990,013
TRANSPORTATION INFRASTRUCTURE—0.0%**
Macquarie Infrastructure Corp.		100		8,181
TOTAL INDUSTRIALS			$	58,077,404
INFORMATION TECHNOLOGY—22.5%
COMMERCIAL SERVICES & SUPPLIES—0.0%**
Sabre Corp.		1,420		36,679
COMMUNICATIONS EQUIPMENT—1.7%
Brocade Communications Systems, Inc.		8,590		91,054
Cisco Systems, Inc.		140,850		4,321,278
EchoStar Corp., Class A*		970		45,338
F5 Networks, Inc.*		1,990		275,038
Harris Corp.		2,859		255,051
Juniper Networks, Inc.		10,390		273,673
Lumentum Holdings, Inc.*		610		20,496
Motorola Solutions, Inc.		6,030		437,657
Palo Alto Networks, Inc.*		2,590		398,420
QUALCOMM, Inc.		38,480		2,644,346
Viavi Solutions, Inc.*		5,890		41,937
			$	8,804,288
COMPUTERS & PERIPHERALS—3.5%
Apple, Inc.		150,160		17,049,166
HP, Inc.		45,390		657,701
Lexmark International, Inc., Class A		3,030		120,261
NCR Corp.*		2,220		77,811
NetApp, Inc.		3,553		120,589
Western Digital Corp.		5,383		314,583
			$	18,340,111
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.5%
Amphenol Corp., Class A		10,100		665,893

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

16    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Arrow Electronics, Inc.*		2,940	$	179,693
CDW Corp.		4,990		224,101
Cognex Corp.		3,200		165,120
Corning, Inc.		32,770		744,207
Dolby Laboratories, Inc., Class A		150		7,138
Fitbit, Inc., Class A#,*		200		2,652
FLIR Systems, Inc.		2,090		68,803
Ingram Micro, Inc., Class A		4,800		178,560
IPG Photonics Corp.#,*		2,000		194,020
National Instruments Corp.		1,930		54,214
Trimble Navigation Ltd.*		10,380		286,903
			$	2,771,304
INTERNET SOFTWARE & SERVICES—4.8%
Akamai Technologies, Inc.*		4,750		329,982
Alphabet, Inc., Class A*		8,295		6,718,120
Alphabet, Inc., Class C*		8,229		6,455,980
CoStar Group, Inc.*		1,300		243,256
eBay, Inc.*		32,490		926,290
Facebook, Inc., Class A*		62,280		8,158,057
GoDaddy, Inc., Class A#,*		750		26,842
IAC/InterActiveCorp		1,300		83,772
LinkedIn Corp., Class A*		2,570		487,272
Match Group, Inc.#,*		2,400		43,344
Pandora Media, Inc.#,*		7,100		80,443
Rackspace Hosting, Inc.*		3,180		101,569
Twitter, Inc.#,*		12,710		228,145
VeriSign, Inc.#,*		3,950		331,879
Yahoo!, Inc.*		24,230		1,006,757
Yelp, Inc.*		3,600		117,576
Zillow Group, Inc., Class A#,*		1,200		39,636
Zillow Group, Inc., Class C#,*		2,200		73,392
			$	25,452,312
IT SERVICES—4.4%
Accenture PLC, Class A		18,300		2,127,192
Alliance Data Systems Corp.*		1,290		263,766
Amdocs Ltd.		2,620		153,139
Automatic Data Processing, Inc.		13,730		1,195,334
Black Knight Financial Services, Inc., Class A#,*		400		15,740
Booz Allen Hamilton Holding Corp.		3,460		105,426
Broadridge Financial Solutions, Inc.		3,630		234,716
Cognizant Technology Solutions Corp., Class A*		13,510		693,738
Computer Sciences Corp.		3,800		206,910
CoreLogic, Inc.*		880		37,453
CSRA, Inc.		3,300		82,797

Description	Number of Shares		Value
DST Systems, Inc.		1,670	$	160,587
Fidelity National Information Services, Inc.		7,943		587,147
First Data Corp., Class A*		8,200		114,718
Fiserv, Inc.*		7,260		714,965
FleetCor Technologies, Inc.*		2,600		455,780
Gartner, Inc.*		3,500		301,140
Genpact Ltd.*		9,100		209,209
Global Payments, Inc.		5,000		362,600
Hewlett Packard Enterprise Co.		52,790		1,186,191
International Business Machines Corp.		22,960		3,528,722
Jack Henry & Associates, Inc.		1,900		153,938
Leidos Holdings, Inc.		2,200		91,454
Mastercard, Inc., Class A		27,620		2,955,892
Paychex, Inc.		10,770		594,504
PayPal Holdings, Inc.*		33,865		1,410,816
Square, Inc., Class A*		2,800		31,360
Teradata Corp.*		270		7,279
Total System Services, Inc.		3,720		185,554
Vantiv, Inc., Class A*		6,900		402,684
VeriFone Systems, Inc.*		3,000		46,440
Visa, Inc., Class A		53,620		4,424,186
Western Union Co. (The)		18,640		374,105
Xerox Corp.		15,710		153,487
			$	23,568,969
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.9%
Analog Devices, Inc.		8,220		526,902
Applied Materials, Inc.		34,080		991,046
Broadcom Ltd.		11,033		1,878,699
Cypress Semiconductor Corp.		12,000		119,640
Intel Corp.		132,770		4,629,690
KLA-Tencor Corp.		5,850		439,393
Lam Research Corp.		5,780		559,851
Linear Technology Corp.		5,310		318,919
Marvell Technology Group Ltd.		11,490		149,715
Maxim Integrated Products, Inc.		10,220		405,019
Microchip Technology, Inc.		7,039		426,211
Micron Technology, Inc.*		21,900		375,804
NVIDIA Corp.#		14,480		1,030,397
ON Semiconductor Corp.*		4,320		50,414
Qorvo, Inc.*		4,250		236,513
Skyworks Solutions, Inc.#		6,000		461,640
SunPower Corp.#, *		900		6,516
Teradyne, Inc.		7,450		173,511
Texas Instruments, Inc.		29,200		2,068,820
Xilinx, Inc.		5,500		279,785
			$	15,128,485

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    17

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
SOFTWARE—4.7%
Activision Blizzard, Inc.		17,970	$	775,765
Adobe Systems, Inc.*		14,260		1,533,093
ANSYS, Inc.*		1,380		126,063
Atlassian Corp. PLC, Class A*		900		24,174
Autodesk, Inc.*		6,730		486,444
CA, Inc.		10,480		322,155
Cadence Design Systems, Inc.*		11,710		299,542
CDK Global, Inc.		4,676		255,356
Citrix Systems, Inc.*		4,990		423,152
CommerceHub, Inc.*		820		12,341
CommerceHub, Inc.*		410		6,158
Dell Technologies, Inc., Class V*		3,283		161,162
Electronic Arts, Inc.*		9,110		715,317
FactSet Research Systems, Inc.		1,540		238,269
Fortinet, Inc.*		2,400		76,944
Intuit, Inc.		7,600		826,424
Microsoft Corp.		208,799		12,511,236
NetSuite, Inc.*		800		74,496
Oracle Corp.		76,210		2,927,988
PTC, Inc.*		2,100		99,624
Red Hat, Inc.*		5,130		397,319
salesforce.com, Inc.*		17,530		1,317,555
ServiceNow, Inc.*		4,500		395,595
Splunk, Inc.*		2,300		138,437
Symantec Corp.		12,420		310,873
Synopsys, Inc.*		2,600		154,206
Tableau Software, Inc., Class A*		1,100		52,855
Ultimate Software Group, Inc.*		540		113,935
VMware, Inc., Class A#,*		1,510		118,686
Workday, Inc., Class A*		1,550		134,354
Zynga, Inc., Class A*		19,850		55,779
			$	25,085,297
TELECOMMUNICATIONS—0.0%**
Arista Networks, Inc.#,*		200		16,950
Zayo Group Holdings, Inc.*		400		12,872
			$	29,822
TOTAL INFORMATION TECHNOLOGY			$	119,217,267
MATERIALS—2.8%
CHEMICALS—1.9%
AdvanSix, Inc.*		874		13,949
Air Products & Chemicals, Inc.		5,200		693,784
Albemarle Corp.		2,000		167,100
Ashland Global Holdings, Inc.		1,200		134,076
Axalta Coating Systems Ltd.*		4,300		108,016

Description	Number of Shares		Value
Cabot Corp.		600	$	31,284
Celanese Corp.		3,500		255,220
CF Industries Holdings, Inc.#		9,500		228,095
Dow Chemical Co. (The)		25,900		1,393,679
E.I. du Pont de Nemours & Co.		21,300		1,465,227
Eastman Chemical Co.		4,000		287,640
Ecolab, Inc.		5,900		673,603
FMC Corp.		3,900		182,871
GCP Applied Technologies, Inc.*		1,000		25,850
Huntsman Corp.		9,900		167,805
Ingevity Corp.*		1,100		45,540
International Flavors & Fragrances, Inc.		1,000		130,780
LyondellBasell Industries NV, Class A		6,700		532,985
Monsanto Co.		11,100		1,118,547
Mosaic Co. (The)#		3,900		91,767
PPG Industries, Inc.		6,300		586,719
Praxair, Inc.		7,100		831,126
RPM International, Inc.		2,700		128,358
Sherwin-Williams Co. (The)		1,800		440,748
Valspar Corp. (The)		1,300		129,480
Versum Materials, Inc.*		2,600		59,020
Westlake Chemical Corp.		1,300		67,327
WR Grace & Co.		1,700		113,832
			$	10,104,428
CONSTRUCTION MATERIALS—0.2%
Eagle Materials, Inc.		1,000		80,970
Martin Marietta Materials, Inc.		1,400		259,532
Vulcan Materials Co.		3,400		384,880
			$	725,382
CONTAINERS & PACKAGING—0.2%
Avery Dennison Corp.		900		62,811
Ball Corp.		1,900		146,433
Bemis Co., Inc.		100		4,872
Owens-Illinois, Inc.*		8,700		167,910
Packaging Corp. of America		2,200		181,500
Sealed Air Corp.		1,400		63,882
Silgan Holdings, Inc.		200		10,190
WestRock Co.		5,400		249,426
			$	887,024
METALS & MINING—0.4%
Alcoa, Inc.		12,266		352,279
Freeport-McMoRan, Inc.		33,700		376,766
Newmont Mining Corp.		12,300		455,592
Nucor Corp.		9,700		473,845
Reliance Steel & Aluminum Co.		1,800		123,804
Royal Gold, Inc.		1,100		75,702
Southern Copper Corp.#		2,400		68,136

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

18    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

Description	Number of Shares		Value
Steel Dynamics, Inc.		6,200	$	170,252
Tahoe Resources, Inc.		6,000		72,360
United States Steel Corp.#		5,200		100,568
			$	2,269,304
PAPER & FOREST PRODUCTS—0.1%
Domtar Corp.		3,100		111,445
International Paper Co.		12,400		558,372
			$	669,817
TOTAL MATERIALS			$	14,655,955
TELECOMMUNICATION SERVICES—2.9%
DIVERSIFIED TELECOMMUNICATION SERVICES—2.7%
AT&T, Inc.		190,100		6,993,779
CenturyLink, Inc.		17,300		459,834
Frontier Communications Corp.#		40,900		164,418
Level 3 Communications, Inc.*		10,500		589,575
Verizon Communications, Inc.		127,000		6,108,700
			$	14,316,306
WIRELESS TELECOMMUNICATION     SERVICES—0.2%
SBA Communications Corp., Class A		4,550		515,424
Sprint Corp.#,*		27,450		169,092
T-Mobile US, Inc.*		8,700		432,651
			$	1,117,167
TOTAL TELECOMMUNICATION SERVICES			$	15,433,473
UTILITIES—1.4%
ELECTRIC UTILITIES—0.8%
American Electric Power Co., Inc.		4,100		265,844
Avangrid, Inc.		2,900		114,289
Duke Energy Corp.		9,400		752,188
Edison International		2,500		183,700
Entergy Corp.		4,000		294,720
Eversource Energy		4,300		236,758
Exelon Corp.		14,400		490,608
FirstEnergy Corp.		7,000		240,030
NextEra Energy, Inc.		4,400		563,200
PPL Corp.		4,800		164,832
Southern Co. (The)		13,400		691,038
			$	3,997,207
GAS UTILITIES—0.0%**
UGI Corp.		1,400		64,806
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.1%
AES Corp.		16,300		191,851
Calpine Corp.*		15,800		188,020
NRG Energy, Inc.		1,300		13,819
			$	393,690

Description	Number of Shares		Value
MULTI-UTILITIES—0.5%
CenterPoint Energy, Inc.		10,500	$	239,400
CMS Energy Corp.		6,200		261,330
Consolidated Edison, Inc.		5,300		400,415
Dominion Resources, Inc.		8,500		639,200
OGE Energy Corp.		5,900		183,136
PG&E Corp.		5,300		329,236
Public Service Enterprise Group, Inc.		3,500		147,280
Sempra Energy		1,900		203,490
Vectren Corp.		1,100		55,341
WEC Energy Group, Inc.		1,900		113,468
Xcel Energy, Inc.		8,600		357,330
			$	2,929,626
WATER UTILITIES—0.0%**
American Water Works Co., Inc.		1,800		133,272
Aqua America, Inc.		3,600		110,520
			$	243,792
TOTAL UTILITIES			$	7,629,121
TOTAL COMMON STOCKS (COST $366,737,155)			$	528,730,757
INVESTMENT COMPANIES—0.3%
EQUITY FUNDS—0.3%
iShares Russell 1000 ETF		6,410		756,829
iShares Russell 1000 Growth ETF		3,100		315,394
iShares Russell 1000 Value ETF		3,100		322,524
TOTAL EQUITY FUNDS			$	1,394,747
TOTAL INVESTMENT COMPANIES (COST $1,392,711)			$	1,394,747
RIGHTS—0.0%**
Celgene Corp.*,††		89		102
Community Health Systems, Inc.*		3,700		32
TOTAL RIGHTS (COST $142)			$	134
WARRANTS—0.0%**
American International Group, Inc. CW21, Expire 1/19/21*		2,055		43,360
Kinder Morgan, Inc., Expire 5/25/17*		16,345		98
TOTAL WARRANTS (COST $48,690)			$	43,458
TOTAL INVESTMENTS IN SECURITIES—100.0% (COST $368,178,698)			$	530,169,096

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIO OF INVESTMENTS    19

Wilmington Large-Cap Strategy Fund (continued)

	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.5%
REPURCHASE AGREEMENTS – 2.5%
Daiwa Capital Markets America, 0.34%, dated 10/31/16, due 11/01/16, repurchase price $2,511,181, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $2,561,380.	$	2,511,157	$	2,511,157
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $2,511,178, collateralized by U.S. Government Securities 2.50% to 6.00%, maturing 1/01/28 to 9/01/46; total market value of $2,561,395.		2,511,157		2,511,157
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16, repurchase price $660,514, collateralized by U.S. Government & Treasury Securities 0.63% to 3.13%, maturing 4/30/18 to 2/15/43; total market value of $673,718.		660,508		660,508
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $2,511,181, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $2,561,380.		2,511,157		2,511,157
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $2,511,180, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $2,561,380.		2,511,157		2,511,157
TD Securities (USA) LLC, 0.32%, dated 10/31/16, due 11/01/16, repurchase price $2,511,179, collateralized by U.S. Government & Treasury Securities 1.38% to 4.50%, maturing 1/31/21 to 1/20/45; total market value of $2,561,380.		2,511,157		2,511,157
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $13,216,293)			$	13,216,293
TOTAL INVESTMENTS—102.5% (COST $381,394,991)			$	543,385,389
COLLATERAL FOR SECURITIES ON LOAN—(2.5%)				(13,216,293	)
OTHER ASSETS LESS LIABILITIES—0.0%**				40,808
TOTAL NET ASSETS—100.0%			$	530,209,904

Cost of investments for Federal income tax purposes is $395,095,497. The net unrealized appreciation/(depreciation) of investments was $148,289,892. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $151,648,565 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,358,673.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

20    PORTFOLIO OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (concluded)

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	528,730,757	$	—	$	—	$	528,730,757
Investment Companies		1,394,747		—		—		1,394,747
Rights		32		102		—		134
Warrants		43,458		—		—		43,458
Repurchase Agreements		—		13,216,293		—		13,216,293
Total	$	530,168,994	$	13,216,395	$	—	$	543,385,389

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

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At October 31, 2016, the value of these securities amounted to $102 representing 0.00%** of total net assets.

* Non-income producing security.

** Represents less than 0.05%.

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

The following acronyms are used throughout this Fund:

LP—Limited Partnership

PLC—Public Limited Company

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENT OF ASSETS AND LIABILITIES    21

October 31, 2016 (unaudited)	Wilmington Large-Cap Strategy Fund
ASSETS:
Investments, at identified cost	$	381,394,991	(a)
Investments in repurchase agreements, at value	$	13,216,293
Investments in securities, at value (Including $12,914,472 of securities on loan) (Note 2)		530,169,096	(b)
TOTAL INVESTMENTS IN SECURITIES AND REPURCHASE AGREEMENTS		543,385,389
Income receivable		522,027
Receivable for shares sold		229,887
Receivable for investments sold		88,776
Prepaid assets		18,026
TOTAL ASSETS		544,244,105
LIABILITIES:
Payable to custodian		523,795
Collateral for securities on loan		13,216,293
Payable for shares redeemed		104,533
Payable for Trustees’ fees		2,381
Pending Litigation (See Note 7)		—
Other accrued expenses		187,199
TOTAL LIABILITIES		14,034,201
NET ASSETS	$	530,209,904
NET ASSETS CONSIST OF:
Paid-in capital	$	400,360,107
Undistributed (accumulated) net investment income (loss)		1,019,510
Accumulated net realized gain (loss) on investments		(33,160,111	)
Net unrealized appreciation (depreciation) of investments		161,990,398
TOTAL NET ASSETS	$	530,209,904
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class I
Net Assets	$	530,209,904
Shares outstanding (unlimited shares authorized)		30,398,446
Net Asset Value per share	$	17.44

(a) Includes $127,292 of investments in affiliated issuers.

(b) Includes $197,595 of investments in affiliated issuers.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

22    STATEMENT OF OPERATIONS

Six Months Ended October 31, 2016 (unaudited)	Wilmington Large-Cap Strategy Fund
INVESTMENT INCOME:
Dividends	$	5,971,578	(a)(b)
Securities lending income		72,049
TOTAL INVESTMENT INCOME		6,043,627
EXPENSES:
Investment advisory fee		1,423,847
Administrative personnel and services fees		90,383
Portfolio accounting and administration fees		93,866
Custodian fees		54,940
Transfer and dividend disbursing agent fees and expenses		70,896
Trustees’ fees		26,051
Professional fees		36,076
Shareholder services fee—Class I		711,922
Share registration costs		10,982
Printing and postage		13,640
Miscellaneous		64,703
TOTAL EXPENSES		2,597,306
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(1,173,460	)
Waiver of shareholder services fee—Class I		(711,922	)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,885,382	)
Net expenses		711,924
Net investment income (loss)		5,331,703
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,557,006
Net change in unrealized appreciation (depreciation) of investments		16,621,916
Net realized and unrealized gain (loss) on investments		18,178,922
Change in net assets resulting from operations	$	23,510,625

(a) Net of foreign withholding taxes withheld of $1,236.

(b) Includes $2,254 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS    23

	Wilmington Large-Cap Strategy Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	5,331,703		$	9,896,634
Net realized gain (loss) on investments		1,557,006			3,894,999
Net change in unrealized appreciation (depreciation) of investments		16,621,916			(32,021,505	)
Change in net assets resulting from operations		23,510,625			(18,229,872	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class I		(5,206,300	)		(9,665,314	)
Distributions from net realized gain on investments
Class I		—			(43,348,922	)
Change in net assets resulting from distributions to shareholders		(5,206,300	)		(53,014,236	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class I		44,493,313			449,044,771
Distributions reinvested
Class I		1,417,828			40,639,425
Cost of shares redeemed
Class I		(140,913,803	)		(280,509,480	)
Change in net assets resulting from share transactions		(95,002,662	)		209,174,716
Change in net assets		(76,698,337	)		137,930,608
NET ASSETS:
Beginning of period		606,908,241			468,977,633
End of period	$	530,209,904		$	606,908,241
Undistributed (accumulated) net investment income (loss) included in net assets at end of period	$	1,019,510		$	894,107
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class I		2,559,209			25,238,721
Distributions reinvested
Class I		82,063			2,328,850
Shares redeemed
Class I		(8,129,623	)		(17,083,773	)
Net change resulting from share transactions		(5,488,351	)		10,483,798

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

24    FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON LARGE-CAP STRATEGY FUND^†

CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	16.91		$	18.46		$	17.27		$	14.63		$	12.84		$	12.13		$	9.39
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.17			0.29			0.28			0.27			0.26			0.16			0.20
Net Realized and Unrealized Gain (Loss) on Investments		0.52			(0.42	)		2.19			2.65			1.79			0.71			2.72
Total Income (Loss) From Operations		0.69			(0.13	)		2.47			2.92			2.05			0.87			2.92
Less Distributions From:
Net Investment Income		(0.16	)		(0.28	)		(0.27	)		(0.28	)		(0.26	)		(0.16	)		(0.18	)
Net Realized Gains		—			(1.14	)		(1.01	)		—			—			—			—
Total Distributions		(0.16	)		(1.42	)		(1.28	)		(0.28	)		(0.26	)		(0.16	)		(0.18	)
Net Asset Value, End of Period	$	17.44		$	16.91		$	18.46		$	17.27		$	14.63		$	12.84		$	12.13
Total Return(b)		4.12	%		(0.87	)%		14.52	%		20.12	%		16.25	%		7.32	%		31.24	%
Net Assets, End of Period (000’s)	$	530,210		$	606,908		$	468,978		$	397,407		$	399,710		$	374,903		$	429,467
Ratios to Average Net Assets
Gross Expense		0.91	%(c)		0.89	%		0.86	%		0.87	%		0.88	%		0.74	%(c)		0.69	%
Net Expenses(d)		0.25	%(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(c)		0.25	%
Net Investment Income (Loss)		1.87	%(c)		1.68	%		1.52	%		1.71	%		1.99	%		1.70	%(c)		1.72	%
Portfolio Turnover Rate		12	%		81	%		15	%		29	%		24	%		19	%		39	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Large-Cap Strategy Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     25

Wilmington Funds

October 31, 2016 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 14 portfolios, 1 of which is presented herein (referred to as the “Fund”). The remaining 13 funds are presented in separate reports.

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

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Class A, Service Class, Select Class, Administrative Class and Institutional Class are not available for the Fund. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation – Fair value of the Fund’s portfolio securities are determined as follows:

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

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

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

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

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

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing its NAV, the Fund values foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

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

The Fund’s policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. The portfolio may hold securities which are periodically fair valued in accordance with the Fund’s fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2016, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Fund’s fair value procedures noted previously, equity

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

26    NOTES TO FINANCIAL STATEMENTS (continued)

securities (including exchange traded securities and other 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.

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

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

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

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

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
Large-Cap Strategy Fund
Daiwa Capital Markets America	$	2,511,157	$	2,511,157	$	—	$	—
HSBC Securities USA, Inc.		2,511,157		2,511,157		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		660,508		660,508		—		—
Nomura Securities International, Inc.		2,511,157		2,511,157		—		—
RBC Dominion Securities, Inc.		2,511,157		2,511,157		—		—
TD Securities (USA) LLC		2,511,157		2,511,157		—		—
	$	13,216,293	$	13,216,293	$	—	$	—

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

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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

Distributions from net realized gains, if any, are declared and paid to shareholders annually. Distributions from net investment income, if any, are declared and paid quarterly.

Real Estate Investment Trusts – The Fund may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes – It is the Fund’s policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of its income. Accordingly, no provisions for Federal income or excise tax are necessary.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    27

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended October 31, 2016, the Fund did not incur any interest or penalties.

Warrants and Rights – The Fund may hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Fund is not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation – The accounting records of the Fund is maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s 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.

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

Investments purchased with cash collateral are presented on the portfolio of investments under the caption “Cash Collateral Invested for Securities on Loan.”

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

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

At October 31, 2016, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
Large-Cap Strategy Fund	$	12,914,472	$	12,914,472	$	—

⁽¹⁾  Collateral with a value of $13,216,293 has been received in connection with securities lending transactions.

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

3. FEDERAL TAX INFORMATION

As of April 30, 2016, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax returns filed for the periods ended 2015, 2014 and 2013, as well as the current year, remain subject to examination by the Internal Revenue Service.

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

	2016				2015
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
Large-Cap Strategy Fund	$	10,084,312	$	42,929,924	$	6,747,267	$	24,762,981

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

28    NOTES TO FINANCIAL STATEMENTS (continued)

As of April 30, 2016, 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 Deferrals
Large-Cap Strategy Fund	$	891,438	$	—	$	—	$	131,667,975	$	—	$	(21,013,941	)

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2016 are as follows:

Fund	Ordinary Post-December Losses		Short-Term Post-October/ Late Year Capital Losses		Long-Term Post-October/ Late Year Capital Gains
Large-Cap Strategy Fund	$	—	$	21,569,511	$	(555,570	)

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

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

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

WFMC and the Fund’s shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2017, so that total annual fund operating expenses paid by the Fund (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed 0.25% for the Fund’s Class I Shares. Neither WFMC, nor the Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

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

	Maximum			Average Aggregate Daily Net
Administrator	Fee			Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	on assets in excess of $10 billion
BNYM		0.0285	%	on the first $500 million
		0.0280	%	on the next $500 million
		0.0275	%	on assets in excess of $1 billion

BNYM and WFMC 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2016, WFMC did not waive any administrative personnel and services fees.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Fund and administered by ALPS, the Fund may pay up to 0.25% of the average daily net assets of the Fund’s Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Fund’s shares for whom M&T provides shareholder services. The Fund may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled. For six months ended October 31, 2016, no affiliates of the Advisor received these fees.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    29

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 the Fund.

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during six months ended October 31, 2016 are as follows:

Fund/Affiliated Security Name	Balance of Shares Held 4/30/2016		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 10/31/16		Value at 10/31/16		Dividend Income		Realized Gain/(Loss)
Large-Cap Strategy Fund:
M&T Bank Corp.		1,610		—		—		1,610	$	197,595	$	2,254	$	—

The Fund may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for six months ended October 31, 2016 were as follows:

Fund	Commissions
Large-Cap Strategy Fund	$	47,961

5. INVESTMENT TRANSACTIONS

Purchases and sales of securities for the Fund (excluding U.S. Government and agency securities, and short-term securities) during the six months ended October 31, 2016 were $65,034,345 and $158,925,329, respectively.

6. LINE OF CREDIT

Effective March 9, 2016, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of this LOC is March 8, 2017.

The Fund did not utilize the LOC for the six months ended October 31, 2016.

7. LEGAL PROCEEDINGS

The Fund is subject to claims and suits that arise from time to time in the ordinary course of business. For example, certain creditors of Tribune Co., which has recently emerged from bankruptcy, have filed actions against former Tribune shareholders, (collectively, the “Lawsuits”) who tendered their shares when Tribune went private in 2007 as part of a leveraged buyout (“LBO”). These creditor plaintiffs seek the return of all proceeds received by the former Tribune shareholders. These cases are consolidated in a Multi-District Litigation (“MDL”) in the U.S. District Court for the Southern District of New York. One of the cases remains pending before the trial court, while the others were dismissed by the trial court on a motion to dismiss. The U.S. Court of Appeals for the Second Circuit affirmed the trial court’s dismissal of the other cases in March 2016. There are thousands of defendants in the MDL, including the Large-Cap Strategy Fund (the “Fund”). The suits all seek the same thing: disgorgement of the amounts received by the former Tribune shareholders as part of the LBO, but by different legal theories. Although management currently believes that the resolution of the claims against the Fund, individually or in the aggregate, will not have a materially adverse impact on the Fund’s financial positions, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters could change in the future.

Litigation counsel to the Fund in the Lawsuits does not believe that it is possible, at this stage in the proceedings, to predict with any reasonable certainty the probable outcome of the Lawsuits or quantify the ultimate exposure to the Fund arising from the Lawsuits. Until the Fund can do so, no reduction of its net asset value will be made relating to the Lawsuits. However, even if the plaintiffs in the lawsuits were to obtain the full recovery they seek, the amount would be less than 0.05% of the Fund’s net asset value as of April 30, 2016. The Fund can’t predict what its size might be at the time that the cost of the Lawsuits might be quantifiable and thus potentially deducted from its net asset value. Therefore, at this time, those buying or redeeming shares of the Fund will pay or receive, as the case may be, a price based on net asset value of the Fund, with no adjustment relating to the Lawsuits. The attorneys’ fees and costs relating to the Lawsuits will be taken as expenses by the Fund as incurred and in a manner similar to any other expense incurred by the Fund.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

30    NOTES TO FINANCIAL STATEMENTS (continued)

8. SUBSEQUENT EVENTS

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

Certain Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms, and amended existing rules and forms, which are designed to modernize the reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and investors. In addition, the SEC required certain open-end funds to adopt liquidity risk management programs to ensure that funds meet their obligation to satisfy shareholder redemption requests on a daily basis. The SEC also will allow open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The effective dates of these rules are generally not impacting the Funds until sometime in 2018. Management is currently evaluating the impacts to the Funds.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2016 (the “September Meeting”), the Board of Trustees of the Trust unanimously agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings and an executive session of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 20, 2016, the Board held a special meeting (the “July Special Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Adviser”), and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements that were due for renewal between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement, and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from the Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 30, 2016, the Independent Trustees met in executive session with Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser, and to continue the evaluation of the Advisory Agreements with the Sub-Advisers, as appropriate (the “August Executive Session”). The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees, and developed a request for additional and clarifying information that was responded to by the Adviser, and discussed, at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

32    BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

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

Wilmington Large-Cap Strategy Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-, three-and five-year periods ended June 30, 2016. The Board determined that the Fund’s level of performance and expense generally supported a recommendation to continue the Fund’s Advisory Agreement.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

33

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

34

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

Except as described above, the Funds do not share customer information. We will not rent, sell, trade, or otherwise release or disclose any personal information about you. Any information you provide to us is for the Funds’ use only. If you decide to close your

account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice.

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

35

• Information or data entered into a website will be retained.

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

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

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

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Investment Advisor	Custodian
Wilmington Funds Management Corp.	The Bank of New York Mellon
1100 North Market Street	One Wall Street
Wilmington, DE 19890	New York, NY 10286
Sub-Advisor	Distributor
Wilmington Trust Investment Advisors	ALPS Distributors, Inc.
111 South Calvert Street 26th Floor	1290 Broadway, Suite 1100
Baltimore, MD 21202	Denver, CO 80203
Co-Administrator	Fund Accountant, Co-Administrator, Transfer Agent
Wilmington Funds Management Corp.	and Dividend Disbursing Agent
1100 North Market Street	BNY Mellon Investment Servicing (U.S.) Inc.
Wilmington, DE 19890	301 Bellevue Parkway
	Wilmington, DE 19809
	Independent Registered Public Accounting Firm
	Ernst & Young LLP
	One Commerce Square
	2005 Market Street, Suite 700
	Philadelphia, PA 19103

WT-SAR-EQ-1016

Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com

We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Wilmington Multi-Manager International Fund (“International Fund”)

Wilmington Multi-Manager Alternatives Fund (“Alternatives Fund”)

Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”)

Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)

Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”)

Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”)

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	5
Portfolios of Investments	7
Statements of Assets and Liabilities	73
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights	80
Notes to Financial Statements	87
Board Approval of Investment Advisory and Sub-Advisory Agreements	107
Results of Shareholder Vote for the Wilmington Multi-Manager Alternatives Fund	111

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i

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2016, through October 31, 2016. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

The Economy

The economic recovery entered its eighth year, making it the fourth-longest recovery since 1850, but also the weakest one in the post-World War II period.ⁱ The gross domestic product (GDP) grew at a feeble rate of 1.4% in the second calendar quarter, but accelerated in the third quarter, posting a 2.9% jump.ⁱⁱ It’s been a familiar story with this recovery—disappointing growth numbers to begin the year, but a quickening of pace in the second half of the year.

ⁱ  http://www.marketwatch.com/story/current-us-economic-recovery-may-end-up-as-longest-ever-2016-07-18

ⁱⁱ  http://www.bea.gov/national/Index.htm

During the Trust’s semi-annual fiscal year period, the unemployment rate rose from 4.7% in May to 4.9% in October.ⁱⁱⁱ While the increase in the unemployment rate may appear at odds with a continuing economic expansion, the uptick suggests that a growing number of individuals are re-entering the labor pool as new jobs are added.

ⁱⁱⁱ  http://data.bls.gov/timeseries/LNS14000000

Inflation remains historically low, but has picked up in recent months. In September, it posted its biggest gain in five months, with the Consumer Price Index rising 1.5% for the 12-month period ending September 2016, the biggest year-over-year jump since October 2014.^iv Core inflation, which excludes the more volatile food and energy components, reached 1.7% in the third quarter, the highest such reading in two years.^v

^iv  http://www.reuters.com/article/us-usa-economy-inflation-idUSKCN12I1GP

^v  http://www.advisorperspectives.com/dshort/updates/2016/10/31/pce-price-index-headline-and-core-rose-again-in-september

Rising oil prices has been one reason that inflation has picked up. West Texas Intermediate (a grade of crude oil used as an oil pricing benchmark) rose from $40.75 per barrel at April-end to $46.83 at the close of October.^vi

^vi  http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

The Federal Reserve (the “Fed”) has yet to follow up its December 2015 rate hike, putting off further hikes because of concerns about the resiliency of economic growth and how global markets will react. However, at its most recent Federal Open Market Committee meeting in September, the Fed indicated that a rate hike may come relatively soon.

The Bond Markets

The yield on the 10-year Treasury note ended largely where it began, but there was a great deal of volatility over the six-month period. Yields stood at 1.83% at April-end, but dropped precipitously in reaction to the British exit (“Brexit”) vote in late June, as the decision by British voters to leave the European Union (“EU”) led to a world-wide flight to safety, driving down yields to as low as 1.37%, a level reached in early July. As anxieties eased, rates slowly climbed back to 1.84% by the close of trading in October.^vii

^vii  http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

Despite the rollercoaster ride in yields, the Barclays U.S. Aggregate Bond Index¹ gained 1.51% for the six-month period ended October 31, 2016.

High-yield bonds have been enjoying a very good year. After a price swoon earlier in the year, high-yield bonds have posted strong returns, with oil prices coming off their extreme lows propelling the Barclays U.S. Corporate High Yield Index² to a gain of 7.59% for the six-month period ended October 31, 2016.

The municipal bond market was challenged by heavy new issuance volumes, leading to a more subdued return for the Barclays Municipal Bond Index³ of 0.49% for the Trust’s semi-annual fiscal year period.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

ii

The Barclays Global Aggregate ex-USD Bond Index⁴ slumped by 2.08% during the reporting period, as investors were disappointed by monetary policy announcements from the Bank of England, the European Central Bank, and the Bank of Japan.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain Barclays indices performed as follows⁵:

Barclays U.S. Aggregate Bond Index	Barclays U.S. Treasury Bond Index6	Barclays U.S. Mortgage-Backed Securities Index7	Barclays U.S. Credit Bond Index8	Barclays Municipal Bond Index
1.51%	0.80%	1.28%	2.61%	0.49%

The Stock Markets

Stocks began the period on a positive note, buoyed by rising oil prices and waning concerns about an imminent rate hike. The impending vote in Britain on whether to break away from the European Union, however, soon began to weigh on stocks. Markets turned volatile as investors reacted to each new release of polling numbers about whether the “Stay” or “Leave” vote would prevail. With the polls closest to the referendum date indicating that voters might choose to remain in the EU, the shock of a “Leave” victory sent global markets into a nosedive that shaved off $3 trillion in market value.^viii U.S. stocks recovered quickly, regaining their losses after two days of trading, but overseas markets took considerably longer to claw back their losses.

^viii  http://independent.co.uk/news/business/news/brexit-wipes-record-3tn-off-global-markets-in-two-days-a7107481.html

U.S. equities reached near-historic highs in July, powered by strong economic reports, better-than-expected corporate earnings, and growing conviction that the Fed would not be raising rates in the near term. July’s momentum stalled as markets went quiet in August amid very light trading volumes and low volatility.

The calm ended when September began, with stocks selling off sharply to begin the month. Investor sentiment shifted to worries about a Fed rate increase and mounting concerns that the European Central Bank would be hitting the “pause” button on its monetary-easing efforts.

Stocks remained volatile over the course of the month, moving in reaction to changes in the price of oil, central bank statements, and banking troubles emanating from Europe.

Despite a better-than-expected third-quarter earnings season, October was the third consecutive month to close lower.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain stock market indices performed as follows:

S&P 500 Index9	Dow Jones Industrial Average10	NASDAQ Composite Index11	MSCI All Country World ex-USD (Net) Index12
4.06%	3.44%	9.33%	2.01%

In the months ahead, markets will likely be tested. A looming hike in the federal funds rate, a new incoming president, and uncertain global economic growth may drive further market volatility. It is essential, however, that investors maintain a long-term focus.

For our part, the Trust will remain committed to managing your important savings with the same disciplined process that has created value for our shareholders and helped them achieve their important long-term financial goals. We appreciate the confidence and trust you have shown us.

Sincerely,

Christopher D. Randall

President

November 14, 2016

October 31, 2016 (unaudited) / PRESIDENT’S MESSAGE

iii

For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they 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 Funds, and you should not expect that the investment advisor will provide financial support to the Funds at any time.

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

2. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

4. Barclays Global Aggregate ex-USD Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

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

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

7. Barclays U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

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

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

10. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

11. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

12. MSCI All Country World ex-USD (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

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5

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2016 to October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/16		Ending Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON MULTI-MANAGER INTERNATIONAL FUND
Actual
Class A	$	1,000.00	$	1,014.20	$	6.65		1.31	%
Class I	$	1,000.00	$	1,014.80	$	5.99		1.18	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,018.60	$	6.67		1.31	%
Class I	$	1,000.00	$	1,019.26	$	6.01		1.18	%
WILMINGTON MULTI-MANAGER ALTERNATIVES FUND3
Actual
Class A	$	1,000.00	$	1,017.30	$	13.22		2.60	%
Class I	$	1,000.00	$	1,019.30	$	11.96		2.35	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,012.10	$	13.19		2.60	%
Class I	$	1,000.00	$	1,013.36	$	11.93		2.35	%
WILMINGTON MULTI-MANAGER REAL ASSET FUND4
Actual
Class A	$	1,000.00	$	998.50	$	5.99		1.19	%
Class I	$	1,000.00	$	1,000.00	$	4.74		0.94	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,019.21	$	6.06		1.19	%
Class I	$	1,000.00	$	1,020.47	$	4.79		0.94	%
WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND
Actual
Class A	$	1,000.00	$	1,012.90	$	3.96		0.78	%
Class I	$	1,000.00	$	1,013.20	$	2.69		0.53	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.27	$	3.97		0.78	%
Class I	$	1,000.00	$	1,022.53	$	2.70		0.53	%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

6

	Beginning Account Value 5/01/16		Ending Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON STRATEGIC ALLOCATION MODERATE FUND
Actual
Class A	$	1,000.00	$	1,020.20	$	3.77		0.74	%
Class I	$	1,000.00	$	1,021.40	$	2.50		0.49	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class I	$	1,000.00	$	1,022.74	$	2.50		0.49	%
WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND
Actual
Class A	$	1,000.00	$	1,022.20	$	4.43		0.87	%
Class I	$	1,000.00	$	1,022.70	$	3.16		0.62	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class I	$	1,000.00	$	1,022.08	$	3.16		0.62	%

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

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

(3) For Multi-Manager Alternatives Fund, the expense ratio includes the impact of dividend expense on securities sold short.

(4) For Multi-Manager Real Asset Fund, the expense ratio includes the impact of interest expense on reverse repurchase agreements.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

7

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager International Fund

At October 31, 2016, the Fund’s sector classifications and country allocations were as follows (unaudited):

Common Stocks	Percentage of Total Net Assets
Financials		14.9	%
Materials		12.2	%
Consumer Discretionary		10.9	%
Industrials		10.7	%
Consumer Staples		9.9	%
Information Technology		8.1	%
Health Care		7.2	%
Energy		5.7	%
Telecommunication Services		4.5	%
Utilities		2.2	%
Pharmaceuticals		0.6	%
Oil & Gas		0.1	%
Retail		0.1	%
Entertainment		0.1	%
Transportation		0.0	%3
Diversified Financial Services		0.0	%3
Real Estate Investment Trusts		1.0	%
Preferred Stocks		1.1	%
Certificates		0.1	%
Investment Companies		6.7	%
Rights		0.0	%3
Cash Equivalents1		7.6	%
Other Assets and Liabilities – Net2		(3.7	)%
TOTAL		100.0	%

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

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

(3) Represents less than 0.05%.

Country Allocation	Percentage of Total Net Assets
Common Stocks
Japan		14.4	%
United Kingdom		10.3	%
Germany		8.4	%
France		7.0	%
Switzerland		6.4	%
Australia		4.2	%
Canada		3.5	%
Spain		3.0	%
Netherlands		2.7	%
China		2.7	%
United States		2.6	%
Denmark		2.2	%
Sweden		2.1	%
Hong Kong		1.6	%
Colombia		1.0	%
Taiwan		1.0	%
All other countries less than 1.0%		14.1	%
Real Estate Investment Trusts		1.0	%
Preferred Stocks		1.1	%
Certificates		0.1	%
Investment Companies		6.7	%
Rights		0.0	%3
Cash Equivalents1		7.6	%
Other Assets and Liabilities – Net2		(3.7	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS—87.2%
AUSTRALIA—4.2%
AGL Energy Ltd.		1,074	$	15,670
Amcor Ltd.		1,688		18,876
AMP Ltd.		4,308		14,976
APA Group		2,247		13,606
Aristocrat Leisure Ltd.		25,065		292,487
Arrium Ltd.*,††		532,800		—
Asaleo Care Ltd.		179,000		198,801

Description	Number of Shares		Value
ASX Ltd.		450	$	16,133
Aurizon Holdings Ltd.		4,603		17,087
Australia & New Zealand Banking Group Ltd.		20,836		441,421
Bendigo & Adelaide Bank Ltd.		27,500		232,831
BHP Billiton Ltd.		146,685		2,574,223
BHP Billiton PLC		3,077		46,495
BlueScope Steel Ltd.		73,700		437,295
Boart Longyear Ltd.*		48,400		5,155
Brambles Ltd.		2,300		20,173
Caltex Australia Ltd.		88,006		2,057,254

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

8 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Challenger Ltd.		38,976	$	319,024
Coca-Cola Amatil Ltd.		2,286		16,590
Cochlear Ltd.		3,282		319,467
Commonwealth Bank of Australia		2,610		145,710
Corporate Travel Management Ltd.#		7,700		111,290
CSL Ltd.		751		57,420
Domino’s Pizza Enterprises L		5,200		254,150
Downer EDI Ltd.		40,700		180,499
DUET Group		8,735		15,814
Evolution Mining Ltd.		141,300		242,920
Insurance Australia Group Ltd.		3,542		14,846
LendLease Group		29,247		300,795
Macquarie Group Ltd.		6,864		416,671
McMillan Shakespeare Ltd.		23,900		196,897
Medibank Pvt Ltd.		6,259		12,284
Metcash Ltd.*		42,500		64,336
Mineral Resources Ltd.		24,300		213,871
National Australia Bank Ltd.		14,733		313,807
Newcrest Mining Ltd.		140,501		2,411,190
Oil Search Ltd.		2,795		14,160
Orica Ltd.#		10,615		131,539
Origin Energy Ltd.		3,581		14,574
Primary Health Care Ltd.		40,800		119,180
Programmed Maintenance Services Ltd.		36,190		39,505
Qantas Airways Ltd.		115,600		269,087
QBE Insurance Group Ltd.		1,997		15,176
Ramsay Health Care Ltd.		303		16,909
Retail Food Group Ltd.		43,300		222,992
Rio Tinto Ltd.		500		20,607
Santos Ltd.		4,094		11,118
Sonic Healthcare Ltd.		1,012		15,774
South32 Ltd.		1,341,111		2,621,868
Suncorp Group Ltd.		1,874		17,064
Tatts Group Ltd.		5,213		16,100
Telstra Corp. Ltd.		7,272		27,548
Transurban Group		2,956		23,363
Treasury Wine Estates Ltd.		2,108		17,222
Wesfarmers Ltd.		1,640		51,162
Westpac Banking Corp.		5,504		127,575
Woodside Petroleum Ltd.		1,478		31,897
Woolworths Ltd.		1,851		33,300
TOTAL AUSTRALIA			$	15,867,784
AUSTRIA—0.5%
Andritz AG		267		13,966
Erste Group Bank AG		35,185		1,105,047
OMV AG		7,100		221,936

Description	Number of Shares		Value
Raiffeisen Bank International AG#, *		5,800	$	95,059
voestalpine AG		9,817		347,332
TOTAL AUSTRIA			$	1,783,340
BELGIUM—0.6%
Ageas		382		13,954
Anheuser-Busch InBev SA/NV		15,198		1,744,279
Bekaert SA		3,700		164,580
bpost SA		11,500		305,947
Groupe Bruxelles Lambert SA		169		14,537
Ion Beam Applications		2,000		94,978
KBC Groep NV*		366		22,303
Proximus SADP		445		12,740
Solvay SA		149		17,101
UCB SA		201		13,612
TOTAL BELGIUM			$	2,404,031
BRAZIL—0.7%
Ambev SA ADR		74,143		437,399
Banco do Brasil SA		5,200		47,797
Banco Santander Brasil SA ADR#		3,700		30,266
BB Seguridade Participacoes SA		2,800		28,070
BM&FBovespa SA		6,807		39,985
BRF SA		4,256		71,173
CCR SA		20,900		113,798
Centrais Eletricas Brasileiras SA*		6,700		50,019
Cia de Saneamento Basico do Estado de Sao Paulo		5,300		55,956
Cia Energetica de Minas Gerais		2,768		8,464
Cielo SA		30,378		308,824
CPFL Energia SA		7,421		56,308
Cyrela Brazil Realty SA Empreendimentos e Participacoes		6,300		21,197
EDP—Energias do Brasil SA		9,100		43,590
Embraer SA		17,800		95,413
Engie Brasil Energia SA		3,500		44,836
Equatorial Energia SA		2,200		39,113
Estacio Participacoes SA		3,800		22,167
Fibria Celulose SA		4,300		34,554
Fleury SA		3,400		45,056
Gafisa SA		28,700		21,849
Hypermarcas SA		2,600		21,773
Klabin SA—Unit		8,000		41,203
Kroton Educacional SA		14,700		73,178
Localiza Rent a Car SA		4,440		55,347
Lojas Renner SA		9,100		76,945
Marfrig Global Foods SA*		14,350		25,490
MRV Engenharia e Participacoes SA		9,900		38,149
Natura Cosmeticos SA		3,600		34,872

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 9

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Odontoprev SA		13,200	$	49,624
Qualicorp SA		8,500		54,936
Raia Drogasil SA		1,800		40,066
Tim Participacoes SA		36,006		99,265
Totvs SA		5,300		48,152
Ultrapar Participacoes SA		4,300		97,774
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		3,000		28,186
Weg SA		14,840		82,011
TOTAL BRAZIL			$	2,482,805
BULGARIA—0.0%**
Olovno Tzinkov Komplex AD*,††		900		—
Petrol AD*,††		14,543		3,673
TOTAL BULGARIA			$	3,673
CANADA—3.5%
Agnico Eagle Mines Ltd.		41,441		2,104,645
Agrium, Inc.		192		17,625
Air Canada*		35,800		337,635
Alimentation Couche-Tard, Inc.		611		30,693
ARC Resources Ltd.#		887		15,058
Bank of Montreal		936		59,567
Bank of Nova Scotia		1,753		94,204
Barrick Gold Corp.		25,906		455,694
BCE, Inc.		437		19,854
Brookfield Asset Management, Inc.		1,730		60,582
Cameco Corp.		1,197		9,219
Canadian Imperial Bank of Commerce		8,179		612,831
Canadian National Railway Co.		1,160		72,923
Canadian Natural Resources Ltd.		1,595		50,622
Canadian Pacific Railway Ltd.		157		22,443
Canadian Tire Corp. Ltd. Class A#		4,938		479,994
Canadian Utilities Ltd.		521		14,888
CCL Industries, Inc. Class B		1,135		201,851
Cenovus Energy, Inc.		1,213		17,499
CGI Group, Inc.*		328		15,580
CI Financial Corp.		676		12,438
Constellation Software, Inc.		39		18,270
Cott Corp.		20,100		263,511
Crescent Point Energy Corp.		888		10,573
Dollarama, Inc.		4,107		306,899
Dorel Industries, Inc. Class B		8,700		220,857
ECN Capital Corp.*		1,386		3,028
Element Financial Corp.		1,386		13,506
Empire Co. Ltd. Class A		16,800		241,986
Enbridge, Inc.		1,336		57,691
Encana Corp.		1,958		18,671

Description	Number of Shares		Value
Fairfax Financial Holdings Ltd.		28	$	14,340
Finning International, Inc.		832		15,483
First Quantum Minerals Ltd.		1,758		16,698
FirstService Corp.		2,300		93,197
Fortis, Inc.		473		15,569
Franco-Nevada Corp.		34,450		2,254,802
George Weston Ltd.		173		14,097
Gildan Activewear, Inc.		483		12,405
Goldcorp, Inc.		1,089		16,538
Great-West Lifeco, Inc.		509		12,785
Husky Energy, Inc.*		1,371		14,750
Imperial Oil Ltd.		452		14,659
Industrial Alliance Insurance & Financial Services, Inc.		457		17,697
Intact Financial Corp.		202		13,732
Inter Pipeline Ltd.		700		14,514
Keyera Corp.		464		13,927
Laurentian Bank of Canada#		5,700		210,653
Loblaw Cos. Ltd.		6,523		321,846
Magna International, Inc.		12,790		525,122
Manulife Financial Corp.		2,872		41,604
Maple Leaf Foods, Inc.		11,900		271,039
Martinrea International, Inc.		4,600		26,990
Metro, Inc.#		448		13,848
National Bank of Canada		13,601		485,511
New Flyer Industries, Inc.		4,800		134,198
Onex Corp.		242		15,653
Open Text Corp.		268		16,640
Parex Resources, Inc.*		29,900		343,963
Pembina Pipeline Corp.		498		15,301
Potash Corp. of Saskatchewan, Inc.		1,217		19,789
Power Corp. of Canada		617		13,234
Power Financial Corp.		570		13,471
PrairieSky Royalty, Ltd.#		31		674
Restaurant Brands International,Inc.		346		15,382
Rogers Communications, Inc.		528		21,241
Royal Bank of Canada		2,528		157,941
Saputo, Inc.		477		17,141
Shaw Communications, Inc.#		13,310		263,758
Shopify, Inc. Class A*		5,100		211,395
Silver Wheaton Corp.		714		17,205
Sleep Country Canada Holdings, Inc.W		9,000		191,299
SNC-Lavalin Group, Inc.		398		16,172
Sun Life Financial, Inc.		891		29,820
Suncor Energy, Inc.		2,304		69,139
Superior Plus Corp.		29,000		258,153
Teck Resources Ltd.		1,224		26,427

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

10 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
TELUS Corp.		473	$	15,315
Thomson Reuters Corp.		466		18,365
Torex Gold Resources, Inc.*		11,000		204,615
Toronto-Dominion Bank		2,702		122,600
Tourmaline Oil Corp.*		649		17,008
TransCanada Corp.		1,033		46,763
Transcontinental, Inc. Class A#		12,000		160,501
TransForce, Inc.		18,100		410,634
Valeant Pharmaceuticals International, Inc.*		968		17,277
WestJet Airlines Ltd.		12,000		196,377
Yamana Gold, Inc.		3,021		10,788
TOTAL CANADA			$	13,400,882
CHILE—0.4%
AES Gener SA		48,884		16,655
Aguas Andinas SA		57,100		37,648
Antarchile SA		2,964		31,763
Banco de Chile		624,397		74,319
Banco de Credito e Inversiones		1,018		52,323
Banco Santander Chile ADR		2,892		66,082
Banmedica SA		16,849		35,335
Cencosud SA		26,598		86,710
Cia Cervecerias Unidas SA ADR#		2,400		51,600
Colbun SA		108,200		23,572
Empresa Nacional de Electricidad SA ADR		1,210		25,120
Empresa Nacional de Telecomunicaciones SA*		10,774		115,538
Empresas CMPC SA		51,136		110,770
Empresas COPEC SA		21,035		211,368
Endesa Americas SA ADR		1,210		17,388
Enersis Americas SA		259,416		43,939
Enersis Chile SA		136,816		13,698
Itau CorpBanca		1,842,402		16,748
Latam Airlines Group SA*		14,951		143,202
Parque Arauco SA		10,596		26,277
Quinenco SA		20,791		50,926
SACI Falabella		26,326		206,716
Sigdo Koppers SA		19,571		26,965
Sonda SA		48,607		100,455
Vina Concha y Toro SA		21,305		37,181
TOTAL CHILE			$	1,622,298
CHINA—2.7%
3sBio, Inc.*,W		27,000		26,981
Agricultural Bank of China Ltd.		51,000		21,503
Alibaba Group Holding Ltd. ADR*		20,643		2,099,187
Aluminum Corp. of China Ltd.*		152,000		56,445
Anhui Conch Cement Co. Ltd.#		32,500		90,097

Description	Number of Shares		Value
Baidu, Inc. ADR*		270	$	47,752
Bank of China Ltd.		131,000		58,781
Bank of Communications Co. Ltd.		27,800		21,185
Beijing Enterprises Clean Enenergy Group Ltd.*		580,000		16,976
Beijing Enterprises Water Group Ltd.		76,000		55,171
Belle International Holdings Ltd.		44,000		26,665
Brilliance China Automotive Holdings Ltd.#		28,000		33,251
BYD Co. Ltd.#, *		6,000		39,456
CGN Power Co. Ltd.-HW		144,000		42,148
China Agri-Industries Holdings Ltd.*		74,000		29,006
China Biologic Products, Inc.*		300		35,433
China CITIC Bank Corp. Ltd.		42,000		27,132
China Communications
Construction Co. Ltd.		25,000		27,529
China Conch Venture Holdings Ltd.		22,000		41,132
China Construction Bank Corp.		164,810		120,703
China COSCO Holdings Co. Ltd.#, *		135,500		46,823
China Eastern Airlines Corp. Ltd.		36,000		16,200
China Gas Holdings Ltd.		38,000		57,915
China Hongqiao Group Ltd.		46,000		41,163
China Huishan Dairy Holdings Co. Ltd.#		93,000		34,535
China Life Insurance Co. Ltd.		17,000		42,218
China Longyuan Power Group Corp. Ltd.		59,000		45,112
China Mengniu Dairy Co. Ltd.#		41,000		77,712
China Merchants Bank Co. Ltd.		8,052		19,643
China Merchants
Holdings International Co. Ltd.		14,000		36,284
China Minsheng Banking Corp. Ltd.		21,000		23,963
China Mobile Ltd.		34,000		389,515
China National Building Material Co. Ltd.		78,000		35,703
China Overseas Land & Investment Ltd.		12,000		37,057
China Pacific Insurance Group Co. Ltd.		7,200		26,041
China Petroleum & Chemical Corp.		207,800		151,384
China Railway Construction Corp. Ltd.#		29,900		37,474
China Railway Group Ltd.		52,000		40,229
China Resources Beer Holdings Co. Ltd.*		18,000		38,295
China Resources Power Holdings Co. Ltd.		39,600		67,297
China Shenhua Energy Co. Ltd.		27,000		56,189
China Southern Airlines Co. Ltd. (The)		31,000		17,428
China Telecom Corp. Ltd.		68,000		35,159
China Unicom Hong Kong Ltd.		46,652		54,679
China Yurun Food Group Ltd.*		106,000		16,948
CNOOC Ltd.		130,000		165,443
COSCO Pacific Ltd.		38,000		37,728
CRRC Corp. Ltd.		39,000		35,402
CSPC Pharmaceutical Group Ltd.		44,000		45,614

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 11

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Ctrip.com International Ltd. ADR#, *		2,000	$	88,300
Datang International Power
Generation Co. Ltd.		132,000		35,572
Dongfeng Motor Group Co. Ltd.		26,000		27,054
Great Wall Motor Co. Ltd.		30,000		29,282
Guangzhou Automobile Group Co. Ltd.		20,974		25,367
Hengan International Group Co. Ltd.		12,500		99,525
Huaneng Renewables Corp. Ltd.		68,000		22,884
Industrial & Commercial Bank of China Ltd.		126,000		75,871
JD.com, Inc. ADR*		4,700		121,965
Jiangxi Copper Co. Ltd.		32,000		37,795
Kingboard Chemical Holdings Ltd.		120,600		356,876
Kunlun Energy Co. Ltd.		28,000		21,193
Lenovo Group Ltd.#		24,000		15,411
Luye Pharma Group Ltd.#		65,500		44,086
Minth Group Ltd.		28,000		99,645
NetEase, Inc. ADR		130		33,409
New Oriental Education & Technology
Group, Inc. ADR*		1,100		55,143
Nexteer Automotive Group Ltd.		199,000		262,235
Nine Dragons Paper Holdings Ltd.		48,000		39,115
PetroChina Co. Ltd.		162,000		111,543
Phoenix Healthcare Group Co. Ltd.		21,000		33,413
PICC Property & Casualty Co. Ltd.		12,000		19,434
Ping An Insurance Group Co. of China Ltd.		9,500		50,161
Qinqin Foodstuffs Group Cayman Co. Ltd.*		1,800		622
Shandong Weigao Group Medical Polymer Co. Ltd.		64,000		41,756
Shanghai Electric Group Co. Ltd.*		38,000		17,590
Shanghai Pharmaceuticals Holding Co. Ltd.		22,000		56,734
Shenzhou International Group Holdings Ltd.		44,500		295,211
SINA Corp.*		500		36,070
Sinopec Shanghai Petrochemical Co. Ltd.		125,000		63,825
Sinopharm Group Co Ltd.		28,400		138,236
Sohu.com, Inc.#, *		400		14,972
Sunny Optical Technology Group Co. Ltd.		50,000		244,341
Tencent Holdings Ltd.		94,562		2,509,282
Tingyi Cayman Islands Holding Corp.		30,000		32,377
Vipshop Holdings Ltd. ADR#, *		2,200		30,074
Want Want China Holdings Ltd.#		93,000		56,719
Yantai Changyu Pioneer Wine Co. Ltd.		9,100		25,063
Zhaojin Mining Industry Co. Ltd.#		30,000		30,327
Zhuzhou CRRC Times Electric Co. Ltd.		7,000		33,937
Zijin Mining Group Co. Ltd.#		138,000		43,417
ZTE Corp.		13,728		18,905
TOTAL CHINA			$	10,040,423
COLOMBIA—1.0%
Almacenes Exito SA		8,866		44,230

Description	Number of Shares		Value
Banco de Bogota SA		2,313	$	47,756
Bancolombia SA		3,100		27,322
Bancolombia SA ADR#		37,186		1,423,480
Celsia SA Esp		18,500		24,949
Cementos Argos SA		212,013		839,088
Corp. Financiera Colombiana SA		1,806		22,392
Ecopetrol SA ADR#, *		12,900		112,101
Empresa de Energia de Bogota SA ESP		96,985		61,285
Grupo Argos SA		53,962		349,962
Grupo Aval Acciones y Valore SA ADR#		25,847		211,687
Grupo Aval Acciones y Valores SA		57,900		23,878
Grupo de Inversiones Suramericana SA		44,229		570,444
Grupo Nutresa SA		12,144		101,699
Grupo Odinsa SA*		3,016		9,028
Interconexion Electrica SA ESP		18,148		60,297
TOTAL COLOMBIA			$	3,929,598
CZECH REPUBLIC—0.1%
CEZ AS		7,673		144,612
Komercni Banka AS		3,579		131,097
Pegas Nonwovens SA#		1,790		57,438
Philip Morris CR AS		82		40,501
Unipetrol AS		5,774		43,142
TOTAL CZECH REPUBLIC			$	416,790
DENMARK—2.2%
AP Moeller—Maersk A/S Class A		11		16,884
AP Moeller—Maersk A/S Class B		12		17,560
Carlsberg A/S		154		13,887
CHR Hansen Holding A/S		240		14,374
Coloplast A/S		199		13,886
Danske Bank A/S		13,829		426,965
Dfds A/S		8,600		415,671
DONG Energy A/S*,W		62,318		2,471,272
DSV A/S		356		17,254
Genmab A/S*		1,514		249,809
Novo Nordisk A/S Class B		49,069		1,755,412
Novozymes A/S		312		11,590
Pandora A/S		157		20,437
Rockwool International A/S		600		100,416
Royal Unibrew A/S		3,155		147,604
SimCorp.		2,900		160,284
Vestas Wind Systems A/S		30,621		2,456,169
TOTAL DENMARK			$	8,309,474
EGYPT—0.2%
Commercial International Bank Egypt SAE		24,568		143,010
Eastern Tobacco		2,191		51,723
Egyptian Financial Group-Hermes Holding Co.*		34,798		61,406

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

12 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
ElSewedy Electric Co.		5,430	$	38,340
EZZ Steel*		27,000		21,223
Global Telecom Holding SAE*		272,255		147,472
Juhayna Food Industries		61,900		27,325
Orascom Telecom Media And Technology
Holding SAE*		224,975		14,188
Oriental Weavers		40,500		40,728
Sidi Kerir Petrochemicals Co.		30,650		47,874
Six of October Development & Investment*		8,300		12,254
Talaat Moustafa Group		63,935		40,824
TOTAL EGYPT			$	646,367
FINLAND—0.4%
Elisa OYJ		402		13,548
Fortum OYJ		996		16,608
Huhtamaki OYJ		6,600		266,478
Kone OYJ		811		37,329
Konecranes OYJ		8,500		289,725
Neste Oil OYJ		9,600		414,477
Nokia OYJ		8,405		37,534
Sampo OYJ Class A		652		29,896
Stora Enso OYJ Class R		1,719		16,257
UPM-Kymmene OYJ		15,086		351,087
Wartsila OYJ Abp		350		15,138
TOTAL FINLAND			$	1,488,077
FRANCE—7.0%
Accor SA		339		12,870
Air Liquide SA		501		50,972
Airbus Group SE		862		51,240
Alstom SA*		620		16,654
Arkema SA		1,887		178,933
Atos SE		4,269		443,419
AXA SA		76,407		1,722,397
BNP Paribas SA		9,043		524,542
Bouygues SA		516		16,826
Bureau Veritas SA		632		11,940
Cap Gemini SA		420		34,801
Carrefour		807		21,168
Cellectis SA#, *		2,000		35,457
Christian Dior SA		86		16,592
Cie de St-Gobain		694		30,813
Cie Generale des Etablissements Michelin		14,745		1,596,465
CNP Assurances		27,500		476,522
Credit Agricole SA		27,437		296,131
Danone SA		31,512		2,182,092
Dassault Systemes SA		192		15,205
Edenred		834		19,322

Description	Number of Shares		Value
Electricite de France SA#		25,902	$	290,312
Essilor International SA		14,919		1,677,047
GDF Suez		18,028		259,946
Groupe Eurotunnel SE		1,174		10,994
Hermes International		391		158,426
Iliad SA		68		14,265
Ingenico SA		128		10,131
IPSOS		3,700		120,835
JCDecaux SA		14,524		444,114
Kering		100		22,180
Legrand SA		388		21,931
L’Oreal SA		21,797		3,901,423
LVMH Moet Hennessy Louis Vuitton SA		408		74,147
Nexity SA		4,900		246,062
Orange SA		2,895		45,604
Pernod Ricard SA		14,407		1,713,594
Peugeot SA*		931		13,945
Publicis Groupe SA		276		18,936
Renault SA		281		24,403
Rexel SA		989		13,718
Rubis SCA		2,600		237,124
Safran SA		455		31,282
Sanofi		14,912		1,161,595
Schneider Electric SE		22,622		1,518,315
SCOR SE		6,262		202,719
SEB SA		2,200		323,739
Societe BIC SA		106		14,697
Societe Generale SA		7,158		279,421
Sodexo SA		148		17,189
Sopra Steria Group		1,000		101,718
STMicroelectronics NV#		26,542		253,109
Technip SA		257		17,046
Teleperformance		3,500		369,883
Thales SA		2,674		251,769
Total SA		65,254		3,131,790
Valeo SA		4,101		236,350
Veolia Environnement SA		611		13,334
Vinci SA		699		50,628
Vivendi SA		76,366		1,544,170
Zodiac Aerospace		596		14,505
TOTAL FRANCE			$	26,606,757
GERMANY—8.4%
adidas AG		14,750		2,419,068
Allianz SE		12,472		1,944,151
AURELIUS SE & Co KGaA		2,600		154,924
BASF SE		9,539		840,860
Bayer AG		25,105		2,488,315

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 13

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Bayerische Motoren Werke AG		6,183	$	538,717
Beiersdorf AG		168		14,791
Commerzbank AG		1,604		10,894
Continental AG		161		30,850
Daimler AG		11,203		798,273
Deutsche Bank AG*		16,810		242,752
Deutsche Boerse AG*		28,771		2,237,788
Deutsche Post AG		1,412		43,757
Deutsche Telekom AG		4,698		76,559
Deutsche Wohnen AG		489		15,954
E.ON AG		10,416		76,289
Evonik Industries AG		9,037		282,335
Fresenius Medical Care AG & Co. KGaA ADR		319		25,987
Fresenius SE & Co. KGaA		16,166		1,193,262
GEA Group AG		44,936		1,737,605
Hannover Rueck SE		132		14,715
HeidelbergCement AG		206		19,484
Henkel AG & Co. KGaA		20,568		2,264,637
Hugo Boss AG		241		15,135
Infineon Technologies AG		141,201		2,535,092
K+S AG#		602		12,179
Lanxess AG		286		18,313
Linde AG		9,210		1,519,582
Merck KGaA		189		19,432
Metro AG		7,972		238,823
Muenchener Rueckversicherungs AG		2,244		435,030
Osram Licht AG		281		15,932
ProSiebenSat.1 Media SE		294		12,671
Qiagen NV*		670		16,405
Rheinmetall AG		2,600		180,126
RTL Group		170		13,321
RWE AG*		1,004		15,937
SAP AG		44,822		3,948,096
Siemens AG		21,674		2,461,360
Sixt SE		1,400		84,835
STADA Arzneimittel AG		4,300		215,271
Symrise AG		226		15,508
ThyssenKrupp AG		645		14,933
TUI AG		1,033		13,112
Uniper SE*		1,041		13,856
Volkswagen AG		2,358		352,037
Vonovia SE		60,897		2,144,882
TOTAL GERMANY			$	31,783,835
GHANA—0.0%**
Produce Buying Co. Ltd.*		288,000		4,336
GREECE—0.2%
Aegean Airlines SA		3,533		22,766

Description	Number of Shares		Value
Aegean Marine Petroleum Network, Inc.		2,300	$	19,780
Alpha Bank AE*		26,876		46,025
Athens Water Supply & Sewage Co. SA (The)		5,272		31,252
Costamare, Inc.		3,200		20,800
Diana Shipping, Inc.*		9,211		23,028
Ellaktor SA*		8,300		11,298
Eurobank Ergasias SA*		19,841		11,674
FF Group*		800		19,162
GasLog Ltd.#		2,500		38,375
GEK Terna Holding Real Estate Construction SA*		7,360		17,048
Hellenic Exchanges—Athens Stock
Exchange SA		3,700		18,278
Hellenic Telecommunications Organization SA		13,021		119,354
Jumbo SA		3,915		55,655
Motor Oil Hellas Corinth Refineries SA		3,379		40,469
Mytilineos Holdings SA*		7,202		41,190
National Bank of Greece SA*		113,916		23,385
OPAP SA		5,892		50,256
Public Power Corp. SA*		23,616		77,255
Titan Cement Co. SA		3,755		87,264
Tsakos Energy Naviagation Ltd.		4,600		20,700
TOTAL GREECE			$	795,014
HONG KONG—1.6%
AIA Group Ltd.		20,000		126,232
Alibaba Pictures Group Ltd.*		140,000		27,619
Bank of East Asia Ltd. (The)#		4,200		16,923
BOC Hong Kong Holdings Ltd.		5,000		17,858
Cheung Kong Infrastructure Holdings Ltd.		1,000		8,194
Cheung Kong Property Holdings Ltd.		13,500		100,003
China Medical System Holdings Ltd.		27,000		42,194
China Power International Development Ltd.		55,000		20,069
China Resources Gas Group Ltd.		12,000		37,676
CITIC Ltd.		42,000		60,328
CK Hutchison Holdings Ltd.		3,500		43,301
CLP Holdings Ltd.		3,000		30,520
Dah Sing Financial Holdings Ltd.		49,044		333,261
Galaxy Entertainment Group Ltd.		5,000		20,534
Guangdong Investment Ltd.		46,000		69,514
Hang Lung Properties Ltd.		8,000		17,660
Hang Seng Bank Ltd.		1,200		21,677
Henderson Land Development Co. Ltd.		3,300		19,552
Hong Kong & China Gas Co. Ltd.		12,100		23,715
Hong Kong Exchanges and Clearing Ltd.		102,481		2,714,133
Huabao International Holdings Ltd.*		478,000		179,353
Huaneng Power International, Inc.		80,000		49,203
Jardine Matheson Holdings Ltd.		400		24,364

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

14 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Lee & Man Paper Manufacturing Ltd.		400,500	$	301,064
MGM China Holdings Ltd.		28,800		47,681
MTR Corp. Ltd.		3,500		19,383
NWS Holdings Ltd.		136,000		240,942
PCCW Ltd.		302,000		179,902
Power Assets Holdings Ltd.		2,500		23,515
Sands China Ltd.		4,000		17,407
Sino Biopharmaceutical Ltd.		70,000		49,010
Sino Land Co. Ltd.		8,000		13,616
Skyworth Digital Holdings Ltd.		486,000		314,577
SmarTone Telecommunications Holdings Ltd.		128,500		194,186
Sun Art Retail Group Ltd.		38,000		26,801
Sun Hung Kai Properties Ltd.		3,000		44,794
Swire Pacific Ltd. Class A		1,000		10,399
Techtronic Industries Co. Ltd.		3,500		13,178
Weibo Corp. ADR#, *		50		2,301
WH Group Ltd.W		379,500		307,787
Wharf Holdings Ltd. (The)		3,000		22,552
Wheelock & Co. Ltd.		4,000		24,705
TOTAL HONG KONG			$	5,857,683
HUNGARY—0.1%
Magyar Telekom Telecommunications PLC		33,310		55,073
MOL Hungarian Oil & Gas PLC		2,089		134,403
OTP Bank PLC		5,182		145,558
Richter Gedeon Nyrt		6,504		139,794
TOTAL HUNGARY			$	474,828
INDIA—0.8%
Ambuja Cement Ltd. GDR—Reg S		7,649		27,705
Apollo Hospitals Enterprise Ltd. GDR		4,157		83,285
Axis Bank Ltd. GDR—Reg S		1,850		66,970
CESC Ltd. GDR		11,528		108,191
Cipla Ltd. GDR—Reg S		14,178		121,945
Cox & Kings Ltd. GDR—Reg S GDR		22,209		74,009
Dr Reddy’s Laboratories Ltd. ADR		2,500		123,225
GAIL India Ltd. GDR—Reg S		3,783		145,645
Grasim Industries Ltd. GDR—Reg S		2,990		43,235
Great Eastern Shipping Co Ltd. (The) GDR—Reg S		3,171		88,407
Hindalco Industries Ltd. GDRW		44,300		99,329
ICICI Bank Ltd. ADR		10,300		85,387
Indiabulls Housing Finance Ltd. GDR		2,633		33,413
Infosys Ltd. ADR		10,300		157,178
Jain Irrigation Systems Ltd.		80,831		64,899
Larsen & Toubro Ltd. GDR—Reg S		5,792		127,939
LIC Housing Finance Ltd. GDR—Reg S		2,559		44,642

Description	Number of Shares		Value
Mahindra & Mahindra Ltd. GDR		5,353	$	104,651
NCC Ltd. GDR—Reg S		56,791		79,280
Reliance Capital Ltd. GDR—Reg S		6,655		51,789
Reliance Communication Ltd. GDR*,W		281,600		196,698
Reliance Communications Ltd GDR#,*		110,681		77,255
Reliance Industries Ltd. GDRW		7,958		252,269
Reliance Infrastructure GDR#		3,969		96,630
State Bank of India GDR—Reg S		1,700		64,770
Suzlon Energy Ltd. GDR—Reg S*		97,313		89,752
Tata Global Beverages Ltd. GDR—Reg S		39,539		82,637
Tata Motors Ltd. ADR		2,990		117,836
Tata Steel Ltd. GDR—Reg S#		14,143		84,858
United Spirits Ltd. GDR—Reg S#,*		5,159		87,007
Vedanta Ltd. ADR		11,300		136,278
Videocon d2h Ltd. ADR*		7,300		68,401
Wipro Ltd. ADR		2,200		21,274
WNS Holdings Ltd. ADR*		2,900		79,750
TOTAL INDIA			$	3,186,539
INDONESIA—0.5%
Adaro Energy Tbk PT		907,300		110,214
AKR Corporindo Tbk PT		81,500		44,348
Aneka Tambang Persero Tbk PT*		508,900		34,907
Astra International Tbk PT		242,200		152,674
Bank Central Asia Tbk PT		70,900		84,359
Bank Mandiri Persero Tbk PT		55,600		48,897
Bank Negara Indonesia Persero Tbk PT		54,200		23,158
Bank Rakyat Indonesia Persero Tbk PT		54,400		50,864
Charoen Pokphand Indonesia Tbk PT		177,700		50,390
Gudang Garam Tbk PT		6,700		34,866
Hanson International Tbk PT*		1,875,000		20,118
Indo Tambangraya Megah Tbk PT		50,100		55,003
Indocement Tunggal Prakarsa Tbk PT		61,100		77,031
Indofood CBP Sukses Makmur Tbk PT		58,400		42,072
Indofood Sukses Makmur Tbk PT		54,400		35,438
Indosat Tbk PT*		36,100		18,260
Jasa Marga Persero Tbk PT		96,800		33,607
Kalbe Farma Tbk PT		1,256,700		167,586
Matahari Department Store Tbk PT		33,900		46,831
Mitra Keluarga Karyasehat Tbk PT		207,400		44,189
Pembangunan Perumahan Persero Tbk PT		110,300		34,828
Perusahaan Gas Negara Persero Tbk PT		596,100		116,954
Semen Indonesia Persero Tbk PT		126,800		95,722
Sugih Energy Tbk PT*,††		1,327,300		11,597
Surya Citra Media Tbk PT		106,000		21,528
Surya Semesta Internusa Tbk PT		410,000		17,754
Tambang Batubara Bukit Asam Persero Tbk PT		66,300		60,467

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 15

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Telekomunikasi Indonesia Persero Tbk PT		606,300	$	196,090
Unilever Indonesia Tbk PT		14,800		50,447
United Tractors Tbk PT		30,500		50,549
Waskita Karya Persero Tbk PT		177,800		35,702
Wijaya Karya Persero Tbk PT		90,700		17,865
TOTAL INDONESIA			$	1,884,315
IRELAND—0.8%
Accenture PLC, Class A		20,292		2,358,742
Aercap Holdings NV*		519		21,336
CRH PLC		1,349		43,930
DCC PLC		2,400		195,792
Experian PLC		1,363		26,243
James Hardie Industries PLC		1,060		15,828
Kerry Group PLC#		354		25,702
Kingspan Group PLC		11,900		291,311
Origin Enterprises PLC		26,900		166,842
Paddy Power Betfair PLC		117		12,112
TOTAL IRELAND			$	3,157,838
ISRAEL—0.9%
Bank Hapoalim BM		2,913		16,811
Bank Leumi Le-Israel BM*		4,069		15,358
Check Point Software Technologies Ltd.*		32,731		2,767,733
Mobileye NV*		368		13,682
Nice Ltd.		250		16,598
Teva Pharmaceutical Industries Ltd. ADR		15,808		663,554
TOTAL ISRAEL			$	3,493,736
ITALY—0.4%
Assicurazioni Generali SpA		1,702		21,991
Astaldi SpA#		17,900		72,272
Atlantia SpA		601		14,719
Brembo-SpA		5,700		352,281
Enel SpA		113,642		489,024
Eni SpA		3,705		53,727
Exor SpA		399		16,955
Ferrari NV		333		17,539
Intesa Sanpaolo SpA		19,792		45,843
Leonardo—Finmeccanica SpA*		1,187		14,464
Luxottica Group SpA#		276		13,740
Mediobanca SpA		36,926		270,576
Poste Italiane SpAW		2,005		13,349
Prysmian SpA		636		15,828
Snam SpA		3,289		17,338
Telecom Italia SpA#,*		17,470		15,160
Tenaris SA		1,111		15,709

Description	Number of Shares		Value
Terna Rete Elettrica Nazionale SpA		2,659	$	13,024
UniCredit SpA		10,468		25,970
TOTAL ITALY			$	1,499,509
JAPAN—14.4%
Aeon Co. Ltd.		1,600		22,168
Aisin Seiki Co. Ltd.		300		13,202
Ajinomoto Co., Inc.		800		17,824
Alfresa Holdings Corp.		700		14,832
Alps Electric Co. Y50		700		16,821
ANA Holdings Inc.		5,000		14,075
Aozora Bank Ltd.		5,000		16,544
Asahi Glass Co. Ltd.		3,000		21,026
Asahi Group Holdings Ltd.		600		21,461
Asahi Kasei Corp.		2,000		18,076
Astellas Pharma, Inc.		3,200		47,587
Bandai Namco Holdings, Inc.		600		18,022
Bridgestone Corp.		900		33,599
Brother Industries Ltd.		18,700		344,150
Canon Inc.		1,700		48,907
Casio Computer Co. Ltd.		900		12,581
Central Glass Co. Ltd.		82,000		336,226
Central Japan Railway Co.		200		34,071
Chiba Bank Ltd. (The)		3,000		18,594
Chubu Electric Power Co., Inc.		1,000		14,728
Chugai Pharmaceutical Co. Ltd.		400		13,655
Chugoku Electric Power Co., Inc.		1,200		14,052
Concordia Financial Group Ltd.		3,600		16,725
CyberAgent Inc.		90,628		2,640,112
Dai Nippon Printing Co. Ltd.		2,000		20,101
Dai-ichi Life Insurance Co. Ltd. (The)		1,600		23,511
Daiichi Sankyo Co. Ltd.		104,404		2,514,775
Daikin Industries Ltd.		200		19,224
Daito Trust Construction Co. Ltd.		100		16,759
Daiwa House Industry Co. Ltd.		500		13,760
Daiwa Securities Group, Inc.		2,000		11,971
DCM Holdings Co. Ltd.#		28,600		250,901
Denso Corp.		700		30,471
Dentsu, Inc.		19,965		997,584
Don Quijote Holdings Co. Ltd.		400		15,238
East Japan Railway Co.		300		26,481
Eisai Co.Ltd.		400		25,548
Eizo Corp.		9,500		300,753
Enigmo, Inc.*		5,700		92,672
FamilyMart UNY Holdings Co. Ltd.		300		18,823
FANUC Corp.		7,196		1,350,408
Fast Retailing Co. Ltd.		100		33,813
Fuji Heavy Industries Ltd.		900		35,135

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

16 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
FUJIFILM Holdings Corp.		400	$	15,162
Fujikura Ltd.		48,000		282,864
Fujitsu Ltd.		4,000		23,767
Geo Holdings Corp.		8,600		109,314
Hamamatsu Photonics KK		500		15,162
Hankyu Hanshin Holdings, Inc.		400		13,274
Heiwa Corp.		19,100		449,862
Heiwado Co. Ltd.		12,700		264,972
Hino Motors Ltd.		15,100		164,866
Hirata Corp.		3,500		265,996
Hirose Electric Co. Ltd.		100		13,235
Hisamitsu Pharmaceutical Co., Inc.		200		10,699
Hitachi Ltd.		48,400		258,084
Honda Motor Co. Ltd.		2,400		71,952
Hoya Corp.		24,500		1,024,435
IHI Corp.*		6,000		15,848
Iida Group Holdings Co. Ltd.		5,300		102,543
Isuzu Motors Ltd.		25,900		320,941
ITOCHU Corp.		33,600		425,647
Japan Exchange Group, Inc.		163,213		2,432,554
Japan Lifeline Co. Ltd.		8,600		446,934
Japan Post Bank Co. Ltd.		1,200		14,166
Japan Post Holdings Co. Ltd.		1,200		15,310
Japan Tobacco, Inc.		31,010		1,181,024
JFE Holdings, Inc.		1,100		15,802
JX Holdings, Inc.		5,700		22,605
Kajima Corp.		38,000		256,909
Kaneka Corp.		45,000		373,319
Kansai Electric Power Co Inc.*		1,500		14,368
Kansai Paint Co. Ltd.#		700		15,085
Kao Corp.		47,865		2,466,962
Kawasaki Heavy Industries Ltd.		4,000		11,710
KDDI Corp.		89,862		2,735,191
Keihan Holdings Co. Ltd.		3,000		20,282
Keikyu Corp.		1,000		10,098
Keio Corp.		1,000		8,296
Kikkoman Corp.		1,000		31,897
Kintetsu Corp.		3,000		12,129
Kirin Holdings Co. Ltd.		1,200		20,683
Koito Manufacturing Co. Ltd.		7,200		376,238
Komatsu Ltd.		1,400		31,279
Konica Minolta, Inc.		1,900		17,049
Kubota Corp.		1,600		25,853
Kuraray Co. Ltd.		1,300		19,760
KYB Corp.		76,000		348,584
Kyocera Corp.		500		24,364
Kyowa Exeo Corp.		16,100		242,567
Kyudenko Corp.		10,900		351,831

Description	Number of Shares		Value
Lawson, Inc.		200	$	15,219
Lintec Corp.		12,600		275,141
Lion Corp.		9,000		147,526
LIXIL Group Corp.		800		18,408
M3, Inc.		500		15,257
Mabuchi Motor Co. Ltd.		3,700		215,572
Makita Corp.		200		13,865
Marubeni Corp.		61,500		324,125
Mazda Motor Corp.		900		14,826
Megmilk Snow Brand Co. Ltd.		10,200		355,497
MEIJI Holdings Co. Ltd.		100		9,993
Miraca Holdings, Inc.		2,800		135,635
MISUMI Group, Inc.		12,900		235,809
Mitsubishi Chemical Holdings Corp.		3,500		23,062
Mitsubishi Corp.		2,300		50,246
Mitsubishi Electric Corp.		3,000		40,693
Mitsubishi Estate Co. Ltd.		2,000		39,697
Mitsubishi Gas Chemical Co., Inc.		35,000		540,002
Mitsubishi Heavy Industries Ltd.		5,000		21,427
Mitsubishi Tanabe Pharma Corp.		900		17,559
Mitsubishi UFJ Financial Group, Inc.		112,000		581,627
Mitsui & Co. Ltd.		2,500		34,757
Mitsui Chemicals, Inc.		89,000		439,611
Mitsui Fudosan Co. Ltd.		1,000		22,795
Mizuho Financial Group, Inc.		274,400		463,396
Morinaga & Co. Ltd.		9,600		447,182
MS&AD Insurance Group Holdings, Inc.		800		23,816
Murata Manufacturing Co. Ltd.		300		41,966
Nagoya Railroad Co. Ltd.		3,000		15,848
NEC Corp.		6,000		16,077
Nichirei Corp.		11,500		252,107
Nidec Corp.		200		19,395
Nikon Corp.		1,100		16,646
Nintendo Co. Ltd.		200		48,517
Nippon Express Co. Ltd.#		4,000		19,796
Nippon Steel & Sumitomo Metal Corp.		122,028		2,418,568
Nippon Telegraph & Telephone Corp.		78,480		3,487,336
Nippon Yusen KK		8,000		16,401
Nissan Motor Co. Ltd.		57,500		585,857
Nissin Electric Co. Ltd.		13,100		174,883
Nitori Holdings Co. Ltd.		200		23,973
Nitto Denko Corp.		300		20,957
Nomura Holdings, Inc.		5,500		27,613
NTT DOCOMO, Inc.		106,785		2,688,717
Obayashi Corp.		1,400		13,523
Odakyu Electric Railway Co. Ltd.		1,000		20,454
Olympus Corp.		400		14,303
Omron Corp.		400		15,371

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 17

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Ono Pharmaceutical Co. Ltd.		500	$	12,716
Oriental Land Co. Ltd.		300		17,556
ORIX Corp.		2,000		31,763
Osaka Gas Co. Ltd.		4,000		16,657
Otsuka Holdings Co. Ltd.		600		26,301
Paltac Corp.		14,200		349,076
Panasonic Corp.		3,300		34,520
Paramount Bed Holdings Co. Ltd.		5,600		213,598
Prima Meat Packers Ltd.		73,000		265,910
Rakuten Inc.		2,300		26,592
Recruit Holdings Co. Ltd.		60,987		2,454,135
Resona Holdings, Inc.		97,400		432,806
Ricoh Co. Ltd.		1,700		13,876
Rohm Co. Ltd.		400		21,093
Ryohin Keikaku Co. Ltd.		100		21,398
Sankyu Inc.		34,000		200,687
Santen Pharmaceutical Co. Ltd.		1,000		14,628
Sawai Pharmaceutical Co. Ltd.		3,500		226,614
Secom Co. Ltd.		200		14,462
Seiko Epson Corp.		900		18,306
Sekisui Chemical Co. Ltd.		1,200		18,938
Sekisui House Ltd.		148,087		2,452,113
Seven & I Holdings Co. Ltd.		1,100		45,974
Shimano Inc.		100		17,126
Shin-Etsu Chemical Co. Ltd.		600		45,605
Shinko Electric Industries Co. Ltd.		32,700		211,099
Shionogi & Co. Ltd.		400		19,750
Shiseido Co. Ltd.		500		12,911
Shizuoka Bank Ltd. (The)		3,000		25,374
SKY Perfect JSAT Holdings, Inc.		37,500		186,302
SMC Corp.		3,887		1,130,110
SoftBank Group Corp		1,500		94,431
Somo Japan Nippon		600		19,476
Sompo Japan Nipponkoa Holdings, Inc.		1,000		18,385
Sony Corp.		1,900		60,893
Stanley Electric Co. Ltd.		700		19,311
Stella Chemifa Corp.		2,500		88,085
Sumitomo Chemical Co. Ltd.		3,000		14,246
Sumitomo Corp.		25,100		289,487
Sumitomo Electric Industries Ltd.		1,100		16,305
Sumitomo Metal Mining Co. Ltd.		2,000		25,927
Sumitomo Mitsui Financial Group, Inc.		15,500		539,921
Sumitomo Mitsui Trust Holdings, Inc.		800		27,081
Sumitomo Osaka Cement Co. Ltd.		53,500		221,918
Sumitomo Realty & Development Co. Ltd.		1,000		26,347
Suntory Beverage & Food Ltd.		300		13,145
Suruga Bank Ltd.		700		17,121
Suzuki Motor Corp.		500		17,784

Description	Number of Shares		Value
Sysmex Corp.		200	$	13,903
T&D Holdings, Inc.		1,700		20,604
Taisei Corp.		2,000		15,028
Takeda Pharmaceutical Co. Ltd.		1,100		49,299
Takeuchi Manufacturing Co. Ltd.		14,900		289,560
TDK Corp.		200		13,846
Terumo Corp.		400		15,505
T-Gaia Corp.		14,600		224,979
Tobu Railway Co. Ltd.		3,000		14,761
Toho Holdings Co. Ltd.		8,500		178,721
Tokio Marine Holdings, Inc.		44,205		1,748,894
Tokuyama Corp.*		35,000		150,186
Tokyo Electric Power Co. Inc.*		3,600		14,006
Tokyo Electron Ltd.		200		18,095
Tokyo Gas Co. Ltd.		3,000		13,623
Tokyo Ohka Kogyo Co. Ltd.		1,100		39,125
Tokyu Corp.		2,000		15,009
Toray Industries, Inc.		2,000		18,667
Toshiba Corp.*		6,000		21,798
TOTO Ltd.		400		16,020
Toyo Suisan Kaisha Ltd.		300		12,172
Toyo Tire & Rubber Co. Ltd.		11,100		171,364
Toyoda Gosei Co. Ltd.		18,900		432,716
Toyota Boshoku Corp.		2,200		55,425
Toyota Industries Corp.		400		18,366
Toyota Motor Corp.		4,100		237,665
Toyota Tsusho Corp.		700		16,574
Trend Micro, Inc./Japan		500		17,641
Tsuruha Holdings, Inc.		100		11,557
Unicharm Corp.		700		16,677
USS Co. Ltd.		900		15,259
V Technology Co. Ltd.		1,900		227,014
West Japan Railway Co.		200		12,343
Yahoo Japan Corp.		4,300		16,524
Yakult Honsha Co. Ltd.		300		14,017
Yakuodo Co. Ltd.		2,200		143,282
Yamaha Corp.		500		17,903
Yamaha Motor Co. Ltd.#		13,900		309,493
Yamato Holdings Co. Ltd.		700		15,986
Yaskawa Electric Corp.		1,200		19,189
Yokohama Rubber Co. Ltd. (The)		20,050		348,729
TOTAL JAPAN			$	54,528,873
KUWAIT—0.0%**
National Gulf Holdings		5,304		—
LITHUANIA—0.0%**
Invalda Privatus Kapitalas AB*,††		7,855		—

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

18 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
LUXEMBOURG—0.1%
Eurofins Scientific SE		365	$	165,842
MALAYSIA—0.4%
Astro Malaysia Holdings Bhd		55,800		37,909
Axiata Group Bhd		38,500		45,154
British American Tobacco Malaysia Bhd		1,800		21,248
Bumi Armada Bhd		102,000		17,142
Cahya Mata Sarawak Bhd		30,500		27,919
CIMB Group Holdings Bhd		15,000		17,986
Dialog Group Bhd		33,220		12,274
DiGi.Com Bhd		36,900		44,245
Gamuda Bhd		22,400		26,218
Genting Bhd		37,508		70,098
Genting Malaysia Bhd		44,400		50,380
Genting Plantations Bhd		9,600		25,173
Hartalega Holdings Bhd		25,200		29,435
Hong Leong Bank Bhd		6,400		20,321
IHH Healthcare Bhd		64,300		98,098
IJM Corp. Bhd		33,720		26,526
Inari Amertron Bhd		39,600		31,623
IOI Corp. Bhd		44,780		48,036
IOI Properties Group Bhd		58,000		33,874
KLCCP Stapled Group		16,100		30,703
Kuala Lumpur Kepong Bhd		5,700		32,556
Lafarge Malayan Cement Bhd		20,400		39,390
Mah Sing Group Bhd		78,700		28,703
Malayan Banking Bhd		23,290		43,860
Maxis Bhd		20,800		29,551
MISC Bhd		13,500		24,200
My EG Services Bhd		68,900		40,075
Petronas Chemicals Group Bhd		59,200		98,784
Petronas Dagangan Bhd		14,300		79,630
Petronas Gas Bhd		6,300		33,039
PPB Group Bhd		8,100		31,126
Public Bank Bhd		9,500		44,975
RHB Capital Bhd		41,475		27,028
SapuraKencana Petroleum Bhd*		149,517		57,740
Silverlake Axis Ltd.		75,500		34,731
Sime Darby Bhd		25,346		49,484
Telekom Malaysia Bhd		22,900		35,701
Tenaga Nasional Bhd		29,225		99,901
Top Glove Corp. Bhd		22,600		26,667
UMW Holdings Bhd		7,100		10,087
Unisem Bhd		51,700		31,427
WCT Holdings Bhd		42,020		17,028
YTL Corp. Bhd		57,476		21,785
TOTAL MALAYSIA			$	1,651,830

Description	Number of Shares		Value
MALTA—0.1%
Unibet Group PLC SDR		22,800	$	201,188
MEXICO—0.8%
Alfa SAB de CV		80,000		121,390
Alsea SAB de CV#		11,200		41,787
America Movil SAB de CV		723,324		479,129
Arca Continental SAB de CV		3,200		19,886
Cemex SAB de CV*		264,155		228,503
Coca-Cola Femsa SAB de CV		6,100		45,802
Compartamos SAB de CV		38,500		75,937
Controladora Vuela Cia de Aviacion SAB de CV*		16,400		31,341
El Puerto de Liverpool SAB de CV		5,845		61,468
Fomento Economico Mexicano SAB de CV		20,300		194,644
Genomma Lab Internacional SAB de CV*		48,000		57,597
Gruma SAB de CV		1,800		25,022
Grupo Aeroportuario del Centro Norte SABde CV#		5,400		31,513
Grupo Aeroportuario del Pacifico SAB de CV		6,800		65,694
Grupo Aeroportuario del Sureste SAB de CV		4,105		65,351
Grupo Bimbo SAB de CV		15,900		42,869
Grupo Carso SAB de CV		10,200		44,575
Grupo Elektra SA de CV		1,460		20,203
Grupo Financiero Banorte SAB de CV		35,800		211,190
Grupo Financiero Inbursa SAB de CV		40,800		66,485
Grupo Financiero Santander Mexico SAB de CV		28,300		51,252
Grupo Mexico SAB de CV		80,821		198,407
Grupo Televisa SAB		51,000		250,561
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV*		16,695		22,656
Industrias CH SAB de CV*,††		7,500		35,435
Industrias Penoles SAB de CV		3,930		95,074
Infraestructura Energetica Nova SAB de CV		10,500		46,386
Kimberly-Clark de Mexico SAB de CV Class A		10,300		22,196
Megacable Holdings SAB de CV		7,100		25,987
Mexichem SAB de CV		20,605		49,242
Nemak SAB de CVW		61,300		63,826
OHL Mexico SAB de CV*		23,300		27,342
Organizacion Soriana SAB de CV*		10,800		29,353
Promotora y Operadora de Infraestructura
SAB de CV		5,160		57,562
Telesites SAB de CV*		48,561		28,005
TV Azteca SAB de CV		95,000		18,094
Wal-Mart de Mexico SAB de CV		49,500		104,704
TOTAL MEXICO			$	3,056,468
NETHERLANDS—2.7%
ABN AMRO Group NVW		853		19,688

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 19

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Aegon NV		38,000	$	163,855
Akzo Nobel NV		371		23,980
Altice NV#,*		988		18,221
ArcelorMittal*		2,655		17,889
ASML Holding NV		12,968		1,373,744
BE Semiconductor Industries NV		5,800		188,876
Gemalto NV		230		12,507
Heineken Holding NV		181		13,930
Heineken NV		20,318		1,673,929
ING Groep NV		28,417		374,183
Koninklijke Ahold Delhaize NV		148,264		3,384,543
Koninklijke DSM NV		36,907		2,373,360
Koninklijke KPN NV		4,666		15,218
Koninklijke Philips NV		7,688		231,749
NXP Semiconductors NV*		371		37,100
PostNL NV*		37,000		174,328
Randstad Holding NV		280		14,420
RELX NV		1,450		24,473
Steinhoff International Holdings NV#		15,631		83,698
Unilever NV		2,823		118,318
Wolters Kluwer NV		440		17,029
TOTAL NETHERLANDS			$	10,355,038
NEW ZEALAND—0.1%
Fletcher Building Ltd.		42,472		314,953
Spark New Zealand Ltd.		5,782		15,133
TOTAL NEW ZEALAND			$	330,086
NIGERIA—0.0%**
Ecobank Transnational, Inc.		327,197		11,116
NORWAY—0.9%
DNB ASA		2,383		34,466
Norsk Hydro ASA		557,438		2,492,915
Orkla ASA		1,718		16,229
Petroleum Geo-Services ASA#,*		17,000		45,739
Salmar ASA		7,500		243,454
Statoil ASA		12,379		202,862
Telenor ASA#		1,077		17,141
TGS Nopec Geophysical Co. ASA		2,500		50,682
Yara International ASA		8,200		289,796
TOTAL NORWAY			$	3,393,284
PERU—0.2%
Alicorp SA		42,333		98,171
Cia de Minas Buenaventura SA ADR*		7,400		98,346
Credicorp Ltd.		1,610		239,375
Engie Energia Peru SA		10,600		30,002
Ferreycorp SAA		104,458		51,864

Description	Number of Shares		Value
Grana y Montero SA		15,912	$	26,729
InRetail Peru Corp.*,W		2,688		48,384
Intercorp Financial Services, Inc.		1,742		54,350
Luz del Sur SAA		6,400		22,320
Sociedad Minera Cerro Verde SAA*		1,400		25,340
Southern Copper Corp.#		4,659		132,269
TOTAL PERU			$	827,150
PHILIPPINES—0.4%
Aboitiz Equity Ventures, Inc.		34,880		56,185
Aboitiz Power Corp.		66,400		63,010
Alliance Global Group, Inc.		57,000		16,786
Ayala Corp.		4,030		69,494
Ayala Land, Inc.		113,500		84,968
Bank of the Philippine Islands		23,143		48,320
BDO Unibank, Inc.		20,042		46,688
Bloomberry Resorts Corp.*		158,600		19,390
CEMEX Holdings Philippines, Inc.*,W		130,500		30,777
D&L Industries, Inc.		176,900		40,113
DMCI Holdings, Inc.		92,400		23,853
Energy Development Corp.		394,100		48,019
First Gen Corp.		40,500		19,195
Globe Telecom, Inc.		1,345		49,442
GT Capital Holdings, Inc.		780		21,118
JG Summit Holdings, Inc.		33,750		52,971
Jollibee Foods Corp.		22,200		109,115
LT Group, Inc.		54,700		16,312
Manila Electric Co.		11,780		67,144
Megaworld Corp.		397,000		32,959
Melco Crown Philippines Resorts Corp.*		374,000		33,212
Metro Pacific Investments Corp.		190,000		28,251
Metropolitan Bank & Trust Co.		21,634		36,323
Petron Corp.		137,700		29,518
Philex Mining Corp.		106,450		17,983
PLDT Inc.		4,410		139,342
Puregold Price Club, Inc.		49,000		41,236
Robinsons Retail Holdings, Inc.		20,320		32,438
Security Bank Corp.		5,990		27,264
Semirara Mining & Power Corp.		9,100		23,660
SM Investments Corp.		6,798		94,342
SM Prime Holdings, Inc.		205,500		114,161
Universal Robina Corp.		31,980		120,199
TOTAL PHILIPPINES			$	1,653,788
POLAND—0.5%
Alior Bank SA*		3,321		39,912
AmRest Holdings SE*		787		49,959
Asseco Poland SA		3,456		46,115

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

20 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Bank Millennium SA*		26,007	$	38,249
Bank Pekao SA		2,422		74,730
Bank Zachodni WBK SA		617		49,854
BRE Bank SA*		390		35,170
Budimex SA		1,220		63,204
CCC SA		978		49,632
CD Projekt SA*		5,916		60,136
Ciech SA		1,724		28,124
Cyfrowy Polsat SA*		10,890		67,229
Enea SA*		9,318		23,846
Energa SA		7,095		14,540
Eurocash SA		6,423		65,094
Grupa Azoty SA		1,421		22,637
Grupa Kety SA		385		38,331
Grupa Lotos SA*		2,600		22,539
ING Bank Slaski SA		630		23,124
Inter Cars SA		463		31,864
KGHM Polska Miedz SA		6,349		115,029
Kruk SA		437		25,341
LPP SA		35		52,457
Netia SA		12,067		14,302
Orange Polska SA#		35,032		50,004
PGE SA		42,784		111,997
Polski Koncern Naftowy Orlen SA		7,469		148,114
Polskie Gornictwo Naftowe i Gazownictwo SA		33,469		42,825
Powszechna Kasa Oszczednosci Bank Polski SA		16,942		118,668
Powszechny Zaklad Ubezpieczen SA		12,907		89,616
Synthos SA*		18,649		22,531
Tauron Polska Energia SA*		54,841		37,043
TOTAL POLAND			$	1,672,216
PORTUGAL—0.0%**
Banco Espirito Santo SA*,††		15,937		—
EDP—Energias de Portugal SA		4,220		13,949
Galp Energia Sgps SA		1,091		14,791
TOTAL PORTUGAL			$	28,740
QATAR—0.2%
Aamal Co.*		11,600		43,322
Al Meera Consumer Goods Co. QSC		304		15,569
Barwa Real Estate Co.		1,849		16,223
Commercial Bank QSC (The)		2,530		24,803
Doha Bank QSC		2,800		27,988
Gulf International Services QSC		1,269		10,663
Industries Qatar QSC		2,586		72,434
Masraf Al Rayan QSC		6,396		60,771
Ooredoo QSC		3,634		96,799

Description	Number of Shares		Value
Qatar Electricity & Water Co. QSC		983	$	56,687
Qatar Gas Transport Co. Nakilat		5,973		37,086
Qatar Insurance Co. SAQ		2,450		58,936
Qatar Islamic Bank SAQ		675		18,981
Qatar National Bank SAQ		3,400		149,387
Qatar National Cement Co. QSC		858		19,438
Qatar Navigation QSC		783		20,212
Qatari Investors Group QSC		2,133		33,973
Vodafone Qatar QSC*		11,500		33,191
TOTAL QATAR			$	796,463
RUSSIA—0.8%
Gazprom OAO ADR		73,326		317,502
Globaltrans Investment PLC GDR—Reg S		5,480		26,578
Lenta Ltd.—Reg S*		11,532		83,722
LSR Group PJSC GDR—Reg S		17,440		49,355
Lukoil PJSC ADR		5,892		286,410
Magnit OJSC GDR—Reg S		6,305		250,245
Mail.Ru Group Ltd. GDR—Reg S*		4,204		68,819
MegaFon OAO GDR—Reg S		4,963		47,297
MMC Norilsk Nickel PJSC ADR		12,443		187,750
Mobile TeleSystems PJSC ADR		15,900		122,589
NLMK PJSC GDR—Reg S		7,200		116,640
Novatek OAO GDR—Reg S		862		92,148
PhosAgro OAO GDR—Reg S		2,564		31,794
Polymetal International PLC		5,926		64,628
QIWI PLC ADR		1,600		20,592
Ros Agro PLC GDR—Reg S		1,891		24,678
Rosneft OAO GDR—Reg S		13,425		73,166
Rostelecom OJSC ADR		6,038		44,500
RusHydro PJSC ADR		128,060		160,075
Sberbank of Russia PJSC ADR		40,817		387,761
Severstal OAO GDR—Reg S		4,127		58,191
Sistema JSFC GDR—Reg S		6,997		52,268
Surgutneftegas OAO ADR		12,180		52,350
Tatneft PAO ADR		3,479		116,442
VimpelCom Ltd. ADR#		8,900		29,726
VTB Bank PJSC GDR—Reg S		29,850		62,506
X5 Retail Group NV GDR—Reg S*		4,223		126,014
Yandex NV*		7,700		151,613
TOTAL RUSSIA			$	3,105,359
SINGAPORE—0.3%
CapitaLand Ltd.		6,500		14,437
ComfortDelGro Corp. Ltd.		6,900		12,597
DBS Group Holdings Ltd.		50,600		545,552
Keppel Corp. Ltd.		3,800		14,422
Oversea-Chinese Banking Corp. Ltd.		4,500		27,429

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 21

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Singapore Airlines Ltd.		1,900	$	13,834
Singapore Exchange Ltd.		2,700		13,760
Singapore Press Holdings Ltd.		4,900		13,102
Singapore Technologies Engineering Ltd.		6,300		14,174
Singapore Telecommunications Ltd.		13,000		36,255
United Overseas Bank Ltd.		1,500		20,248
UOL Group Ltd.		3,200		13,042
Wilmar International Ltd.		140,800		334,985
TOTAL SINGAPORE			$	1,073,837
SOUTH AFRICA—0.9%
African Bank Investments Ltd.#, *,††		36,266		—
Anglo American Platinum Ltd.*		800		18,848
AngloGold Ashanti Ltd.*		7,633		102,264
Aspen Pharmacare Holdings Ltd.		6,908		150,484
AVI Ltd.		5,800		40,761
Barclays Africa Group Ltd.		1,569		18,194
Barloworld Ltd.		7,124		46,145
Bid Corp. Ltd.		10,048		177,170
Bidvest Group Ltd. (The)		10,048		124,753
Clicks Group Ltd.		7,500		69,806
DataTec Ltd.		10,012		33,332
Discovery Ltd.		4,505		38,499
EOH Holdings Ltd.		5,343		63,361
Exxaro Resources Ltd.#		4,427		32,569
FirstRand Ltd.#		17,628		63,171
Gold Fields Ltd.		15,890		64,591
Grindrod Ltd.		43,600		35,924
Impala Platinum Holdings Ltd.*		7,674		30,847
Life Healthcare Group Holdings Ltd.		23,300		62,208
Mediclinic International PLC		8,530		94,164
MMI Holdings Ltd.		11,271		18,900
Mondi Ltd.		2,200		42,992
Mr Price Group Ltd.		1,281		14,604
MTN Group Ltd.		30,686		264,832
Murray & Roberts Holdings Ltd.		26,380		18,058
Naspers Ltd.		1,802		302,018
Nedbank Group Ltd.		1,119		18,299
Netcare Ltd.		40,220		103,296
Pick n Pay Stores Ltd.#		8,300		40,621
Pioneer Foods Group Ltd.		3,324		40,126
PPC Ltd.		10,921		4,455
Rand Merchant Investment Holdings Ltd.		6,261		18,750
Remgro Ltd.		2,852		47,379
Reunert Ltd.		9,650		44,157
RMB Holdings Ltd.		8,315		36,704
Sanlam Ltd.		10,703		51,881
Sappi Ltd.*		9,041		50,288

Description	Number of Shares		Value
Sasol Ltd.		12,291	$	341,299
Shoprite Holdings Ltd.		8,484		125,211
Sibanye Gold Ltd.		14,690		40,038
SPAR Group Ltd. (The)#		3,100		43,912
Standard Bank Group Ltd.		8,478		89,950
Telkom SA Ltd.		6,324		29,177
Tiger Brands Ltd.		3,964		112,884
Vodacom Group Ltd.		10,119		109,154
Wilson Bayly Holmes-Ovcon Ltd.		2,700		30,437
Woolworths Holdings Ltd.		6,304		36,518
TOTAL SOUTH AFRICA			$	3,343,031
SOUTH KOREA—0.8%
AMOREPACIFIC Group		590		113,929
Celltrion, Inc.*		1,071		99,402
CJ CheilJedang Corp.		89		27,184
CJ Corp.		160		24,400
Coway Co. Ltd.		460		36,020
Daewoo Engineering & Construction Co. Ltd.*		4,364		24,142
E-Mart Co. Ltd.		260		36,924
Green Cross Corp.		148		18,043
Green Cross Holdings Corp.		622		12,068
GS Holdings		1,023		45,685
Hana Financial Group, Inc.		1,827		52,371
Hanmi Pharm Co. Ltd.		98		31,004
Hanmi Science Co. Ltd.		443		29,462
Hanwha Chemical Corp.		1,558		36,831
Hyosung Corp.		300		35,132
Hyundai Department Store Co. Ltd.		230		23,618
Hyundai Development Co.-Engineering & Construction		861		36,494
Hyundai Engineering & Construction Co. Ltd.		900		32,602
Hyundai Glovis Co. Ltd.		170		25,777
Hyundai Heavy Industries Co. Ltd.*		297		37,766
Hyundai Mobis Co. Ltd.		304		72,795
Hyundai Motor Co.		771		94,333
Hyundai Steel Co.		690		29,789
Industrial Bank of Korea		3,500		40,376
Kangwon Land, Inc.		1,000		33,166
KB Financial Group, Inc.		1,581		58,446
Kia Motors Corp.		1,555		55,310
Komipharm International Co. Ltd.*		914		30,953
Korea Aerospace Industries Ltd.		510		28,882
Korea Electric Power Corp.		4,379		188,478
Korea Gas Corp.		818		33,135
Korea Zinc Co. Ltd.		90		35,788
KT Corp.		1,531		43,217

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

22 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
KT&G Corp.		678	$	66,956
LG Chem Ltd.		314		67,643
LG Corp.		791		42,376
LG Electronics, Inc.		470		19,634
LG Household & Health Care Ltd.		50		35,831
LG Uplus Corp.		5,200		53,625
Lotte Chemical Corp.		141		35,550
Medy-Tox, Inc.		62		22,042
NAVER Corp.		70		52,427
NH Investment & Securities Co. Ltd.		2,868		25,315
Orion Corp.		44		27,494
POSCO		563		116,610
Samsung C&T Corp.		505		71,276
Samsung Card Co. Ltd.		1,000		42,124
Samsung Electronics Co. Ltd. GDR		216		309,394
Samsung Fire & Marine Insurance Co. Ltd.		188		47,893
Samsung Life Insurance Co. Ltd.		431		41,622
Samsung SDI Co. Ltd.		230		18,955
Samsung SDS Co. Ltd.		226		30,515
Shinhan Financial Group Co. Ltd.		2,392		91,666
SK Holdings Co. Ltd.		235		45,901
SK Hynix, Inc.		669		23,971
SK Innovation Co. Ltd.		1,105		146,303
SK Telecom Co. Ltd.		674		131,649
S-Oil Corp.		640		43,906
ViroMed Co. Ltd.*		202		16,171
Yuhan Corp.		111		20,371
TOTAL SOUTH KOREA			$	3,170,742
SPAIN—3.0%
Abertis Infraestructuras SA#		890		13,214
ACS Actividades de Construccion y Servicios SA		453		13,889
Aena SAW		105		15,417
Amadeus IT Holding SA		50,098		2,364,799
Banco Bilbao Vizcaya Argentaria SA		235,009		1,697,007
Banco Popular Espanol SA#		10,303		11,299
Banco Santander SA		57,130		280,774
CaixaBank SA		4,982		15,078
Cemex Latam Holdings SA*		4,828		17,952
Distribuidora Internacional de Alimentacion SA		50,412		269,893
Enagas SA		492		14,124
Endesa SA		715		15,200
Ferrovial SA		696		13,543
Gamesa Corp. Tecnologica SA		122,777		2,840,469
Gas Natural SDG SA		17,121		337,834
Grifols SA		105,969		2,095,068
Iberdrola SA		55,803		380,351

Description	Number of Shares		Value
Industria de Diseno Textil SA		1,589	$	55,548
Mapfre SA		146,300		434,748
Red Electrica Corp. SA		672		14,020
Repsol SA		18,400		257,837
Telefonica SA		6,566		66,745
TOTAL SPAIN			$	11,224,809
SWEDEN—2.1%
Assa Abloy AB		1,460		26,558
Atlas Copco AB Class A		65,780		1,929,961
Atlas Copco AB Class B		625		16,344
Boliden AB		90,598		2,099,407
Electrolux AB-Ser B		516		12,220
Evolution Gaming Group AB#,W		2,000		57,683
Getinge AB		787		12,896
Granges AB		23,400		227,338
Hennes & Mauritz AB		778		21,887
Hexagon AB		376		13,163
Husqvarna AB-Class B		17,900		134,664
Investor AB		35,409		1,258,818
Millicom International Cellular SA SDR		259		11,387
Mycronic AB#		10,900		113,741
Nordea Bank AB		25,667		269,823
Saab AB		7,200		255,089
Sandvik AB		1,553		17,658
Securitas AB Class B		14,766		228,222
Skandinaviska Enskilda Banken AB		27,113		273,617
Skanska AB		681		14,793
SKF AB		813		13,781
Svenska Cellulosa AB SCA		882		24,989
Svenska Handelsbanken Class A		2,181		29,749
Swedbank AB		1,320		30,924
Swedish Match AB		473		16,459
Swedish Orphan Biovitrum AB#,*		21,000		215,181
Telefonaktiebolaget LM Ericsson Class B		4,434		21,463
TeliaSonera AB		67,185		268,527
Volvo AB		38,046		408,592
TOTAL SWEDEN			$	8,024,934
SWITZERLAND—6.4%
ABB Ltd.		3,037		62,609
Actelion Ltd.		15,020		2,170,542
Adecco SA		232		13,797
Aryzta AG		3,900		171,363
Baloise Holding AG		3,021		371,843
Bucher Industries AG		1,000		222,222
Cembra Money Bank AG		4,000		305,796
Cie Financiere Richemont SA		19,582		1,259,557
Coca-Cola HBC AG		753		16,277

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 23

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Credit Suisse Group AG		35,216	$	491,825
Dufry AG*		113		13,749
Galenica Holding AG-Reg		10		10,025
Geberit AG		40		16,925
Givaudan SA		1,158		2,240,988
Helvetia Holding AG		600		312,263
Julius Baer Group Ltd.		350		14,187
Kuehne + Nagel International AG		104		14,104
LafargeHolcim Ltd.#		67,006		3,578,665
Logitech International SA		16,300		394,508
Lonza Group AG		90		16,990
Luxoft Holding, Inc.*		600		31,800
Nestle SA		28,520		2,067,920
Novartis AG		30,117		2,142,627
Pargesa Holding SA		215		14,438
Partners Group Holding AG		36		18,226
Rieter Holding AG		1,400		266,262
Roche Holding AG		10,563		2,428,460
Schindler Holding AG		137		25,460
SGS SA		7		14,190
Sika AG		4		19,225
Sonova Holding AG		112		15,019
Swatch Group AG (The)#		2,265		681,411
Swiss Life Holding AG		3,379		894,647
Swiss Prime Site AG		171		14,179
Swiss Re AG		7,459		692,721
Swisscom AG		38		17,384
Syngenta AG*		136		54,150
Temenos Group AG		4,700		303,264
UBS Group AG		136,916		1,937,067
VAT Group AG*,W		1,200		97,741
Zurich Financial Services AG		3,020		790,135
TOTAL SWITZERLAND			$	24,224,561
TAIWAN—1.0%
Advanced Semiconductor Engineering, Inc.		42,804		50,322
Advantech Co. Ltd.		5,000		40,719
Airtac International Group		5,000		39,848
Asia Cement Corp.		50,000		43,650
Asustek Computer, Inc.		2,700		23,657
AU Optronics Corp.		63,126		24,004
Catcher Technology Co. Ltd.		6,438		50,492
Cathay Financial Holding Co. Ltd.		44,479		57,717
Cheng Shin Rubber Industry Co. Ltd.		27,358		55,743
China Airlines Ltd.		158,000		47,814
China Development Financial Holding Corp.		150,000		37,598
China Steel Corp.		101,232		73,139
Chunghwa Telecom Co. Ltd.		45,024		154,087

Description	Number of Shares		Value
Compal Electronics, Inc.		30,736	$	18,311
CTBC Financial Holding Co. Ltd.		97,357		52,446
CTCI Corp.		26,000		38,187
Delta Electronics, Inc.		10,144		53,521
E.Sun Financial Holding Co. Ltd.		79,475		45,206
Eclat Textile Co. Ltd.		3,000		34,128
Eva Airways Corp.		32,550		15,678
Far Eastern Department Stores Co. Ltd.		40,264		21,371
Far Eastern New Century Corp.		76,475		59,251
Far EasTone Telecommunications Co. Ltd.		20,000		47,279
Feng TAY Enterprise Co. Ltd.		5,600		23,424
First Financial Holding Co. Ltd.		43,741		22,940
Formosa Chemicals & Fibre Corp.		34,198		101,757
Formosa Petrochemical Corp.		26,990		90,230
Formosa Plastics Corp.		37,601		101,755
Fubon Financial Holding Co. Ltd.		38,314		54,392
Giant Manufacturing Co. Ltd.		7,000		49,576
Grape King Bio Ltd.		3,000		25,192
Hiwin Technologies Corp.		7,140		31,562
Hon Hai Precision Industry Co. Ltd.		60,453		163,405
Hota Industrial Manufacturing Co. Ltd.		7,000		29,169
Hotai Motor Co. Ltd.		4,000		46,582
Hua Nan Financial Holdings Co. Ltd.		45,178		22,977
Innolux Corp.		103,000		34,760
Kenda Rubber Industrial Co. Ltd.		19,380		29,662
Largan Precision Co. Ltd.		1,000		118,355
Lite-On Technology Corp.		18,665		26,793
MediaTek, Inc.		7,082		53,860
Mega Financial Holding Co. Ltd.		58,462		40,015
Nan Ya Plastics Corp.		40,597		84,519
Novatek Microelectronics Corp.		5,145		19,320
OBI Pharma, Inc.*		4,000		41,892
Pegatron Corp.		16,000		43,096
Pou Chen Corp.		26,157		35,393
President Chain Store Corp.		7,496		56,058
Quanta Computer, Inc.		16,571		33,607
Realtek Semiconductor Corp.		5,515		18,699
Ruentex Industries Ltd.		23,000		37,097
Siliconware Precision Industries Co. Ltd.		15,000		22,697
SinoPac Financial Holdings Co. Ltd.		104,955		30,298
St Shine Optical Co. Ltd.		2,000		42,019
Standard Foods Corp.		15,540		38,459
Tainan Spinning Co. Ltd.		70,805		27,149
Taishin Financial Holding Co. Ltd.		107,236		39,248
Taiwan Cement Corp.		44,057		52,842
Taiwan Cooperative Financial Holding Co. Ltd.		51,717		22,698

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

24 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Taiwan Mobile Co. Ltd.		20,874	$	73,091
Taiwan Semiconductor Manufacturing Co. Ltd.		71,911		429,540
Tatung Co. Ltd.*		116,916		30,787
Teco Electric and Machinery Co. Ltd.		50,000		44,443
TTY Biopharm Co. Ltd.		6,000		22,625
Tung Ho Steel Enterprise Corp.		37,476		23,929
Uni-President Enterprises Corp.		67,614		130,911
United Microelectronics Corp.		59,000		21,968
Walsin Lihwa Corp.		120,000		42,019
Wistron Corp.		36,405		27,456
Yuanta Financial Holding Co. Ltd.		48,576		18,164
Yulon Motor Co. Ltd.		27,640		24,218
TOTAL TAIWAN			$	3,684,816
THAILAND—0.4%
Advanced Info Service PCL		22,800		100,001
Airports of Thailand PCL		7,700		83,826
Bangkok Bank PCL		3,500		15,901
Bangkok Dusit Medical Services PCL		129,900		84,627
Bangkok Expressway & Metro PCL		220,374		46,912
BEC World PCL		18,000		10,544
Berli Jucker PCL		31,000		46,725
BTS Group Holdings PCL		75,000		18,323
Bumrungrad Hospital PCL		12,700		66,408
Central Pattana PCL		23,700		37,753
Charoen Pokphand Foods PCL		34,200		30,782
CP ALL PCL		41,400		71,864
Delta Electronics Thai-Foreign		17,100		38,356
Electricity Generating PCL		8,600		47,918
Glow Energy PCL		19,500		42,903
Hana Microelectronics PCL		80,200		73,331
Home Product Center PCL		186,000		53,678
Indorama Ventures PCL		27,800		23,235
Intouch Holdings PCL Class F		9,300		14,084
IRPC PCL		136,600		18,657
Kasikornbank PCL		7,700		37,843
KCE Electronics PCL		16,300		52,164
Krung Thai Bank PCL		29,250		14,375
Minor International PCL		32,200		35,423
PTT Exploration & Production PCL		19,509		46,407
PTT Global Chemical PCL		37,181		63,744
PTT PCL		9,300		91,944
Ratchaburi Electricity Generating Holding PCL		19,500		27,859
Robinson Department Store PCL		26,000		43,089
Siam Cement PCL (The)		5,050		72,725
Siam Commercial Bank PCL (The)		11,300		46,333

Description	Number of Shares		Value
Superblock PCL*		703,900	$	31,979
Thai Beverage PCL		90,369		62,682
Thai Oil PCL		7,200		14,401
TMB Bank PCL		272,000		16,321
Total Access Communication PCL		9,500		8,483
True Corp. PCL		215,153		41,497
TOTAL THAILAND			$	1,633,097
TURKEY—0.4%
Akbank TAS		31,856		85,142
Akenerji Elektrik Uretim AS*		1		—
Aksa Akrilik Kimya Sanayii AS		10,400		29,241
Anadolu Efes Biracilik Ve Malt Sanayii AS		4,363		26,664
Arcelik AS		13,525		89,343
Aygaz AS		6,800		23,998
BIM Birlesik Magazalar AS		4,817		78,461
Cimsa Cimento Sanayi ve Tica		4,600		22,849
Coca-Cola Icecek AS		2,800		31,672
Enka Insaat ve Sanayi AS		27,154		41,420
Eregli Demir ve Celik Fabrikalari TAS		71,690		97,309
Ford Otomotiv Sanayi A.S.		2,640		26,995
Haci Omer Sabanci Holding AS		21,753		65,732
Kardemir Karabuk Demir Celik
Sanayi ve Ticaret AS Class D		49,273		20,064
KOC Holding AS		16,137		67,274
Koza Altin Isletmeleri AS*		2,800		15,908
Petkim Petrokimya Holding AS		24,777		33,631
TAV Havalimanlari Holding AS		7,050		28,981
Tekfen Holding AS		18,500		46,934
Tofas Turk Otomobil Fabrikasi AS		7,407		55,775
Tupras Turkiye Petrol Rafinerileri AS		8,536		173,934
Turk Hava Yollari AO*		6,597		11,598
Turk Telekomunikasyon AS		14,990		27,710
Turkcell Iletisim Hizmetleri AS*		42,333		136,401
Turkiye Garanti Bankasi AS		37,500		101,923
Turkiye Halk Bankasi AS		12,152		36,916
Turkiye Is Bankasi		27,185		44,104
Turkiye Vakiflar Bankasi Tao		12,640		18,709
Ulker Biskuvi Sanayi AS		5,722		35,505
Yapi ve Kredi Bankasi AS*		18,065		21,602
TOTAL TURKEY			$	1,495,795
UNITED ARAB EMIRATES—0.2%
Abu Dhabi Commercial Bank PJSC		29,914		50,007
Abu Dhabi National Hotels		32,000		27,879
Air Arabia PJSC		52,120		18,447
Aldar Properties PJSC		73,140		52,571
Arabtec Holding PJSC*		102,142		36,986

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 25

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Dana Gas PJSC*		197,244	$	28,462
DP World Ltd.		4,745		85,173
Dubai Financial Market PJSC		56,800		17,784
Dubai Islamic Bank PJSC		18,952		27,038
Dubai Parks & Resorts PJSC*		63,128		26,984
Emaar Properties PJSC		47,880		90,860
Emirates Telecommunications Group Co PJSC		33,245		170,617
First Gulf Bank PJSC		18,689		58,515
National Bank of Abu Dhabi PJSC		23,173		55,836
Ras Al Khaimah Ceramics		22,100		16,246
Union National Bank PJSC		19,982		21,326
TOTAL UNITED ARAB EMIRATES			$	784,731
UNITED KINGDOM—10.3%
3i Group PLC		50,162		411,985
888 Holdings PLC		27,600		73,477
Admiral Group PLC		8,521		199,938
Aggreko PLC		942		9,241
Anglo American PLC*		2,042		28,268
Ashtead Group PLC		1,129		17,661
Associated British Foods PLC		519		15,640
AstraZeneca PLC		5,442		305,608
Auto Trader Group PLCW		3,158		14,484
Aviva PLC		31,595		171,242
BAE Systems PLC		115,011		763,699
Barclays PLC		110,971		258,483
Barratt Developments PLC		41,923		232,811
BBA Aviation PLC		27,400		86,729
Berkeley Group Holdings PLC		7,700		222,332
BP PLC		599,170		3,547,394
British American Tobacco PLC		2,967		170,378
British Sky Broadcasting Group PLC		1,505		15,069
BT Group PLC		41,336		190,214
Bunzl PLC		502		13,512
Burberry Group PLC		862		15,563
Cairn Energy PLC*		61,400		152,863
Capita PLC		1,022		7,330
Carnival PLC		302		14,549
Centrica PLC		134,985		353,906
Chemring Group PLC#,*		67,744		120,233
Clinigen Group PLC		21,800		197,457
CNH Industrial NV		1,954		15,187
Cobham PLC		6,978		12,205
Coca-Cola European Partners		508		19,588
Compass Group PLC		2,395		43,415
Computacenter PLC		14,558		129,456
Crest Nicholson Holdings PLC		23,000		114,551

Description	Number of Shares		Value
Croda International PLC		329	$	14,086
Debenhams PLC		148,800		97,805
Diageo PLC		60,311		1,608,928
Dialog Semiconductor PLC*		4,600		180,526
Direct Line Insurance Group PLC		45,143		191,239
Dixons Carphone PLC		2,409		9,279
easyJet PLC#		12,300		141,068
Fresnillo PLC		920		18,468
G4S PLC		5,434		14,633
Galliford Try PLC		8,800		132,055
GKN PLC		3,675		14,358
GlaxoSmithKline PLC		27,591		546,592
Glencore Xstrata PLC*		17,824		54,542
GVC Holdings PLC		10,000		85,252
Halfords Group PLC		38,800		161,091
Hays PLC		179,700		300,457
HSBC Holdings PLC		100,632		758,998
IG Group Holdings PLC		12,500		126,302
IMI PLC		1,095		13,322
Imperial Brands PLC		1,397		67,636
Indivior PLC		165,266		635,989
International Consolidated Airlines Group PLC		2,527		13,421
Intertek Group PLC		315		13,179
ITC Ltd. GDR*		43,047		156,347
ITV PLC		5,310		11,082
J Sainsbury PLC#		74,900		230,020
JD Sports Fashion PLC		16,300		303,060
Johnson Matthey PLC		354		14,775
Just Eat PLC*		56,000		385,219
Kingfisher PLC		69,144		305,777
Legal & General Group PLC		8,666		22,212
Liberty Global PLC, Class A*		14,322		466,897
Liberty Global PLC, Series C*		14,319		455,344
Liberty Global PLC LiLAC, Class A*		1,510		41,736
Liberty Global PLC LiLAC, Class C*		1,786		49,365
Lloyds Banking Group PLC		2,272,238		1,592,533
London Stock Exchange Group PLC		68,104		2,342,406
Meggitt PLC		35,900		191,279
Merlin Entertainments PLCW		2,373		13,384
Micro Focus International PLC		18,100		474,328
Mitchells & Butlers PLC		47,200		160,782
Mitie Group PLC		48,700		125,537
Mondi PLC		8,682		169,603
National Grid PLC		5,453		71,083
Next PLC		212		12,497
Northgate PLC		27,800		143,170

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

26 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Old Mutual PLC		112,479	$	277,415
Paragon Group Companies PLC (The)		27,300		110,772
Paysafe Group PLC*		54,700		289,907
Pearson PLC		1,273		11,803
Persimmon PLC		516		10,699
Premier Foods PLC*		201,280		112,097
Provident Financial PLC		469		16,935
Prudential PLC		3,747		61,205
Randgold Resources Ltd.		152		13,470
Reckitt Benckiser Group PLC		15,665		1,402,198
Reed Elsevier PLC		1,619		28,952
Restaurant Group PLC (The)		24,800		113,984
Rightmove PLC		4,900		224,011
Rio Tinto PLC		76,009		2,641,741
Rolls-Royce Holdings PLC††		7,842,218		9,599
Rolls-Royce Holdings PLC		170,483		1,516,003
Royal Bank of Scotland Group PLC*		5,059		11,710
Royal Dutch Shell PLC		6,972		173,961
Royal Dutch Shell PLC Class B		125,374		3,245,645
Royal Mail PLC		30,003		180,314
RSA Insurance Group PLC		2,230		15,081
Sage Group PLC		1,729		15,269
Severn Trent PLC		459		13,079
Shire PLC		38,787		2,207,610
Smith & Nephew PLC		1,272		18,419
Smiths Group PLC		924		16,037
SSE PLC		1,466		28,549
St James’s Place PLC		1,182		13,672
Standard Chartered PLC*		197,800		1,723,568
Standard Life PLC		3,140		12,983
Taylor Wimpey PLC		5,556		9,636
Tesco PLC*		11,860		30,594
Travis Perkins PLC		555		9,055
Unilever PLC		1,869		78,192
United Utilities Group PLC		1,089		12,530
Vesuvius PLC		33,100		147,676
Vodafone Group PLC		777,239		2,138,623
Weir Group PLC (The)		34,014		707,767
Whitbread PLC		291		12,876
William Hill PLC		3,702		13,403
WM Morrison Supermarkets PLC		61,259		169,833
Wolseley PLC		371		19,304
WPP PLC		2,540		55,278
TOTAL UNITED KINGDOM			$	38,803,585
UNITED STATES—2.6%
Freeport-McMoRan, Inc.		47,085		526,410

Description	Number of Shares		Value
Las Vegas Sands Corp.		72,597	$	4,201,914
Schlumberger Ltd.		36,697		2,870,806
Wynn Resorts Ltd.		23,456		2,217,765
TOTAL UNITED STATES			$	9,816,895
TOTAL COMMON STOCKS (COST $309,780,758)			$	330,198,206
INVESTMENT COMPANIES—6.7%
iShares Core MSCI Emerging Markets ETF#		281,500		12,706,910
Vanguard FTSE Emerging Markets ETF		332,500		12,551,875
TOTAL INVESTMENT COMPANIES (COST $25,794,946)			$	25,258,785
PREFERRED STOCKS—1.1%
BRAZIL—1.0%
Alpargatas SA 2.1%		17,797		60,048
Banco Bradesco SA 3.21%		9,659		101,280
Braskem SA 2.94%		3,300		29,299
Cia Energetica de Minas Gerais 30.77%		12,676		38,719
Cia Energetica de Sao Paulo 4.77%		7,200		33,271
Gerdau SA 2.99%		13,300		46,000
Itau Unibanco Holding SA 2.48%		9,004		108,544
Itausa—Investimentos Itau SA 4.6%		13,761		40,611
Lojas Americanas SA 0.51%		7,852		51,264
Petroleo Brasileiro SA 9.96%*		51,059		282,968
Suzano Papel e Celulose SA 2.28%		8,300		29,253
Telefonica Brasil SA 11.98%		182,389		2,628,984
Usinas Siderurgicas de Minas Gerais SA 1.79%*		19,100		27,046
Vale SA 14.31%*		33,441		216,654
TOTAL BRAZIL			$	3,693,941
CHILE—0.0%**
Embotelladora Andina SA 1.53%		11,391		45,679
Sociedad Quimica y Minera de Chile SA 2.68%		3,940		116,876
TOTAL CHILE			$	162,555
COLOMBIA—0.1%
Avianca Holdings SA 3.13%		23,964		19,128
Banco Davivienda SA 1.41%		2,857		29,076
Grupo Argos SA 1.60%		6,000		36,717
Grupo Aval Acciones y Valores 3.52%		56,400		23,259
Grupo de Inversiones Suramericana SA 2.07%		11,146		140,865
TOTAL COLOMBIA			$	249,045
GERMANY—0.0%**
Bayerische Motoren Werke AG 1.91%		234		17,763
Henkel AG & Co. KGaA 0.68%		260		33,365
Porsche Automobil Holding SE 1.02%		268		14,453

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 27

Wilmington Multi-Manager International Fund (continued)

Description	Number of Shares		Value
Volkswagen AG 2.44%		271	$	37,246
TOTAL GERMANY			$	102,827
PHILIPPINES—0.0%**
Ayala Land Voting 1.23%††		178,200		368
RUSSIA—0.0%**
Surgutneftegas OAO ADR 18.62%		12,400		57,474
TOTAL PREFERRED STOCKS (COST $3,986,795)			$	4,266,210
MONEY MARKET FUND—3.4%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.28%^		12,874,142		12,874,142
TOTAL MONEY MARKET FUND (COST $12,874,142)			$	12,874,142
RIGHTS—0.0%**
SOUTH AFRICA—0.0%**
Remgro Ltd.*		285		693
SPAIN—0.0%**
Banco Santander SA*		31,800		1,780
Ferrovial SA*		696		298
TOTAL SPAIN			$	2,078
TUNISIA—0.0%**
Societe D’Articles Hygieniques SA*		2,800		811
TOTAL RIGHTS
(COST $1,883)			$	3,582
CERTIFICATES—0.1%
Citigroup Global Markets -
Citi Agility, Expire 4/24/18		227,990		321,522
HSBC Bank PLC -
Kuwait Finance House, Expire 2/03/17		102,290		48,230
TOTAL CERTIFICATES (COST $389,013)			$	369,752
REAL ESTATE INVESTMENT TRUSTS—1.0%
AUSTRALIA—0.0%**
Dexus Property Group		2,334		15,873
Goodman Group		2,852		14,731
GPT Group (The)		3,908		13,853
Scentre Group		7,756		24,839
Stockland		4,497		15,120
Vicinity Centres		5,920		12,925
Westfield Corp.		2,875		19,464
TOTAL AUSTRALIA			$	116,805

Description	Number of Shares		Value
FRANCE—0.5%
Gecina SA		105	$	15,307
Klepierre		318		13,009
Unibail-Rodamco SE		8,072		1,922,854
TOTAL FRANCE			$	1,951,170
HONG KONG—0.0%**
Link REIT		3,000		21,391
JAPAN—0.0%**
Japan Prime Realty Investment Corp.		3		12,945
Japan Real Estate Investment Corp.		3		17,364
Japan Retail Fund Investment Corp.		6		13,611
Nippon Building Fund, Inc.		2		11,881
Nippon Prologis REIT Inc.		7		15,840
United Urban Investment Corp.		8		13,495
TOTAL JAPAN			$	85,136
MALAYSIA—0.0%**
IGB Real Estate Investment Trust		78,700		30,392
MEXICO—0.1%
Fibra Uno Administracion SA de CV		103,600		197,158
NIGERIA—0.0%**
Afriland Properties PLC*,††		24,606		—
SOUTH AFRICA—0.0%**
Growthpoint Properties Ltd.		20,000		37,289
Redefine Properties Ltd.		42,211		36,251
TOTAL SOUTH AFRICA			$	73,540
TURKEY—0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		169,523		173,125
UNITED KINGDOM—0.3%
British Land Co. PLC (The)		58,839		421,672
Great Portland Estates PLC		28,474		207,023
Hammerson PLC		1,752		11,816
Land Securities Group PLC		38,138		466,344
Segro PLC		2,452		13,122
TOTAL UNITED KINGDOM			$	1,119,977
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $4,037,713)			$	3,768,694
TOTAL INVESTMENTS IN SECURITIES – 99.5% (COST $356,865,250)			$	376,739,371

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

28 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—4.2%
REPURCHASE AGREEMENTS—4.2%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $3,038,280, collateralized by U.S. Government & Treasury Securities 0.00% to 7.50%, maturing 11/15/16 to 11/01/46; total market value of $3,099,016.	$	3,038,251	$	3,038,251
Daiwa Capital Markets America, 0.34%,dated 10/31/16, due 11/01/16, repurchaseprice $3,038,280, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $3,099,016.		3,038,251		3,038,251
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $3,038,276, collateralized by U.S. Government Securities 2.50% to 6.00%,maturing 1/01/28 to 9/01/46; total market value of $3,099,034.		3,038,251		3,038,251
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16,repurchase price $799,202, collateralizedby U.S. Treasury Securities 0.63% to 3.13%,maturing 4/30/18 to 2/15/43; total market value of $815,179.		799,195		799,195
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16,repurchase price $3,038,280, collateralizedby U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $3,099,016.		3,038,251		3,038,251
RBC Dominion securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $3,038,279, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $3,099,016.		3,038,251		3,038,251
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $15,990,450)			$	15,990,450
TOTAL INVESTMENTS—103.7% (COST $372,855,700)			$	392,729,821
COLLATERAL FOR SECURITIES ON LOAN—(4.2%)				(15,990,450	)
OTHER ASSETS LESS LIABILITIES—0.5%				1,990,668
TOTAL NET ASSETS—100.0%			$	378,730,039

Cost of investments for Federal income tax purposes is $378,809,215. The net unrealized appreciation/(depreciation) of investments was $13,920,606. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $42,850,570 and net unrealized depreciation from investments for those securities having an excess of cost over value of $28,929,964.

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)

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 29

Wilmington Multi-Manager International Fund (continued)

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Australia	$	15,867,784	$	—	$	—	$	15,867,784
Austria		1,783,340		—		—		1,783,340
Belgium		2,404,031		—		—		2,404,031
Brazil		2,482,805		—		—		2,482,805
Bulgaria		—		3,673		—		3,673
Canada		13,400,882		—		—		13,400,882
Chile		1,622,298		—		—		1,622,298
China		10,005,318		35,105		—		10,040,423
Colombia		3,929,598		—		—		3,929,598
Czech Republic		416,790		—		—		416,790
Denmark		8,309,474		—		—		8,309,474
Egypt		646,367		—		—		646,367
Finland		1,488,077		—		—		1,488,077
France		26,606,757		—		—		26,606,757
Germany		29,248,743		2,535,092		—		31,783,835
Ghana		4,336		—		—		4,336
Greece		795,014		—		—		795,014
Hong Kong		5,857,683		—		—		5,857,683
Hungary		474,828		—		—		474,828
India		3,186,539		—		—		3,186,539
Indonesia		1,872,718		11,597		—		1,884,315
Ireland		3,157,838		—		—		3,157,838
Israel		3,493,736		—		—		3,493,736
Italy		1,499,509		—		—		1,499,509
Japan		54,528,873		—		—		54,528,873
Kuwait		—		—		—		—
Lithuania		—		—		—		—
Luxembourg		165,842		—		—		165,842
Malaysia		1,624,802		27,028		—		1,651,830
Malta		201,188		—		—		201,188
Mexico		3,021,033		35,435		—		3,056,468
Netherlands		10,355,038		—		—		10,355,038
New Zealand		330,086		—		—		330,086
Nigeria		11,116		—		—		11,116
Norway		3,393,284		—		—		3,393,284
Peru		827,150		—		—		827,150
Philippines		1,653,788		—		—		1,653,788
Poland		1,672,216		—		—		1,672,216
Portugal		28,740		—		—		28,740
Qatar		692,370		104,093		—		796,463
Russia		2,631,199		474,160		—		3,105,359
Singapore		1,073,837		—		—		1,073,837
South Africa		3,343,031		—		—		3,343,031
South Korea		3,170,742		—		—		3,170,742
Spain		9,512,724		1,712,085		—		11,224,809
Sweden		8,012,714		12,220		—		8,024,934

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

30 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager International Fund (continued)

	Level 1		Level 2			Level 3		Total
Switzerland	$	24,224,561	$	—		$	—	$	24,224,561
Taiwan		3,634,494		50,322			—		3,684,816
Thailand		1,633,097		—			—		1,633,097
Turkey		1,495,795		—			—		1,495,795
United Arab Emirates		604,330		180,401			—		784,731
United Kingdom		38,793,986		9,599			—		38,803,585
United States		9,816,895		—			—		9,816,895
Investment Companies		25,258,785		—			—		25,258,785
Preferred Stocks
Brazil		3,693,941		—			—		3,693,941
Chile		162,555		—			—		162,555
Colombia		249,045		—			—		249,045
Germany		102,827		—			—		102,827
Philippines		—		368			—		368
Russia		57,474		—			—		57,474
Money Market Fund		12,874,142		—			—		12,874,142
Rights
South Africa		693		—			—		693
Spain		2,078		—			—		2,078
Tunisia		—		811			—		811
Certificates		321,522		48,230			—		369,752
Real Estate Investment Trusts
Australia		116,805		—			—		116,805
France		1,951,170		—			—		1,951,170
Hong Kong		21,391		—			—		21,391
Japan		85,136		—			—		85,136
Malaysia		30,392		—			—		30,392
Mexico		197,158		—			—		197,158
Nigeria		—		—			—		—
South Africa		73,540		—			—		73,540
Turkey		173,125		—			—		173,125
United Kingdom		1,119,977		—			—		1,119,977
Repurchase Agreements		—		15,990,450			—		15,990,450
Total Investments in Securities		371,499,152		21,230,669			—		392,729,821
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	80		$	—	$	80
Total Assets	$	371,499,152	$	21,230,749		$	—	$	392,729,901
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—	$	(288	)	$	—	$	(288	)
Total Liabilities	$	—	$	(288	)	$	—	$	(288	)

! Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

* Non-income producing security.

^ 7-Day net yield.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At October 31, 2016, the value of these securities amounted to $60,672 representing 0.02% of total net assets.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 31

Wilmington Multi-Manager International Fund (concluded)

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $3,962,516 representing 1.0% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ADR—American Depositary Receipt

ETF—Exchange Traded Fund

GDR—Global Depositary Receipt

MTN—Medium Term Note

PCL—Public Company Limited

PLC—Public Limited Company

REIT—Real Estate Investment Trust

At October 31, 2016, the International Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contracts at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/1/2016	WestPac Bank	168,835 Japanese Yen	$	1,604	$	1,610	$	6
11/1/2016	Bank of New York	61,527 Euro		67,511		67,541		30
11/1/2016	WestPac Bank	1,688 Pound Sterling		2,058		2,066		8
11/2/2016	WestPac Bank	162,176 Japanese Yen		1,549		1,546		(3	)
11/2/2016	JP Morgan Securities	4,559 Euro		5,001		5,005		4
11/4/2016	JP Morgan Securities	3,971,339 Japanese Yen		37,873		37,874		1
CONTRACTS SOLD
11/1/2016	JP Morgan Securities	457,279 Japanese Yen		4,345		4,360		(15	)
11/1/2016	Bank of New York	101,786 Swedish Krona		11,281		11,269		12
11/1/2016	Bank of New York	77,951 Hong Kong Dollar		10,053		10,051		2
11/1/2016	Bank of New York	34,031 Pound Sterling		41,456		41,654		(198	)
11/1/2016	WestPac Bank	18,561 Swedish Krona		2,058		2,055		3
11/1/2016	Bank of New York	4,658 Malaysian Ringgit		1,108		1,110		(2	)
11/1/2016	Bank of New York	3,443 Pound Sterling		4,187		4,214		(27	)
11/1/2016	WestPac Bank	1,471 Euro		1,604		1,614		(10	)
11/2/2016	Bank of New York	335,160 Japanese Yen		3,179		3,196		(17	)
11/2/2016	Bank of New York	266,411 Hong Kong Dollar		34,351		34,351		—
11/2/2016	WestPac Bank	102,405 Swedish Krona		11,348		11,338		10
11/2/2016	Bank of New York	25,976 Swedish Krona		2,879		2,876		3
11/2/2016	JP Morgan Securities	10,171 Pound Sterling		12,442		12,450		(8	)
11/2/2016	Bank of New York	3,104 Malaysian Ringgit		737		740		(3	)
11/2/2016	WestPac Bank	1,410 Euro		1,549		1,548		1
11/3/2016	Bank of New York	6,048 Euro		6,634		6,639		(5	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS							$	(208	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

32 PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Alternatives Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Common Stocks		40.1	%
Corporate Bonds		18.7	%
Investment Companies		8.2	%
U.S. Government Obligations		3.0	%
Purchased Options		0.1	%
Cash Equivalents1		29.8	%
Securities Sold Short		(21.1	)%
Written Options		(0.1	)%
Other Assets and Liabilities – Net2		21.3	%
TOTAL		100.0	%

(1) Cash Equivalent includes investment in a money market fund.

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

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Number of Shares		Value
COMMON STOCKS—40.1%
AEROSPACE & DEFENSE—0.2%
L-3 Communications Holdings, Inc.Ö		1,320	$	180,761
AIR FREIGHT & LOGISTICS—0.6%
XPO Logistics, Inc.*,Ö		18,160		598,009
AUTO COMPONENTS—0.3%
Lear Corp.Ö		2,307		283,253
BANKS—0.8%
Bank of Nova Scotia (The)		2,000		107,478
Canadian Imperial Bank of Commerce		500		37,464
Intesa Sanpaolo SPA		117,666		254,204
National Bank of Canada		12,200		435,500
TOTAL BANKS			$	834,646
BIOTECHNOLOGY—4.1%
AC Immune SA*,Ö		7,000		95,340
Actelion Ltd.		1,420		205,204
Alder Biopharmaceuticals, Inc.*,Ö		9,000		218,250
Alnylam Pharmaceuticals, Inc.*,Ö		6,501		231,436
Amarin Corp. PLC ADR*,Ö		90,000		280,800
Amgen, Inc.Ö		2,344		330,879
Avexis, Inc.*,Ö		1,000		47,500

Description	Number of Shares		Value
Biogen, Inc.*,Ö		400	$	112,072
Bio-Rad Laboratories, Inc., Class A*,Ö		2,000		316,160
CareDx, Inc.*,Ö		2,100		7,560
Celgene Corp.*,Ö		2,995		306,029
Coherus Biosciences, Inc.*,Ö		9,246		252,878
Genmab A/S*		453		74,745
Gilead Sciences, Inc.Ö		3,084		227,075
Minerva Neurosciences, Inc.*,Ö		37,068		413,308
Otonomy, Inc.*,Ö		11,505		173,726
Radius Health, Inc.*,Ö		4,500		193,140
Sarepta Therapeutics, Inc.*,Ö		5,000		196,200
TESARO, Inc.*,Ö		1,400		169,232
United Therapeutics Corp.*,Ö		2,111		253,468
Xenon Pharmaceuticals, Inc.*,Ö		6,723		51,095
TOTAL BIOTECHNOLOGY			$	4,156,097
BUILDING PRODUCTS—0.1%
Masco Corp.Ö		4,086		126,176
CAPITAL MARKETS—0.7%
E*TRADE Financial Corp.*		25,310		712,730
CHEMICALS—0.5%
Mitsubishi Chemical Holdings Corp.		71,600		471,780

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 33

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares		Value
COMMERCIAL BANKS—1.6%
CIT Group, Inc.		24,480	$	889,358
Huntington Bancshares, Inc.		53,350		565,510
Regions Financial Corp.Ö		16,817		180,110
TOTAL COMMERCIAL BANKS			$	1,634,978
CONSTRUCTION MATERIALS—0.0%**
Fletcher Building Ltd.		1,134		8,409
CONSUMER FINANCE—1.6%
Navient Corp.Ö		14,531		185,706
Visa, Inc., Class AÖ		17,180		1,417,522
TOTAL CONSUMER FINANCE			$	1,603,228
DIVERSIFIED FINANCIAL SERVICES—0.6%
Citigroup, Inc.		11,400		560,310
DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%
Frontier Communications Corp.Ö		35,277		141,814
Nippon Telegraph & Telephone Corp.		11,200		497,683
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			$	639,497
ELECTRIC UTILITIES—0.2%
Iberdrola SA		32,553		221,880
ELECTRICAL EQUIPMENT—0.1%
ABB Ltd.		3,515		72,463
FOOD & STAPLES RETAILING—0.2%
Koninklijke Ahold Delhaize NV		9,959		227,342
FOOD PRODUCTS—0.6%
Ingredion, Inc.Ö		97		12,723
Marine Harvest ASA		19,571		355,068
Tyson Foods, Inc., Class AÖ		3,955		280,212
TOTAL FOOD PRODUCTS			$	648,003
HEALTH CARE EQUIPMENT & SUPPLIES—2.7%
ABIOMED, Inc.*		2,146		225,309
Baxter International, Inc.		3,639		173,180
Bio-Techne Corp.Ö		2,500		259,975
Boston Scientific Corp.*,Ö		14,601		321,222
Edwards Lifesciences Corp.*		2,000		190,440
Hologic, Inc.*,Ö		6,937		249,801
Innocoll Holdings PLC*		7,298		35,468
Intuitive Surgical, Inc.*,Ö		42		28,227
K2M Group Holdings, Inc.*,Ö		5,600		95,592
Nevro Corp.*,Ö		3,159		290,375
NuVasive, Inc.*,Ö		8,135		485,904
Penumbra, Inc.*,Ö		6,000		395,700
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	2,751,193
HEALTH CARE PROVIDERS & SERVICES—1.6%
Amedisys, Inc.*,Ö		8,367		361,956

Description	Number of Shares		Value
HCA Holdings, Inc.*,Ö		2,600	$	198,978
LHC Group, Inc.*,Ö		6,593		225,942
McKesson Corp.		735		93,470
PharMerica Corp.*,Ö		3,800		90,440
Surgery Partners, Inc.*,Ö		4,000		64,400
Surgical Care Affiliates, Inc.*,Ö		4,000		171,160
Suzuken Co. Ltd.		100		3,218
Team Health Holdings, Inc.*,Ö		6,000		257,100
Tenet Healthcare Corp.*,Ö		5,014		98,826
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,565,490
HOTELS, RESTAURANTS & LEISURE—0.9%
Darden Restaurants, Inc.Ö		6,007		389,194
Flight Centre Travel Group Ltd.		9,383		241,752
McDonald’s Corp.Ö		2,659		299,324
TOTAL HOTELS, RESTAURANTS & LEISURE			$	930,270
HOUSEHOLD DURABLES—0.3%
Berkeley Group Holdings PLC		3,052		88,124
Persimmon PLC		8,680		179,977
TOTAL HOUSEHOLD DURABLES			$	268,101
INDUSTRIAL CONGLOMERATES—0.4%
NWS Holdings Ltd.		224,000		396,846
INSURANCE—0.6%
Dai-ichi Life Holdings, Inc.		14,800		217,477
T&D Holdings, Inc.		29,900		362,381
TOTAL INSURANCE			$	579,858
INTERNET & CATALOG RETAIL—1.2%
Amazon.com, Inc.*,Ö		1,300		1,026,766
Start Today Co. Ltd.		11,700		205,729
TOTAL INTERNET & CATALOG RETAIL			$	1,232,495
INTERNET SOFTWARE & SERVICES—1.6%
Facebook, Inc., Class A*,Ö		11,981		1,569,391
LEISURE EQUIPMENT & PRODUCTS—0.3%
Sega Sammy Holdings, Inc.		17,200		254,384
LIFE SCIENCES TOOLS & SERVICES—0.9%
ICON PLC*,Ö		2,089		167,705
Illumina, Inc.*,Ö		1,501		204,346
Lonza Group AG		297		56,065
PAREXEL International Corp.*,Ö		4,000		233,040
Patheon NV*,Ö		8,000		203,120
TOTAL LIFE SCIENCES TOOLS & SERVICES			$	864,276
MEDIA—0.6%
DISH Network Corp.*,Ö		4,142		242,556

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

34 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares		Value
Hakuhodo DY Holdings, Inc.		24,200	$	291,452
TEGNA, Inc.Ö		4,490		88,094
TOTAL MEDIA			$	622,102
METALS & MINING—1.1%
Barrick Gold Corp.		14,000		246,328
Fortescue Metals Group Ltd.		63,682		266,436
Kinross Gold Corp.*		54,200		210,529
Newmont Mining Corp.Ö		1,873		69,376
Teck Resources Ltd.		12,000		259,092
Yamana Gold, Inc.		8,400		29,998
TOTAL METALS & MINING			$	1,081,759
MULTILINE RETAIL—0.2%
Kohl’s Corp.Ö		3,630		158,813
OIL, GAS & CONSUMABLE FUELS—1.9%
Murphy Oil Corp.Ö		5,439		140,707
Pioneer Natural Resources Co.Ö		4,966		889,013
Repsol SA		13,854		194,134
RSP Permian, Inc.*,Ö		18,269		659,511
Showa Shell Sekiyu KK		8,200		76,706
TOTAL OIL, GAS & CONSUMABLE FUELS			$	1,960,071
PHARMACEUTICALS—2.3%
Agile Therapeutics, Inc.*,Ö		5,790		44,004
Bristol-Myers Squibb Co.Ö		5,217		265,598
Cempra, Inc.*,Ö		4,415		80,022
Collegium Pharmaceutical, Inc.*,Ö		23,418		350,567
Depomed, Inc.*,Ö		6,456		144,356
Endocyte, Inc.*,Ö		23,233		63,891
GlaxoSmithKline PLC		15,734		311,699
Horizon Pharma PLC*,Ö		3,000		50,160
Merck & Co., Inc.Ö		13,047		766,120
Pacira Pharmaceuticals, Inc.*,Ö		2,600		82,680
Taisho Pharmaceutical Holdings Co. Ltd.		2,000		195,480
TOTAL PHARMACEUTICALS			$	2,354,577
PROFESSIONAL SERVICES—0.1%
ManpowerGroup, Inc.Ö		1,429		109,747
REAL ESTATE INVESTMENT TRUSTS—0.7%
Agnc Investment Corp.Ö		5,742		115,185
Digital Realty Trust, Inc.Ö		3,958		369,796
RioCan Real Estate Investment Trust		13,800		268,325
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	753,306
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%
Kerry Properties Ltd.		37,000		117,123
Sino Land Co. Ltd.		140,000		238,281
Wheelock & Co. Ltd.		37,000		228,520
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	583,924

Description	Number of Shares		Value
ROAD & RAIL—0.3%
Kansas City Southern		3,600	$	315,936
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%
Applied Materials, Inc.Ö		9,940		289,055
Intel Corp.Ö		10,397		362,543
KLA-Tencor Corp.Ö		3,583		269,119
Maxim Integrated Products, Inc.Ö		6,656		263,777
NVIDIA Corp.Ö		3,254		231,555
NXP Semiconductors NV*		3,500		350,000
Tokyo Electron Ltd.		2,100		189,995
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			$	1,956,044
SOFTWARE—4.6%
Activision Blizzard, Inc.Ö		5,699		246,026
CA, Inc.Ö		11,602		356,645
CDK Global, Inc.Ö		27,365		1,494,403
Hewlett Packard Enterprise Co.		84,210		1,892,196
Konami Holdings Corp.		2,200		86,955
Microsoft Corp.		3,992		239,201
Nuance Communications, Inc.*,Ö		1,600		22,432
Symantec Corp.Ö		11,974		299,709
TOTAL SOFTWARE			$	4,637,567
SPECIALTY RETAIL—0.2%
Best Buy Co., Inc.Ö		90		3,502
GameStop Corp.Ö		8,319		200,072
TOTAL SPECIALTY RETAIL			$	203,574
TOBACCO—0.1%
Altria Group, Inc.Ö		1,566		103,544
TRADING COMPANIES & DISTRIBUTORS—0.7%
Beacon Roofing Supply, Inc.*		10,260		431,330
ITOCHU Corp.		19,600		248,294
Noble Group Ltd.*		161,100		19,222
TOTAL TRADING COMPANIES & DISTRIBUTORS			$	698,846
WIRELESS TELECOMMUNICATION SERVICES—1.5%
KDDI Corp.		4,100		124,795
NTT DOCOMO, Inc.		20,800		523,719
SBA Communications Corp., Class A		6,030		683,078
StarHub Ltd.		65,200		158,401
TOTAL WIRELESS TELECOMMUNICATION SERVICES			$	1,489,993
TOTAL COMMON STOCKS (COST $38,933,705)			$	40,421,669
INVESTMENT COMPANIES—8.2%
ALTERNATIVE INVESTMENT FUNDS—7.1%
AQR Style Premia Alternative Fund*		664,419		6,657,479
Arbitrage Fund, Class I		41,703		547,561
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	7,205,040

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 35

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares		Value
DEBT FUND—0.6%
Professionally Managed Portfolios—The
Osterweis Strategic Income Fund, Class I		50,698	$	567,313
EQUITY FUND—0.5%
Boston Partners Long/Short Research Fund		34,138		513,434
TOTAL INVESTMENT COMPANIES
(COST $8,341,974)			$	8,285,787
	Par Value
CORPORATE BONDS—18.7%
CONSUMER DISCRETIONARY—9.8%
Altice Luxembourg SA, Company Guaranteed, 7.63%, 2/15/25W	$	2,500,000	$	2,609,375
Cablevision Systems Corp., Sr. Unsecured, 7.75%, 4/15/18		2,000,000		2,120,000
Sprint Corp., Company Guaranteed, 7.63%, 2/15/25		2,250,000		2,176,875
Univision Communications, Inc., Company Guaranteed, 8.50%, 5/15/21W		1,923,000		1,978,286
West Corp., Company Guaranteed, 5.38%, 7/15/22W		1,000,000		966,250
TOTAL CONSUMER DISCRETIONARY			$	9,850,786
HEALTH CARE—2.3%
Kinetic Concepts, Inc. / KCI USA, Inc., Secured, 12.50%, 11/01/21W		1,450,000		1,384,750
Tenet Healthcare Corp., Sr. Unsecured, 8.13%, 4/01/22		1,000,000		982,500
TOTAL HEALTH CARE			$	2,367,250
INDUSTRIALS—3.1%
Advanced Disposal Services, Inc., Company Guaranteed, 8.25%, 10/01/20		2,000,000		2,092,500
Novelis Corp., Company Guaranteed, 6.25%, 8/15/24W		1,000,000		1,045,000
TOTAL INDUSTRIALS			$	3,137,500
INFORMATION TECHNOLOGY—3.3%
First Data Corp., Sr. Unsecured, 7.00%, 12/01/23W		1,500,000		1,580,625
Inception Merger Sub, Inc. / Rackspace Hosting, Inc., Sr. Unsecured, 8.63%, 11/15/24W		1,750,000		1,760,938
TOTAL INFORMATION TECHNOLOGY			$	3,341,563
RETAIL—0.2%
Neiman Marcus Group Ltd. LLC, Company Guaranteed, 8.00%, 10/15/21W		250,000		207,500
TOTAL CORPORATE BONDS (COST $18,434,701)			$	18,904,599

Description	Par Value		Value
U.S. GOVERNMENT OBLIGATIONS—3.0%
U.S. TREASURY BILLS—3.0%
0.24%, 11/25/16Ö,‡	$	3,000,000	$	2,999,516
TOTAL U.S. GOVERNMENT OBLIGATION (COST $2,999,536)			$	2,999,516
	Number of Shares
MONEY MARKET FUND—29.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		30,119,629	$	30,119,629
TOTAL MONEY MARKET FUND (COST $30,119,629)			$	30,119,629
	Contracts
PURCHASED OPTIONS—0.1%
CALL OPTIONS—0.1%
Abbott Laboratories, Strike Price $44.00, Expiring 11/18/2016		386	$	772
AstraZeneca PLC, Strike Price $33.00, Expiring 4/21/2017		528		44,352
Eli Lilly and Co., Strike Price $80.00, Expiring 12/16/2016		184		34,408
Lowe’s Companies, Inc., Strike Price $71.00, Expiring 11/25/2016		50		1,900
S&P 500 Index, Strike Price $2,280.00, Expiring 11/16/2016		7		63
S&P 500 Index, Strike Price $2,280.00, Expiring 11/18/2016		7		105
S&P 500 Index, Strike Price $2,280.00, Expiring 11/25/2016		7		91
S&P 500 Index, Strike Price $2,280.00, Expiring 11/28/2016		8		160
S&P 500 Index, Strike Price $2,285.00, Expiring 11/14/2016		8		8
S&P 500 Index, Strike Price $2,290.00, Expiring 11/09/2016		12		60
S&P 500 Index, Strike Price $2,290.00, Expiring 11/21/2016		8		19
S&P 500 Index, Strike Price $2,290.00, Expiring 11/23/2016		8		80
S&P 500 Index, Strike Price $2,300.00, Expiring 11/02/2016		12		24
S&P 500 Index, Strike Price $2,300.00, Expiring 11/04/2016		11		22
S&P 500 Index, Strike Price $2,300.00, Expiring 11/11/2016		7		35
S&P 500 Index, Strike Price $2,310.00, Expiring 11/07/2016		11		11
TOTAL CALL OPTIONS			$	82,110

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

36 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Contracts			Value
PUT OPTIONS—0.0%**
S&P 500 Index, Strike Price $1,910.00, Expiring 11/14/2016		8		$	1,064
S&P 500 Index, Strike Price $1,910.00, Expiring 11/28/2016		8			2,640
S&P 500 Index, Strike Price $1,915.00, Expiring 11/25/2016		7			2,604
S&P 500 Index, Strike Price $1,920.00, Expiring 11/09/2016		12			1,320
S&P 500 Index, Strike Price $1,930.00, Expiring 11/11/2016		7			1,015
S&P 500 Index, Strike Price $1,930.00, Expiring 11/18/2016		7			1,904
S&P 500 Index, Strike Price $1,935.00, Expiring 11/16/2016		7			1,715
S&P 500 Index, Strike Price $1,935.00, Expiring 11/23/2016		8			2,696
S&P 500 Index, Strike Price $1,950.00, Expiring 11/21/2016		8			2,712
S&P 500 Index, Strike Price $1,955.00, Expiring 11/04/2016		11			220
S&P 500 Index, Strike Price $1,960.00, Expiring 11/02/2016		12			60
S&P 500 Index, Strike Price $1,975.00, Expiring 11/07/2016		11			440
TOTAL PUT OPTIONS				$	18,390
TOTAL PURCHASED OPTIONS (COST $223,902)				$	100,500
TOTAL INVESTMENTS IN SECURITIES – 99.9% (COST $99,053,447)				$	100,831,700
	Number of Shares
SECURITIES SOLD SHORT—(21.1%)
CONSUMER DISCRETIONARY—(1.6%)
AUTO COMPONENTS—(0.3%)
Delphi Automotive PLC		(4,923	)	$	(320,340	)
HOTELS, RESTAURANTS & LEISURE—(0.2%)
Hilton Worldwide Holdings, Inc.		(958	)		(21,651	)
McDonald’s Corp.		(800	)		(90,056	)
Panera Bread Co. Class A*		(520	)		(99,195	)
TOTAL HOTELS, RESTAURANTS & LEISURE				$	(210,902	)
HOUSEHOLD DURABLES—(0.3%)
Sony Corp.		(7,800	)		(249,984	)
INTERNET—(0.0%)**
Netflix, Inc.*		(281	)		(35,088	)
MEDIA—(0.2%)
Altice NV—A*		(9,279	)		(171,126	)

Description	Number of Shares			Value
MULTILINE RETAIL—(0.2%)
Don Quijote Holdings Co., Ltd.		(6,300	)	$	(239,997	)
SPECIALTY RETAIL—(0.2%)
Advance Auto Parts, Inc.		(620	)		(86,850	)
L Brands, Inc.		(1,393	)		(100,561	)
TOTAL SPECIALTY RETAIL				$	(187,411	)
TEXTILES, APPAREL & LUXURY GOODS—(0.2%)
Asics Corp.		(3,200	)		(68,412	)
Pandora A/S		(1,132	)		(147,351	)
TOTAL TEXTILES, APPAREL & LUXURY GOODS				$	(215,763	)
TOTAL CONSUMER DISCRETIONARY				$	(1,630,611	)
CONSUMER STAPLES—(0.3%)
FOOD & STAPLES RETAILING—(0.3%)
CVS Health Corp.		(3,002	)		(252,468	)
ENERGY—(2.4%)
ENERGY EQUIPMENT & SERVICES—(0.9%)
FMC Technologies, Inc.*		(8,806	)		(284,170	)
Saipem SpA*		(215,186	)		(88,583	)
Schlumberger Ltd.		(4,327	)		(338,501	)
Tenaris SA		(18,964	)		(268,134	)
TOTAL ENERGY EQUIPMENT & SERVICES				$	(979,388	)
OIL, GAS & CONSUMABLE FUELS—(1.5%)
Cheniere Energy, Inc.*		(6,573	)		(247,802	)
Concho Resources, Inc.*		(2,248	)		(285,361	)
Continental Resources, Inc.*		(3,358	)		(164,240	)
Kinder Morgan, Inc.		(12,904	)		(263,629	)
Prairiesky Royalty, Ltd.		(9,800	)		(213,126	)
Williams Cos, Inc.		(10,848	)		(316,762	)
TOTAL OIL, GAS & CONSUMABLE FUELS				$	(1,490,920	)
TOTAL ENERGY				$	(2,470,308	)
FINANCIALS—(2.9%)
BANKS—(1.4%)
Banco Popular Espanol SA		(92,424	)		(101,357	)
Japan Post Bank Co. Ltd.		(41,800	)		(493,453	)
Kyushu Financial Group, Inc.		(21,100	)		(140,640	)
Royal Bank of Scotland Group PLC*		(85,653	)		(198,252	)
Standard Chartered PLC*		(31,377	)		(273,409	)
Wells Fargo & Co.		(5,040	)		(231,890	)
TOTAL BANKS				$	(1,439,001	)
CAPITAL MARKETS—(0.3%)
Credit Suisse Group AG		(6,555	)		(91,547	)
FactSet Research Systems, Inc.		(1,255	)		(194,174	)
TOTAL CAPITAL MARKETS				$	(285,721	)

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 37

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares			Value
DIVERSIFIED FINANCIAL SERVICES—(0.0%)**
Element Fleet Management Corp.		(1,100	)	$	(10,719	)
INSURANCE—(0.6%)
St James’s Place PLC		(23,637	)		(273,406	)
Willis Towers Watson PLC		(2,435	)		(306,566	)
TOTAL INSURANCE				$	(579,972	)
REAL ESTATE INVESTMENT TRUSTS—(0.2%)
Omega Healthcare Investors, Inc.		(4,636	)		(147,564	)
REAL ESTATE MANAGEMENT & DEVELOPMENT—(0.4%)
Hulic Co., Ltd.		(41,600	)		(397,078	)
Mitsubishi Estate Co., Ltd.		(1,000	)		(19,848	)
NTT Urban Development Corp.		(1,400	)		(12,869	)
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				$	(429,795	)
TOTAL FINANCIALS				$	(2,892,772	)
HEALTH CARE—(7.2%)
BIOTECHNOLOGY—(1.1%)
Global Blood Therapeutics, Inc.*		(6,944	)		(121,173	)
Intercept Pharmaceuticals, Inc.*		(1,761	)		(217,906	)
Intrexon Corp.*		(12,714	)		(331,835	)
MediciNova, Inc.*		(9,166	)		(62,237	)
Regeneron Pharmaceuticals, Inc.*		(1,108	)		(382,282	)
TOTAL BIOTECHNOLOGY				$	(1,115,433	)
HEALTH CARE EQUIPMENT & SUPPLIES—(0.5%)
DENTSPLY SIRONA, Inc.		(2,500	)		(143,925	)
ResMed, Inc.		(3,000	)		(179,310	)
Stryker Corp.		(1,677	)		(193,442	)
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES				$	(516,677	)
HEALTH CARE PROVIDERS & SERVICES—(4.1%)
Adeptus Health, Inc.*		(10,918	)		(328,850	)
Aetna, Inc.		(3,982	)		(427,468	)
American Renal Associates Holdings, Inc.*		(18,310	)		(323,355	)
Anthem, Inc.		(4,358	)		(531,066	)
Centene Corp.*		(5,998	)		(374,755	)
DaVita, Inc.*		(4,000	)		(234,480	)
Express Scripts Holding Co.*		(6,004	)		(404,670	)
Fresenius Medical Care AG & Co. KGaA ADR		(9,130	)		(370,495	)
HealthSouth Corp.		(2,000	)		(80,300	)
Henry Schein, Inc.*		(1,728	)		(257,818	)
MEDNAX, Inc.*		(2,800	)		(171,500	)
Select Medical Holdings Corp.*		(18,233	)		(237,029	)
UnitedHealth Group, Inc.		(2,890	)		(408,444	)
TOTAL HEALTH CARE PROVIDERS & SERVICES				$	(4,150,230	)

Description	Number of Shares			Value
HEALTH CARE TECHNOLOGY—(0.4%)
athenahealth, Inc.*		(961	)	$	(99,290	)
Cerner Corp.*		(5,546	)		(324,885	)
TOTAL HEALTH CARE TECHNOLOGY				$	(424,175	)
LIFE SCIENCES TOOLS & SERVICES—(0.6%)
Luminex Corp.*		(6,500	)		(135,395	)
Quintiles IMS Holdings, Inc.*		(5,742	)		(411,931	)
TOTAL LIFE SCIENCES TOOLS & SERVICES				$	(547,326	)
PHARMACEUTICALS—(0.5%)
Johnson & Johnson		(2,000	)		(231,980	)
Mylan NV*		(3,594	)		(131,181	)
Taro Pharmaceutical Industries Ltd.*		(1,200	)		(121,812	)
TOTAL PHARMACEUTICALS				$	(484,973	)
TOTAL HEALTH CARE				$	(7,238,814	)
INDUSTRIALS—(1.3%)
AIRLINES—(0.2%)
American Airlines Group, Inc.		(5,311	)		(215,627	)
MACHINERY—(0.1%)
Alstom SA*		(4,299	)		(115,480	)
MARINE—(0.2%)
Mitsui Osk Lines Ltd.		(82,000	)		(205,645	)
PROFESSIONAL SERVICES—(0.4%)
Verisk Analytics, Inc.*		(4,918	)		(401,063	)
ROAD & RAIL—(0.3%)
Avis Budget Group, Inc.*		(1,800	)		(58,248	)
JB Hunt Transport Services, Inc.		(1,780	)		(145,266	)
Union Pacific Corp.		(1,000	)		(88,180	)
TOTAL ROAD & RAIL				$	(291,694	)
TRADING COMPANIES & DISTRIBUTORS—(0.1%)
MSC Industrial Direct Co., Inc. Class A		(1,300	)		(94,640	)
TOTAL INDUSTRIALS				$	(1,324,149	)
INFORMATION TECHNOLOGY—(1.4%)
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(0.3%)
Hamamatsu Photonics KK		(8,600	)		(260,780	)
IT SERVICES—(0.6%)
Computer Sciences Corp.		(7,158	)		(389,753	)
Sabre Corp.		(7,080	)		(182,876	)
TOTAL IT SERVICES				$	(572,629	)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—(0.2%)
NXP Semiconductors NV		(2,546	)		(254,600	)
SOFTWARE—(0.3%)
Micro Focus International PLC		(11,685	)		(306,217	)
TOTAL INFORMATION TECHNOLOGY				$	(1,394,226	)

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

38 PORTFOLIO OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

Description	Number of Shares			Value
INVESTMENT COMPANIES—(2.9%)
EQUITY FUNDS—(2.9%)
Energy Select Sector SPDR Fund		(2,418	)	$	(165,923	)
iShares Dow Jones U.S. Home Construction
Index Fund		(7,000	)		(180,460	)
iShares Russell 2000 Index Fund		(2,130	)		(252,405	)
SPDR S&P 500 ETF Trust, Series T		(5,730	)		(1,217,911	)
Technology Select Sector SPDR Fund		(5,960	)		(282,623	)
United States Oil Fund LP*		(81,484	)		(858,026	)
TOTAL EQUITY FUNDS				$	(2,957,348	)
TOTAL INVESTMENT COMPANIES				$	(2,957,348	)
MATERIALS—(0.9%)
CHEMICALS—(0.1%)
Methanex Corp.		(2,700	)		(98,132	)
CONSTRUCTION MATERIALS—(0.0%)**
James Hardie Industries PLC		(1,145	)		(17,098	)
METALS & MINING—(0.8%)
Antofagasta PLC		(28,508	)		(189,474	)
Franco-Nevada Corp.		(2,800	)		(183,264	)
Freeport-McMoRan, Inc.		(14,057	)		(157,157	)
Hitachi Metals Ltd.		(1,000	)		(12,511	)
Turquoise Hill Resources Ltd.*		(88,300	)		(273,860	)
TOTAL METALS & MINING				$	(816,266	)
TOTAL MATERIALS				$	(931,496	)
TELECOMMUNICATION SERVICES—(0.2%)
DIVERSIFIED TELECOMMUNICATION SERVICES—(0.2%)
SBA Communications Corp., Class A		(1,731	)		(196,088	)
TOTAL SECURITIES SOLD SHORT (PROCEEDS $(21,655,759))				$	(21,288,280	)
	Contracts
WRITTEN OPTIONS—(0.1%)
CALL OPTIONS—(0.0%)**
S&P 500 Index, Strike Price $2,175.00, Expiring 11/16/2016		(7	)	$	(4,802	)
S&P 500 Index, Strike Price $2,175.00, Expiring 11/18/2016		(7	)		(5,320	)
S&P 500 Index, Strike Price $2,175.00, Expiring 11/25/2016		(7	)		(6,475	)
S&P 500 Index, Strike Price $2,175.00, Expiring 11/28/2016		(8	)		(7,952	)
S&P 500 Index, Strike Price $2,180.00, Expiring 11/14/2016		(8	)		(3,840	)
S&P 500 Index, Strike Price $2,185.00, Expiring 11/09/2016		(12	)		(2,880	)
S&P 500 Index, Strike Price $2,185.00, Expiring 11/21/2016		(8	)		(4,336	)

Description	Contracts			Value
S&P 500 Index, Strike Price $2,185.00, Expiring 11/23/2016		(8	)	$	(5,032	)
S&P 500 Index, Strike Price $2,195.00, Expiring 11/02/2016		(12	)		(60	)
S&P 500 Index, Strike Price $2,195.00, Expiring 11/04/2016		(11	)		(110	)
S&P 500 Index, Strike Price $2,195.00, Expiring 11/11/2016		(7	)		(1,260	)
S&P 500 Index, Strike Price $2,205.00, Expiring 11/07/2016		(11	)		(77	)
TOTAL CALL OPTIONS				$	(42,144	)
PUT OPTIONS—(0.1%)
S&P 500 Index, Strike Price $2,015.00, Expiring 11/14/2016		(8	)		(4,880	)
S&P 500 Index, Strike Price $2,015.00, Expiring 11/28/2016		(8	)		(7,912	)
S&P 500 Index, Strike Price $2,020.00, Expiring 11/25/2016		(7	)		(7,385	)
S&P 500 Index, Strike Price $2,025.00, Expiring 11/09/2016		(12	)		(6,240	)
S&P 500 Index, Strike Price $2,035.00, Expiring 11/11/2016		(7	)		(5,880	)
S&P 500 Index, Strike Price $2,035.00, Expiring 11/18/2016		(7	)		(6,965	)
S&P 500 Index, Strike Price $2,040.00, Expiring 11/16/2016		(7	)		(7,350	)
S&P 500 Index, Strike Price $2,040.00, Expiring 11/23/2016		(8	)		(9,200	)
S&P 500 Index, Strike Price $2,055.00, Expiring 11/21/2016		(8	)		(10,016	)
S&P 500 Index, Strike Price $2,060.00, Expiring 11/04/2016		(11	)		(1,320	)
S&P 500 Index, Strike Price $2,065.00, Expiring 11/02/2016		(12	)		(540	)
S&P 500 Index, Strike Price $2,080.00, Expiring 11/07/2016		(11	)		(4,730	)
TOTAL PUT OPTIONS				$	(72,418	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $(173,926))				$	(114,562	)
TOTAL INVESTMENTS NET OF SECURITIES SOLD SHORT AND WRITTEN OPTIONS—78.7%
				$	79,428,858
OTHER ASSETS LESS LIABILITIES—21.3%					21,515,677
TOTAL NET ASSETS—100.0%				$	100,944,535

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 39

Wilmington Multi-Manager Alternatives Fund (continued)

Cost of investments for Federal income tax purposes is $101,723,358. The net unrealized appreciation/(depreciation) of investments was $(891,658). This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,632,342 and net unrealized depreciation from investments for those securities having an excess of cost over value of $4,524,000.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investments in Securities
Common Stocks
Aerospace & Defense	$	180,761	$	—	$	—	$	180,761
Air Freight & Logistics		598,009		—		—		598,009
Auto Components		283,253		—		—		283,253
Banks		834,646		—		—		834,646
Biotechnology		4,156,097		—		—		4,156,097
Building Products		126,176		—		—		126,176
Capital Markets		712,730		—		—		712,730
Chemicals		471,780		—		—		471,780
Commercial Banks		1,634,978		—		—		1,634,978
Construction Materials		8,409		—		—		8,409
Consumer Finance		1,603,228		—		—		1,603,228
Diversified Financial Services		560,310		—		—		560,310
Diversified Telecommunication Services		639,497		—		—		639,497
Electric Utilities		221,880		—		—		221,880
Electrical Equipment		72,463		—		—		72,463
Food & Staples Retailing		227,342		—		—		227,342
Food Products		648,003		—		—		648,003
Health Care Equipment & Supplies		2,751,193		—		—		2,751,193
Health Care Providers & Services		1,565,490		—		—		1,565,490
Hotels, Restaurants & Leisure		930,270		—		—		930,270
Household Durables		268,101		—		—		268,101
Industrial Conglomerates		396,846		—		—		396,846
Insurance		579,858		—		—		579,858
Internet & Catalog Retail		1,232,495		—		—		1,232,495
Internet Software & Services		1,569,391		—		—		1,569,391
Leisure Equipment & Products		254,384		—		—		254,384
Life Sciences Tools & Services		864,276		—		—		864,276
Media		622,102		—		—		622,102
Metals & Mining		1,081,759		—		—		1,081,759
Multiline Retail		158,813		—		—		158,813
Oil, Gas & Consumable Fuels		1,960,071		—		—		1,960,071
Pharmaceuticals		2,354,577		—		—		2,354,577
Professional Services		109,747		—		—		109,747
Real Estate Investment Trusts		753,306		—		—		753,306
Real Estate Management & Development		583,924		—		—		583,924
Road & Rail		315,936		—		—		315,936
Semiconductors & Semiconductor Equipment		1,956,044		—		—		1,956,044
Software		4,637,567		—		—		4,637,567
Specialty Retail		203,574		—		—		203,574

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

40 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Alternatives Fund (continued)

	Level 1			Level 2			Level 3		Total
Tobacco	$	103,544		$	—		$	—	$	103,544
Trading Companies & Distributors		698,846			—			—		698,846
Wireless Telecommunication Services		1,489,993			—			—		1,489,993
Investment Companies		8,285,787			—			—		8,285,787
Corporate Bonds		—			18,904,599			—		18,904,599
U.S. Government Obligations		—			2,999,516			—		2,999,516
Money Market Fund		30,119,629			—			—		30,119,629
Purchased Options		81,432			19,068			—		100,500
Total Investments in Securities		78,908,517			21,923,183			—		100,831,700
Other Financial Instruments!
Financial Futures Contracts		553,155			—			—		553,155
Total Assets	$	79,461,672		$	21,923,183		$	—	$	101,384,855
Liabilities
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	(3	)	$	—	$	(3	)
Financial Futures Contracts		(6,315	)		—			—		(6,315	)
Securities Sold Short		(21,288,280	)		—			—		(21,288,280	)
Written Options		—			(114,562	)		—		(114,562	)
Total Liabilities	$	(21,294,595	)	$	(114,565	)	$	—	$	(21,409,160	)

^! Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments such as forward foreign currency contracts and financial futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument. Securities Sold Short and Written options are reported at their market value at period end.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 41

Wilmington Multi-Manager Alternatives Fund (concluded)

* Non-income producing security.

^ 7-Day net yield.

Ö All or a portion of this security is segregated as collateral in connection with the fund’s short positions and written options carried by the Funds. The total value of all securities segregated at October 31, 2016 amounted to $25,436,137 representing 25.2% of total net assets.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016 these liquid restricted amounted to $11,532,724 representing 11.42% of total net assets.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ADR—American Depositary Receipt	LLC—Limited Liability Corporation
ETF—Exchange Traded Fund	PLC—Public Limited Company
	SPDR—Standard & Poor’s Depository Receipts

At October 31, 2016, the Alternatives Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty		Contracts to Deliver/Receive		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD
11/2/2016		Bank of New York		6,641 Canadian Dollar	$	4,949	$	4,952	$	(3	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS									$	(3	)

At October 31, 2016, the Alternatives Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date		Number of Contracts		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
Czech Koruna Futures		December 2016		2	$	199,614	$	204,342	$	4,728
Norwegian Krone Futures		December 2016		1		99,815		99,893		78
Swedish Krona Futures		December 2016		1		99,615		105,937		6,322
SHORT POSITIONS:
Australian Dollar Futures		December 2016		4		297,365		303,680		(6,315	)
British Pound Futures		December 2016		3		247,601		229,762		17,839
Canadian Dollar Futures		December 2016		1		75,931		74,525		1,406
Euro Futures		December 2016		131		18,425,478		17,991,213		434,265
Japanese Yen Futures		December 2016		30		3,661,352		3,579,562		81,790
New Zealand Dollar Futures		December 2016		1		72,131		71,340		791
Swiss Franc Futures		December 2016		3		385,511		379,575		5,936
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS									$	546,840

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

42

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Multi-Manager Real Asset Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Inflation-Linked & Fixed Income Securities:
U.S. Government Inflation-Linked Securities		40.6	%
Investment Companies		10.1	%
Foreign Government Securities		3.8	%
Corporate Bonds		3.1	%
U.S. Treasury		3.0	%
Foreign Government Inflation-Linked Securities		2.2	%
Mortgage-Backed Securities		1.9	%
Asset-Backed Securities		1.3	%
Certificates Of Deposit		1.1	%
Real Estate Related Securities:
Real Estate Investment Trusts		34.7	%
Common Stocks		12.7	%
Investment Companies		0.1	%
Preferred Stocks		0.0	%3
Rights		0.0	%3
Purchased Options		0.1	%
Written Options		0.0	%3
Short-Term Investments
Cash Equivalents1		2.9	%
Other Assets and Liabilities – Net2		(17.6	)%
TOTAL		100.0	%

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

⁽²⁾  Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities.

⁽³⁾  Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value			Value
INFLATION-LINKED & FIXED INCOME SECURITIES—67.1%
ASSET-BACKED SECURITIES—1.3%
COLLATERALIZED LOAN OBLIGATION—0.4%
CIFC Funding Ltd., Series 2012-1A, Class A1R2, 1.92%, 8/14/24D,W	$	900,000		$	900,589
Cordatus CLO I PLC, 2006-1X A2, 0.81%, 1/30/24D		56,820	GBP		68,936
Cordatus CLO II PLC, 2007-1X A1F, 0.04%, 7/25/24D		49,649	EUR		54,309

Description	Par Value		Value
Symphony CLO VIII LP, Series 2012-8AR, Class AR, 1.98%, 1/09/23D,W	$	457,695	$	458,053
Venture VII CDO Ltd., Series 2006-7A, Class A1A, 1.11%, 1/20/22D,W		256,851		254,897
TOTAL COLLATERALIZED LOAN OBLIGATION			$	1,736,784
DIVERSIFIED FINANCIAL SERVICES—0.3%
Ameriquest Mortgage Securities Trust, Series 2006-R1, Class M1, 0.92%, 3/25/36D		300,000		266,176

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 43

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value		Value
Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M2, 1.51%, 5/25/35D	$	545,623	$	474,305
Bear Stearns Asset Backed Securities Trust, Series 2005-1, Class M2, 2.63%, 3/25/35D		438,994		443,899
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	1,184,380
WHOLE LOAN—0.6%
Asset Backed Securities Corp. Home Equity Loan Trust, Series OOMC 2006-HE3, Class A1, 0.70%, 3/25/36D		114,916		106,050
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH2, Class A3, 0.75%, 8/25/36D		1,200,000		1,056,226
Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB2, Class M2, 1.48%, 4/25/36D		241,321		213,794
JP Morgan Mortgage Acquisition Trust 2006-NC1, Series 2006-NC1, Class A4, 0.70%, 4/25/36D		706,708		703,279
Navient Student Loan Trust, Series 2016-7A, Class A, 1.67%, 3/25/66D,W		300,000		300,369
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2006-WF1, Class M2, 0.82%, 3/25/36D		200,000		170,682
Saxon Asset Securities Trust, Series 2005-1, Class M2, 1.25%, 5/25/35D		208,458		165,052
US Residential Opportunity Fund, Series 2016-3III, Class A, 3.60%, 10/27/36W		200,000		200,152
TOTAL WHOLE LOAN			$	2,915,604
TOTAL ASSET-BACKED SECURITIES (COST $5,700,542)			$	5,836,768
CERTIFICATES OF DEPOSIT—1.1%
CERTIFICATE OF DEPOSIT—1.1%
Barclays Bank PLC,
1.64%, 9/08/17D		500,000		500,404
1.75%, 11/06/17D		400,000		400,108
Mitsubishi UFJ Trust & Banking corp., 1.58%, 9/19/17D		600,000		601,235
Natixis SA, 1.55%, 9/25/17D		400,000		401,273
Norinchukin Bank, 1.59%, 10/12/17D		900,000		900,942
Sumitomo Mitsui Bank, 1.55%, 9/15/17D		800,000		801,550
Sumitomo Mitsui Trust,
1.57%, 10/06/17D		300,000		300,475
1.58%, 9/18/17D		1,100,000		1,102,356
TOTAL CERTIFICATE OF DEPOSIT			$	5,008,343
TOTAL CERTIFICATES OF DEPOSIT (COST $5,000,000)			$	5,008,343

Description	Par Value			Value
CORPORATE BONDS—3.1%
COMPUTERS—0.1%
HP Enterprise Co., Sr. Unsecured, 2.70%, 10/05/17W	$	250,000		$	252,654
ENERGY—0.2%
Petrobras Global Finance BV, Company Guaranteed,
3.74%, 3/17/20D		100,000			99,000
8.38%, 5/23/21		500,000			553,900
Sabine Pass LNG LP, Sr. Secured, 7.50%, 11/30/16		400,000			401,107
TOTAL ENERGY				$	1,054,007
FINANCIALS—2.6%
Ally Financial, Inc., Company Guaranteed, 5.50%, 2/15/17		569,000			574,690
Bank of America Corp., Sr. Unsecured, MTN,
4.06%, 10/21/25W		11,000,000	MXN		680,916
4.13%, 1/22/24		800,000			861,288
BPCE SA, Subordinated, 4.63%, 7/11/24W		500,000			508,772
BRFkredit A/S, Covered Bonds,
2.00%, 10/01/17		900,000	DKK		135,683
4.00%, 1/01/18		500,000	DKK		77,490
CIT Group, Inc., Sr. Unsecured, 4.25%, 8/15/17		594,000			603,653
Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed, 3.80%, 9/15/22		250,000			254,504
Deutsche Bank AG, Sr. Unsecured, 4.25%, 10/14/21W		800,000			807,580
Eksportfinans ASA, Sr. Unsecured, 5.50%, 6/26/17		1,000,000			1,022,480
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17		900,000			935,273
Goldman Sachs Group, Inc. (The), Sr. Unsecured,
2.05%, 9/15/20D		600,000			604,484
3.50%, 1/23/25#		900,000			924,998
ING Bank NV, Covered Bonds, 2.63%, 12/05/22W		200,000			205,415
Intesa Sanpaolo SpA, Sr. Unsecured, 6.50%, 2/24/21W		300,000			336,929
JPMorgan Chase & Co., Sr. Unsecured, 3.90%, 7/15/25		700,000			744,921
Lloyds Bank PLC, Company Guaranteed, 1.75%, 5/14/18		400,000			401,832
Nordea Kredit Realkreditaktieselskab, Covered Bonds,
1.00%, 10/01/17		700,000	DKK		104,821
2.00%, 10/01/17		1,100,000	DKK		165,797
2.00%, 10/01/17		300,000	DKK		45,217

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

44 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
Novo Banco SA, Sr. Unsecured, 5.00%, 4/23/19	$	150,000	EUR	$	129,458
Nykredit Realkredit A/S, Covered Bonds,
1.00%, 7/01/17		500,000	DKK		74,474
1.00%, 10/01/17		2,700,000	DKK		404,048
2.00%, 10/01/17		1,100,000	DKK		165,782
4.00%, 1/01/18		200,000	DKK		30,968
Realkredit Danmark A/S, Covered Bonds,
2.00%, 4/01/17		1,200,000	DKK		178,879
1.00%, 1/01/18		1,400,000	DKK		210,048
1.00%, 4/01/18		700,000	DKK		105,180
2.00%, 1/01/18		300,000	DKK		45,454
1.00%, 1/01/17		1,400,000	DKK		207,240
1.00%, 4/01/17		500,000	DKK		74,226
Synchrony Financial, Sr. Unsecured, 2.19%, 11/09/17D		100,000			100,717
TOTAL FINANCIALS				$	11,723,217
PHARMACEUTICALS—0.2%
AbbVie, Inc., Sr. Unsecured,
1.80%, 5/14/18		200,000			200,760
3.20%, 11/06/22		100,000			102,999
Actavis Funding SCS, Company Guaranteed,
3.45%, 3/15/22		100,000			104,095
3.80%, 3/15/25		300,000			312,206
TOTAL PHARMACEUTICALS				$	720,060
TOTAL CORPORATE BONDS (COST $13,805,866)				$	13,749,938
FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES—2.2%
GOVERNMENT—2.2%
Denmark Inflation Linked Government Bond,
0.10%, 11/15/23		14,596,400	DKK		2,302,756
Deutsche Bundesrepublik Inflation Linked Bond,
0.10%, 4/15/26		320,000	EUR		391,463
Italy Buoni Poliennali Del Tesoro,
Sr. Unsecured, 2.35%, 9/15/24W		1,070,000	EUR		1,346,813
Japanese Government CPI Linked Bond, Sr. Unsecured,
0.10%, 3/10/24		20,440,000	JPY		203,971
0.10%, 9/10/24		109,340,000	JPY		1,099,969
0.10%, 3/10/25		29,880,000	JPY		301,022
0.10%, 3/10/26		39,804,000	JPY		402,139
Mexican Udibonos, 4.50%, 11/22/35		1,802,472	MXN		110,829

Description	Par Value			Value
New Zealand Government Bond, Sr. Unsecured, 2.00%, 9/20/25	$	2,650,000	NZD	$	2,039,144
United Kingdom Gilt Inflation Linked,
0.13%, 3/22/26		900,874	GBP		1,341,541
0.13%, 3/22/46		225,614	GBP		462,900
TOTAL GOVERNMENT				$	10,002,547
TOTAL FOREIGN GOVERNMENT INFLATION-LINKED SECURITIES (COST $10,116,432)				$	10,002,547
FOREIGN GOVERNMENT SECURITIES—3.8%
GOVERNMENT—3.8%
Autonomous Community of Catalonia, Sr. Unsecured, 4.75%, 6/04/18		100,000	EUR		113,967
Brazil Letras do Tesouro Nacional,
12.07%, 1/01/18‡		10,200,000	BRL		2,796,829
13.43%, 4/01/17‡		11,900,000	BRL		3,537,521
13.72%, 1/01/17‡		7,200,000	BRL		2,207,053
Corp. Andina de Fomento, Series 11U, Unsecured, 3.95%, 10/15/21		4,559,744	MXN		243,543
Hellenic Republic Government International Bond, Sr. Unsecured, 4.50%, 7/03/17		30,000,000	JPY		279,352
Japan Treasury Discount Bill,
0.00%, 11/14/16‡		160,000,000	JPY		1,525,830
0.00%, 12/19/16‡		180,000,000	JPY		1,716,960
0.00%, 1/10/17‡		250,000,000	JPY		2,384,967
0.00%, 2/06/17‡		180,000,000	JPY		1,717,526
Mexican Bonos de Proteccion al Ahorro, 4.58%, 1/04/18D		15,500,000	MXN		820,143
TOTAL GOVERNMENT				$	17,343,691
TOTAL FOREIGN GOVERNMENT SECURITIES (COST $17,675,127)				$	17,343,691
INVESTMENT COMPANIES—10.1%
INFLATION-PROTECTED SECURITIES FUNDS—10.1%
Vanguard Inflation-Protected Securities Fund, Institutional Shares		4,134,616			45,398,083
TOTAL INVESTMENT COMPANIES (COST $44,005,942)				$	45,398,083
MORTGAGE-BACKED SECURITIES—1.9%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—1.1%
Fannie Mae Pool,
3.50%, 9/01/45		195,869			205,789
3.50%, 9/01/46		797,809			838,350
Fannie Mae TBA, 3.50%, 12/31/25		4,000,000			4,195,000
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)				$	5,239,139
WHOLE LOAN—0.8%
Alternative Loan Trust, Series 2004-18BC, Class 4A1, 5.50%, 9/25/34		375,716			383,113

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 45

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
BCAP LLC Trust, Series 2009-RR6-I, Class 3A1, 3.21%, 12/26/37D,W	$	41,110		$	40,839
Dryden XXV Senior Loan Fund, Series 2012-25A, Class AR, 2.05%, 1/15/25D,W		400,000			400,000
Grifonas Finance PLC, Class A, 0.09%, 8/28/39D		544,256	EUR		448,763
JP Morgan Resecuritization Trust, Series 2009-7, Class 13A1, 2.71%, 6/27/37D,W		47,745			46,757
Marche Mutui 4 Srl, Class A, 0.11%, 2/25/55D		17,036	EUR		18,618
Marche Mutui Srl, Series 6, Class A1, 1.94%, 1/27/64D		47,714	EUR		52,918
Rise Ltd., 2014-1, Class A, 4.75%, 2/15/39††		250,000			247,300
Sequoia Mortgage Trust 6, Series 6, Class A, 1.17%, 4/19/27D		923,529			859,747
Trinity Square 2015-1A PLC, 1.55%, 7/15/51D,W		521,108	GBP		641,151
WAMU Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A4,
2.34%, 11/25/36D		295,640			263,386
2.79%, 3/25/37D		114,521			105,888
TOTAL WHOLE LOAN				$	3,508,480
TOTAL MORTGAGE-BACKED SECURITIES (COST $8,830,989)				$	8,747,619
U.S. GOVERNMENT INFLATION-LINKED SECURITIES—40.6%
U.S. TREASURY INFLATION INDEXED BONDS—35.7%
U.S. Treasury Inflation Indexed Bond,
0.13%, 4/15/18		12,320,000			12,963,352
0.13%, 4/15/19		12,390,000			12,939,596
0.13%, 4/15/20		8,500,000			8,908,601
0.13%, 4/15/21		200,000			207,432
0.13%, 1/15/23		12,900,000			13,665,855
0.13%, 7/15/24		14,210,000			14,563,097
0.13%, 7/15/26		1,200,000			1,209,775
0.25%, 1/15/25		1,790,000			1,845,675
0.38%, 7/15/23		15,090,000			16,147,316
0.38%, 7/15/25		3,170,000			3,306,923
0.63%, 1/15/24		5,580,000			6,019,257
0.63%, 1/15/26		2,220,000			2,350,286
0.75%, 2/15/42		4,630,000			4,977,464
1.00%, 2/15/46		3,130,000			3,435,783
1.38%, 2/15/44		10,120,000			12,141,809
1.75%, 1/15/28		3,170,000			4,230,970
1.88%, 7/15/19		800,000			967,515
2.13%, 2/15/40		450,000			656,385
2.13%, 2/15/41		600,000			869,631
2.38%, 1/15/25		443,000			670,274
2.38%, 1/15/27		4,740,000			6,882,508

Description	Par Value		Value
2.50%, 1/15/29	$	6,680,000	$	9,417,659
3.63%, 4/15/28		8,670,000		17,653,851
3.88%, 4/15/29		2,680,000		5,597,905
TOTAL U.S. TREASURY INFLATION INDEXED BONDS			$	161,628,919
U.S. TREASURY INFLATION INDEXED NOTES—4.9%
U.S. Treasury Inflation Indexed Note,
0.13%, 1/15/22		5,030,000		5,459,601
0.13%, 7/15/22		5,480,000		5,875,250
0.63%, 7/15/21		4,120,000		4,621,344
1.25%, 7/15/20		5,130,000		6,048,825
TOTAL U.S. TREASURY INFLATION INDEXED NOTES			$	22,005,020
TOTAL U.S. GOVERNMENT INFLATION-LINKED SECURITIES (COST $181,167,590)			$	183,633,939
U.S. TREASURY—3.0%
U.S. TREASURY BILLS—0.0%**
U.S. Treasury Bill,
0.35%, 3/02/17‡		113,000		112,869
0.36%, 3/09/17‡		141,000		140,822
TOTAL U.S. TREASURY BILLS			$	253,691
U.S. TREASURY BONDS—1.3%
U.S. Treasury Bond,
2.25%, 8/15/46		490,000		456,179
2.50%, 2/15/46		2,640,000		2,594,880
2.50%, 5/15/46		2,890,000		2,841,967
TOTAL U.S. TREASURY BONDS			$	5,893,026
U.S. TREASURY NOTES—1.7%
U.S. Treasury Note,
1.13%, 8/31/21		5,670,000		5,621,046
1.63%, 5/15/26		80,000		78,642
2.00%, 8/31/21		310,000		319,542
2.13%, 9/30/21		410,000		425,104
2.13%, 12/31/21		200,000		207,400
2.25%, 7/31/21		880,000		917,228
TOTAL U.S. TREASURY NOTES			$	7,568,962
TOTAL U.S. TREASURY (COST $13,702,670)			$	13,715,679
TOTAL INFLATION-LINKED & FIXED INCOME SECURITIES (COST $300,005,158)			$	303,436,607

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

46 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
REAL ESTATE RELATED SECURITIES—47.5%
COMMON STOCKS—12.7%
DIVERSIFIED—0.0%**
Kiwi Property Group Ltd.		166,361	$	174,283
DIVERSIFIED REAL ESTATE ACTIVITIES—6.6%
Airport City Ltd.*		6,387		69,509
Alexander & Baldwin, Inc.		4,178		174,599
Allreal Holding AG		2,064		303,692
Alrov Properties & Lodgings Ltd.		1		14
Argosy Property Ltd.		98,676		74,091
Ashford Hospitality Trust, Inc.		6,626		38,497
CapitaLand Ltd.		331,900		737,158
City Developments Ltd.		64,800		395,437
Consolidated-Tomoka Land Co.		629		31,871
D Carnegie & Co. AB*		6,164		69,269
Daito Trust Construction Co. Ltd.		17,400		2,916,039
Daiwa House Industry Co. Ltd.		99,306		2,732,880
DIC Asset AG		9,282		89,045
DREAM Unlimited Corp., Class A*		14,796		76,225
Far East Consortium International Ltd.		231,000		94,717
Gateway Lifestyle		44,029		77,703
Goldin Properties Holdings Ltd.*		174,000		111,953
Grand City Properties SA		12,691		222,975
Great Eagle Holdings Ltd.		44,000		195,447
Hang Lung Properties Ltd.		261,000		576,145
Heiwa Real Estate Co. Ltd.		5,600		79,779
Henderson Land Development Co. Ltd.		210,440		1,246,812
HKR International Ltd.*		60,800		29,242
K Wah International Holdings Ltd.		279,000		151,452
Kerry Properties Ltd.		129,000		408,346
LendLease Group		58,131		597,857
Leopalace21 Corp.		37,200		242,632
Mitsubishi Estate Co. Ltd.		231,210		4,589,144
Mitsui Fudosan Co. Ltd.		186,589		4,253,275
Mobimo Holding AG		783		188,401
Nomura Real Estate Holdings, Inc.		17,300		293,145
Patrizia Immobilien AG*		5,871		121,358
Realia Business SA*		31,207		30,147
Shinoken Group Co. Ltd.		5,500		99,909
Soundwill Holdings Ltd.		54,000		98,175
Sumitomo Realty & Development Co. Ltd.		81,498		2,147,220
Sun Hung Kai Properties Ltd.		297,900		4,448,016
Takara Leben Co. Ltd.		11,000		74,893
Tejon Ranch Co.#,*		1,252		27,970
Tokyo Tatemono Co. Ltd.		25,700		327,407
Tokyu Fudosan Holdings Corp.		70,000		395,823

Description	Number of Shares		Value
United Industrial Corp. Ltd.		35,000	$	68,428
UOL Group Ltd.		83,700		341,117
Wheelock & Co. Ltd.		110,000		679,384
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	29,927,198
FINANCIALS—0.0%**
Nam Tai Property, Inc.#		8,138		65,918
Vib Vermoegen AG		3,224		70,783
TOTAL FINANCIALS			$	136,701
INDUSTRIALS—0.0%**
Property For Industry Ltd.		30,878		35,329
OFFICE-0.0%**
Precinct Properties New Zealand Ltd.		142,074		126,488
REAL ESTATE DEVELOPMENT—1.5%
ADLER Real Estate AG*		2,370		34,719
Aveo Group		55,961		137,074
Cheung Kong Property Holdings Ltd.		444,134		3,289,965
Conwert Immobilien Invest SE		9,724		172,501
Daikyo, Inc.		53,000		113,712
Forestar Group, Inc.#,*		8,144		89,584
Frasers Centrepoint Ltd.		85,200		90,941
Goldcrest Co. Ltd.		3,800		69,246
Greenland Hong Kong Holdings Ltd.*		324,000		83,135
Helical PLC		13,034		42,197
Howard Hughes Corp, (The)*		3,488		383,087
Nexity SA		4,725		237,274
Peet Ltd.		82,658		59,734
RMR Group, Inc, Class A (The)		1,625		55,819
Road King Infrastructure Ltd.		125,000		106,214
Selvaag Bolig ASA		11,740		57,262
Sino Land Co. Ltd.		686,000		1,167,577
St. Modwen Properties PLC		9,355		31,237
Tag Immobilien AG		15,653		208,947
Villa World Ltd.		19,108		33,141
Wing Tai Holdings Ltd.		64,200		78,217
TOTAL REAL ESTATE DEVELOPMENT			$	6,541,583
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%
Africa Israel Properties Ltd.		2,087		35,894
Big Shopping Centers Ltd.		550		37,017
Brack Capital Properties NV		460		39,437
Farmland Partners, Inc.#		2,936		31,239
Fonciere de Paris SIIC		1,257		182,668
Inmobiliaria Colonial SA		25,243		178,263
Investore Property Ltd.*		10,849		11,792
Jerusalem Economy Ltd.*		14,203		32,095
Kennedy-Wilson Holdings, Inc.		3,769		77,641

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 47

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Magnolia Bostad AB		2,496	$	28,809
New World Development Co. Ltd.		561,000		699,482
Norwegian Property ASA		29,950		39,149
Propertylink Group*		57,124		31,722
SAMTY Co. Ltd.		3,500		36,412
SEA Holdings Ltd.		18,000		45,908
St. Joe Co. (The)*		1,722		30,479
Tricon Capital Group, Inc.		4,641		30,241
UBM Development AG		1,429		48,473
Wang On Properties Ltd.*		48,000		59,663
Wharf Holdings Ltd.		128,000		962,201
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			$	2,638,585
REAL ESTATE OPERATING COMPANIES—4.0%
Ado Properties SAW		3,128		113,984
Aeon Mall Co. Ltd.		11,200		166,606
Airport Facilities Co. Ltd.		5,100		27,817
Alony Hetz Properties & Investments Ltd.		9,740		83,784
Amot Investments Ltd.		9,612		40,139
Ascendas India Trust		120,800		92,906
Atrium European Real Estate Ltd.		27,546		117,901
Atrium Ljungberg AB, Class B		9,081		141,260
Azrieli Group Ltd.		3,773		160,704
Blue Square Real Estate Ltd.		1,827		74,198
Buwog AG		6,438		155,588
CA Immobilien Anlagen AG		9,382		170,348
Capital & Counties Properties PLC		81,172		286,440
Castellum AB		33,252		450,617
Citycon OYJ		50,863		119,264
Croesus Retail Trust		122,867		75,950
Daejan Holdings PLC		1,422		94,946
Daibiru Corp.		6,200		53,918
Deutsche Euroshop AG		6,044		261,081
Deutsche Wohnen AG		52,646		1,717,591
Dios Fastigheter AB		8,840		58,968
Entra ASAW		8,709		93,284
Fabege AB		20,760		350,744
Fastighets AB Balder, Class B*		9,511		216,079
First Capital Realty, Inc.		12,125		193,360
Gazit-Globe Ltd.		12,392		111,765
Global Logistic Properties Ltd.		364,900		465,551
Grainger PLC		54,318		146,933
Hang Lung Group Ltd.		82,000		314,549
Hemfosa Fastigheter AB		20,327		191,294
Hispania Activos Inmobiliarios SA		25,738		317,010
Hongkong Land Holdings Ltd.		154,400		1,034,480
Hufvudstaden AB		41,639		644,490

Description	Number of Shares		Value
Hulic Co. Ltd.		60,400	$	576,527
Hysan Development Co. Ltd.		87,000		401,596
Immofinanz AG*		108,254		233,276
Intershop Holding AG		211		107,680
Keihanshin Building Co. Ltd.		11,300		59,048
Klovern AB, Class B		67,714		71,409
Kungsleden AB		19,873		125,414
Langham Hospitality Investments & Langham Hospitality Investments Ltd.		206,000		82,341
LEG Immobilien AG		23,489		1,981,332
Melisron Ltd.		1,928		81,768
Norstar Holdings, Inc.		2,510		42,443
NTT Urban Development Corp.		37,200		341,954
Olav Thon Eiendomsselskap ASA		5,280		103,845
Perennial Real Estate Holdings Ltd.		35,647		21,523
Platzer Fastigheter Holding, Class B		7,280		42,114
PSP Swiss Property AG		5,151		460,678
S Immo AG		10,793		115,874
Sagax AB, Class B		9,716		85,788
Sponda OYJ		33,377		157,991
Stride Stapled Group		43,396		57,720
Swire Properties Ltd.		145,400		418,077
Swiss Prime Site AG		9,182		761,339
Technopolis OYJ		7,802		26,979
Tlg Immobilien AG		7,353		154,010
Toc Co. Ltd.		12,100		109,727
Unite Group PLC (The)		28,166		190,821
Unizo Holdings Co. Ltd.		1,200		33,413
Victoria Park AB		16,321		40,296
Vonovia SE		57,086		2,010,653
Wallenstam AB, Class B		28,122		216,547
WCM Beteiligungs & Grundbesitz-AG*		19,109		56,470
Wihlborgs Fastigheter AB		8,854		171,548
TOTAL REAL ESTATE OPERATING COMPANIES			$	17,883,750
TOTAL COMMON STOCKS (COST $51,719,114)			$	57,463,917
INVESTMENT COMPANIES—0.1%
DIVERSIFIED REAL ESTATE ACTIVITIES—0.0%**
U.K. Commercial Property Trust Ltd.		116,481		111,350
REAL ESTATE OPERATING COMPANIES—0.1%
F&C Commercial Property Trust Ltd.		112,622		172,864
TOTAL INVESTMENT COMPANIES (COST $363,160)			$	284,214

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

48 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
PREFERRED STOCK—0.0%**
CONSUMER FINANCE—0.0%**
Navient Corp. 2.885%D		3,000	$	73,950
TOTAL PREFERRED STOCK (COST $71,100)			$	73,950
REAL ESTATE INVESTMENT TRUSTS—34.7%
DIVERSIFIED—4.9%
Abacus Property Group		43,103		91,808
Activia Properties, Inc.		75		364,737
American Assets Trust, Inc.		4,691		186,280
Armada Hoffler Properties, Inc.		3,286		44,131
Artis Real Estate Investment Trust		9,650		84,320
Astro Japan Property Group		7,569		38,922
British Land Co. PLC (The)		119,399		855,679
Canadian Real Estate Investment Trust		4,566		157,204
Charter Hall Group		42,279		151,160
Cominar Real Estate Investment Trust		10,509		116,427
Cousins Properties, Inc.		31,128		241,865
Daiwa House Residential Investment Corp.		120		324,402
Dream Global Real Estate Investment Trust		16,351		111,177
Dream Industrial Real Estate Investment Trust		4,826		27,309
Duke Realty Corp.		55,563		1,452,972
Fonciere Des Regions		5,524		482,876
Forest City Realty Trust, Inc., Class A		17,782		383,913
Gecina SA		10,988		1,601,851
Gladstone Commercial Corp.		1,641		29,292
Global Net Lease, Inc.#		17,570		130,194
Goodman Property Trust		131,446		117,026
GPT Group		385,626		1,366,990
Green Real Estate Investment Trust PLC		80,118		119,612
Growthpoint Properties Australia Ltd.		51,879		122,734
H&R Real Estate Investment Trust		16,542		281,311
Hamborner Real Estate Investment Trust AG		9,068		89,650
Hankyu Real Estate Investment Trust, Inc.		64		91,298
Heiwa Real Estate Investment Trust, Inc.		110		83,179
Hibernia Real Estate Investment Trust PLC		93,140		131,180
Hulic Real Estate Investment Trust, Inc.		109		191,038
Investors Real Estate Trust		9,740		59,122
Kenedix Office Investment Corp.		155		872,032
Land Securities Group PLC		210,213		2,570,445
Lexington Realty Trust		18,108		183,615
Liberty Property Trust		12,423		502,262
Londonmetric Property PLC		80,777		147,417
Mapletree Greater China Commercial Trust		231,700		173,203
Mirvac Group		989,799		1,573,644
Morguard Real Estate Investment Trust		3,453		39,130

Description	Number of Shares		Value
Nieuwe Steen Investments NV		59,912	$	234,794
NIPPON Real Estate Investment Trust Investment Corp.		53		133,624
Nomura Real Estate Master Fund, Inc.		543		880,233
One Liberty Properties, Inc.		1,381		32,536
PS Business Parks, Inc.		1,823		200,147
Redefine International PLC/Isle of Man		209,479		105,766
Reit 1 Ltd.		11,700		35,256
Sekisui House Real Estate Investment Trust, Inc.		104		140,524
Sekisui House Si Residential Investment Corp.		115		133,127
Shaftesbury PLC		35,279		395,976
Soilbuild Business Space Real Estate Investment Trust		136,620		66,285
Spirit Realty Capital, Inc.		122,463		1,458,534
Star Asia Investment Corp.		41		34,483
Stockland		301,889		1,015,039
Sunlight Real Estate Investment Trust		177,000		109,547
Suntec Real Estate Investment Trust		320,800		387,381
Tokyu Real Estate Investment Trust, Inc.		112		147,810
United Urban Investment Corp.		350		590,398
Washington Real Estate Investment Trust		4,991		146,835
Wereldhave NV		4,582		205,195
Whitestone Real Estate Investment Trust		1,951		25,948
Yuexiu Real Estate Investment Trust		231,000		132,544
TOTAL DIVERSIFIED			$	22,203,389
DIVERSIFIED REAL ESTATE ACTIVITIES—0.3%
Ascendas Hospitality Trust		89,000		47,339
CBL & Associates Properties, Inc.		12,383		132,498
FelCor Lodging Trust, Inc.		10,417		66,565
Fortune REIT		142,000		172,109
Hersha Hospitality Trust		6,059		107,971
Hoshino Resorts Real Estate Investment Trust, Inc.		20		117,288
Merlin Properties Socimi SA		41,662		468,323
NewRiver REIT PLC		8,349		31,680
OUE Hospitality Trust		144,800		70,774
Washington Prime Group, Inc.		15,193		159,375
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES			$	1,373,922
FINANCIALS—0.7%
Alstria Office Real Estate Investment Trust AG		13,402		172,941
Bluerock Residential Growth Real Estate Investment Trust, Inc.		2,866		35,538
City Office Real Estate Investment Trust, Inc.#		2,823		35,457
Colony Starwood Homes		4,028		116,852
Crombie Real Estate Investment Trust		2,904		29,293

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 49

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Easterly Government Properties, Inc.		1,697	$	32,192
Ichigo Hotel Real Estate Investment Trust Investment Corp.		19		21,651
Independence Realty Trust, Inc.#		3,871		32,245
MGM Growth Properties LLC, Class A#		14,125		371,770
National Storage Affiliates Trust		1,546		30,271
NorthStar Realty Europe Corp.		5,459		53,990
NorthStar Realty Finance Corp.		17,694		256,917
Northview Apartment Real Estate Investment Trust		6,017		89,405
Primary Health Properties PLC		69,959		95,478
Select Income Real Estate Investment Trust		5,131		126,941
Sella Capital Real Estate Ltd.		73,191		127,864
STORE Capital Corp.		9,569		261,138
Vicinity Centres		547,517		1,195,343
TOTAL FINANCIALS			$	3,085,286
INDUSTRIALS—2.9%
AIMS AMP Capital Industrial Real Estate
Investment Trust		105,800		104,944
Ascendas Real Estate Investment Trust		606,100		1,032,494
BWP Trust		75,742		171,122
Cache Logistics Trust		136,400		81,374
Cambridge Industrial Trust		183,600		74,562
DCT Industrial Trust, Inc.		20,805		972,634
EastGroup Properties, Inc.		3,668		249,094
First Industrial Realty Trust, Inc.		9,049		238,984
GLP J-Real Estate Investment Trust		545		683,394
Goodman Group		319,201		1,648,721
Granite Real Estate Investment Trust		3,100		97,532
Hansteen Holdings PLC		113,243		149,006
Industria Real Estate Investment Trust		37,595		60,915
Industrial & Infrastructure Fund Investment Corp.		44		232,021
Japan Logistics Fund, Inc.		111		241,433
LaSalle Logiport Real Estate Investment Trust*		144		152,829
Mapletree Industrial Trust		153,200		189,401
Mapletree Logistics Trust		200,500		149,159
Monmouth Real Estate Investment Corp.		6,676		91,261
Nippon Prologis Real Estate Investment Trust, Inc.		625		1,414,251
Prologis, Inc.		73,790		3,848,887
Pure Industrial Real Estate Trust		20,600		82,627
Segro PLC		128,061		685,299
STAG Industrial, Inc.		5,598		129,146
Terreno Realty Corp.		3,822		99,754

Description	Number of Shares		Value
Tritax Big Box Real Estate Investment Trust PLC		113,203	$	188,166
Warehouses De Pauw CVA		1,793		165,099
TOTAL INDUSTRIALS			$	13,234,109
OFFICE—6.6%
Alexandria Real Estate Equities, Inc.		11,617		1,252,429
Allied Properties Real Estate Investment Trust		4,881		131,223
Axiare Patrimonio SOCIMI SA		7,323		104,184
Befimmo SA		2,636		153,568
Beni Stabili SpA SIIQ		158,634		92,556
Boston Properties, Inc.		12,594		1,517,325
Brandywine Realty Trust		13,995		216,923
Brookfield Canada Office Properties		1,563		30,927
CapitaLand Commercial Trust		255,300		289,019
Champion Real Estate Investment Trust		308,000		175,137
Cofinimmo SA		2,435		285,346
Columbia Property Trust, Inc.		10,597		223,385
Coresite Realty Corp.		2,143		158,025
Corporate Office Properties Trust		7,659		204,419
Cromwell Property Group		176,561		122,222
CyrusOne, Inc.		5,324		237,504
Daiwa Office Investment Corp.		41		231,448
Derwent London PLC		13,913		411,946
Dexus Property Group		153,278		1,042,390
Digital Realty Trust, Inc.		25,589		2,390,780
Douglas Emmett, Inc.		10,974		400,551
Dream Office Real Estate Investment Trust		2,773		34,546
DuPont Fabros Technology, Inc.#		7,917		323,093
Empire State Realty Trust, Inc., Class A		12,558		245,760
Equity Commonwealth*		10,144		306,450
First Potomac Realty Trust		7,451		66,463
Franklin Street Properties Corp.		9,236		106,861
Frasers Commercial Trust		92,900		91,147
GDI Property Group		97,742		72,122
Global One Real Estate Investment Corp.		27		101,955
Government Properties Income Trust#		9,510		182,021
Gramercy Property Trust		34,463		317,749
Great Portland Estates PLC		71,049		516,568
Highwoods Properties, Inc.		16,281		808,026
Hudson Pacific Properties, Inc.		6,933		233,087
ICADE		6,953		499,789
Intervest Offices & Warehouses NV		1,173		31,104
Invesco Office J-Reit, Inc.		127		102,695
Investa Office Fund		72,461		233,713
Japan Excellent, Inc.		157		219,324
Japan Prime Realty Investment Corp.		111		478,950

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

50 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Japan Real Estate Investment Corp.		209	$	1,209,717
Keppel Real Estate Investment Trust		227,400		178,161
Kilroy Realty Corp.#		18,760		1,347,531
Lar Espana Real Estate Socimi SA		7,326		52,676
Mack-Cali Realty Corp.		9,666		248,223
MCUBS MidCity Investment Corp.		31		100,801
Mori Hills Real Estate Investment Trust Investment Corp.		465		655,354
Mori Trust Sogo Real Estate Investment Trust, Inc.		135		217,426
New York Real Estate Investment Trust, Inc.		15,268		143,825
Nippon Building Fund, Inc.		166		986,154
Orix JREIT, Inc.		696		1,192,631
Paramount Group, Inc.		22,800		354,540
Parkway, Inc.*		3,891		70,116
Piedmont Office Realty Trust, Inc., Class A		11,569		236,933
Premier Investment Corp.		145		186,798
Prosperity Real Estate Investment Trust		177,000		76,455
QTS Realty Trust, Inc., Class A		15,305		703,418
SIA Real Estate Investment Trust, Inc.		7		24,797
SL Green Realty Corp.		20,103		1,974,517
Spring Real Estate Investment Trust		239,000		100,770
VEREIT, Inc.		204,307		1,920,486
Vornado Realty Trust		30,431		2,823,389
Workspace Group PLC		16,961		130,686
TOTAL OFFICE			$	29,578,134
REAL ESTATE OPERATING COMPANIES—0.1%
iStar, Inc.*		3,202		35,638
Life Storage, Inc.		2,871		231,546
Manulife US Real Estate Investment Trust*		37,700		31,668
Mitsui Fudosan Logistics Park, Inc.*		11		35,034
Mucklow (A & J) Group PLC		7,083		38,515
Picton Property Income Ltd.		63,920		55,354
Rexford Industrial Realty, Inc.		2,077		43,742
Schroder Real Estate Investment Trust Ltd.		71,756		49,624
TOTAL REAL ESTATE OPERATING COMPANIES			$	521,121
RESIDENTIAL—3.8%
Advance Residence Investment Corp.		166		464,426
Aedifica SA*		1,928		160,005
American Campus Communities, Inc.		10,685		556,795
American Homes 4 Rent, Class A		26,877		567,373
Apartment Investment & Management Co.,
Class A		12,841		565,903
Ascott Residence Trust		110,100		89,821
AvalonBay Communities, Inc.		18,568		3,178,470
Boardwalk Real Estate Investment Trust		2,626		96,363
Camden Property Trust		7,061		575,048

Description	Number of Shares		Value
Canadian Apartment Properties Real Estate
Investment Trust		7,852	$	171,640
Comforia Residential Real Estate Investment Trust, Inc.		64		143,965
Education Realty Trust, Inc.#		5,025		214,015
Empiric Student Property PLC		57,542		78,003
Equity Lifestyle Properties, Inc.		6,813		516,698
Equity Residential		53,165		3,282,939
Essex Property Trust, Inc.		5,364		1,148,379
Ichigo Office Real Estate Investment Trust Investment		190		128,092
Ingenia Communities Group		29,203		60,424
InterRent Real Estate Investment Trust		6,334		34,850
Invincible Investment Corp.		577		280,604
Irish Residential Properties Real Estate Investment Trust PLC		48,633		62,730
Japan Rental Housing Investments, Inc.		216		167,041
Kenedix Residential Investment Corp.		44		124,863
Killam Apartment Real Estate Investment Trust		6,336		56,024
Mid-America Apartment Communities, Inc.		5,971		553,810
Milestone Apartments Real Estate Investment Trust		5,028		67,625
Monogram Residential Trust, Inc.		13,147		138,569
NexPoint Residential Trust, Inc.		4,363		81,326
Nippon Accommodations Fund, Inc.		61		276,585
Post Properties, Inc.		4,096		269,476
Silver Bay Realty Trust Corp.		4,617		77,335
Starts Proceed Investment Corp.		17		25,629
Sun Communities, Inc.		16,730		1,287,039
UDR, Inc.		46,923		1,640,897
UMH Properties, Inc.#		3,172		38,445
TOTAL RESIDENTIAL			$	17,181,207
RETAIL—9.8%
Acadia Realty Trust		5,779		194,695
AEON Real Estate Investment Trust Investment Corp.		143		173,585
Agree Realty Corp.		998		48,253
Alexander’s, Inc.		247		94,915
Altarea SCA		454		86,718
Brixmor Property Group, Inc.		29,144		740,840
CapitaLand Mall Trust		337,400		502,008
CapitaLand Retail China Trust Management Ltd.		106,300		114,227
Cedar Realty Trust, Inc.		4,681		31,690
Charter Hall Retail Real Estate Investment Trust		43,929		138,680
Choice Properties Real Estate Investment Trust		3,565		35,031

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 51

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
CT Real Estate Investment Trust		5,378	$	58,940
DDR Corp.		77,044		1,178,003
Equity One, Inc.		7,174		204,459
Eurocommercial Properties NV		12,982		552,656
Federal Realty Investment Trust		5,713		829,699
Fortune Real Estate Investment Trust		64,000		78,065
Frasers Centrepoint Trust		100,000		149,506
Frontier Real Estate Investment Corp.		68		320,320
Fukuoka Real Investment Trust Corp.		92		159,489
General Growth Properties, Inc.		117,864		2,940,707
Getty Realty Corp.		5,416		123,106
Hammerson PLC		156,368		1,054,588
Immobiliare Grande Distribuzione SIIQ SpA		75,847		58,366
Intu Properties PLC		111,651		376,502
Japan Retail Fund Investment Corp.		668		1,515,374
Kenedix Retail Real Estate Investment Trust Corp.		70		168,876
Kimco Realty Corp.		90,254		2,401,659
Kite Realty Group Trust		6,126		152,721
Klepierre		61,953		2,534,364
Link Real Estate Investment Trust		416,500		2,969,803
Macerich Co. (The)		10,576		748,569
Mapletree Commercial Trust		323,631		355,906
Mercialys SA		5,059		104,795
National Retail Properties, Inc.		11,566		527,641
OneREIT		18,100		47,635
Pennsylvania Real Estate Investment Trust		5,171		100,886
Plaza Retail Real Estate Investment Trust		17,012		64,304
Ramco-Gershenson Properties Trust		6,768		117,357
Realty Income Corp.		20,533		1,216,375
Regency Centers Corp.		18,604		1,340,790
Retail Estates NV		616		51,460
Retail Opportunity Investments Corp.		8,569		172,323
Retail Properties of America, Inc., Class A		23,153		360,492
RioCan Real Estate Investment Trust		20,027		389,401
Saul Centers, Inc.		2,445		147,874
Scentre Group		981,508		3,143,322
Seritage Growth Properties, Class A#		1,349		61,447
Shopping Centres Australasia Property Group		91,238		151,996
Simon Property Group, Inc.		39,504		7,346,164
Smart Real Estate Investment Trust		7,151		178,335
SPH Real Estate Investment Trust		174,000		121,941
Starhill Global Real Estate Investment Trust		199,400		116,809
Tanger Factory Outlet Centers, Inc.		7,218		251,186
Taubman Centers, Inc.		3,868		280,275
Unibail-Rodamco SE		18,573		4,424,327
Urban Edge Properties		7,736		199,666

Description	Number of Shares		Value
Urstadt Biddle Properties, Inc., Class A		1,937	$	41,646
Vastned Retail NV		2,651		101,884
Weingarten Realty Investors		9,203		333,241
Wereldhave Belgium NV		322		40,296
Westfield Corp.		285,028		1,929,703
TOTAL RETAIL			$	44,455,891
SPECIALIZED—5.6%
ALE Property Group		22,174		72,700
Apple Hospitality REIT, Inc.#		12,942		233,344
Arena Real Estate Investment Trust		24,787		36,485
Ashford Hospitality Prime, Inc.		8,237		106,752
Assura PLC		215,458		155,068
Big Yellow Group PLC		21,406		181,311
Care Capital Properties, Inc.		6,872		182,589
CareTrust Real Estate Investment Trust, Inc.		4,804		67,640
CDL Hospitality Trusts		113,800		109,608
Chatham Lodging Trust		3,458		61,207
Chesapeake Lodging Trust		4,775		103,665
Corrections Corp. of America		4,365		63,074
CubeSmart		29,037		756,994
DiamondRock Hospitality Co.		21,041		192,525
EPR Properties		5,070		368,690
Extra Space Storage, Inc.		10,254		750,080
First Real Estate Investment Trust		92,000		88,280
Folkestone Education Trust		34,756		65,568
Four Corners Property Trust, Inc.		3,714		74,577
Gaming and Leisure Properties, Inc.		39,272		1,289,300
Geo Group, Inc. (The)		1,955		46,842
HCP, Inc.		60,073		2,057,500
Healthcare Realty Trust, Inc.		25,419		810,612
Healthcare Trust of America, Inc., Class A		27,335		836,451
Hospitality Properties Trust		11,737		321,124
Host Hotels & Resorts, Inc.		104,455		1,616,964
Hotel Property Investments		16,887		36,226
Iron Mountain, Inc.		19,469		656,689
Japan Hotel REIT Investment Corp.		421		284,628
Keppel DC REIT		94,900		84,924
LaSalle Hotel Properties		9,210		218,738
LTC Properties, Inc.		3,245		162,607
Medical Properties Trust, Inc.		19,502		271,858
National Health Investors, Inc.		2,804		212,431
National Storage Real Estate Investment Trust		52,550		57,963
New Senior Investment Group, Inc.		6,687		69,679
NorthWest Healthcare Properties Real Estate Investment Trust		7,900		61,843
Omega Healthcare Investors, Inc.#		13,575		432,092
Parkway Life Real Estate Investment Trust		54,000		99,364

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

52 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Number of Shares		Value
Pebblebrook Hotel Trust#		16,566	$	402,222
Physicians Realty Trust		7,858		155,353
Public Storage		17,176		3,670,855
Regal Real Estate Investment Trust		106,000		28,019
RLJ Lodging Trust		11,139		219,661
Ryman Hospitality Properties, Inc.#		4,403		221,999
Sabra Health Care Real Estate Investment Trust, Inc.		5,836		135,979
Safestore Holdings PLC		65,638		287,862
Senior Housing Properties Trust		19,470		414,127
Summit Hotel Properties, Inc.		6,545		85,020
Sunstone Hotel Investors, Inc.		41,073		515,876
Universal Health Realty Income Trust		969		56,880
Ventas, Inc.		27,556		1,866,919
Vital Healthcare Property Trust		25,389		37,037
Welltower, Inc.		52,948		3,628,527
Xenia Hotels & Resorts, Inc.		12,026		187,726
TOTAL SPECIALIZED			$	25,212,054
TOTAL REAL ESTATE INVESTMENT TRUSTS (COST $138,822,512)			$	156,845,113
RIGHTS—0.0%**
FINANCIALS—0.0%**
Keppel DC REIT*††		26,002		1,682
TOTAL RIGHTS (COST $0)			$	1,682
TOTAL REAL ESTATE RELATED SECURITIES (COST $190,975,886)			$	214,668,876
	Contracts/ Notional Value
PURCHASED OPTIONS—0.1%
CALL OPTIONS—0.0%**
IRO USD 30Y DUB, Strike Price $2.15, Expiring 6/15/2018		1,100,000	$	96,749
PUT OPTIONS—0.1%
3M GBP Libor Option, Strike Price $98.50, Expiring 6/30/2017		53		811
ICE A PUT UK 90 DAY LIBOR, Strike Price $98.50, Expiring 12/21/2016		191		—
IRO USD 10Y MYC, Strike Price $2.72, Expiring 7/16/2018		3,400,000		41,024
IRO USD 10Y MYC, Strike Price $2.77, Expiring 7/16/2018		4,500,000		50,828
IRO USD 1Y CBK, Strike Price $1.20, Expiring 2/13/2017		34,400,000		9,415
IRO USD 1Y CBK, Strike Price $1.25, Expiring 12/27/2016		16,900,000		842
IRO USD 1Y GLM, Strike Price $1.25, Expiring 12/27/2016		32,500,000		1,620

Description	Contracts/ Notional Value		Value
IRO USD 1Y GLM, Strike Price $1.25, Expiring 1/09/2017		32,500,000	$	2,576
IRO USD 1Y MYC, Strike Price $1.25, Expiring 2/06/2017		34,500,000		5,506
IRO USD 1Y MYC, Strike Price $1.25, Expiring 2/21/2017		26,700,000		5,881
IRO USD 30Y DUB, Strike Price $2.15, Expiring 6/15/2018		1,100,000		88,044
IRO USD 30Y DUB, Strike Price $2.86, Expiring 10/23/2018		1,500,000		52,565
IRO USD 30Y MYC, Strike Price $2.59, Expiring 12/10/2018		300,000		23,651
IRO USD 30Y MYC, Strike Price $2.60, Expiring 3/29/2019		900,000		53,772
IRO USD 30Y MYC, Strike Price $2.61, Expiring 10/17/2018		1,000,000		49,751
IRO USD 30Y MYC, Strike Price $2.61, Expiring 11/15/2018		300,000		15,410
IRO USD 5Y FBF, Strike Price $3.40, Expiring 12/05/2016		3,800,000		—
TOTAL PUT OPTIONS			$	401,696
TOTAL PURCHASED OPTIONS (COST $812,527)			$	498,445
	Number of Shares
SHORT-TERM INVESTMENTS—2.2%
MONEY MARKET FUND—2.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		9,790,315	$	9,790,315
TOTAL SHORT-TERM INVESTMENTS (COST $9,790,315)			$	9,790,315

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 53

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Par Value			Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—0.7%
REPURCHASE AGREEMENTS—0.7%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $620,254, collateralized by U.S. Government & Treasury Securities 0.00% to 7.50%, maturing 11/15/16 to 11/01/46; total market value of $632,653.	$	620,248		$	620,248
Daiwa Capital Markets America, 0.34%,dated 10/31/16, due 11/01/16, repurchaseprice $620,254, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $632,653.		620,248			620,248
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16,repurchase price $163,145, collateralized by U.S. Treasury Securities 0.63% to 3.13%,maturing 4/30/18 to 2/15/43; total market value of $166,407.		163,144			163,144
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16,repurchase price $620,254, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $632,653.		620,248			620,248
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $620,254, collateralized by U.S. Government Securities & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $632,653		620,248			620,248
TD Securities (USA) LLC, 0.32%, dated 10/31/16, due 11/01/16, repurchase price $620,254, collateralized by U.S. Government & Treasury Securities 1.38% to 4.50%, maturing 1/31/21 to 1/20/45; total market value of $632,653		620,248			620,248
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $3,264,384)				$	3,264,384
TOTAL INVESTMENTS IN SECURITIES 117.6% (COST $504,848,270)				$	531,658,627
	Contracts/ Notional Value
WRITTEN OPTIONS—(0.0%)**
CALL OPTIONS—(0.0%)**
IRO USD 5Y FBF, Strike Price $2.40, Expiring 12/05/2016		(150,000	)	$	(2,263	)
OTC Ecal EUR vs USD JPM, Strike Price $1.15, Expiring 11/16/2016		(346,000	)		(36	)
OTC Ecal GBP vs USD BRC, Strike Price $1.37, Expiring 11/04/2016		(850,000	)		—

Description	Contracts/ Notional Value			Value
OTC Ecal GBP vs USD GLM, Strike Price $1.25, Expiring 11/10/2016		(740,000	)	$	(1,331	)
OTC Ecal USD vs MXN FBF, Strike Price $19.30, Expiring 11/10/2016		(519,000	)		(3,824	)
TOTAL CALL OPTIONS				$	(7,454	)
PUT OPTIONS—(0.0%)**
10Y US Future Option, Strike Price $129.00, Expiring 11/25/2016		(22	)		(8,594	)
3M GBP Libor Option, Strike Price $98.00, Expiring 6/21/2017		(53	)		—
ICE A PUT UK 90 DAY LIBOR, Strike Price $98.00, Expiring 12/21/2016		(191	)		—
INF FLOOR U.S. YOY, Strike Price $0.00, Expiring 4/10/2020		(8,300,000	)		20,345
IRO USD 30Y MYC, Strike Price $2.25, Expiring 10/17/2018		(4,600,000	)		(42,424	)
IRO USD 5Y BOA, Strike Price $1.95, Expiring 11/04/2016		(1,500,000	)		(7,621	)
IRO USD 5Y DUB, Strike Price $2.50, Expiring 10/23/2018		(7,500,000	)		(49,530	)
IRO USD 5Y MYC, Strike Price $2.25, Expiring 11/15/2018		(1,400,000	)		(13,678	)
IRO USD 5Y MYC, Strike Price $2.25, Expiring 12/10/2018		(1,400,000	)		(14,300	)
IRO USD 5Y MYC, Strike Price $2.30, Expiring 3/29/2019		(4,300,000	)		(49,787	)
OTC Eput EUR vs USD SOG, Strike Price $1.10, Expiring 11/16/2016		(900,000	)		(7,814	)
TOTAL PUT OPTIONS				$	(173,403	)
PUT SWAPTIONS—(0.0%)**
INF CAP U.S. 10Y GLM, Strike Price $3.00, Expiring 6/22/2035		(600,000	)		(4,247	)
INF CAP U.S. 10Y JPM, Strike Price $4.00, Expiring 4/22/2024		(1,300,000	)		(541	)
INF CAP U.S. 10Y JPM, Strike Price $4.00, Expiring 5/16/2024		(100,000	)		(45	)
INF CAP U.S. YOY JPM, Strike Price $3.00, Expiring 4/10/2020		(8,300,000	)		40,015
INF FLOOR U.S. YOY JPM, Strike Price $0.02, Expiring 3/24/2020		(2,300,000	)		(16,811	)
INF FLOOR USD, Strike Price $216.69, Expiring 4/07/2020		(2,600,000	)		(294	)
TOTAL PUT SWAPTIONS				$	18,077
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $(479,923))				$	(162,780	)

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

54 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Description	Value
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS – 117.6%	$	531,495,847
COLLATERAL FOR SECURITIES ON LOAN – (0.7%)		(3,264,384	)
OTHER LIABILITIES LESS ASSETS – (16.9%)		(76,373,549	)
TOTAL NET ASSETS – 100.0%	$	451,857,914

Cost of investments for Federal income tax purposes is $ 517,976,162. The net unrealized appreciation/(depreciation) of investments was $ 13,682,465. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $ 33,532,635 and net unrealized depreciation from investments for those securities having an excess of cost over value of $19,850,170.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 55

Wilmington Multi-Manager Real Asset Fund (continued)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1			Level 2			Level 3		Total
Assets
Investments in Securities
Inflation-Linked & Fixed Income Securities
Asset-Backed Securities	$	—		$	5,836,768		$	—	$	5,836,768
Certificates of Deposit		—			5,008,343			—		5,008,343
Corporate Bonds		—			13,749,938			—		13,749,938
Foreign Government Inflation-Linked Securities		—			10,002,547			—		10,002,547
Foreign Government Securities		—			17,343,691			—		17,343,691
Investment Companies		45,398,083			—			—		45,398,083
Mortgage-Backed Securities		—			8,747,619			—		8,747,619
U.S. Government Inflation-Linked Securities		—			183,633,939			—		183,633,939
U.S. Treasury		—			13,715,679			—		13,715,679
Real Estate Related Securities
Common Stocks		57,463,917			—			—		57,463,917
Investment Companies		284,214			—			—		284,214
Preferred Stock		73,950			—			—		73,950
Real Estate Investment Trusts		156,845,113			—			—		156,845,113
Rights		—			1,682			—		1,682
Purchased Options		—			498,445			—		498,445
Short-Term Investments
Money Market Fund		9,790,315			—			—		9,790,315
Repurchase Agreements		—			3,264,384			—		3,264,384
Total Investments in Securities		269,855,592			261,803,035			—		531,658,627
Other Financial Instruments!
Forward Foreign Currency Contracts	$	—		$	750,849		$	—	$	750,849
Financial Futures Contracts		599,970			—			—		599,970
Credit Default Swaps		—			44,713			—		44,713
Interest Rate Swaps		—			437,460			—		437,460
Total Assets		270,455,562			263,036,057			—		533,491,619
Liabilities
Other Financial Instruments!
Written Options	$	—		$	(162,780	)	$	—	$	(162,780	)
Forward Foreign Currency Contracts		—			(1,468,987	)		—		(1,468,987	)
Financial Futures Contracts		(108,683	)		—			—		(108,683	)
Credit Default Swaps		—			(855	)		—		(855	)
Interest Rate Swaps		—			(1,321,604	)		—		(1,321,604	)
Total Liabilities	$	(108,683	)	$	(2,954,226	)	$	—	$	(3,062,909	)

^! Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Portfolio of Investments. Financial futures contracts, credit default swaps, interest rate swaps and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and written options are reported at their market value at period end.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

56 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

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

D Floating rate note with current rate andstated maturity date shown.

‡ Zero coupon security. The rate shown reflects the effective yield at purchase date.

^ 7-Day net yield.

* Non-income producing security.

†† Security is fair valued in accordance with procedures adopted by the Board of Trustees. See Note 2 in Notes to Financial Statements. At October 31, 2016, the value of these securities amounted to $248,982 representing 0.06% of total net assets.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $6,908,238 representing 1.53% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

CDX—Markit CDX Index

INF—Inflation

IRO—Interest Rate Option

LLC—Limited Liability Corporation

LP—Limited Partnership

MTN—Medium Term Note

NA—National Association

OAT—Obligations Assimilables

OTC—Over The Counter

PLC—Public Limited Company

REIT—Real Estate Investment Trust

YOY—Year Over Year

The following Counter Parties acronyms are used throughout this Fund:

BOA—Bank of America NA

BRC—Barclays Bank PLC

CBK—Citibank NA

DUB—Deutsche Bank AG

FBF—Credit Suisse International

GLM—Goldman Sachs Bank USA

ICE—Intercontinental Exchange, Inc.

JPM—JP Morgan Chase Bank, N.A.

MYC—Morgan Stanley Capital Services Inc.

SOG—Societe Generale

Currency Code	Currency
BRL	Brazilian Real
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar

At October 31, 2016, the Real Asset Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates. The open contracts were as follows:

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED
11/1/2016	Citigroup Global Markets	80,000,000 Japanese Yen	$	760,312	$	762,850	$	2,538
11/1/2016	Citigroup Global Markets	50,000,000 Japanese Yen		475,376		476,781		1,405
11/1/2016	Citigroup Global Markets	50,000,000 Japanese Yen		475,511		476,781		1,270
11/1/2016	Brown Brothers Harriman & Co.	16,732,329 Japanese Yen		159,552		159,554		2
11/1/2016	Banco Santander Brasil	6,641,107 Brazilian Real		2,084,400		2,080,547		(3,853	)
11/1/2016	Barclays Bank International	2,229,644 Mexican Peso		119,000		117,964		(1,036	)
11/1/2016	Brown Brothers Harriman & Co.	539,260 Swedish Krona		59,898		59,705		(193	)
11/2/2016	JP Morgan Chase Bank, N.A.	243,744,373 Japanese Yen		2,322,171		2,324,252		2,081
11/2/2016	Banc of America Securities	3,702,000 Euro		4,040,733		4,063,889		23,156
11/2/2016	Goldman Sachs Bank USA	2,863,000 New Zealand Dollar		2,045,332		2,047,325		1,993
11/2/2016	Societe Generale Securities	2,318,000 Pound Sterling		2,833,060		2,837,244		4,184
11/2/2016	Goldman Sachs Bank USA	756,000 Euro		833,017		829,902		(3,115	)
11/2/2016	Citigroup Global Markets	200,000 Pound Sterling		255,253		244,801		(10,452	)

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 57

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS PURCHASED (continued)
11/2/2016	Barclays Bank International	162,000 Pound Sterling	$	198,292	$	198,289	$	(3	)
11/2/2016	Banc of America Securities	125,000 Euro		136,570		137,219		649
11/2/2016	Brown Brothers Harriman & Co.	51,236 Swedish Krona		5,681		5,673		(8	)
11/2/2016	Goldman Sachs Bank USA	17,000 Australian Dollar		12,812		12,932		120
11/3/2016	Goldman Sachs Bank USA	116,341 Brazilian Real		36,000		36,414		414
11/10/2016	Barclays Bank International	61,223,520 Indian Rupee		903,802		915,339		11,537
11/10/2016	JP Morgan Chase Bank, N.A.	11,660,080 Taiwan Dollar		368,000		369,561		1,561
11/10/2016	JP Morgan Chase Bank, N.A.	9,094,830 Taiwan Dollar		289,000		288,257		(743	)
11/10/2016	Credit Suisse International	8,904,595 Taiwan Dollar		283,000		282,227		(773	)
11/10/2016	Deutsche Bank AG	2,755,290 Taiwan Dollar		87,000		87,328		328
12/15/2016	Credit Suisse International	19,025,820 Russian Ruble		297,000		296,428		(572	)
12/15/2016	JP Morgan Chase Bank, N.A.	10,193,490 Russian Ruble		159,000		158,818		(182	)
1/3/2017	Barclays Bank International	160,834 Danish Krone		24,000		23,812		(188	)
1/4/2017	Deutsche Bank AG	6,800,000 Brazilian Real		2,095,009		2,087,812		(7,197	)
1/4/2017	JP Morgan Chase Bank, N.A.	2,300,000 Brazilian Real		695,074		706,172		11,098
1/17/2017	Goldman Sachs Bank USA	60,687,600 Indian Rupee		897,281		898,181		900
CONTRACTS SOLD
11/1/2016	Banco Santander Brasil	6,669,000 Brazilian Real		2,093,155		2,089,286		3,869
11/1/2016	Credit Suisse International	2,231,250 Mexican Peso		119,000		118,049		951
11/1/2016	Brown Brothers Harriman & Co.	15,503 Pound Sterling		18,893		18,976		(83	)
11/2/2016	Citigroup Global Markets	242,300,000 Japanese Yen		2,391,197		2,310,480		80,717
11/2/2016	Goldman Sachs Bank USA	4,540,000 Euro		5,095,548		4,983,808		111,740
11/2/2016	HSBC Bank USA, N.A.	2,569,000 Pound Sterling		3,347,523		3,144,470		203,053
11/2/2016	JP Morgan Chase Bank, N.A.	2,467,000 New Zealand Dollar		1,794,319		1,764,147		30,172
11/2/2016	Barclays Bank International	1,444,373 Japanese Yen		14,000		13,773		227
11/2/2016	JP Morgan Chase Bank, N.A.	1,211,000 Australian Dollar		928,362		921,206		7,156
11/2/2016	JP Morgan Chase Bank, N.A.	396,000 New Zealand Dollar		279,165		283,179		(4,014	)
11/2/2016	Goldman Sachs Bank USA	63,000 Pound Sterling		76,552		77,112		(560	)
11/2/2016	Goldman Sachs Bank USA	48,000 Pound Sterling		58,628		58,753		(125	)
11/2/2016	Barclays Bank International	43,000 Euro		47,570		47,204		366
11/2/2016	Barclays Bank International	15,898 Canadian Dollar		12,000		11,853		147
11/3/2016	Goldman Sachs Bank USA	116,341 Brazilian Real		36,573		36,448		125
11/10/2016	Goldman Sachs Bank USA	60,687,600 Indian Rupee		906,056		907,327		(1,271	)
11/10/2016	Goldman Sachs Bank USA	32,368,350 Taiwan Dollar		1,013,570		1,025,900		(12,330	)
11/10/2016	Credit Suisse International	1,715,887 South African Rand		122,458		127,004		(4,546	)
11/10/2016	JP Morgan Chase Bank, N.A.	535,920 Indian Rupee		8,000		8,012		(12	)
11/14/2016	Banc of America Securities	160,000,000 Japanese Yen		1,583,625		1,526,395		57,230
12/2/2016	JP Morgan Chase Bank, N.A.	243,744,373 Japanese Yen		2,324,517		2,326,802		(2,285	)
12/2/2016	Banc of America Securities	3,702,000 Euro		4,045,601		4,069,230		(23,629	)
12/2/2016	Goldman Sachs Bank USA	2,863,000 New Zealand Dollar		2,042,963		2,044,673		(1,710	)
12/2/2016	Societe Generale Securities	2,318,000 Pound Sterling		2,834,566		2,839,067		(4,501	)
12/2/2016	Banc of America Securities	61,000 Pound Sterling		74,114		74,712		(598	)
12/19/2016	Citigroup Global Markets	180,000,000 Japanese Yen		1,767,131		1,720,022		47,109
1/3/2017	Banc of America Securities	15,200,000 Danish Krone		2,297,548		2,250,418		47,130
1/3/2017	Citigroup Global Markets	1,610,000 Danish Krone		236,420		238,366		(1,946	)
1/3/2017	HSBC Bank USA, N.A.	1,414,000 Danish Krone		216,480		209,348		7,132
1/3/2017	JP Morgan Chase Bank, N.A.	715,000 Danish Krone		105,316		105,858		(542	)
1/3/2017	Citigroup Global Markets	315,000 Danish Krone		47,621		46,637		984
1/3/2017	HSBC Bank USA, N.A.	205,000 Danish Krone		30,842		30,351		491

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

58 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Settlement Date	Counterparty	Contracts to Deliver/Receive	Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
CONTRACTS SOLD (continued)
1/4/2017	JP Morgan Chase Bank, N.A.	6,800,000 Brazilian Real	$	1,599,624	$	2,087,812	$	(488,188	)
1/4/2017	Goldman Sachs Bank USA	6,800,000 Brazilian Real		1,590,867		2,087,812		(496,945	)
1/4/2017	Deutsche Bank AG	2,200,000 Brazilian Real		505,481		675,469		(169,988	)
1/4/2017	Deutsche Bank AG	500,000 Brazilian Real		118,546		153,516		(34,970	)
1/10/2017	Citigroup Global Markets	250,000,000 Japanese Yen		2,426,412		2,391,458		34,954
1/24/2017	Citigroup Global Markets	385,633,055 Colombian Peso		120,945		126,702		(5,757	)
1/24/2017	Barclays Bank International	231,738,000 Colombian Peso		78,000		76,139		1,861
2/6/2017	Citigroup Global Markets	80,000,000 Japanese Yen		763,370		766,085		(2,715	)
2/6/2017	Citigroup Global Markets	50,000,000 Japanese Yen		477,409		478,803		(1,394	)
2/6/2017	Citigroup Global Markets	50,000,000 Japanese Yen		477,286		478,803		(1,517	)
2/13/2017	Banc of America Securities	24,473,000 Mexican Peso		1,303,435		1,279,655		23,780
2/13/2017	HSBC Bank USA, N.A.	2,488,426 Mexican Peso		129,886		130,116		(230	)
2/15/2017	Barclays Bank International	18,404,841 Chinese Yuan Renminbi		2,703,771		2,707,908		(4,137	)
4/3/2017	Banc of America Securities	1,013,700 Danish Krone		153,871		150,742		3,129
4/3/2017	Banc of America Securities	715,300 Danish Krone		108,297		106,369		1,928
4/4/2017	JP Morgan Chase Bank, N.A.	4,100,000 Brazilian Real		1,189,268		1,227,834		(38,566	)
4/4/2017	JP Morgan Chase Bank, N.A.	4,100,000 Brazilian Real		1,180,196		1,227,834		(47,638	)
4/4/2017	JP Morgan Chase Bank, N.A.	3,700,000 Brazilian Real		1,060,521		1,108,044		(47,523	)
7/3/2017	Barclays Bank International	505,000 Danish Krone		77,036		75,443		1,593
10/2/2017	HSBC Bank USA, N.A.	5,780,000 Danish Krone		885,145		867,503		17,642
10/2/2017	JP Morgan Chase Bank, N.A.	625,000 Danish Krone		95,791		93,804		1,987
10/3/2017	HSBC Bank USA, N.A.	922,000 Danish Krone		140,527		138,387		2,140
1/3/2018	Deutsche Bank AG	7,600,000 Brazilian Real		2,139,838		2,161,916		(22,078	)
1/3/2018	JP Morgan Chase Bank, N.A.	2,600,000 Brazilian Real		718,728		739,602		(20,874	)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS							$	(718,138	)

At October 31, 2016, the Real Asset Fund had open financial futures contracts as follows:

Underlying Contracts to Buy/Sell	Expiration Date	Number of Contracts		Contract Amount		Contract at Value		Unrealized Appreciation (Depreciation)
LONG POSITIONS:
10—Year U.S Treasury Note Futures	December 2016		93	$	12,141,975	$	12,055,125	$	(86,850	)
5—Year U.S Treasury Note Futures	December 2016		28		3,401,654		3,382,312		(19,342	)
Euro—Bund Futures	December 2016		1		178,278		176,349		(1,929	)
SHORT POSITIONS:
10—Year Japanese Treasury Bond Futures (OSE)	December 2016		2	$	2,982,239	$	2,980,718	$	1,521
2—Year U.S Treasury Note Futures	December 2016		127		27,725,964		27,703,859		22,105
90—Day EURODollar Futures	December 2016		31		7,676,200		7,676,762		(562	)
Euro—BTP Futures	December 2016		1		159,741		154,636		5,105
Euro—OAT Bond Futures	December 2016		17		3,016,629		2,970,673		45,956
GBP Long Gilt Futures	December 2016		27		4,688,888		4,486,683		202,205
U.S Treasury Long Bond Futures	December 2016		40		6,831,828		6,508,750		323,078
NET UNREALIZED APPRECIATION (DEPRECIATION) ON
FINANCIAL FUTURES CONTRACTS								$	491,287

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 59

Wilmington Multi-Manager Real Asset Fund (continued)

At October 31, 2016, the Real Asset Fund had open interest rate swap contracts as follows:

Counterparty	Termination Date		Notional Amount		Fixed Rate			Floating Rate		Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CENTRALLY CLEARED
Chicago Mercantile Exchange#		6/15/18	$	1,200,000		1.25	%		3 Month USD LIBOR	$	3,774		$	5,605		$	(1,831	)
Chicago Mercantile Exchange#		12/16/20		2,000,000		2.00	%		3 Month USD LIBOR		(58,704	)		(48,929	)		(9,775	)
Chicago Mercantile Exchange#		12/21/21		7,300,000		1.50	%		3 Month USD LIBOR		(42,695	)		(115,809	)		73,114
Chicago Mercantile Exchange#		12/16/22		700,000		2.25	%		3 Month USD LIBOR		33,202			4,860			28,342
Chicago Mercantile Exchange#		10/02/25		1,100,000		2.35	%		3 Month USD LIBOR		(64,663	)		—			(64,663	)
Chicago Mercantile Exchange#		10/28/25		10,400,000		2.80	%		3 Month USD LIBOR		(384,460	)		(65,526	)		(318,934	)
Chicago Mercantile Exchange#		2/22/26		7,200,000		2.50	%		3 Month USD LIBOR		(152,532	)		—			(152,532	)
Chicago Mercantile Exchange#		3/16/26		4,250,000		2.40	%		3 Month USD LIBOR		(69,000	)		—			(69,000	)
Chicago Mercantile Exchange#		4/21/26		2,300,000		2.30	%		3 Month USD LIBOR		(25,544	)		—			(25,544	)
Chicago Mercantile Exchange#		4/27/26		2,800,000		2.30	%		3 Month USD LIBOR		(30,855	)		—			(30,855	)
London Clearing House#		6/15/26		1,300,000		2.25	%		3 Month USD LIBOR		(68,880	)		(77,948	)		9,068
Chicago Mercantile Exchange#		7/27/26		2,300,000		2.00	%		3 Month USD LIBOR		9,122			—			9,122
Chicago Mercantile Exchange*		7/27/26		850,000		1.85	%		3 Month USD LIBOR		9,192			—			9,192
London Clearing House*		12/21/26		8,000,000		1.75	%		3 Month USD LIBOR		(31,709	)		(175,387	)		143,678
Chicago Mercantile Exchange#		12/21/46		890,000		2.25	%		3 Month USD LIBOR		(33,312	)		(98,125	)		64,813
Chicago Mercantile Exchange#		9/18/23		140,000,000		1.00	%		6 Month JPY LIBOR		(92,067	)		(9,264	)		(82,803	)
Chicago Mercantile Exchange#		9/18/23		120,000,000		1.00	%		6 Month JPY LIBOR		(78,914	)		(6,099	)		(72,815	)
Chicago Mercantile Exchange#		3/20/24		60,000,000		1.00	%		6 Month JPY LIBOR		(41,863	)		(21,678	)		(20,185	)
London Clearing House*		6/15/31		900,000		0.82	%		UK RPI All Items NSA		(119,788	)		(104,556	)		(15,232	)
London Clearing House*		10/15/31		840,000		0.82	%		UK RPI All Items NSA		(2,328	)		—			(2,328	)
London Clearing House*		10/15/31		420,000		0.82	%		UK RPI All Items NSA		(10,267	)		—			(10,267	)
										$	(1,252,291	)	$	(712,856	)	$	(539,435	)
OVER THE COUNTER
JP Morgan Chase Bank, N.A.*		10/15/17	$	600,000		0.58	%		Eurostat Eurozone HICP Ex Tobacco	$	(1,674	)	$	—		$	(1,674	)
Deutsche Bank AG*		10/15/17		600,000		0.58	%		Eurostat Eurozone HICP Ex Tobacco		(1,674	)		(804	)		(870	)
Citibank NA#		5/15/18		2,000,000		0.83	%		Eurostat Eurozone HICP Ex Tobacco		(11,278	)		—			(11,278	)
Citibank NA*		8/15/18		400,000		6.56	%		Eurostat Eurozone HICP Ex Tobacco		(1,597	)		(325	)		(1,272	)
Citibank NA*		10/15/18		600,000		0.65	%		Eurostat Eurozone HICP Ex Tobacco		(1,678	)		—			(1,678	)
Societe Generale Securities*		10/15/18		600,000		0.68	%		Eurostat Eurozone HICP Ex Tobacco		(2,291	)		162			(2,453	)
Citibank NA*		5/15/21		1,500,000		0.88	%		Eurostat Eurozone HICP Ex Tobacco		8,638			—			8,638
Citibank NA#		5/15/26		400,000		1.18	%		Eurostat Eurozone HICP Ex Tobacco		(899	)		(64	)		(835	)
Goldman Sachs Bank USA*		8/15/26		600,000		1.14	%		France CPI EX Tobacco		(8,411	)		—			(8,411	)
Royal Bank of Scotland PLC*		8/15/26		400,000		1.14	%		France CPI EX Tobacco		(5,607	)		133			(5,740	)
Goldman Sachs Group, Inc.#		4/15/30		1,100,000		3.20	%		UK RPI All Items NSA		(61,878	)		—			(61,878	)
Goldman Sachs Group, Inc.#		5/15/30		350,000		3.32	%		UK RPI All Items NSA		(10,421	)		—			(10,421	)
Bank of America NA*		4/08/35		600,000		3.31	%		UK RPI All Items NSA		(48,290	)		—			(48,290	)
Credit Suisse International#		4/15/35		700,000		3.34	%		UK RPI All Items NSA		(48,544	)		346			(48,890	)
JP Morgan Chase Bank*		1/01/17		1,900,000		1.33	%		US Urban Consumers NSA		(5,892	)		—			(5,892	)
JP Morgan Chase Bank*		1/15/17		1,000,000		1.41	%		US Urban Consumers NSA		(2,854	)		—			(2,854	)
Goldman Sachs Group, Inc.#		2/12/17		500,000		2.42	%		US Urban Consumers NSA		(25,011	)		—			(25,011	)
JP Morgan Chase Bank*		4/15/17		1,600,000		2.00	%		US Urban Consumers NSA		(4,368	)		—			(4,368	)
RBS Securities, Inc.*		7/15/17		2,400,000		2.25	%		US Urban Consumers NSA		(126,439	)		35			(126,474	)
Citibank NA*		7/15/17		200,000		2.25	%		US Urban Consumers NSA		(10,537	)		7			(10,544	)
Bank of America NA*		10/16/17		200,000		1.01	%		US Urban Consumers NSA		1,996			—			1,996
Bank of America NA*		5/23/18		100,000		1.58	%		US Urban Consumers NSA		226			—			226
Bank of America NA*		6/07/18		300,000		1.57	%		US Urban Consumers NSA		736			—			736
Bank of America NA*		11/23/20		2,400,000		1.57	%		US Urban Consumers NSA		25,001			—			25,001

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

60 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

Counterparty	Termination Date	Notional Amount		Fixed Rate			Floating Rate	Fair Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank, N.A.#	7/26/21		500,000		1.55	%%	US Urban Consumers NSA	$	8,497		$	—		$	8,497
JP Morgan Chase Bank, N.A.*	7/26/21		500,000		1.73	%	US Urban Consumers NSA		(3,985	)		—			(3,985	)
JP Morgan Chase Bank#	9/12/21		460,000		1.60	%	US Urban Consumers NSA		5,927			—			5,927
Deutsche Bank AG*	5/12/25		2,800,000		2.06	%	US Urban Consumers NSA		49,110			—			49,110
Morgan Stanley Capital Services LLC#	7/18/26		500,000		1.79	%	US Urban Consumers NSA		(12,052	)		—			(12,052	)
Morgan Stanley Capital Services LLC#	7/19/26		800,000		1.81	%	US Urban Consumers NSA		(17,418	)		—			(17,418	)
Morgan Stanley Capital Services LLC*	7/20/26		500,000		1.81	%	US Urban Consumers NSA		(11,342	)		—			(11,342	)
JP Morgan Chase Bank*	9/12/26		460,000		1.80	%	US Urban Consumers NSA		(9,927	)		—			(9,927	)
JP Morgan Chase Bank*	9/15/26		300,000		1.78	%	US Urban Consumers NSA		(7,194	)		(308	)		(6,886	)
Morgan Stanley Capital Services LLC*	9/20/26		200,000		1.80	%	US Urban Consumers NSA		(4,397	)		—			(4,397	)
								$	(345,527	)	$	(818	)	$	(344,709	)
NET UNREALIZED (DEPRECIATION) ON INTEREST RATE SWAP CONTRACTS								$	(1,597,818	)	$	(713,674	)	$	(884,144	)

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 61

Wilmington Multi-Manager Real Asset Fund (continued)

At October 31, 2016, the Real Asset Fund had open credit default swap contracts as follows:

Counterparty	Termination Date	Notional Amount(a)		Fixed Rate			Reference Equity /Obligation	Implied Credit Spread at October 31,  2016 (b)		Fair Value(c)			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CENTRALLY CLEARED
Intercontinental
Exchange###	12/20/21	$	1,600,000		5.00	%	CDX HY27 5Y ICE		4.24%	$	(53,752	)	$	(60,044	)	$	6,292
Intercontinental
Exchange###	6/20/21		1,000,000		1.00	%	CDX IG26 5Y ICE		0.72%		(12,636	)		(11,781	)		(855	)
										$	(66,388	)	$	(71,825	)	$	5,437
OVER THE COUNTER
Deutsche Bank AG##	6/20/21	$	100,000		1.00	%	BRAZIL LA SP DUB		2.96%	$	(6,248	)	$	(8,147	)	$	1,899
Credit Suisse International##	6/20/21		200,000		1.00	%	BRAZIL LA SP FBF		2.59%		(12,496	)		(13,344	)		848
HSBC Bank USA,N.A.##	6/20/21		200,000		1.00	%	BRAZIL LA SP HUS		2.59%		(12,496	)		(13,384	)		888
JP Morgan Chase Bank, N.A.##	6/20/21		100,000		1.00	%	BRAZIL LA SP JPM		2.60%		(6,248	)		(6,732	)		484
Deutsche Bank AG##	10/17/57		400,000		0.50	%	CMBX.NA.AAA.8 SP DUB		1.18%		(7,994	)		(20,528	)		12,534
Goldman Sachs International##	10/17/57		400,000		0.50	%	CMBX.NA.AAA.8 SPGST		1.17%		(7,994	)		(25,691	)		17,697
Barclays Bank PLC##	6/20/21		100,000		1.00	%	COLOMBIA LA SP BRC		1.09%		(2,455	)		(2,989	)		534
Goldman Sachs International##	12/20/21		100,000		1.00	%	COLOMBIA LA SP GST		1.76%		(3,465	)		(3,612	)		147
HSBC Bank USA,N.A.##	6/20/21		100,000		1.00	%	COLOMBIA LA SP HUS		1.71%		(2,455	)		(3,075	)		620
HSBC Bank USA,N.A.##	12/20/21		100,000		1.00	%	COLOMBIA LA SP HUS		1.74%		(3,465	)		(3,543	)		78
Deutsche Bank AG##	6/20/21		200,000		1.00	%	MEXICO LA SP DUB		1.53%		(3,374	)		(4,569	)		1,195
JP Morgan Chase Bank, N.A.##	6/20/21		100,000		1.00	%	RUSSIA EM SP JPM		2.37%		(4,407	)		(5,808	)		1,401
Bank of America NA##	12/20/16		30,000		1.00	%	VOLKSWAGEN INTL SNR SP BOA		1.72%		74			(22	)		96
										$	(73,023	)	$	(111,444	)	$	38,421
NET UNREALIZED APPRECIATION (DEPRECIATION) ON CREDIT DEFAULT SWAP CONTRACTS										$	(139,411	)	$	(183,269	)	$	43,858

* Portfolio pays the fixed rate and receives the floating rate.

# Portfolio pays the floating rate and receives the fixed rate.

## The Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

### The Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

^(a) “Notional amount” represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

^(b) “Implied credit spreads”, represented in absolute terms, are utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of reporting date. Implied credit spreads serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

62 PORTFOLIOS OF INVESTMENTS

Wilmington Multi-Manager Real Asset Fund (continued)

^(c) “Fair value” of credit default swap agreements on asset-backed securities and credit indices serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

63

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Conservative Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
Investment Companies:	Total Net Assets
Debt Funds		60.7	%
Equity Funds		19.0	%
Exchange-Traded Funds		10.7	%
Alternative Investment Funds		7.6	%
Money Market Fund		1.9	%
Other Assets and Liabilities – Net1		0.1	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

	Number of
Description	Shares		Value
INVESTMENT COMPANIES—98.0%
ALTERNATIVE INVESTMENT FUNDS—7.6%
AQR Managed Futures Strategy Fund, Class I		155,401	$	1,518,265
Blackstone Alternative Multi-Strategy, Class Y		53,725		543,696
Legg Mason BW Absolute Return Opportunities Fund, Class I		45,395		536,566
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	2,598,527
DEBT FUNDS—60.7%
Fidelity Focused High Income		208,976		1,776,291
FPA New Income, Inc.		166,169		1,663,349
Wilmington Broad Market Bond Fund, Class I§		695,744		6,825,245
Wilmington Intermediate-Term Bond Fund, Class I§		1,052,650		10,558,081
TOTAL DEBT FUNDS			$	20,822,966
EQUITY FUNDS—19.0%
Diamond Hill Large Cap Fund, Class Y		27,313		629,023
Federated International Strategic Value Dividend Fund, Class I		97,436		342,977
Janus Enterprise Fund, Class I		5,913		549,449
LSV Value Equity Fund, Class I		26,332		634,336
Morgan Stanley Institutional Fund, Inc. - Growth Portfolio, Class I		14,762		577,946
T Rowe Price Institutional Large-Cap Growth Fund, Class I		20,551		595,160
Touchstone Small Cap Growth Fund, Class Y		31,004		167,109

	Number of
Description	Shares		Value
Victory Integrity Small-Cap Value Fund, Class Y		5,536	$	180,363
Wilmington Large-Cap Strategy Fund, Class I§		83,356		1,453,722
Wilmington Multi-Manager International Fund, Class I§		195,536		1,398,082
TOTAL EQUITY FUNDS			$	6,528,167
EXCHANGE-TRADED FUNDS—10.7
iShares Cohen & Steers REIT ETF		4,950		489,258
iShares Core MSCI Emerging Markets ETF		11,775		531,523
iShares Russell Mid-Cap Value ETF		5,525		413,933
iShares TIPS ETF		10,697		1,239,354
SPDR Dow Jones International Real Estate ETF		16,760		653,305
Vanguard Small-Cap ETF		2,875		337,008
TOTAL EXCHANGE-TRADED FUNDS			$	3,664,381
TOTAL INVESTMENT COMPANIES
(COST $32,739,450)			$	33,614,041

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

64 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

	Number of
Description	Shares		Value
MONEY MARKET FUND—1.9%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.28%^		668,682	$	668,682
TOTAL MONEY MARKET FUND (COST $668,682)			$	668,682

Description	Value
TOTAL INVESTMENTS – 99.9% (COST $33,408,132)	$	34,282,723
OTHER ASSETS LESS LIABILITIES – 0.1%		19,254
TOTAL NET ASSETS – 100.0%	$	34,301,977

Cost of investments for Federal income tax purposes is $33,775,311. The net unrealized appreciation/(depreciation) of investments was $507,412. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $1,117,059 and net unrealized depreciation from investments for those securities having an excess of cost over value of $609,647.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	33,614,041	$	—	$	—	$	33,614,041
Money Market Fund		668,682		—		—		668,682
Total	$	34,282,723	$	—	$	—	$	34,282,723

^ 7-Day net yield.

§ Affiliated company. See Note 5 in Notes to Financial Statements.

The following acronyms are used throughout this Fund:

ETF—Exchange Traded Fund

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipts

TIPS—Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

65

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Moderate Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
Investment Companies:	Total Net Assets
Equity Funds		48.9	%
Exchange-Traded Funds		14.6	%
Debt Funds		9.5	%
Alternative Investment Funds		6.7	%
U.S. Treasury		7.1	%
Corporate Bonds		6.6	%
Mortgage-Backed Securities		4.6	%
Collateralized Mortgage Obligations		0.5	%
Enhanced Equipment Trust Certificates		0.2	%
Cash Equivalents1		2.3	%
Other Assets and Liabilities – Net2		(1.0	)%
TOTAL		100.0	%

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

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

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

	Number of
Description	Shares		Value
INVESTMENT COMPANIES—79.7%
ALTERNATIVE INVESTMENT FUNDS—6.7%
AQR Managed Futures Strategy Fund, Class I		202,730	$	1,980,670
Blackstone Alt Multi-Strategy, Class Y		45,029		455,693
Legg Mason BW Absolute Return Opportunities Fund, Class I		38,569		455,885
TOTAL ALTERNATIVE INVESTMENT FUNDS			$	2,892,248
DEBT FUNDS—9.5%
Fidelity Focused High Income		267,067		2,270,066
FPA New Income, Inc.		183,278		1,834,611
TOTAL DEBT FUNDS			$	4,104,677
EQUITY FUNDS—48.9%
Diamond Hill Large Cap Fund, Class Y		83,364		1,919,883
Federated International Strategic Value Dividend Fund, Class I		327,918		1,154,272
Janus Enterprise Fund, Class I		16,063		1,492,773
LSV Value Equity Fund, Class I		80,358		1,935,832
Morgan Stanley Institutional Fund, Inc.—Growth Portfolio, Class I		42,956		1,681,722

	Number of
Description	Shares		Value
T Rowe Price Institutional Large-Cap Growth Fund, Class I		56,156	$	1,626,277
Touchstone Small Cap Growth Fund, Class Y		139,427		751,509
Victory Integrity Small-Cap Value Fund, Class Y		24,896		811,112
Wilmington Large-Cap Strategy Fund, Class I§		240,973		4,202,565
Wilmington Multi-Manager International Fund, Class I§		783,454		5,601,695
TOTAL EQUITY FUNDS			$	21,177,640
EXCHANGE-TRADED FUNDS—14.6
%iShares Cohen & Steers REIT ETF#		6,325		625,163
iShares Core MSCI Emerging		17,075		770,766
iShares Russell Mid-Cap Value ETF		14,125		1,058,245
iShares TIPS ETF		13,600		1,575,696
SPDR Dow Jones International Real Estate ETF		21,125		823,453
Vanguard Small-Cap ETF		12,550		1,471,111
TOTAL EXCHANGE-TRADED FUNDS			$	6,324,434
TOTAL INVESTMENT COMPANIES (COST $32,169,944)			$	34,498,999

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

66 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS—0.5%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—0.4%
Series 1988-23, Class C, 9.75%, 9/25/18	$	268	$	284
Series 2012-114, Class VM, 3.50%, 10/25/25		146,356		156,384
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	156,668
WHOLE LOAN—0.1%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.95%, 2/25/34D		30,543		30,450
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.30%, 11/25/35D		16,341		15,296
TOTAL WHOLE LOAN			$	45,746
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $210,478)			$	202,414
CORPORATE BONDS—6.6%
AEROSPACE & DEFENSE—0.0%**
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		21,000		21,022
BEVERAGES—0.2%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46		20,000		22,999
Dr. Pepper Snapple Group, Inc., Company Guaranteed, 2.00%, 1/15/20		10,000		10,057
Dr. Pepper Snapple Group, Inc., Company Guaranteed, 2.70%, 11/15/22		40,000		40,950
TOTAL BEVERAGES			$	74,006
BIOTECHNOLOGY—0.1%
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		25,000		25,546
Celgene Corp., Sr. Unsecured, 4.63%, 5/15/44		40,000		40,424
TOTAL BIOTECHNOLOGY			$	65,970
CAPITAL MARKETS—0.1%
BlackRock, Inc., Sr. Unsecured, 3.38%, 6/01/22		38,000		40,746
Charles Schwab Corp. (The), Sr. Unsecured, 2.20%, 7/25/18		15,000		15,225
TOTAL CAPITAL MARKETS			$	55,971
COMMERCIAL BANKS—0.9%
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		50,000		50,221
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		20,000		20,044
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		30,000		30,632
Citigroup, Inc., Sr. Unsecured, 6.00%, 8/15/17		100,000		103,523
Citigroup, Inc., Sr. Unsecured, 1.70%, 4/27/18		35,000		35,035

Description	Par Value		Value
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24	$	20,000	$	21,512
HSBC USA, Inc., Sr. Unsecured, 2.63%, 9/24/18		40,000		40,703
SunTrust Banks, Inc., Sr. Unsecured, 2.90%, 3/03/21		30,000		31,084
Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		40,000		40,085
Wells Fargo & Co., Series M, Subordinated, 3.45%, 2/13/23		35,000		35,997
TOTAL COMMERCIAL BANKS			$	408,836
COMMERCIAL FINANCE—0.2%
General Electric Capital Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17#		70,000		70,440
COMPUTERS—0.1%
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17		45,000		45,063
CONSUMER FINANCE—0.1%
American Express Co., Sr. Unsecured, FRN, 1.40%, 5/22/18D		30,000		30,075
DIVERSIFIED FINANCIAL SERVICES—0.4%
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		100,000		128,373
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		10,000		10,571
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		18,000		18,653
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	157,597
ELECTRIC—0.4%
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17		35,000		35,716
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23		10,000		10,814
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		90,000		99,365
Pacific Gas & Electric Co., Sr. Unsecured, 3.75%, 2/15/24#		20,000		21,691
TOTAL ELECTRIC			$	167,586
ELECTRONICS—0.0%**
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22		20,000		20,952
ENVIRONMENTAL CONTROL—0.1%
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24		35,000		37,108
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		25,000		26,851
TOTAL ENVIRONMENTAL CONTROL			$	63,959
FOREST PRODUCTS & PAPER—0.1%
International Paper Co., Sr. Unsecured, 4.75%, 2/15/22		35,000		38,898

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 67

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
Zimmer Biomet Holdings, Inc., Sr. Unsecured, 3.15%, 4/01/22	$	35,000	$	35,900
HEALTH CARE PROVIDERS & SERVICES—0.1%
Aetna, Inc., Sr. Unsecured, 4.38%, 6/15/46		20,000		20,419
UnitedHealth Group, Inc., Sr. Unsecured, 2.75%, 2/15/23		25,000		25,545
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	45,964
HOME FURNISHINGS—0.3%
Whirlpool Corp., Sr. Unsecured, 4.50%, 6/01/46		25,000		26,059
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		65,000		72,557
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43		10,000		11,405
TOTAL HOME FURNISHINGS			$	110,021
HOUSEHOLD PRODUCTS—0.1%
Tupperware Brands Corp., Company Guaranteed, 4.75%, 6/01/21#		60,000		65,379
INSURANCE—0.4%
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		40,000		42,902
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		35,000		36,485
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22		60,000		65,359
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		45,000		47,065
TOTAL INSURANCE			$	191,811
MEDIA—0.3%
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		25,000		25,489
Time Warner, Inc., Company Guaranteed, 4.85%, 7/15/45		25,000		26,793
Viacom, Inc., Sr. Unsecured, 2.50%, 12/15/16		60,000		60,093
Walt Disney Co., Sr. Unsecured, GMTN, 4.13%, 6/01/44		10,000		10,956
TOTAL MEDIA			$	123,331
METALS & MINING—0.1%
Rio Tinto Finance USA Ltd., Company Guaranteed, 9.00%, 5/01/19		24,000		28,247
MISCELLANEOUS MANUFACTURING—0.2%
Illinois Tool Works, Inc., Sr. Unsecured, 3.50%, 3/01/24		45,000		48,830
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21#		20,000		20,965
TOTAL MISCELLANEOUS MANUFACTURING			$	69,795

Description	Par Value		Value
OFFICE/BUSINESS EQUIPMENT—0.1%
Xerox Corp., Sr. Unsecured, 2.75%, 3/15/19	$	30,000	$	30,316
OIL & GAS—0.4%
BP Capital Markets PLC, Company Guaranteed, 2.50%, 11/06/22		50,000		50,481
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19#		30,000		30,508
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		20,000		20,053
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		20,000		22,069
Shell International Finance BV, Company Guaranteed, 3.25%, 5/11/25		25,000		25,819
Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		10,000		9,866
TOTAL OIL & GAS			$	158,796
PHARMACEUTICALS—0.2%
Abbvie, Inc., 2.50%, 5/14/20		30,000		30,430
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		20,000		19,979
Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		20,000		21,483
TOTAL PHARMACEUTICALS			$	71,892
PIPELINES—0.3%
Energy Transfer Partners LP, Sr. Unsecured, 3.60%, 2/01/23		35,000		34,828
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		45,000		51,067
Spectra Energy Partners LP, Sr. Unsecured, 4.50%, 3/15/45		25,000		24,971
TOTAL PIPELINES			$	110,866
REAL ESTATE INVESTMENT TRUSTS—0.8%
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		15,000		16,737
Digital Realty Trust LP, Company Guaranteed, 5.88%, 2/01/20		100,000		111,122
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		15,000		15,610
Health Care REIT, Inc., Sr. Unsecured, 4.70%, 9/15/17		100,000		102,824
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		40,000		40,795
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		15,000		15,328
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21		35,000		36,816
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	339,232
SEMICONDUCTORS—0.1%
Intel Corp., Sr. Unsecured, 2.70%, 12/15/22		35,000		36,227

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

68 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
TELECOMMUNICATIONS—0.2%
AT&T, Inc., Sr. Unsecured, 1.40%, 12/01/17	$	35,000	$	35,019
AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		15,000		14,968
AT&T, Inc., FRN, Sr. Unsecured, 1.74%, 11/27/18D		55,000		55,320
TOTAL TELECOMMUNICATIONS			$	105,307
TRANSPORTATION—0.2%
FedEx Corp., Company Guaranteed, 3.88%, 8/01/42		30,000		29,038
FedEx Corp., Company Guaranteed, 4.10%, 2/01/45		15,000		15,183
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		55,000		55,707
TOTAL TRANSPORTATION			$	99,928
TRUCKING & LEASING—0.0%**
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		20,000		20,753
TOTAL CORPORATE BONDS (COST $2,732,327)			$	2,864,140
ENHANCED EQUIPMENT TRUST CERTIFICATES—0.2%
AIRLINES—0.2%
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		55,390		62,522
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/22		42,192		50,103
TOTAL AIRLINES			$	112,625
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $96,894)			$	112,625
MORTGAGE-BACKED SECURITIES—4.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—2.4%
Pool C00478, 8.50%, 9/01/26		1,738		2,045
Pool A15865, 5.50%, 11/01/33		44,453		50,321
Pool A19412, 5.00%, 3/01/34		123,571		139,980
Pool G05774, 5.00%, 1/01/40		249,474		279,807
Pool C03517, 4.50%, 9/01/40		33,367		36,589
Pool C03849, 3.50%, 4/01/42		53,653		56,696
Pool C04305, 3.00%, 11/01/42		185,517		191,517
Pool C09020, 3.50%, 11/01/42		168,418		177,073
Pool G07889, 3.50%, 8/01/43		40,405		42,448
Pool Q23891, 4.00%, 12/01/43		53,882		57,942
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	1,034,418
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—2.1%
Pool 326445, 0.88%, 5/21/18		165,000		165,037

Description	Par Value		Value
Pool 580676, 1.63%, 11/27/18	$	165,000	$	167,279
Pool AB4089, 3.00%, 12/01/26		34,200		35,845
Pool 533246, 7.50%, 4/01/30		4,497		4,646
Pool AJ4050, 4.00%, 10/01/41		104,997		112,837
Pool AX5302, 4.00%, 1/01/42		32,294		34,711
Pool AT7899, 3.50%, 7/01/43		77,410		81,563
Pool AS0302, 3.00%, 8/01/43		77,637		80,179
Pool G60038, 3.50%, 1/01/44		134,382		141,294
Pool AL6325, 3.00%, 10/01/44		72,492		74,863
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	898,254
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)—0.1%
Pool 354677, 7.50%, 10/15/23		14,389		16,831
Pool 354765, 7.00%, 2/15/24		18,634		22,142
Pool 354827, 7.00%, 5/15/24		17,791		19,783
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	58,756
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,938,335)			$	1,991,428
U.S. TREASURY—7.1%
U.S. TREASURY BONDS—1.4%
2.50%, 2/15/46		65,000		63,889
3.00%, 11/15/44		53,000		57,660
3.00%, 11/15/45		8,000		8,700
3.13%, 8/15/44		11,000		12,254
3.38%, 5/15/44		139,000		162,016
3.63%, 2/15/44		87,000		105,892
4.38%, 5/15/40		120,000		161,226
4.75%, 2/15/37		21,000		29,458
TOTAL U.S. TREASURY BONDS			$	601,095
U.S. TREASURY NOTES—5.7%
0.63%, 9/30/17		40,000		39,977
0.88%, 10/15/17		360,000		360,580
1.13%, 2/28/21		250,000		248,698
1.50%, 12/31/18		87,000		88,095
1.50%, 3/31/19		100,000		101,353
1.50%, 11/30/19		40,000		40,580
1.50%, 8/15/26#		90,000		87,376
1.63%, 11/15/22		96,000		96,599
1.63%, 5/15/26		195,000		191,691
2.00%, 10/31/21		165,000		170,114
2.00%, 2/15/25		115,000		117,286
2.00%, 8/15/25		35,000		35,625
2.13%, 8/31/20		115,000		119,059
2.13%, 6/30/22		175,000		181,313
2.13%, 5/15/25		140,000		144,031

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 69

Wilmington Strategic Allocation Moderate Fund (continued)

Description	Par Value		Value
2.25%, 11/15/24	$	80,000	$	83,240
2.25%, 11/15/25		5,000		5,189
2.38%, 8/15/24		140,000		147,026
3.50%, 5/15/20		100,000		108,217
4.50%, 5/15/17		100,000		102,112
TOTAL U.S. TREASURY NOTES			$	2,468,161
TOTAL U.S. TREASURY (COST $2,950,684)			$	3,069,256
	Number of
	Shares
MONEY MARKET FUND—1.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		554,596	$	554,596
TOTAL MONEY MARKET FUND (COST $554,596)			$	554,596
TOTAL INVESTMENTS IN SECURITIES – 100.0% (COST $40,653,258)			$	43,293,458
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—1.0%
REPURCHASE AGREEMENTS—1.0%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $83,664, collateralized by U.S. Government & Treasury Securities 0.00% to 7.50%,maturing 11/15/16 to 11/01/46; total market value of $85,336.	$	83,663	$	$83,663
Daiwa Capital Markets America, 0.34%,dated 10/31/16, due 11/01/16, repurchase price $83,664, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $85,337.		83,663		83,663
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $83,664, collateralized by U.S. Government Securities 2.50% to 6.00%, maturing 1/01/28 to 9/01/46; total market value of $85,337.		83,663		83,663
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16,repurchase price $22,006, collateralized by U.S. Treasury Securities 0.63% to 3.13%,maturing 4/30/18 to 2/15/43; total market value of $22,446.		22,006		22,006
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16,repurchase price $83,664, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $85,336.		83,663		83,663

Description	Par Value		Value
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $83,664, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%,maturing 7/31/17 to 10/20/46; total marketvalue of $85,336.	$	83,663	$	83,663
TOTAL REPURCHASE AGREEMENTS			$	440,321
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $440,321)			$	440,321
TOTAL INVESTMENTS – 101.0% (COST $41,093,579)			$	43,733,779
COLLATERAL FOR SECURITIES ON LOAN – (1.0%)				(440,321	)
OTHER ASSETS LESS LIABILITIES – 0.0%**				11,329
TOTAL NET ASSETS – 100.0%			$	43,304,787

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

70 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Moderate Fund (concluded)

Cost of investments for Federal income tax purposes is $41,731,240. The net unrealized appreciation/(depreciation) of investments was $2,002,539. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,986,086 and net unrealized depreciation from investments for those securities having an excess of cost over value of $983,547.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	34,498,999	$	—	$	—	$	34,498,999
Collateralized Mortgage Obligations		—		202,414		—		202,414
Corporate Bonds		—		2,864,140		—		2,864,140
Enhanced Equipment Trust Certificates		—		112,625		—		112,625
Mortgage-Backed Securities		—		1,991,428		—		1,991,428
U.S. Treasury		—		3,069,256		—		3,069,256
Money Market Fund		554,596		—		—		554,596
Repurchase Agreements		—		440,321		—		440,321
Total	$	35,053,595	$	8,680,184	$	—	$	43,733,779

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

^ 7-Day net yield.

D Floating rate note with current rate and stated maturity date shown.

§ Affiliated company. See Note 5 in Notes to Financial Statements.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $128,373 representing 0.3% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

ETF—Exchange Traded Fund

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

FRN—Floating Rate Note

GMTN—Global Medium Term Note

GNMA—Government National Mortgage Association

LLC—Limited Liability Corporation

LP—Limited Partnership

MSCI—Morgan Stanley Capital International

MTN—Medium Term Note

PLC—Public Limited Company

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipts

TIPS—Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

71

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Strategic Allocation Aggressive Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
Investment Companies	Total Net Assets
Equity Funds		69.7	%
Exchange-Traded Funds		23.7	%
Alternative Investment Funds		7.1	%
Money Market Fund		0.2	%
Other Assets and Liabilities – Net1		(0.7	)%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

	Number of
Description	Shares		Value
INVESTMENT COMPANIES—100.5%
ALTERNATIVE INVESTMENT FUNDS—7.1%
AQR Managed Futures Strategy Fund, Class I		189,193	$	1,848,412
EQUITY FUNDS—69.7%
Diamond Hill Large Cap Fund, Class Y		64,592		1,487,543
Federated International Strategic Value Dividend Fund, Class I		314,146		1,105,792
Janus Enterprise Fund, Class I		11,689		1,086,238
LSV Value Equity Fund, Class I		62,374		1,502,589
Morgan Stanley Institutional Fund, Inc. —Growth Portfolio, Class I		32,735		1,281,595
T Rowe Price Institutional Large-Cap Growth Fund, Class I		48,225		1,396,595
Touchstone Small Cap Growth Fund, Class Y		97,076		523,239
Victory Integrity Small-Cap Value Fund, Class Y		16,612		541,227
Wilmington Large-Cap Strategy Fund, Class I§		161,730		2,820,572
Wilmington Multi-Manager International Fund, Class I§		905,588		6,474,953
TOTAL EQUITY FUNDS			$	18,220,343

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS—23.7%
iShares Cohen & Steers REIT ETF		2,330	$	230,297
iShares Core MSCI Emerging Markets ETF		40,850		1,843,969
iShares Russell Mid-Cap Value ETF		14,165		1,061,242
iShares TIPS ETF		4,800		556,128
SPDR Dow Jones International Real Estate ETF		6,510		253,760
Vanguard Small-Cap ETF		19,300		2,262,346
TOTAL EXCHANGE-TRADED FUNDS			$	6,207,742
TOTAL INVESTMENT COMPANIES
(COST $23,231,580)			$	26,276,497
MONEY MARKET FUND—0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		56,238		56,238
TOTAL MONEY MARKET FUND (COST $56,238)			$	56,238
TOTAL INVESTMENTS – 100.7% (COST $23,287,818)			$	26,332,735
OTHER LIABILITIES LESS ASSETS – (0.7%)				(176,987	)
TOTAL NET ASSETS – 100.0%			$	26,155,748

Cost of investments for Federal income tax purposes is $26,924,667. The net unrealized appreciation/(depreciation) of investments was $(591,932).This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,292,573 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,884,505.

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)

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

72 PORTFOLIOS OF INVESTMENTS

Wilmington Strategic Allocation Aggressive Fund (concluded)

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies	$	26,276,497	$	—	$	—	$	26,276,497
Money Market Fund		56,238		—		—		56,238
Total	$	26,332,735	$	—	$	—	$	26,332,735

^ 7-Day net yield.

§ Affiliated company. See Note 5 in Notes to Financial Statements.

The following acronyms are used throughout this Fund:

ETF—Exchange Traded Fund

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipts

TIPS—Treasury Inflation Protected Security

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 73

October 31, 2016 (unaudited)	Wilmington Multi-Manager International Fund			Wilmington Multi-Manager Alternatives Fund			Wilmington Multi-Manager Real Asset Fund
ASSETS:
Investments, at identified cost	$	372,855,700		$	99,053,447		$	504,848,270
Investments in securities, at value (Including $13,056,350, $0, and $3,183,393 of securities on loan, respectively) (Note 2)	$	392,729,821		$	100,831,700		$	531,658,627
Cash		124,319			2,033,206			33,152
Deposits for futures contracts		—			—			482,197
Deposits for securities sold short		—			22,163,457			—
Deposits for swaps		—			—			1,495,970
Cash denominated in foreign currencies		975,254	(a)		437,631	(a)		470,296	(a)
Variation margin receivable for centrally cleared swap agreements		—			—			6,143
Variation margin receivable for financial futures contracts		—			—			17,048
Income receivable		1,590,268			348,163			394,453
Receivable for shares sold		263,225			118,234			205,476
Over the counter swap agreements, at value (Including net upfront payments paid of $22)		—			—			100,205
Unrealized appreciation on foreign currency exchange contracts		80			—			750,849
Receivable for investments sold		353,173			2,280,630			21,888,377
Prepaid assets		27,555			21,426			581,593
TOTAL ASSETS		396,063,695			128,234,447			558,084,386
LIABILITIES:
Options written, at value		—			114,562	(b)		162,780	(b)
Deferred capital gains tax payable		65,290			—			—
Variation margin payable for centrally cleared swap agreements		—			—			58,658
Variation margin payable for financial futures contracts		—			—			37,518
Payable for securities sold short		—			21,288,280	(c)		—
Payable for investments purchased		321,956			3,679,554			99,700,672
Collateral for securities on loan		15,990,450			—			3,264,384
Due to broker for swap agreements		—			—			270,000
Due to prime broker for securities sold short		—			1,974,979			—
Over the counter swap agreements, at value (Including net upfront payments received of $112,240)		—			—			518,755
Unrealized depreciation on foreign currency exchange contracts		288			3			1,468,987
Payable for shares redeemed		421,270			71,459			419,576
Payable to sub-advisors		183,615			90,689			97,981
Payable for Trustees’ fees		2,381			2,381			2,381
Payable for distribution services fee		986			56			363
Payable for shareholder services fee		38,550			—			—
Other accrued expenses		308,870			67,949			224,417
TOTAL LIABILITIES		17,333,656			27,289,912			106,226,472
NET ASSETS	$	378,730,039		$	100,944,535		$	451,857,914
NET ASSETS CONSIST OF:
Paid-in capital	$	640,104,114		$	110,088,051		$	567,610,495
Undistributed (distributions in excess of) net investment income		(431,723	)		35,036			(9,110,235	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(280,793,562	)		(11,910,051	)		(132,688,439	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		19,851,210			2,731,499			26,046,093
TOTAL NET ASSETS	$	378,730,039		$	100,944,535		$	451,857,914
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	4,601,503		$	240,643		$	1,693,540
Shares outstanding (unlimited shares authorized)		648,032			24,078			124,438
Net Asset Value per share	$	7.10		$	9.99		$	13.61
Offering price per share*	$	7.51	**	$	10.57	**	$	14.40	**
Class I
Net Assets	$	374,128,536		$	100,703,892		$	450,164,374
Shares outstanding (unlimited shares authorized)		52,320,437			10,018,541			32,805,186
Net Asset Value per share	$	7.15		$	10.05		$	13.72

(a) Cost of cash denominated in foreign currencies was $994,651, $447,164 and $465,188, respectively.

(b) Premiums received for options written were $173,926 and $479,923, respectively.

(c) Proceeds received for securities sold short were $21,655,759.

* See “What Do Shares Cost?” 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

SEMI-ANNUAL REPORT / October 31, 2016

74 STATEMENTS OF ASSETS AND LIABILITIES (concluded)

October 31, 2016 (unaudited)	Wilmington Strategic Allocation Conservative Fund			Wilmington Strategic Allocation Moderate Fund			Wilmington Strategic Allocation Aggressive Fund
ASSETS:
Investments, at identified cost	$	33,408,132	(a)	$	41,093,579	(a)	$	23,287,818	(a)
Investments in securities, at value (Including $0, $430,617, and $0 of securities on loan, respectively) (Note 2)		34,282,723	(b)		43,733,779	(b)		26,332,735	(b)
Income receivable		33,683			68,192			33
Due from advisor		2,907			7,543			4,212
Receivable for shares sold		6,686			6,888			13,372
Prepaid assets		12,485			14,462			12,464
TOTAL ASSETS		34,338,484			43,830,864			26,362,816
LIABILITIES:
Collateral for securities on loan		—			440,321			—
Payable for shares redeemed		210			9,450			170,688
Payable for Trustees’ fees		2,381			2,381			2,381
Payable for distribution services fee		637			9,110			519
Other accrued expenses		33,279			64,815			33,480
TOTAL LIABILITIES		36,507			526,077			207,068
NET ASSETS	$	34,301,977		$	43,304,787		$	26,155,748
NET ASSETS CONSIST OF:
Paid-in capital	$	33,523,310		$	45,216,477		$	25,918,412
Undistributed (distributions in excess of) net investment income		59,380			62,379			28,272
Accumulated net realized gain (loss) on investments		(155,304	)		(4,614,269	)		(2,835,853	)
Net unrealized appreciation (depreciation) of investments and foreign currencies		874,591			2,640,200			3,044,917
TOTAL NET ASSETS	$	34,301,977		$	43,304,787		$	26,155,748
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	2,978,526		$	42,277,084		$	2,407,014
Shares outstanding (unlimited shares authorized)		282,173			4,001,978			212,314
Net Asset Value per share	$	10.56		$	10.56		$	11.34
Offering price per share*	$	11.17	**	$	11.17	**	$	12.00	**
Class I
Net Assets	$	31,323,451		$	1,027,703		$	23,748,734
Shares outstanding (unlimited shares authorized)		2,960,852			97,208			2,080,934
Net Asset Value per share	$	10.58		$	10.57		$	11.41

(a) Includes $19,546,091, $8,793,362 and $7,172,375 of investments in affiliated issuers, respectively.

(b) Includes $20,235,130, $9,804,260 and $9,295,525 of investments in affiliated issuers, respectively.

* See “What Do Shares Cost?” in the Prospectus.

** Computation of offering price per share 100/94.50 of net asset value.

See Notes which are an integral part of the Financial Statements

October 31, 2016 / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS 75

Six Months Ended October 31, 2016 (unaudited)	Wilmington Multi- Manager International Fund			Wilmington Multi- Manager Alternatives Fund			Wilmington Multi- Manager Real Asset Fund
INVESTMENT INCOME:
Dividends	$	6,023,631	(a)	$	582,308	(a)	$	4,288,338	(a)
Interest		2,839			1,253,825			3,173,509	(a)
Securities lending income		70,436			—			8,204
TOTAL INVESTMENT INCOME		6,096,906			1,836,133			7,470,051
EXPENSES:
Investment advisory fee		2,096,507			1,310,561			1,652,328
Administrative personnel and services fee		64,500			23,818			74,580
Portfolio accounting and administration fees		170,193			37,466			141,117
Custodian fees		261,719			22,774			114,121
Transfer and dividend disbursing agent fees and expenses		77,011			72,141			81,954
Trustees’ fees		26,051			26,051			26,051
Professional fees		98,879			65,204			62,044
Distribution services fee—Class A		5,913			877			2,203
Shareholder services fee—Class A		5,913			877			2,203
Shareholder services fee— Class I		501,993			186,692			584,932
Share registration costs		13,732			17,672			15,439
Printing and postage		11,473			14,328			12,278
Dividend expense on securities sold short		—			211,936			—
Prime broker interest expense		—			126,681			—
Interest expense on reverse repurchase agreements		—			—			5,031
Miscellaneous		30,581			16,734			28,355
TOTAL EXPENSES		3,364,465			2,133,812			2,802,636
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor/subadvisors		(697,119	)		(181,220	)		(251	)
Waiver of shareholder services fee—Class A		(5,913	)		(877	)		(2,203	)
Waiver of shareholder services fee—Class I		(263,282	)		(186,692	)		(584,932	)
TOTAL WAIVERS AND REIMBURSEMENTS		(966,314	)		(368,789	)		(587,386	)
Net expenses		2,398,151			1,765,023			2,215,250
Net investment income (loss)		3,698,755			71,110			5,254,801
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,191,946			1,979,601			3,660,896
Net realized gain (loss) on foreign currency transactions		(85,999	)		(34,716	)		(427,205	)
Net realized gain (loss) on futures contracts		—			(571,476	)		(263,796	)
Net realized gain (loss) on swap agreements		—			—			(958,546	)
Net realized gain (loss) on options purchased		—			(437,616	)		(170,518	)
Net realized gain (loss) on options written		—			871,428			242,989
Net realized gain (loss) on securities sold short		—			(2,300,279	)		5,490
Net change in unrealized appreciation (depreciation) on investments		1,572,737			421,260			(8,394,708	)
Net change in unrealized appreciation (depreciation) on foreign currency transactions		(86,306	)		(14,119	)		322,977
Net change in unrealized appreciation (depreciation) on futures contracts		—			1,586,469			369,939
Net change in unrealized appreciation (depreciation) on swap agreements		—			—			180,862
Net change in unrealized appreciation (depreciation) on options purchased		—			(103,508	)		(79,765	)
Net change in unrealized appreciation (depreciation) on options written		—			(52,109	)		146,551
Net change in unrealized appreciation (depreciation) on securities sold short		—			1,820,016			—
Net realized and unrealized gain (loss) on investments		2,592,378			3,164,951			(5,364,834	)
Change in net assets resulting from operations	$	6,291,133		$	3,236,061		$	(110,033	)

(a) Net of foreign withholding taxes withheld of $548,115, $24,158 and $223,375, respectively.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016

76 STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2016 (unaudited)	Wilmington Strategic Allocation Conservative Fund			Wilmington Strategic Allocation Moderate Fund			Wilmington Strategic Allocation Aggressive Fund
INVESTMENT INCOME:
Dividends	$	105,586		$	155,384		$	53,307
Dividends received from affiliated issuers		191,866			112,022			120,421
Interest		—			115,146			—
Securities lending income		—			5,246			—
TOTAL INVESTMENT INCOME		297,452			387,798			173,728
EXPENSES:
Investment advisory fee		70,161			90,486			55,713
Administrative personnel and services fee		5,570			7,182			4,422
Portfolio accounting and administration fees		17,600			13,240			17,598
Custodian fees		—			1,352			—
Transfer and dividend disbursing agent fees and expenses		2,146			43,702			2,615
Trustees’ fees		26,051			26,051			26,051
Professional fees		29,640			32,915			29,633
Distribution services fee—Class A		3,971			55,243			3,087
Shareholder services fee—Class A		3,971			55,243			3,087
Shareholder services fee—Class I		39,880			1,310			31,734
Share registration costs		14,295			9,918			14,556
Printing and postage		1,856			7,619			1,947
Miscellaneous		11,740			12,396			11,546
TOTAL EXPENSES		226,881			356,657			201,989
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(86,095	)		(134,016	)		(77,726	)
Waiver of shareholder services fee—Class A		(3,971	)		(55,243	)		(3,087	)
Waiver of shareholder services fee—Class I		(39,880	)		(1,310	)		(31,734	)
TOTAL WAIVERS AND REIMBURSEMENTS		(129,946	)		(190,569	)		(112,547	)
Net expenses		96,935			166,088			89,442
Net investment income		200,517			221,710			84,286
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(22,570	)		64,304			178,496
Net realized gain (loss) on affiliated investment companies		167,722			(51,398	)		146,371
Realized gain on distributions received from investment companies		32,786			—			85,074
Net change in unrealized appreciation (depreciation) of investments		128,440			426,141			75,562
Net change in unrealized appreciation (depreciation) of affiliated investment companies		(44,147	)		269,681			76,596
Net realized and unrealized gain (loss) on investments		262,231			708,728			562,099
Change in net assets resulting from operations	$	462,748		$	930,438		$	646,385

See Notes which are an integral part of the Financial Statements

October 31, 2016 / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 77

	Wilmington Multi-Manager International Fund						Wilmington Multi-Manager Alternatives Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	3,698,755		$	5,787,311		$	71,110		$	(291,344	)
Net realized gain (loss) on investments		1,105,947			(10,808,957	)		(493,058	)		(11,470,714	)
Net change in unrealized appreciation (depreciation) of investments		1,486,431			(52,586,995	)		3,658,009			(902,909	)
Change in net assets resulting from operations		6,291,133			(57,608,641	)		3,236,061			(12,664,967	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(52,561	)		(67,333	)		—			(34,136	)
Class I		(4,718,475	)		(6,200,624	)		—			(3,829,874	)
Distributions from net realized gain on investments
Class A		—			—			—			—
Class I		—			—			—			—
Change in net assets resulting from distributions to shareholders		(4,771,036	)		(6,267,957	)		—			(3,864,010	)
SHARE TRANSACTIONS:
Class A		19,141			351,433			2,417			393,012
Class I		36,214,168			57,572,702			6,456,068			30,547,196
Distributions reinvested
Class A		47,328			60,844			—			29,357
Class I		2,994,386			3,701,965			—			2,704,451
Cost of shares redeemed
Class A		(288,224	)		(799,243	)		(1,068,028	)		(1,702,665	)
Class I		(77,943,729	)		(122,199,388	)		(67,172,255	)		(52,313,966	)
Change in net assets resulting from share transactions		(38,956,930	)		(61,311,687	)		(61,781,798	)		(20,342,615	)
Change in net assets		(37,436,833	)		(125,188,285	)		(58,545,737	)		(36,871,592	)
NET ASSETS:
Beginning of period		416,166,872			541,355,157			159,490,272			196,361,864
End of period	$	378,730,039		$	416,166,872		$	100,944,535		$	159,490,272
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(431,723	)	$	640,558		$	35,036		$	(36,074	)
SHARES OF BENEFICIAL INTEREST:											.
Shares sold
Class A		2,690			47,244			245			36,602
Class I		5,132,680			8,226,926			648,314			2,971,611
Distributions reinvested
Class A		6,830			8,215			—			2,886
Class I		428,884			496,430			—			265,142
Shares redeemed
Class A		(40,508	)		(111,776	)		(107,515	)		(158,847	)
Class I		(10,912,600	)		(17,268,127	)		(6,674,268	)		(4,982,168	)
Net change resulting from share transactions		(5,382,024	)		(8,601,088	)		(6,133,224	)		(1,864,774	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016

78 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington Multi-Manager Real Asset Fund						Wilmington Strategic Allocation Conservative Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	5,254,801		$	7,339,659		$	200,517		$	486,470
Net realized gain (loss) on investments		2,089,310			(42,694,796	)		177,938			171,218
Net change in unrealized appreciation (depreciation) of investments		(7,454,144	)		21,341,618			84,293			(1,171,139	)
Change in net assets resulting from operations		(110,033	)		(14,013,519	)		462,748			(513,451	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		—			(100,231	)		(13,446	)		(44,041	)
Class I		—			(21,533,735	)		(174,027	)		(502,213	)
Distributions from net realized gain on investments
Class A		—			—			—			(60,335	)
Class I		—			—			—			(580,572	)
Change in net assets resulting from distributions to shareholders		—			(21,633,966	)		(187,473	)		(1,187,161	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		43,013			390,108			6,752			58,854
Class I		39,901,459			111,341,836			1,246,129			798,734
Distributions reinvested
Class A		—			70,793			12,445			96,211
Class I		—			10,809,455			168,234			1,059,315
Cost of shares redeemed
Class A		(110,435	)		(754,086	)		(265,479	)		(411,136	)
Class I		(42,799,224	)		(96,894,994	)		(1,685,287	)		(3,591,037	)
Change in net assets resulting from share transactions		(2,965,187	)		24,963,112			(517,206	)		(1,989,059	)
Change in net assets		(3,075,220	)		(10,684,373	)		(241,931	)		(3,689,671	)
NET ASSETS:
Beginning of period		454,933,134			465,617,507			34,543,908			38,233,579
End of period	$	451,857,914		$	454,933,134		$	34,301,977		$	34,543,908
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(9,110,235	)	$	(14,365,036	)	$	59,380		$	46,336
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		3,117			28,843			639			5,463
Class I		2,866,384			8,257,608			116,577			75,347
Distributions reinvested
Class A		—			5,219			1,177			9,193
Class I		—			793,039			15,887			100,902
Shares redeemed
Class A		(7,979	)		(56,589	)		(24,906	)		(38,770	)
Class I		(3,074,751	)		(7,222,474	)		(158,298	)		(337,298	)
Net change resulting from share transactions		(213,229	)		1,805,646			(48,924	)		(185,163	)

See Notes which are an integral part of the Financial Statements

October 31, 2016 / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 79

	Wilmington Strategic Allocation Moderate Fund						Wilmington Strategic Allocation Aggressive Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	221,710		$	565,960		$	84,286		$	216,157
Net realized gain (loss) on investments		12,906			830,718			409,941			1,065,006
Net change in unrealized appreciation (depreciation) of investments		695,822			(3,451,110	)		152,158			(2,943,318	)
Change in net assets resulting from operations		930,438			(2,054,432	)		646,385			(1,662,155	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(203,503	)		(704,866	)		(3,668	)		(22,866	)
Class I		(6,106	)		(19,318	)		(52,346	)		(270,232	)
Distributions from net realized gain on investments
Class A		—			(91,486	)		—			(71,500	)
Class I		—			(2,187	)		—			(731,588	)
Change in net assets resulting from distributions to shareholders		(209,609	)		(817,857	)		(56,014	)		(1,096,186	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		206,076			1,574,207			15,092			434,898
Class I		102,350			69,670			1,056,686			1,503,393
Distributions reinvested
Class A		189,139			746,484			3,581			92,297
Class I		621			3,257			18,272			779,862
Cost of shares redeemed
Class A		(3,430,265	)		(7,765,695	)		(100,172	)		(563,519	)
Class I		(219,681	)		(202,703	)		(3,564,480	)		(4,545,161	)
Change in net assets resulting from share transactions		(3,151,760	)		(5,574,780	)		(2,571,021	)		(2,298,230	)
Change in net assets		(2,430,931	)		(8,447,069	)		(1,980,650	)		(5,056,571	)
NET ASSETS:
Beginning of period		45,735,718			54,182,787			28,136,398			33,192,969
End of period	$	43,304,787		$	45,735,718		$	26,155,748		$	28,136,398
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	62,379		$	50,278		$	28,272		$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		19,476			147,792			1,338			36,090
Class I		9,975			6,507			92,228			132,660
Distributions reinvested
Class A		17,861			71,453			312			8,133
Class I		59			309			1,585			68,133
Shares redeemed
Class A		(323,906	)		(746,129	)		(8,845	)		(49,347	)
Class I		(21,284	)		(18,836	)		(312,270	)		(396,392	)
Net change resulting from share transactions		(297,819	)		(538,904	)		(225,652	)		(200,723	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016

80 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER INTERNATIONAL FUND^†

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	7.08		$	8.04		$	7.90		$	7.27		$	6.72		$	7.63		$	5.95
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.08			0.09			0.12			0.09			0.16			0.12
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.04			(0.95	)		0.17			0.63			0.57			(1.05	)		1.64
Total Income (Loss) From Operations		0.10			(0.87	)		0.26			0.75			0.66			(0.89	)		1.76
Less Distributions From:
Net Investment Income		(0.08	)		(0.09	)		(0.12	)		(0.12	)		(0.11	)		(0.02	)		(0.08	)
Total Distributions		(0.08	)		(0.09	)		(0.12	)		(0.12	)		(0.11	)		(0.02	)		(0.08	)
Net Asset Value, End of Period	$	7.10		$	7.08		$	8.04		$	7.90		$	7.27		$	6.72		$	7.63
Total Return(b)		1.42	%		(10.82	)%		3.29	%		10.53	%		10.17	%		(11.65	)%		29.57	%
Net Assets, End of Period(000’s)	$	4,601		$	4,810		$	5,909		$	6,107		$	6,301		$	6,682		$	571
Ratios to Average Net Assets
Gross Expense		1.90	%(c)		1.87	%		1.84	%		1.78	%		1.78	%		1.62	%(c)		1.59	%
Net Expenses(d)		1.31	%(c)		1.31	%		1.42	%		1.49	%		1.48	%		1.42	%(c)		1.58	%
Net Investment Income (Loss)		1.67	%(c)		1.15	%		1.20	%		1.64	%		1.38	%		2.77	%(c)		1.61	%
Portfolio Turnover Rate		38	%		71	%		78	%		49	%		72	%		85	%		98	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	7.13		$	8.09		$	7.94		$	7.30		$	6.75		$	7.66		$	5.97
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.07			0.09			0.10			0.13			0.10			0.06			0.10
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.03			(0.95	)		0.18			0.64			0.57			(0.94	)		1.67
Total Income (Loss) From Operations		0.10			(0.86	)		0.28			0.77			0.67			(0.88	)		1.77
Less Distributions From:
Net Investment Income		(0.08	)		(0.10	)		(0.13	)		(0.13	)		(0.12	)		(0.03	)		(0.08	)
Total Distributions		(0.08	)		(0.10	)		(0.13	)		(0.13	)		(0.12	)		(0.03	)		(0.08	)
Net Asset Value, End of Period	$	7.15		$	7.13		$	8.09		$	7.94		$	7.30		$	6.75		$	7.66
Total Return(b)		1.48	%		(10.70	)%		3.46	%		10.73	%		10.22	%		(11.45	)%		29.78	%
Net Assets, End of Period (000’s)	$	374,129		$	411,357		$	535,446		$	526,874		$	512,889		$	395,690		$	373,798
Ratios to Average Net Assets
Gross Expense		1.65	%(c)		1.62	%		1.59	%		1.53	%		1.54	%		1.42	%(c)		1.43	%
Net Expenses(d)		1.18	%(c)		1.18	%		1.29	%		1.36	%		1.35	%		1.38	%(c)		1.41	%
Net Investment Income (Loss)		1.82	%(c)		1.28	%		1.32	%		1.75	%		1.47	%		1.17	%(c)		1.38	%
Portfolio Turnover Rate		38	%		71	%		78	%		49	%		72	%		85	%		98	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

† Effective March 9, 2012, the Fund acquired all the assets and liabilities of the Wilmington Multi-Manager International Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the period prior to this date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 81

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER ALTERNATIVES FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012* through April 30, 2012
Net Asset Value, Beginning of Period	$	9.82		$	10.86		$	10.74		$	10.58		$	10.11		$	10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		(0.01	)		(0.05	)		(0.06	)		(0.04	)		0.00	%(b)		0.03
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.18			(0.75	)		0.35			0.34			0.56			0.08
Total Income (Loss) From Operations		0.17			(0.80	)		0.29			0.30			0.56			0.11
Less Distributions From:
Net Investment Income		—			(0.24	)		—			(0.01	)		(0.03	)		—
Net Realized Gains		—			—			(0.17	)		(0.13	)		(0.06	)		—
Total Distributions		—			(0.24	)		(0.17	)		(0.14	)		(0.09	)		—
Net Asset Value, End of Period	$	9.99		$	9.82		$	10.86		$	10.74		$	10.58		$	10.11
Total Return(c)		1.73	%		(7.48	)%		2.73	%		2.74	%		5.56	%		1.10	%
Net Assets, End of Period (000’s)	$	241		$	1,290		$	2,723		$	4,156		$	2,397		$	121
Ratios to Average Net Assets
Gross Expense		3.06	%(d)		2.89	%		3.04	%		3.30	%		3.98	%		4.66	%(d)(e)
Net Expenses(f)(g)		2.60	%(d)		2.46	%		2.68	%		2.71	%		2.84	%		2.89	%(d)(e)
Net Investment Income (Loss)		(0.19	)%(d)		(0.44	)%		(0.52	)%		(0.33	)%		0.00	%(h)		0.88	%(d)
Portfolio Turnover Rate		175	%		387	%		434	%		403	%		367	%		8	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period January 12, 2012* through April 30, 2012
Net Asset Value, Beginning of Period	$	9.86		$	10.88		$	10.74		$	10.56		$	10.08		$	10.00
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.00	(b)		(0.02	)		(0.03	)		0.00	(b)		0.03			0.06
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		0.19			(0.76	)		0.34			0.32			0.56			0.05
Total Income (Loss) From Operations		0.19			(0.78	)		0.31			0.32			0.59			0.11
Less Distributions From:
Net Investment Income		—			(0.24	)		—			(0.01	)		(0.05	)		(0.03	)
Net Realized Gains		—			—			(0.17	)		(0.13	)		(0.06	)		—
Total Distributions		—			(0.24	)		(0.17	)		(0.14	)		(0.11	)		(0.03	)
Net Asset Value, End of Period	$	10.05		$	9.86		$	10.88		$	10.74		$	10.56		$	10.08
Total Return(c)		1.93	%		(7.22	)%		2.91	%		3.01	%		5.91	%		1.10	%
Net Assets, End of Period (000’s)	$	100,704		$	158,200		$	193,639		$	207,530		$	44,660		$	24,935
Ratios to Average Net Assets
Gross Expense		2.84	%(d)		2.64	%		2.78	%		2.95	%		3.77	%		4.33	%(d)(e)
Net Expenses(f)(g)		2.35	%(d)		2.21	%		2.41	%		2.43	%		2.65	%		2.39	%(d)(e)
Net Investment Income (Loss)		0.10	%(d)		(0.16	)%		(0.27	)%		(0.04	)%		0.29	%		2.11	%(d)
Portfolio Turnover Rate		175	%		387	%		434	%		403	%		367	%		8	%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

82 FINANCIAL HIGHLIGHTS (continued)

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

(b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

(e) Ratio of expenses to average net assets was increased by 0.41% to include dividend and interest expenses related to securities sold short.

(f) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(g) Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets for the years and the periods presented would be:

	Class A			Class I
October 31, 2016 (unaudited)		2.15	%		1.90	%
April 30, 2016		2.15	%		1.90	%
April 30, 2015		2.19	%		1.95	%
April 30, 2014		2.23	%		1.98	%
April 30, 2013		2.24	%		1.98	%
April 30, 2012		2.48	%		1.98	%

(h) Represents less than 0.005%.

* Commencement of operations.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 83

For a share outstanding throughout each period.

WILMINGTON MULTI-MANAGER REAL ASSET FUND^†

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Year	$	13.63		$	14.77		$	14.81		$	15.55		$	14.28		$	14.00		$	12.10
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.14			0.21			0.13			0.10			0.18			(0.21	)		0.63
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.16	)		(0.68	)		0.04			(0.65	)		1.28			0.50			1.91
Total Income (Loss) From Operations		(0.02	)		(0.47	)		0.17			(0.55	)		1.46			0.29			2.54
Less Distributions From:
Net Investment Income		—			(0.67	)		(0.21	)		(0.19	)		(0.19	)		(0.01	)		(0.64	)
Total Distributions		—			(0.67	)		(0.21	)		(0.19	)		(0.19	)		(0.01	)		(0.64	)
Net Asset Value, End of Year	$	13.61		$	13.63		$	14.77		$	14.81		$	15.55		$	14.28		$	14.00
Total Return(b)		(0.15	)%		(3.09	)%		1.14	%		(3.46	)%		10.33	%		2.04	%		21.45	%
Net Assets, End of Year (000’s)	$	1,694		$	1,762		$	2,242		$	2,606		$	6,337		$	7,038		$	13,773
Ratios to Average Net Assets
Gross Expense		1.44	%(c)		1.48	%		1.49	%		1.54	%		1.55	%		1.33	%(c)		1.25	%
Net Expenses(d)		1.19	%(c)		1.23	%		1.23	%		1.28	%		1.27	%		1.28	%(c)		1.25	%
Net Investment Income (Loss)		2.00	%(c)		1.53	%		0.89	%		0.72	%		1.13	%		(1.86	)%(c)		4.64	%
Portfolio Turnover Rate		244	%		418	%		242	%		149	%		131	%		180	%		199	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Year	$	13.73		$	14.86		$	14.88		$	15.61		$	14.33		$	14.02		$	12.11
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.16			0.24			0.17			0.13			0.20			(0.09	)		0.65
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(0.17	)		(0.67	)		0.03			(0.64	)		1.30			0.41			1.94
Total Income (Loss) From Operations		(0.01	)		(0.43	)		0.20			(0.51	)		1.50			0.32			2.59
Less Distributions From:
Net Investment Income		—			(0.70	)		(0.22	)		(0.22	)		(0.22	)		(0.01	)		(0.68	)
Total Distributions		—			(0.70	)		(0.22	)		(0.22	)		(0.22	)		(0.01	)		(0.68	)
Net Asset Value, End of Year	$	13.72		$	13.73		$	14.86		$	14.88		$	15.61		$	14.33		$	14.02
Total Return(b)		0.00	%(e)		(2.89	)%		1.40	%		(3.20	)%		10.58	%		2.31	%		21.70	%
Net Assets, End of Year (000’s)	$	450,164		$	453,171		$	463,375		$	452,913		$	440,999		$	344,650		$	252,497
Ratios to Average Net Assets
Gross Expense		1.19	%(c)		1.23	%		1.24	%		1.29	%		1.31	%		1.08	%(c)		1.00	%
Net Expenses(d)		0.94	%(c)		0.98	%		0.98	%		1.03	%		1.02	%		1.02	%(c)		1.00	%
Net Investment Income (Loss)		2.24	%(c)		1.75	%		1.13	%		0.93	%		1.39	%		(0.74	)%(c)		4.82	%
Portfolio Turnover Rate		244	%		418	%		242	%		149	%		131	%		180	%		199	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

(e) Represents less than 0.005%.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Multi-Manager Real Asset Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

84 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION CONSERVATIVE FUND^†

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	10.47		$	10.97		$	10.95		$	11.03		$	10.61		$	10.60		$	9.66
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.12			0.09			0.12			0.18			0.17			0.26
Net Realized and Unrealized Gain (Loss) on Investments		0.09			(0.29	)		0.27			0.05			0.45			0.05			0.95
Total Income (Loss) From Operations		0.14			(0.17	)		0.36			0.17			0.63			0.22			1.21
Less Distributions From:
Net Investment Income		(0.05	)		(0.14	)		(0.12	)		(0.17	)		(0.21	)		(0.21	)		(0.27	)
Net Realized Gains		—			(0.19	)		(0.22	)		(0.08	)		—			—			—
Total Distributions		(0.05	)		(0.33	)		(0.34	)		(0.25	)		(0.21	)		(0.21	)		(0.27	)
Net Asset Value, End of Period	$	10.56		$	10.47		$	10.97		$	10.95		$	11.03		$	10.61		$	10.60
Total Return(b)		1.29	%		(1.50	)%		3.28	%		1.60	%		5.97	%		2.15	%		12.58	%
Net Assets, End of Period (000’s)	$	2,979		$	3,197		$	3,615		$	4,608		$	6,016		$	7,003		$	8,003
Ratios to Average Net Assets
Gross Expense(c)		1.52	%(d)		1.48	%		1.44	%		1.41	%		1.35	%		0.77	%(d)		0.60	%
Net Expenses(c)(e)		0.78	%(d)		0.78	%		0.85	%		0.75	%		0.72	%		0.63	%(d)		0.60	%
Net Investment Income (Loss)		0.92	%(d)		1.13	%		0.83	%		1.10	%		1.71	%		1.95	%(d)		2.54	%
Portfolio Turnover Rate		4	%		33	%		24	%		33	%		29	%		37	%		26	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	10.50		$	11.00		$	10.97		$	11.05		$	10.64		$	10.62		$	9.67
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.15			0.12			0.15			0.21			0.19			0.29
Net Realized and Unrealized Gain (Loss) on Investments		0.08			(0.29	)		0.28			0.05			0.43			0.06			0.95
Total Income (Loss) From Operations		0.14			(0.14	)		0.40			0.20			0.64			0.25			1.24
Less Distributions From:
Net Investment Income		(0.06	)		(0.17	)		(0.15	)		(0.20	)		(0.23	)		(0.23	)		(0.29	)
Net Realized Gains		—			(0.19	)		(0.22	)		(0.08	)		—			—			—
Total Distributions		(0.06	)		(0.36	)		(0.37	)		(0.28	)		(0.23	)		(0.23	)		(0.29	)
Net Asset Value, End of Period	$	10.58		$	10.50		$	11.00		$	10.97		$	11.05		$	10.64		$	10.62
Total Return(b)		1.32	%		(1.24	)%		3.63	%		1.85	%		6.13	%		2.44	%		12.96	%
Net Assets, End of Period (000’s)	$	31,323		$	31,347		$	34,619		$	37,653		$	41,918		$	45,299		$	55,226
Ratios to Average Net Assets
Gross Expense(c)		1.27	%(d)		1.23	%		1.19	%		1.16	%		1.10	%		0.52	%(d)		0.35	%
Net Expenses(c)(e)		0.53	%(d)		0.53	%		0.60	%		0.50	%		0.47	%		0.38	%(d)		0.35	%
Net Investment Income (Loss)		1.17	%(d)		1.38	%		1.07	%		1.34	%		1.95	%		2.20	%(d)		2.81	%
Portfolio Turnover Rate		4	%		33	%		24	%		33	%		29	%		37	%		26	%

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

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

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Conservative Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued) 85

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION MODERATE FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.40		$	10.98		$	10.47		$	9.86		$	9.26		$	9.70
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.12			0.10			0.10			0.13			0.11
Net Realized and Unrealized Gain (Loss) on Investments		0.16			(0.53	)		0.53			0.62			0.61			(0.42	)
Total Income (Loss) From Operations		0.21			(0.41	)		0.63			0.72			0.74			(0.31	)
Less Distributions From:
Net Investment Income		(0.05	)		(0.15	)		(0.12	)		(0.11	)		(0.14	)		(0.12	)
Net Realized Gains		—			(0.02	)		—			—			—			(0.01	)
Total Distributions		(0.05	)		(0.17	)		(0.12	)		(0.11	)		(0.14	)		(0.13	)
Net Asset Value, End of Period	$	10.56		$	10.40		$	10.98		$	10.47		$	9.86		$	9.26
Total Return(b)		2.02	%		(3.70	)%		6.09	%		7.34	%		8.12	%		(3.13	)%
Net Assets, End of Period (000’s)	$	42,277		$	44,607		$	52,860		$	57,317		$	60,640		$	65,285
Ratios to Average Net Assets
Gross Expense(c)		1.58	%(d)		1.52	%		1.46	%		1.45	%		1.45	%		1.64	%
Net Expenses(c)(e)		0.74	%(d)		0.74	%		0.80	%		0.84	%		0.84	%		0.79	%
Net Investment Income (Loss)		0.97	%(d)		1.14	%		0.90	%		0.94	%		1.36	%		1.26	%
Portfolio Turnover Rate		7	%		52	%		23	%		54	%		32	%		41	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.41		$	10.98		$	10.47		$	9.84		$	9.25		$	9.70
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.15			0.12			0.13			0.15			0.14
Net Realized and Unrealized Gain (Loss) on Investments		0.16			(0.53	)		0.54			0.63			0.61			(0.43	)
Total Income (Loss) From Operations		0.22			(0.38	)		0.66			0.76			0.76			(0.29	)
Less Distributions From:
Net Investment Income		(0.06	)		(0.17	)		(0.15	)		(0.13	)		(0.17	)		(0.15	)
Net Realized Gains		—			(0.02	)		—			—			—			(0.01	)
Total Distributions		(0.06	)		(0.19	)		(0.15	)		(0.13	)		(0.17	)		(0.16	)
Net Asset Value, End of Period	$	10.57		$	10.41		$	10.98		$	10.47		$	9.84		$	9.25
Total Return(b)		2.14	%		(3.42	)%		6.35	%		7.76	%		8.29	%		(2.87	)%
Net Assets, End of Period (000’s)	$	1,028		$	1,129		$	1,323		$	971		$	2,753		$	3,108
Ratios to Average Net Assets
Gross Expense(c)		1.33	%(d)		1.27	%		1.21	%		1.19	%		1.20	%		1.39	%
Net Expenses(c)(e)		0.49	%(d)		0.49	%		0.55	%		0.59	%		0.59	%		0.51	%
Net Investment Income (Loss)		1.22	%(d)		1.39	%		1.16	%		1.33	%		1.59	%		1.53	%
Portfolio Turnover Rate		7	%		52	%		23	%		54	%		32	%		41	%

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

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

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

86 FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period.

WILMINGTON STRATEGIC ALLOCATION AGGRESSIVE FUND^†

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	11.11		$	12.16		$	11.35		$	10.21		$	9.20		$	9.33		$	7.49
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.02			0.06			0.02			0.04			0.10			0.05			0.14
Net Realized and Unrealized Gain (Loss)on Investments		0.23			(0.70	)		0.87			1.17			1.02			(0.13	)		1.85
Total Income (Loss) From Operations		0.25			(0.64	)		0.89			1.21			1.12			(0.08	)		1.99
Less Distributions From:
Net Investment Income		(0.02	)		(0.10	)		(0.08	)		(0.07	)		(0.11	)		(0.05	)		(0.15	)
Net Realized Gains		—			(0.31	)		—			—			—			—			—
Total Distributions		(0.02	)		(0.41	)		(0.08	)		(0.07	)		(0.11	)		(0.05	)		(0.15	)
Net Asset Value, End of Period	$	11.34		$	11.11		$	12.16		$	11.35		$	10.21		$	9.20		$	9.33
Total Return(b)		2.22	%		(5.32	)%		7.89	%		11.84	%		12.26	%		(0.75	)%		26.66	%
Net Assets, End of Period (000’s)	$	2,407		$	2,439		$	2,731		$	2,974		$	3,205		$	3,074		$	3,502
Ratios to Average Net Assets
Gross Expense(c)		1.68	%(d)		1.59	%		1.48	%		1.50	%		1.46	%		0.88	%(d)		0.67	%
Net Expenses(c)(e)		0.87	%(d)		0.87	%		0.97	%		0.95	%		0.87	%		0.73	%(d)		0.67	%
Net Investment Income (Loss)		0.38	%(d)		0.48	%		0.19	%		0.34	%		1.10	%		0.75	%(d)		1.64	%
Portfolio Turnover Rate		18	%		51	%		20	%		72	%		43	%		17	%		34	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	11.18		$	12.21		$	11.39		$	10.24		$	9.22		$	9.35		$	7.51
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.04			0.08			0.05			0.06			0.13			0.07			0.17
Net Realized and Unrealized Gain (Loss)on Investments		0.21			(0.69	)		0.87			1.18			1.02			(0.13	)		1.84
Total Income (Loss) From Operations		0.25			(0.61	)		0.92			1.24			1.15			(0.06	)		2.01
Less Distributions From:
Net Investment Income		(0.02	)		(0.11	)		(0.10	)		(0.09	)		(0.13	)		(0.07	)		(0.17	)
Net Realized Gains		—			(0.31	)		—			—			—			—			—
Total Distributions		(0.02	)		(0.42	)		(0.10	)		(0.09	)		(0.13	)		(0.07	)		(0.17	)
Net Asset Value, End of Period	$	11.41		$	11.18		$	12.21		$	11.39		$	10.24		$	9.22		$	9.35
Total Return(b)		2.27	%		(5.01	)%		8.08	%		12.11	%		12.62	%		(0.62	)%		26.91	%
Net Assets, End of Period (000’s)	$	23,749		$	25,698		$	30,462		$	35,392		$	35,826		$	39,257		$	51,887
Ratios to Average Net Assets
Gross Expense(c)		1.44	%(d)		1.34	%		1.23	%		1.25	%		1.21	%		0.61	%(d)		0.42	%
Net Expenses(c)(e)		0.62	%(d)		0.62	%		0.72	%		0.70	%		0.62	%		0.48	%(d)		0.42	%
Net Investment Income (Loss)		0.63	%(d)		0.74	%		0.46	%		0.58	%		1.38	%		1.02	%(d)		1.89	%
Portfolio Turnover Rate		18	%		51	%		20	%		72	%		43	%		17	%		34	%

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

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

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Aggressive Asset Allocation Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

* Year end changed from June 30 to April 30.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 87

Wilmington Funds

October 31, 2016 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 14 portfolios, 6 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 Multi-Manager 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 Multi-Manager Alternatives Fund (“Alternatives Fund”)(d)	The Fund seeks to achieve long-term growth of capital through consistent returns from investments that have a low correlation to traditional asset classes.
Wilmington Multi-Manager Real Asset Fund (“Real Asset Fund”)(d)	The Fund seeks to achieve long-term preservation of capital with current income.
Wilmington Strategic Allocation Conservative Fund (“Strategic Allocation Conservative Fund”)(d)	The Fund seeks a high level of total return consistent with a conservative level of risk relative to other Wilmington Strategic Allocation Funds.
Wilmington Strategic Allocation Moderate Fund (“Strategic Allocation Moderate Fund”)(d)	The Fund seeks a high level of total return consistent with a moderate level of risk relative to the other Wilmington Strategic Allocation Funds.
Wilmington Strategic Allocation Aggressive Fund (“Strategic Allocation Aggressive Fund”)(d)	The Fund seeks a high level of total return consistent with an aggressive level of risk relative to other Wilmington Strategic Allocation Funds.

(d) Diversified

As of October 31, 2016, the Strategic Allocation Conservative Fund’s investment in the Intermediate-Term Bond Fund was 30.8% of the Fund’s total net assets. The financial statements of the Intermediate-Term Bond Fund, including the Portfolio of Investments, should be read in conjunction with the Strategic Allocation Conservative Fund’s financial statements. The financial statements of the Intermediate-Term Bond Fund are available, without charge, upon request by calling 1-800-836-2211, or on the SEC’s website at http://www.sec.gov.

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation – 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;

• futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (“Trustees”) may determine in good faith that another method of valuing such investments is necessary to appraise their fair value;

• forward foreign currency contracts are valued at the mean between the last bid and asked prices;

• investments in open-end regulated investment companies are valued at net asset value (“NAV”)

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

88 NOTES TO FINANCIAL STATEMENTS (continued)

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

• for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (“NYSE”). In computing their NAV, the Funds value foreign securities using the latest closing price on the primary exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value.

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2016, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period except as identified on pages 30 and 31. For Petrol AD, $3,673 was transferred from Level 1 to Level 2 and for Arrium Ltd. $0.01 was transferred from Level 1 to Level 2. This does not include transfers between Level 1 and Level 2 due to the International Fund, Alternatives Fund and the Real Asset Fund utilizing international fair value pricing during the period. 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. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

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

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

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

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

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash  Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
International Fund
Citigroup Global Markets, Inc.	$	3,038,251	$	3,038,251	$	—	$	—
Daiwa Capital Markets America		3,038,251		3,038,251		—		—
HSBC Securities USA, Inc.		3,038,251		3,038,251		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		799,195		799,195		—		—
Nomura Securities International, Inc.		3,038,251		3,038,251		—		—

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 89

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
RBC Dominion Securities, Inc.	$	3,038,251	$	3,038,251	$	—	$	—
	$	15,990,450	$	15,990,450	$	—	$	—
Real Asset Fund
Citigroup Global Markets, Inc.		620,248		620,248		—		—
Daiwa Capital Markets America		620,248		620,248		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		163,144		163,144		—		—
Nomura Securities International, Inc.		620,248		620,248		—		—
RBC Dominion Securities, Inc.		620,248		620,248		—		—
TD Securities (USA) LLC		620,248		620,248		—		—
	$	3,264,384	$	3,264,384	$	—	$	—
Strategic Allocation Moderate Fund
Citigroup Global Markets, Inc.		83,663		83,663		—		—
Daiwa Capital Markets America		83,663		83,663		—		—
HSBC Securities USA, Inc.		83,663		83,663		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		22,006		22,006		—		—
Nomura Securities International, Inc.		83,663		83,663		—		—
RBC Dominion Securities, Inc.		83,663		83,663		—		—
	$	440,321	$	440,321	$	—	$	—

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

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

Reverse Repurchase Agreements – Reverse repurchase agreements are repurchase agreements in which a Fund is the seller (rather than the buyer) of the security, and agrees to repurchase the security at an agreed upon time and price. A reverse repurchase agreement may be viewed as a type of borrowing by a Fund. Reverse repurchase agreements are subject to credit risks. In addition, reverse repurchase agreements create leverage risks because a Fund must repurchase the underlying security at a higher price, regardless of the market value of the security at the time of repurchase.

For the six months ended October 31, 2016, the Real Asset Fund had interest expense on reverse repurchase agreements totaling $5,031 and activity as follows:

Average Daily Balance*	Days Outstanding	Daily Weighted Average Interest Rate*	Interest Rate Range
$7,347,013	30	0.85%	0.85% - 0.85%

* Average based on the number of days the Fund had the reverse repurchase agreement outstanding. The interest rates shown are annualized.

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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.

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

Real Estate Investment Trusts – The Funds may invest in real estate investment trusts (“REITs”) that involve risks not associated with investing in stocks. Risks include declines in the value of real estate, general and economic conditions, changes in the value of the underlying property and defaults by borrowers. The value of assets in the real estate industry may go through cycles of relative underperformance

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

90 NOTES TO FINANCIAL STATEMENTS (continued)

and outperformance in comparison to equity securities markets in general. Dividend income is recorded using management’s estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted to the actual amounts when the amounts are determined.

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended October 31, 2016, the Funds did not incur any interest or penalties.

Warrants and Rights – Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Equity-linked warrants are purchased in order to own local exposure to certain countries in which the Funds are not locally registered. Warrants and rights are valued at fair value in accordance with the Trustees’ approved fair value procedures.

Foreign Currency Translation – The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (“FCs”) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the net realized and unrealized gain or loss on investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rates.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Fund 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 Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Securities Sold Short – Certain Funds may sell securities short. A short sale is a transaction in which the Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, the Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. The Funds are required to pay the lender any dividends declared on short positions. Such amounts are recorded on the ex-dividend date as dividends expense on securities sold short on the Statement of Operations.

In accordance with the terms of its prime brokerage agreement, the Funds may be charged a fee on borrowed securities. Such fees are calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds are required to maintain margin cash balances at the prime broker sufficiently to satisfy their short sales positions on a daily basis. The Funds are charged interest expense at the Fed Funds open rate plus 50 basis points on the amount of any shortfall in the required cash margin. The Funds record these prime broker charges on a net basis as Prime Broker interest expense on securities sold short on the Statement of Operations.

As of October 31, 2016, the Alternatives Fund had borrowings of $1,974,979. Interest expense on securities sold short for the six months ended October 31, 2016 totaled $34,458, and is included in the prime broker interest expense on the Statement of Operations.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 91

The Alternatives Fund had the following borrowings for the six months ended October 31, 2016:

Currency		Average Daily Balance*		Days Outstanding		Daily Weighted Average Interest Rate*			Interest Rate Range
United States Dollar	USD		1,573,008		184		0.89	%		0.78% - 0.92%
Australian Dollar	AUD		60,200		47		2.45	%		2.25% - 2.50%
Canadian Dollar	CAD		155,231		48		1.25	%		1.25% - 1.25%
Swiss Franc	CHF		33,455		8		0.75	%		0.75% - 0.75%
Danish Krone	DKK		75,004		19		0.80	%		0.80% - 0.80%
Euro	EUR		78,166		184		0.75	%		0.75% - 0.75%
Pound Sterling	GBP		287,766		184		1.12	%		1.01% - 1.27%
Hong Kong Dollar	HKD		57,986		1		1.04	%		1.04% - 1.04%
Japanese Yen	JPY		10,046,646		18		0.75	%		0.75% - 0.75%
Swedish Krona	SEK		1,136,371		6		0.75	%		0.75% - 0.75%
Singapore Dollar	SGD		239,255		6		1.50	%		1.50% - 1.50%

* Average based on the number of days the Fund had borrowings outstanding. The interest rates shown are annualized.

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 Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The Funds have the right under the lending agreement to recover the securities from the borrower on demand. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the 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 Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At October 31, 2016, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
International Fund	$	13,056,350	$	13,056,350	$	—
Real Asset Fund		3,183,393		3,183,393		—
Strategic Allocation Moderate Fund		430,617		430,617		—

⁽¹⁾  Collateral with a value of $15,990,450, $3,264,384 and $440,321, respectively, has been received in connection with securities lending transactions.

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

3. DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by requiring enhanced disclosures that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect and entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward currency contracts, futures and swaps, may exceed amounts recognized on the statements of assets and liabilities.

Options – Certain Funds may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign exchange rates, with respect to securities which the Fund currently owns or intends to purchase. A Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

92 NOTES TO FINANCIAL STATEMENTS (continued)

an adjustment to the proceeds from the sale or the cost of the purchase in determining whether a Fund has realized a gain or loss. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on options written. A Fund, as writer of options, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, a Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. A Fund, as purchaser of over-the-counter options, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

The Alternatives Fund had transactions in options written during the six months ended October 31, 2016 as follows:

	Number of Contracts			Premiums Received
Outstanding options at April 30, 2016		322		$	236,654
Options purchased		—			—
Option closed		—			—
Options written		2,010			1,430,236
Options expired		(1,951	)		(1,330,865	)
Options exercised		(169	)		(162,099	)
Options outstanding at October 31, 2016		212		$	173,926

The Real Asset Fund had transactions in options written during the six months ended October 31, 2016 as follows:

	Notional Amount*			Number of Contracts			Premiums Received
Options outstanding at April 30, 2016	$	87,540,000			221		$	554,951
Options closed		(41,800,000	)		(116	)		(175,699	)
Options written		61,189,000			325			297,424
Options expired		(43,024,000	)		(87	)		(136,137	)
Options exercised		(16,200,000	)		(77	)		(60,616	)
Options outstanding at October 31, 2016	$	47,705,000			266		$	479,923

* Reflects notional amount of Written Options.

The Real Asset Fund used interest rate options and options on swaps to enhance returns, manage interest rate risk, inflation risk, credit risk and volatility exposures. The Real Asset Fund used foreign currency options as a short or long hedge against possible variations in foreign exchange rates or as a means to gain exposure to foreign currencies. The Alternatives Fund used equity index options in an option absolute return strategy to generate premium income in a risk-managed fashion.

Forward Foreign Currency Contracts – Certain Funds may enter into foreign currency commitments or foreign currency exchange transactions. A Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge a Fund’s securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date. The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The Real Asset Fund 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.

Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, and prior to computing its NAV, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities. The Alternatives Fund used foreign exchange futures contracts to gain exposure to the foreign currency markets both on a long and short strategy. The Real Asset Fund used futures contracts to manage interest rate exposure, adjust duration and curve exposure and to gain exposure to foreign interest rates. The Real Asset Fund also used money market futures during the period in order to adjust the portfolio’s interest rate exposure on the front-end of the yield curve and to adjust the overall duration positioning of the portfolio.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 93

Swap Agreements – Certain Funds may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Payments received or paid by the Fund are recorded as realized gains or losses upon termination or maturity of the swap. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

Centrally cleared swap agreements are agreements executed through a broker but are cleared through a central counterparty (the “CCP”) and a Fund’s counterparty on the swap becomes the CCP. The Fund is required to interface with the CCP through a broker and upon entering into a centrally cleared swap is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of a particular swap. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the swap agreement, the Fund agrees to pay to or receive from the counterparty an amount of cash equal to the daily fluctuation in the value of the swap (“variation margin”). Such payments are recorded by the Fund as unrealized gains or losses until the contract is closed or settled at which point the gain or loss is realized.

The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position.

Interest rate swaps – Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to either maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments using interest rate swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty which may permit the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund, to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The Real Asset Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the portfolio entered into interest rate swap agreements. Additionally, the portfolio invested in interest rate swaps as a risk-neutral substitute for physical securities, to obtain exposure in markets where no physical securities were available, and to refine the risk exposure in the portfolio (i.e. duration, inflation, credit, maturity mix, etc.).

Credit default swap agreements – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues, sovereign issues of an emerging country or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

94 NOTES TO FINANCIAL STATEMENTS (continued)

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the footnotes to the Portfolios of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. The Real Asset Fund uses credit default swaps on corporate and sovereign issues to take an active long position with respect to the likelihood of a particular issuer’s default. The portfolio used credit default swaps on credit indices to adjust the portfolio’s overall credit exposure.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 95

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of October 31, 2016.

	Location on the Statement of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Credit Contracts	Variation margin receivable for centrally cleared swap agreements.* Over the counter swap agreements, at value.**	Options written, at value. Variation margin payable for centrally cleared swap agreements.* Over the counter swap agreements, at value.**
Interest rate contracts	Investments in securities, at value. Variation margin receivable for centrally cleared swap agreements.* Variation margin receivable for financial futures contracts.* Over the counter swap agreements, at value.**	Options written, at value. Variation margin payable for centrally cleared swap agreements.* Variation margin payable for financial futures contracts.* Over the counter swap agreements, at value.**
Currency contracts	Variation margin receivable for financial futures contracts.* Unrealized appreciation on forward foreign currency exchange contracts.**	Unrealized depreciation on forward foreign currency exchange contracts.** Options written, at value. Variation margin payable for financial futures contracts.*
Equity contracts	Investments in securities, at value.	Options written, at value.

* The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for centrally cleared swap and financial futures contracts. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until October 31, 2016.

** The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open.

	Asset Derivative Fair Value
Fund	Total Value		Equity Contracts		Currency Contracts		Interest Rate Contracts		Credit Contracts
International Fund
Forward Foreign Currency Contracts	$	80	$	—	$	80	$	—	$	—
Alternatives Fund
Financial Futures Contracts	$	553,155	$	—	$	553,155	$	—	$	—
Purchased Options		100,500		100,500		—		—		—
Totals	$	653,655	$	100,500	$	553,155	$	—	$	—
Real Asset Fund
Financial Futures Contracts	$	599,970	$	—	$	—	$	599,970	$	—
Forward Foreign Currency Contracts		750,849		—		750,849		—		—
Purchased Options		498,445		—		—		498,445		—
Swap Contracts		482,173		—		—		437,460		44,713
Totals	$	2,331,437	$	—	$	750,849	$	1,535,875	$	44,713
	Liability Derivative Fair Value
Fund	Total Value		Equity Contracts		Currency Contracts		Interest Rate Contracts		Credit Contracts
International Fund
Forward Foreign Currency Contracts	$	288	$	—	$	288	$	—	$	—
Alternatives Fund
Financial Futures Contracts	$	6,315	$	—	$	6,315	$	—	$	—
Forward Foreign Currency Contracts		3		—		3		—		—
Written Options		114,562		114,562		—		—		—
Totals	$	120,880	$	114,562	$	6,318	$	—	$	—
Real Asset Fund
Financial Futures Contracts	$	108,683	$	—	$	—	$	108,683	$	—
Forward Foreign Currency Contracts		1,468,987		—		1,468,987		—		—
Written Options		162,780		—		13,005		149,775		—
Swap Contracts		1,322,459		—		—		1,321,604		855
Totals	$	3,062,909	$	—	$	1,481,992	$	1,580,062	$	855

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

96 NOTES TO FINANCIAL STATEMENTS (continued)

The effect of derivative instruments on the Statements of Operations for the six months ended October 31, 2016 are as follows:

Derivative Type	Location on the Statement of Operations
Equity contracts	Net realized gain (loss) on futures contracts, options purchased and options written.
	Net change in unrealized appreciation (depreciation) on futures contracts, options purchased and options written.
Credit contracts	Net realized gain (loss) on swap agreements and options written.
	Net change in unrealized appreciation (depreciation) on swap agreements and options written.
Interest rate contracts	Net realized gain (loss) on futures contracts, swap agreements, options purchased and options written.
	Net change in unrealized appreciation (depreciation) on futures contracts, swap agreements, options purchased and options written.
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions, futures contracts and options written.
	Net change in unrealized appreciation (depreciation) on foreign currency transactions, futures contracts and options written.

	Total Realized Gain (Loss) on Derivatives Recognized in Results from Operations
Fund	Total			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit Contracts
International Fund
Forward Foreign Currency Contracts	$	(42,195	)	$	—		$	(42,195	)	$	—		$	—
Alternatives Fund
Financial Futures Contracts	$	(571,476	)	$	—		$	(571,476	)	$	—		$	—
Forward Foreign Currency Contracts		(3,459	)		—			(3,459	)		—			—
Purchased Option		(437,616	)		(437,616	)		—			—			—
Written Options		871,428			871,428			—			—			—
Totals	$	(141,123	)	$	433,812		$	(574,935	)	$	—		$	—
Real Asset Fund
Financial Futures Contracts	$	(263,796	)	$	—		$	—		$	(263,796	)	$	—
Forward Foreign Currency Contracts		(502,929	)		—			(502,929	)		—			—
Purchased Options		(170,518	)		—			(170,518	)		—			—
Written Options		242,989			—			30,409			183,708			28,872
Swap Contracts		(958,546	)		—			—			(918,903	)		(39,643	)
Totals	$	(1,652,800	)	$	—		$	(643,038	)	$	(998,991	)	$	(10,771	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives
	Recognized in Results from Operations
Fund	Total			Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Credit Contracts
International Fund
Forward Foreign Currency Contracts	$	(38,420	)	$	—		$	(38,420	)	$	—		$	—
Alternatives Fund
Financial Futures Contracts	$	1,586,469		$	—		$	1,586,469		$	—		$	—
Forward Foreign Currency Contracts		6			—			6			—			—
Purchased Options		(103,508	)		(103,508	)		—			—			—
Written Options		(52,109	)		(52,109	)		—			—			—
Totals	$	1,430,858		$	(155,617	)	$	1,586,475		$	—		$	—
Real Asset Fund
Financial Futures Contracts	$	369,939		$	—		$	—		$	369,939		$	—
Forward Foreign Currency Contracts		595,649			—			595,649			—			—
Purchased Options		(79,765	)		—			—			(79,765	)		—
Written Options		146,551			—			15,634			133,536			(2,619	)
Swap Contracts		180,862			—			—			128,336			52,526
Totals	$	1,213,236		$	—		$	611,283		$	552,046		$	49,907

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 97

The average volume of derivative activities for the six months ended October 31, 2016 are as follows.

	Asset Derivative Volume
Fund	Purchased Options1		Futures2		Forward Currency Contracts2
International Fund	$	—	$	—	$	725,209
Alternatives Fund		170,213		332,562		—
Real Asset Fund		729,431		25,505,029		24,339,449
	Liability Derivative Volume
Fund	Written Options3		Futures2		Forward Currency Contracts2
International Fund	$	—	$	—	$	1,098,123
Alternatives Fund		203,452		28,808,847		2,191
Real Asset Fund		544,529		42,664,110		54,369,959
Fund	Interest Rate Swaps4		Swap Volume Credit Default Swaps (purchase protection)4		Credit Default Swaps (sell protection)4
Real Asset Fund	$	372,490,000	$	10,300,000	$	2,030,000

¹  Cost.

²  Contract Value.

³ Premiums Received.

⁴  Notional 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 the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the Fund’s portfolio or Statements of Assets and Liabilities.

At October 31, 2016, derivative assets and liabilities (by type) held by the Funds are as follows:

Fund	Assets		Liabilities
International Fund
Derivative Financial Instruments:
Forward foreign currency contracts	$	80	$	288
Total derivative assets and liabilities in the Statements of Assets and Liabilities		80		288
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA	$	80	$	288
Alternatives Fund
Derivative Financial Instruments:
Forward foreign currency contracts	$	—	$	3
Options		100,500		114,562
Total derivative assets and liabilities in the Statements of Assets and Liabilities		100,500		114,565
Derivatives not subject to a MA or similar agreement		—		—
Total assets and liabilities subject to a MA	$	100,500	$	114,565

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

98 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Assets		Liabilities
Real Asset Fund
Derivative Financial Instruments:
Financial futures contracts	$	17,048	$	37,518
Forward foreign currency contracts		750,849		1,468,987
Options		498,445		162,780
Swaps		106,348		577,413
Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,372,690		2,246,698
Derivatives not subject to a MA or similar agreement		85,556		371,188
Total assets and liabilities subject to a MA	$	1,287,134	$	1,875,510

At October 31, 2016, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:

Fund/Counterparty	Derivative Assets Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
International Fund
Bank of New York	$	47		$	(47	)	$	—	$	—	$	—
JP Morgan Securities		5			(5	)		—		—		—
WestPac Bank		28			(28	)		—		—		—
Total Derivative Assets	$	80		$	(80	)	$	—	$	—	$	—
	Derivative Liabilities Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Bank of New York	$	(252	)	$	47		$	—	$	—	$	(205	)
JP Morgan Securities		(23	)		5			—		—		(18	)
WestPac Bank		(13	)		28			—		—		15
Total Derivative Liabilities	$	(288	)	$	80		$	—	$	—	$	(208	)
	Derivative Assets Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Alternatives Fund
Merrill Lynch, Pierce, Fenner & Smith Inc.	$	52,941		$	(52,941	)	$	—	$	—	$	—
Oppenheimer & Co., Inc.		772			(772	)		—		—		—
Wolverine Execution Services, LLC		44,887			(44,887	)		—		—		—
Morgan Stanley & Co. LLC		1,900			—			—		—		1,900
Total Derivative Assets	$	100,500		$	(98,600	)	$	—	$	—	$	1,900
	Derivative Liabilities Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Bank of New York	$	(3	)	$	—		$	—	$	—	$	(3	)
Merrill Lynch, Pierce, Fenner & Smith Inc.		(96,870	)		52,941			43,929		—		—
Oppenheimer & Co., Inc.		(12,285	)		772			11,513		—		—
Wolverine Execution Services, LLC		(5,407	)		5,407			—		—		—
Total Derivative Liabilities	$	(114,565	)	$	59,120		$	55,442	$	—	$	(3	)

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 99

Fund/Counterparty	Derivative Assets Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount of Derivative Assets(2)
Real Asset Fund
Banc of America Securities	$	157,002		$	(24,227	)	$	—	$	—	$	132,775
Banco Santander Brasil		3,869			(3,853	)		—		—		16
Barclays Bank International		41,309			—			—		—		41,309
Citigroup Global Markets		187,872			(49,770	)		—		—		138,102
Deutsche Bank AG		269,180			(269,180	)		—		—		—
Goldman Sachs Bank USA		108,029			(108,029	)		—		—		—
HSBC Bank USA, N.A.		212,042			(230	)		—		—		211,812
JP Morgan Chase Bank, N.A.		57,824			(57,824	)		—		—		—
Morgan Stanley Capital Services LLC		245,823			(165,398	)		—		—		80,425
Societe Generale Securities		4,184			(4,184	)
Total Derivative Assets	$	1,287,134		$	(682,695	)	$	—	$	—	$	604,439
	Derivative Liabilities Subject to a MA			Derivatives Available for Offset			Non-Cash Collateral Pledged(3)		Cash Collateral Pledged(3)		Net Amount of Derivative Liabilities(4)
Banc of America Securities	$	(24,227	)	$	24,227		$	—	$	—	$	—
Banco Santander Brasil		(3,853	)		3,853			—		—		—
Brown Brothers Harriman & Co.		(284	)		—			—		—		(284	)
Citigroup Global Markets		(49,770	)		49,770			—		—		—
Credit Suisse International		(60,522	)		—			—		—		(60,522	)
Deutsche Bank AG		(285,437	)		269,180			—		—		(16,257	)
Goldman Sachs Bank USA		(627,355	)		108,029			—		—		(519,326	)
HSBC Bank USA, N.A.		(230	)		230			—		—		—
JP Morgan Chase Bank, N.A.		(643,828	)		57,824			—		—		(586,004	)
Morgan Stanley Capital Services LLC		(165,398	)		165,398			—		—		—
Societe Generale Securities		(14,606	)		4,184			—		—		(10,422	)
Total Derivative Liabilities	$	(1,875,510	)	$	682,695		$	—	$	—	$	(1,192,815	)

⁽¹⁾ Excess of collateral received is not shown for financial reporting purposes.

⁽²⁾ Net amount represents the net amount receivable in the event of default.

⁽³⁾ Excess of collateral pledged is not shown for financial reporting purposes.

⁽⁴⁾ Net amount represents the net amount payable due in the event of default.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

100 NOTES TO FINANCIAL STATEMENTS (continued)

4. FEDERAL TAX INFORMATION

As of April 30, 2016, there were no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2015, 2014 and 2013, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

	2016				2015
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
International Fund	$	6,267,957	$	—	$	8,485,252	$	—
Alternatives Fund		3,864,010		—		1,957,694		1,461,848
Real Asset Fund		21,633,966		—		7,000,154		—
Strategic Allocation Conservative Fund		551,402		635,759		537,025		740,300
Strategic Allocation Moderate Fund		724,184		93,673		649,387		—
Strategic Allocation Aggressive Fund		263,237		832,949		286,179		—

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

As of April 30, 2016, 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 Deferrals
International Fund	$	1,989,555	$	—	$	—		$	12,373,039		$	(264,709,445	)	$	(12,547,321	)
Alternatives Fund		11,676		—		(175,366	)		(2,683,582	)		(9,532,305	)		—
Real Asset Fund		—		—		(1,270,126	)		21,569,615			(128,731,467	)		(7,210,570	)
Strategic Allocation Conservative Fund		46,336		33,937		—			423,119			—			—
Strategic Allocation Moderate Fund		50,276		—		—			1,306,718			(3,751,410	)		(238,103	)
Strategic Allocation Aggressive Fund		—		391,055		—			(744,090	)		—			—

At April 30, 2016, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the (“Code”) and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

									Total Capital Loss Carryforwards
	Capital Loss Available Through				Short-Term No Expiration		Long-Term No Expiration
Fund	2017		2018
International Fund	$	236,603,604	$	28,105,841	$	—	$	—	$	264,709,445
Alternatives Fund		—		—		8,499,880		1,032,425		9,532,305
Real Asset Fund		—		93,032,464		8,648,017		27,050,986		128,731,467
Strategic Allocation Moderate Fund		2,904,644		846,766		—		—		3,751,410

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 101

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2016 are as follows:

Fund	Ordinary Post-December Losses		Short-Term Post-October/ Late Year Capital Losses		Long-Term Post-October/ Late Year Capital Losses
International Fund	$	—	$	7,497,667	$	5,049,654
Real Asset Fund		7,210,570		—		—
Strategic Allocation Moderate Fund		—		238,103		—

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

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

The International Fund, Alternatives Fund and Real Asset Fund, utilize a multi-manager strategy, whereby WFMC allocates all or a portion of the Funds’ assets among a number of sub-advisors. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below. Certain sub-advisors have entered into an agreement with WFMC to waive their fees to the extent that the fee calculation determined by taking into account similarly managed assets in the accounts of clients of WFMC or its affiliates, results in a fee that is less than the fee calculation under the sub-advisory agreement.

Fund	Advisory Fee Annual Rate
International Fund		0.45	%
Alternatives Fund		0.95	%
Real Asset Fund		0.45	%
Strategic Allocation Conservative Fund		0.40	%
Strategic Allocation Moderate Fund		0.40	%
Strategic Allocation Aggressive Fund		0.40	%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2017, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC, nor the Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

	Current Contractual Expense Limitations
Fund	Class A			Class I
International Fund		1.31	%		1.18	%
Alternatives Fund		2.15	%		1.90	%
Real Asset Fund		1.23	%		0.98	%
Strategic Allocation Conservative Fund		0.78	%		0.53	%
Strategic Allocation Moderate Fund		0.74	%		0.49	%
Strategic Allocation Aggressive Fund		0.87	%		0.62	%

Fund	Gross Fees		Fees Waived			Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
International Fund
WFMC	$	914,232	$	(696,053	)	0.45%
Sub-advisors:
Dimensional Fund Advisors LP		45,062		(1,066	)	0.45% on the first $50 million in assets; and
						0.30% on assets in excess of $50 million
J O Hambro Capital Management Limited		426,761		—		0.70%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

102 NOTES TO FINANCIAL STATEMENTS (continued)

Fund	Gross Fees		Fees Waived			Current Fee as a % of average net asset of the Fund/ Allocated Net Assets for Sub-advisors
LSV Asset Management		142,100		—		0.49%
Northern Cross LLC		243,375		—		0.55% on the first $1 billion in assets; and
						0.50% on assets in excess $1 billion
Oberweis Asset Management, Inc.		162,138		—		1.00% on the first $50 million;
						0.90% on the next $50 million; and
						0.80% on assets in excess of $100 million
Parametric Portfolio Associates LLC		27,968		—		0.275% on the first $50 million in assets; and
(Developed Country Index Replication Strategy)						0.20% on assets in excess of $50 million
Parametric Portfolio Associates LLC		134,871		—		0.60% on the first $100 million in assets; and
(Emerging Markets Strategy)						0.55% on assets in excess of $100 million
Total(a)		2,096,507		(697,119	)
Alternatives Fund
WFMC		712,765		(181,220	)	0.95%
Sub-advisors:
Acuity Capital Management, LLC*		56,331		—		1.00%
Analytic Investors, LLC		89,868		—		0.75% of the first $20 million of assets; and 0.70% of the next $80 million of assets; and 0.625% of assets in excess of $100 million
Highland Capital Healthcare Advisors, LP		81,358		—		1.00%
Highland Capital Management Fund Advisors, LP		117,597		—		0.90%
Parametric Risk Advisers		67,678		—		0.90% of the first $20 million of assets; and 0.75% of the next $20 million of assets; and 0.60% of the next $20 million of assets; and 0.525% of the next $40 million of assets; and 0.45% of assets in excess of $100 million.
P\E Global LLC		75,174		—		1.00%
Shelton Capital Management*		109,790		—		1.00%
Total(b)		1,310,561		(181,220	)
Real Asset Fund
WFMC		1,056,845		—		0.45% on all Assets except assets allocated to the inflation- protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.
Sub-advisors:
CBRE Clarion Securities LLC		224,665		—		0.65% on the first $50 million in assets; 0.55% of the next $50 million in assets; and 0.45% of assets in excess of $100 million
Pacific Investment Management Company, LLC**		232,698		—		0.25%
Parametric Portfolio Associates LLC		138,120		(251	)	0.25% on the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $40 million
Total(c)		1,652,328		(251	)
Strategic Allocation Conservative Fund	$	70,161	$	(86,095	)	0.40%
Strategic Allocation Moderate Fund		90,486		(134,016	)	0.40%
Strategic Allocation Aggressive Fund		55,713		(77,726	)	0.40%

* Shelton Capital Management acquired Acuity Capital Management, LLC on June 30, 2016.

** Pacific Investment Management Company LLC fees changed effective June 1, 2016. Prior to June 1, Pacific Investment Management Company LLC fees were 0.2875% per annum.

^(a)  The total gross advisory and sub-advisory fees during the period were 1.03% for the International Fund

^(b)  The total gross advisory and sub-advisory fees during the period were 1.75% for the Alternatives Fund

^(c)  The total gross advisory and sub-advisory fees during the period were 0.70% for the Real Asset Fund

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 103

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	on assets in excess of $10 billion
BNYM		0.0285	%	on the first $500 million
		0.0280	%	on the next $500 million
		0.0275	%	on assets in excess of $1 billion

BNYM and WFMC 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 BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2016, WFMC did not waive any administrative personnel and services fees.

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

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

For the six months ended October 31, 2016, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received a portion of the fees paid by the Funds which are listed below:

Fund	Distribution Fees
International Fund	$	2,202
Alternatives Fund		21
Real Asset Fund		971
Strategic Allocation Conservative Fund		3,856
Strategic Allocation Moderate Fund		53,307
Strategic Allocation Aggressive Fund		2,815

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

104 NOTES TO FINANCIAL STATEMENTS (continued)

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the six months ended October 31, 2016, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges from Class A
International Fund	$	173
Alternatives Fund		16
Real Asset Fund		270
Strategic Allocation Conservative Fund		318
Strategic Allocation Moderate Fund		10,168
Strategic Allocation Aggressive Fund		749

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2016, M&T received a portion of the fees paid by the following Fund which is listed below:

Fund	Shareholder Services Fee
International Fund	$	227,794

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

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Funds’ distributor. Transactions with affiliated companies during the six months ended October 31, 2016 are as follows:

Fund/Affiliated Fund Name	Balance of Shares Held 4/30/16		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 10/31/16		Value at 10/31/16		Dividend Income(a)		Realized Gain/(Loss)(b)
Strategic Allocation Conservative Fund:
Wilmington Large-Cap Strategy Fund		128,434		1,007		46,085		83,356	$	1,453,722	$	17,339	$	165,583
Wilmington Intermediate-Term Bond Fund		1,048,923		7,096		3,369		1,052,650		10,558,081		86,256		165
Wilmington Multi-Manager International Fund		156,172		39,364		—		195,536		1,398,082		13,518		—
Wilmington Broad Market Bond Fund		699,293		6,320		9,869		695,744		6,825,245		74,753		1,974
TOTAL				53,787		59,323			$	20,235,130	$	191,866	$	167,722

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 105

Fund/Affiliated Fund Name	Balance of Shares Held 4/30/16		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 10/31/16		Value at 10/31/16		Dividend Income(a)		Realized Gain/(Loss)(b)
Strategic Allocation Moderate Fund:
Wilmington Large Cap Strategy Fund		332,487		2,725		94,239		240,973	$	4,202,565	$	46,991	$	—
Wilmington Multi-Manager International Fund		781,155		67,039		64,740		783,454		5,601,695		65,031		(51,398	)
TOTAL				69,764		158,979			$	9,804,260	$	112,022	$	(51,398	)
Strategic Allocation Aggressive Fund:
Wilmington Large-Cap Strategy Fund		320,626		2,341		161,237		161,730	$	2,820,572	$	40,342	$	(21,925	)
Wilmington Multi-Manager International Fund		993,879		11,469		99,760		905,588		6,474,953		80,079		168,296
TOTAL				13,810		260,997			$	9,295,525	$	120,421	$	146,371

^(a)  Dividend Income may include distributions from net investment income and return of capital paid by the affiliated fund to the Fund.

^(b)  Realized Gain/(Loss) includes realized capital gain distributions paid by the affiliated fund and gain/(loss) on sales of the affiliated fund.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities for the six months ended October 31, 2016 were as follows:

	Investments
Fund	Purchases		Sales
International Fund	$	143,778,754	$	161,060,147
Alternatives Fund		230,963,954		271,144,905
Real Asset Fund		191,277,150		191,481,167
Strategic Allocation Conservative Fund		1,450,882		1,818,092
Strategic Allocation Moderate Fund		2,637,879		5,552,741
Strategic Allocation Aggressive Fund		4,854,509		7,182,543

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2016 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Real Asset Fund	$	1,070,049,445	$	1,064,044,696
Strategic Allocation Moderate Fund		318,698		—

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

106 NOTES TO FINANCIAL STATEMENTS (continued)

7. LINE OF CREDIT

Effective March 9, 2016, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of this LOC is March 8, 2017.

The Funds did not utilize the LOC for the six months ended October 31, 2016.

8. SUBSEQUENT EVENTS

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

Certain Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

Effective on or before November 11, 2016, the following entities will become sub-advisors to the Wilmington Multi-Manager International Fund (the “Fund”):

Allianz Global Investors U.S. LLC (“Allianz”), AXA Investment Managers, Inc. (“AXA”), Berenberg Asset Management LLC (“Berenberg”), Nikko Asset Management Americas, Inc. (“Nikko”) and Schroder Investment Management North America, Inc. (“Schroder”). These sub-advisors will replace the current sub-advisors to the Fund. The transition to the new sub-advisors will occur during November and December 2016, and is expected to be complete by year-end. Upon completion of the transition, the Fund’s net expense ratio is expected to decrease from 1.21% to 0.94%, effective during January 2017. The Fund will continue its investment across both developed markets and emerging markets. Allianz, AXA and Berenberg will employ European investment strategies; Nikko will manage a Japanese investment strategy and Schroder will focus on an Asia ex-Japan investment strategy. Approximately 17% of the Fund’s assets will be allocated to each Allianz, Axa, Berenberg, and Nikko; and approximately 25% of the Fund’s assets will be allocated to Schroders. The remainder will be invested in ETFs and cash. These sub-advisor allocations reflect the weights of each region within the Fund’s ACWI ex-U.S. benchmark. The Fund will hold about 300 securities with about 120 each in Europe and Japan, and 60 in Asia ex-Japan.

At a meeting of the Board of Trustees (the “Board”) of the Trust on September 15, 2016, the Board approved a change to the Investment Goal of the Wilmington Multi-Manager Alternatives Fund (the “Fund”), and directed that the revised Investment Goal be submitted to a vote of the shareholders of the Fund at a special meeting to be held on November 30, 2016. The revised Investment Goal is being proposed in connection with a restructuring of the Fund’s principal investment strategy from a multi-manager/multi-alternative strategy format to a single sub-advisor implementing a global hedged equity strategy. The Fund will also change its name. The name change and the revised principal investment strategy do not require shareholder approval.

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms, and amended existing rules and forms, which are designed to modernize the reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and investors. In addition, the SEC required certain open-end funds to adopt liquidity risk management programs to ensure that funds meet their obligation to satisfy shareholder redemption requests on a daily basis. The SEC also will allow open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The effective dates of these rules are generally not impacting the Funds until sometime in 2018. Management is currently evaluating the impacts to the Funds.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

107

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2016 (the “September Meeting”), the Board of Trustees of the Trust unanimously agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings and an executive session of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 20, 2016, the Board held a special meeting (the “July Special Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Adviser”), and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements that were due for renewal between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement, and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from the Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 30, 2016, the Independent Trustees met in executive session with Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser, and to continue the evaluation of the Advisory Agreements with the Sub-Advisers, as appropriate (the “August Executive Session”). The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees, and developed a request for additional and clarifying information that was responded to by the Adviser, and discussed, at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

108 BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

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

As part of the July Special Meeting and September Executive Session, the Independent Trustees developed a list of follow-up matters and questions and asked that the Advisor respond to such matters and questions prior to or during the September Regular Meeting.

Wilmington Multi-Manager International Fund

The Fund is sub-advised by Dimensional Fund Advisors LP, J O Hambro Capital Management Limited, LSV Asset Management, Northern Cross LLC, Oberweis Asset Management, Inc. and Parametric Portfolio Associates.

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that its net total expense ratio was above the Fund’s expense group median. The Board also considered the performance of each Sub-Adviser against an appropriate benchmark, and that the Fund’s Class I shares had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2016. The Board also considered management’s explanation of the underperformance and its views and recommendations concerning the potential for improvement in the Fund’s performance in the coming year. A discussion of the approval of the new sub-advisory agreements with various sub-advisers is below under “Approval of New Sub-Advisory Agreements.”

The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Multi-Manager Alternatives Fund

The Fund is sub-advised by Analytic Investors, LLC, Highland Capital Healthcare Advisors, L.P., Highland Capital Management Fund Advisors, L.P., Parametric Risk Advisors, LLC, P/E Global LLC and Shelton Capital Management. A discussion of the approval of the Advisory Agreement with Shelton Capital Management is below under “Approval of New Sub-Advisory Agreements.”

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance below the peer group average for the one- and three-year periods ended June 30, 2016, and that the Fund commenced operations in January 2012. The Board also considered management’s explanation of the underperformance and its views and recommendations concerning the potential for improvement in the Fund’s performance in the coming year. The Board also considered management’s view that the Fund had outperformed its benchmark for the since-inception period ended June 30, 2016.

The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Multi-Manager Real Asset Fund

The Fund is sub-advised by CBRE Clarion Securities LLC, Pacific Investment Management Company, LLC, and Parametric Portfolio Associates.

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-year period and below the peer group average for the three- and five-year periods ended June 30, 2016. The Board considered management’s explanation of the Fund’s underperformance and the Fund’s prospects for improved performance in the coming year. The Board also considered management’s view that the Fund’s performance has generally been above average compared to its custom peer group.

The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Strategic Allocation Conservative Fund

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that its net total expense ratio was above the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance below the peer group average for the one-, three- and five-year periods ended June 30, 2016. The Board considered management’s view that the Fund is managed more conservatively than the peer group, with a lower equity allocation, shorter fixed income duration, and with a greater percentage of its portfolio in higher-grade credit securities. The Board also considered management’s view that the small size of the Fund relative to the peer group is a principal reason for the Fund’s higher expense ratio. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Strategic Allocation Moderate Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class A shares had achieved total return performance below the peer group average for the one-, three-and five-year periods ended June 30, 2016. The Board considered management’s explanation of the Fund’s underperformance and the Fund’s prospects for improved performance in the coming year. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Strategic Allocation Aggressive Fund

The Board considered that the Fund’s net management fee rate was below the Fund’s expense group median and that its net total expense ratio was above the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-year period and below the peer group average for the three- and five-year periods ended

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS 109

June 30, 2016. The Board considered management’s explanation of the Fund’s underperformance and the Fund’s prospects for improved performance in the coming year. The Board also considered management’s view that the small size of the Fund relative to the peer group is a principal reason for the Fund’s higher expense ratio. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Approval of New Sub-Advisory Agreements

Multi-Manager Funds

Wilmington Multi-Manager International Fund

At the September Meeting, the Board, including the Independent Trustees, discussed and unanimously approved, for the Wilmington Multi-Manager International Fund (the “Fund”), new investment sub-advisory agreements (each, a “New Sub-Advisory Agreement,” and together, the “New Sub-Advisory Agreements”) with each of Allianz Global Investors U.S. LLC; AXA Investment Managers Inc.; Berenberg Asset Management LLC; Nikko Asset Management Americas, Inc.; and Schroder Investment Management North America, Inc. (each, a “New Sub-Adviser,” and together, the “New Sub-Advisers”). The Trustees were provided with detailed materials relating to each New Sub-Adviser in advance of and at the meeting. The material factors and conclusions that formed the basis for the approval are discussed below.

At the September meeting, the Trustees met in person the Adviser, Trust and Counsel, and others. The Independent Trustees met with and were advised by Counsel in executive session.

In evaluating each New Sub-Advisory Agreement, the Trustees took into account management style, investment strategy, and prevailing market conditions as well as each New Sub-Adviser’s investment philosophy and process, past performance, and personnel. The Trustees also took into account the Adviser’s evaluation and recommendation of the approval of the each New Sub-Adviser. The Trustees also reviewed information concerning among other things: (i) the nature, extent and quality of the services to be provided by each New Sub-Adviser; (ii) each New Sub-Adviser’s anticipated cost of/profitability in providing the services to the Fund; (iii) possible fall-out benefits to each New Sub-Adviser due to its position with the Fund, including the use of soft dollars; (iv) whether the Fund may benefit from possible economies of scale realized by the Adviser in the event of growth of assets of the Fund; (v) the proposed fee of each New Sub-Adviser and fees charged by each New Sub-Adviser to other pooled investment vehicles for similar services; and (viii) the Adviser’s recommendation that the Independent Trustees approve each New Sub-Advisory Agreement and the Adviser’s view that the fee payable to each Sub-Adviser was fair and reasonable.

After discussion and consideration among themselves, and with Counsel and the Adviser, the Board, including all of the Independent Trustees, determined that the fee to be paid by the Fund to each New Sub-Adviser under the applicable New Sub-Advisory Agreement appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including all of the Independent Trustees, concluded that the approval of the New Sub-Advisory Agreements was in the best interests of the Fund and its shareholders and approved each New Sub-Advisory Agreement.

Wilmington Multi-Manager Alternatives Fund

Shelton Capital Management. At a special telephonic meeting held on June 27, 2016 (the “June Meeting”), the Board, including the Independent Trustees, considered and unanimously approved, for the Wilmington Multi-Manager Alternatives Fund (the “Fund”), an interim investment sub-advisory agreement (the “Interim Sub-Advisory Agreement”) with Shelton Capital Management (“Shelton”), which adopted all the product lines and agreements of Acuity Capital Management, LLC (“Acuity”), a former sub-adviser of the Fund, on June 30, 2016. At the September 14-15, 2016 meeting of the Board of Trustees (the “September Meeting,” and together with the June Meeting, the “Meetings”), the Board, including the Independent Trustees, considered and unanimously approved a new investment sub-advisory agreement (the “Shelton Sub-Advisory Agreement”) with Shelton. The Trustees were provided with detailed materials relating to Shelton in advance of and at the Meetings. The material factors and conclusions that formed the basis for the approval of the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement are discussed below.

At the Meetings, the Trustees met in person with Wilmington Funds Management Corporation and Wilmington Trust Investment Advisors, Inc. (collectively, the “Adviser”), Trust and Counsel, representatives of Shelton, and others. The Independent Trustees met with and were advised by Counsel in executive session.

In evaluating the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement, the Trustees took into account management style, investment strategy, and prevailing market conditions as well as Shelton’s investment philosophy and process, past performance, and personnel. The Trustees also took into account the Adviser’s evaluation and recommendation of the approval of Shelton and management’s view that the fee payable to Shelton was fair and reasonable. They took into account the fact that Acuity’s portfolio management team would continue to advise the Fund as employees of Shelton. The Trustees also reviewed information concerning, among other things: (i) the nature, extent and quality of the services to be provided by Shelton; (ii) the prior investment performance of Acuity’s portfolio management team; (iii) the prior investment performance of the Fund against a relevant benchmark and against other comparable mutual funds; (iv) Shelton’s anticipated cost of/profitability in providing the services to the Fund; (v) possible fall-out benefits to Shelton due to its position with the Fund; (vi) whether the Fund may benefit from possible economies of scale realized by Shelton and the Adviser in the event of growth of assets of the Fund; (vii) the proposed fee of Shelton and fees charged by Shelton to other mutual funds for similar services; and (viii) the Adviser’s recommendation that the Independent Trustees approve the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

110 BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

After discussion and consideration among themselves, and with Counsel and the Adviser, the Board, including all of the Independent Trustees, determined that the fee to be paid by the Fund to Shelton under the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including all of the Independent Trustees, concluded that the approval of the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and approved the Interim Sub-Advisory Agreement and Shelton Sub-Advisory Agreement.

Wellington Management Company LLP. At the September Meeting, the Board, including the Independent Trustees, discussed and unanimously agreed to approve a new investment sub-advisory agreement (the “Wellington Sub-Advisory Agreement”) with Wellington Management Company LLP (“Wellington”). The Trustees were provided with detailed materials relating to Wellington in advance of and at the Sep-tember Meeting. The material factors and conclusions that formed the basis for the approval of the Wellington Sub-Advisory Agreement are discussed below.

At the September Meeting, the Trustees met in person with the Adviser, Trust and Independent Legal Counsel, and others, including personnel from Wellington. The Independent Trustees met with and were advised by Counsel in executive session.

In evaluating the Wellington Sub-Advisory Agreement, the Trustees took into account management style, investment strategy, and prevailing market conditions as well as Wellington’s investment philosophy and process, past performance, and personnel. The Trustees also took into account the Adviser’s evaluation and recommendation of the approval of Wellington. The Trustees also reviewed information concerning: (i) the nature, extent and quality of the services to be provided by Wellington; (ii) Wellington’s anticipated cost of providing the services to the Fund; (iii) possible fall-out benefits to Wellington due to its position with the Fund, including the use of soft dollars; (iv) whether the Fund may benefit from possible economies of scale realized by Wellington and the Adviser in the event of growth of assets of the Fund; (v) the proposed fee of Wellington; and (vi) the Adviser’s recommendation that the Independent Trustees approve the Wellington Sub-Advisory Agreement, and the Adviser’s view that the fee payable to Wellington was fair and reasonable.

After discussion and consideration among themselves, and with Independent Legal Counsel and the Adviser, the Board, including all of the Independent Trustees, determined that the fee to be paid by the Fund to Wellington under the Wellington Sub-Advisory Agreement appeared to be fair and reasonable in light of the information provided. Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including all of the Independent Trustees, concluded that the approval of the Wellington Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and approved the Wellington Sub-Advisory Agreement.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

111

RESULTS OF SHAREHOLDER VOTE FOR THE WILMINGTON MULTI-MANAGER ALTERNATIVES FUND

The Board of Trustees of Wilmington Funds (the “Trust”), on behalf of Wilmington Multi-Manager Alternatives Fund (the “Fund”), a series of the Trust, called a Special Meeting of Shareholders of the Fund (the “Meeting”) to be held on November 30, 2016, to vote on two important proposals that affect the Fund.

During the Meeting, shareholders of the Fund were asked to vote on the following proposals: (i) to approve modifications of the Fund’s fundamental investment goal to read as follows: to achieve long-term growth of capital with lower volatility than the broader equity markets; and (ii) to approve reclassification of the Fund’s investment goal from a fundamental policy to a non-fundamental policy.

All shareholders of record at the close of business on October 13, 2016 were entitled to attend or submit proxies. As of the record date, the Fund had 14,301,462 shares outstanding.

At the meeting, shareholders of the Fund approved the first proposal to the modifications of the Fund’s fundamental investment goal. The results of the voting for the proposal were as follows:

Votes For	Votes Against	Votes Abstained
13,548,304	2,964	1,018

At the meeting, shareholders of the Fund disapproved the second proposal for the reclassification of the Fund’s investment goal. The results of the voting for the proposal were as follows:

Votes For	Votes Against	Votes Abstained
154,142	13,395,407	2,737

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

112

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

113

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

114

• Information or data entered into a website will be retained.

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

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

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

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Investment Advisor
Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors 111 South Calvert Street 26th Floor Baltimore, MD 21202
Additional Sub-Advisors to the
Wilmington Multi-Manager International Fund
Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 J O Hambro Capital Management Limited
14 Ryder Court
London, SW1Y 6QB, England LSV Asset Management 155 North Wacker Drive, Suite 4600 Chicago, IL 60606 Northern Cross, LLC
125 Summer Street, Suite 1410 Boston, MA 02110 Oberweis Asset Management, Inc. 3333 Warrenville Road, Suite 500 Lisle, IL 60532 Parametric Portfolio Associates LLC 1918 Eighth Avenue, Suite 3100 Seattle, WA 98101
Additional Sub-Advisors to the
Wilmington Multi-Manager Alternatives Fund
Analytic Investors, LLC 555 West Fifth Street, 50th floor Los Angeles, CA 90013
Highland Capital Healthcare Advisors, LP 300 Crescent Court, Suite 700 Dallas, TX 75201 Highland Capital Management Fund Advisors, LP
200 Crescent Court, Suite 700 Dallas, TX 75201 Parametric Risk Advisors 274 Riverside Avenue, 1st Floor Westport, CT 06880 P/E Global LLC
75 State Street, 31st Floor Boston, MA 02109 Shelton Capital Management 1050 17th Street, Suite 1710 Denver, Colorado 80265
Additional Sub-Advisors to the
Wilmington Multi-Manager Real Asset Fund
CBRE Clarion Securities LLC 201 King of Prussia Road, Suite 600 Radnor, PA 19087
Pacific Investment Management Company, LLC (“PIMCO”) 840 Newport Center Drive Newport Beach, CA 92660 Parametric Portfolio Associates, LLC
1918 Eighth Avenue, Suite 3100 Seattle, WA 98101
Co-Administrator
Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890
Custodian
The Bank of New York Mellon One Wall Street New York, NY 10286
Distributor
ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203
Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103
WT-SAR-MMgr-1016
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)

Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)

Wilmington Short-Term Bond Fund (“Short-Term Bond Fund”)

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)

CONTENTS

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	5
Portfolios of Investments	7
Statements of Assets and Liabilities	41
Statements of Operations	43
Statements of Changes in Net Assets	45
Financial Highlights	48
Notes to Financial Statements	53
Board Approval of Investment Advisory Agreements	61

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2016, through October 31, 2016. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

semi-annual fiscal year period.

The Economy

The economic recovery entered its eighth year, making it the fourth-longest recovery since 1850, but also the weakest one in the

post-World War II period.ⁱ The gross domestic product (GDP) grew at a feeble rate of 1.4% in the second calendar quarter, but accelerated in the third quarter, posting a 2.9% jump.ⁱⁱ It’s been a familiar story with this recovery—disappointing growth numbers to begin the year, but a quickening of pace in the second half of the year.

ⁱ  http://www.marketwatch.com/story/current-us-economic-recovery-may-end-up-as-longest-ever-2016-07-18

ⁱⁱ  http://www.bea.gov/national/Index.htm

During the Trust’s semi-annual fiscal year period, the unemployment rate rose from 4.7% in May to 4.9% in October.ⁱⁱⁱ While the increase in the unemployment rate may appear at odds with a continuing economic expansion, the uptick suggests that a growing number of individuals are re-entering the labor pool as new jobs are added.

ⁱⁱⁱ  http://data.bls.gov/timeseries/LNS14000000

Inflation remains historically low, but has picked up in recent months. In September, it posted its biggest gain in five months, with the Consumer Price Index rising 1.5% for the 12-month period ending September 2016, the biggest year-over-year jump since October 2014.^iv Core inflation, which excludes the more volatile food and energy components, reached 1.7% in the third quarter, the highest such reading in two years.^v

^iv  http://www.reuters.com/article/us-usa-economy-inflation-idUSKCN12I1GP

^v  http://www.advisorperspectives.com/dshort/updates/2016/10/31/pce-price-index-headline-and-core-rose-again-in-september

Rising oil prices has been one reason that inflation has picked up. West Texas Intermediate (a grade of crude oil used as an oil pricing benchmark) rose from $40.75 per barrel at April-end to $46.83 at the close of October.^vi

^vi  http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

The Federal Reserve (the “Fed”) has yet to follow up its December 2015 rate hike, putting off further hikes because of concerns about the resiliency of economic growth and how global markets will react. However, at its most recent Federal Open Market Committee meeting in September, the Fed indicated that a rate hike may come relatively soon.

The Bond Markets

The yield on the 10-year Treasury note ended largely where it began, but there was a great deal of volatility over the six-month period. Yields stood at 1.83% at April-end, but dropped precipitously in reaction to the British exit (“Brexit”) vote in late June, as the decision by British voters to leave the European Union (“EU”) led to a world-wide flight to safety, driving down yields to as low as 1.37%, a level reached in early July. As anxieties eased, rates slowly climbed back to 1.84% by the close of trading in October.^vii

^vii  http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

Despite the rollercoaster ride in yields, the Barclays U.S. Aggregate Bond Index¹ gained 1.51% for the six-month period ended October 31, 2016.

High-yield bonds have been enjoying a very good year. After a price swoon earlier in the year, high-yield bonds have posted strong returns, with oil prices coming off their extreme lows propelling the Barclays U.S. Corporate High Yield Index² to a gain of 7.59% for the six-month period ended October 31, 2016.

The municipal bond market was challenged by heavy new issuance volumes, leading to a more subdued return for the Barclays Municipal Bond Index³ of 0.49% for the Trust’s semi-annual fiscal year period.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

ii

The Barclays Global Aggregate ex-USD Bond Index⁴ slumped by 2.08% during the reporting period, as investors were disappointed by monetary policy announcements from the Bank of England, the European Central Bank, and the Bank of Japan.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain Barclays indices performed as follows⁵:

Barclays U.S. Aggregate Bond Index	Barclays U.S. Treasury Bond Index6	Barclays U.S. Mortgage-Backed Securities Index7	Barclays U.S. Credit Bond Index8	Barclays Municipal Bond Index
1.51%	0.80%	1.28%	2.61%	0.49%

The Stock Markets

Stocks began the period on a positive note, buoyed by rising oil prices and waning concerns about an imminent rate hike. The impending vote in Britain on whether to break away from the European Union, however, soon began to weigh on stocks. Markets turned volatile as investors reacted to each new release of polling numbers about whether the “Stay” or “Leave” vote would prevail. With the polls closest to the referendum date indicating that voters might choose to remain in the EU, the shock of a “Leave” victory sent global markets into a nosedive that shaved off $3 trillion in market value.^viii U.S. stocks recovered quickly, regaining their losses after two days of trading, but overseas markets took considerably longer to claw back their losses.

^viii  http://independent.co.uk/news/business/news/brexit-wipes-record-3tn-off-global-markets-in-two-days-a7107481.html

U.S. equities reached near-historic highs in July, powered by strong economic reports, better-than-expected corporate earnings, and growing conviction that the Fed would not be raising rates in the near term. July’s momentum stalled as markets went quiet in August amid very light trading volumes and low volatility.

The calm ended when September began, with stocks selling off sharply to begin the month. Investor sentiment shifted to worries about a Fed rate increase and mounting concerns that the European Central Bank would be hitting the “pause” button on its monetary-easing efforts.

Stocks remained volatile over the course of the month, moving in reaction to changes in the price of oil, central bank statements, and banking troubles emanating from Europe.

Despite a better-than-expected third-quarter earnings season, October was the third consecutive month to close lower.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain stock market indices performed as follows:

S&P 500 Index9	Dow Jones Industrial Average10	NASDAQ Composite Index11	MSCI All Country World ex-USD (Net) Index12
4.06%	3.44%	9.33%	2.01%

In the months ahead, markets will likely be tested. A looming hike in the federal funds rate, a new incoming president, and uncertain global economic growth may drive further market volatility. It is essential, however, that investors maintain a long-term focus.

For our part, the Trust will remain committed to managing your important savings with the same disciplined process that has created value for our shareholders and helped them achieve their important long-term financial goals. We appreciate the confidence and trust you have shown us.

Sincerely,

Christopher D. Randall

President

November 14, 2016

October 31, 2016 (unaudited) / PRESIDENT’S MESSAGE

iii

For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or

call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they 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 Funds, and you should not expect that the investment advisor will provide financial support to the Funds at any time.

^1.  Barclays U.S. Aggregate Bond Index is widely used benchmark index for the domestic investment-grade bond market composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The index typically includes fixed income securities with overall intermediate- to long-term average maturities. The index is unmanaged and investments cannot be made directly in an index.

^2.  Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

^3.  Barclays Municipal Bond Index tracks the performance of long-term, tax-exempt, investment-grade bond market. To be included in the index, bonds must have an outstanding par balance of at least $7 million and be issued as part of a transaction of at least $75 million. The index is unmanaged and investments cannot be made directly in an index.

^4.  Barclays Global Aggregate ex-USD Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

^5.  Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

^6.  Barclays U.S. Treasury Bond Index is a market capitalization weighted index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of at least one year, are rated investment-grade, and have $250 million or more of outstanding face value. The index is unmanaged and investments cannot be made directly in an index.

^7.  Barclays U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

^8.  Barclays U.S. Credit Bond Index tracks the performance of domestic investment-grade corporate bonds and is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. The index is unmanaged and investments cannot be made directly in an index.

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

^10.  Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

^11.  NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

^12.  MSCI All Country World ex-USD (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

[This Page Intentionally Left Blank]

5

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2016 to October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/16		Ending Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON BROAD MARKET BOND FUND
Actual
Class A	$	1,000.00	$	1,013.20	$	4.52		0.89	%
Class I	$	1,000.00	$	1,014.00	$	2.79		0.55	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.72	$	4.53		0.89	%
Class I	$	1,000.00	$	1,022.43	$	2.80		0.55	%
WILMINGTON INTERMEDIATE-TERM BOND FUND
Actual
Class A	$	1,000.00	$	1,007.50	$	4.35		0.86	%
Class I	$	1,000.00	$	1,009.20	$	2.68		0.53	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class I	$	1,000.00	$	1,022.53	$	2.70		0.53	%
WILMINGTON SHORT-TERM BOND FUND
Actual
Class A	$	1,000.00	$	1,004.00	$	3.69		0.73	%
Class I	$	1,000.00	$	1,005.30	$	2.43		0.48	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Class I	$	1,000.00	$	1,022.79	$	2.45		0.48	%
WILMINGTON MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	999.50	$	3.73		0.74	%
Class I	$	1,000.00	$	1,000.00	$	2.47		0.49	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class I	$	1,000.00	$	1,022.74	$	2.50		0.49	%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

6

	Beginning Account Value 5/01/16		Ending Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio2
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Actual
Class A	$	1,000.00	$	1,000.90	$	4.24		0.84	%
Class I	$	1,000.00	$	1,001.20	$	2.98		0.59	%
Hypothetical (assuming a 5% return before expense)
Class A	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class I	$	1,000.00	$	1,022.23	$	3.01		0.59	%

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

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

7

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
Corporate Bonds		44.0	%
U.S. Treasury		28.8	%
Mortgage-Backed Securities		22.2	%
Commercial Paper		2.2	%
Government Agencies		1.2	%
Collateralized Mortgage Obligations		0.9	%
Enhanced Equipment Trust Certificates		0.2	%
Asset-Backed Securities		0.1	%
Cash Equivalents1		2.5	%
Other Assets and Liabilities – Net2		(2.1	)%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

	Percentage of Total Net Assets
Credit Quality Diversification3
U.S. Government Agency Securities		24.1	%
U.S. Treasury		28.8	%
AAA / Aaa		0.2	%
AA / Aa		1.8	%
A / A		10.0	%
BBB / Baa		30.4	%
BB / Ba		2.1	%
D		0.1	%
Not Rated		4.6	%
Other Assets and Liabilities – Net2		(2.1	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
ASSET-BACKED SECURITY—0.1%
FINANCIAL SERVICES—0.1%
LA Arena Funding LLC, Series 1999-1, Class A, 7.66%, 12/15/26W	$	672,349	$	720,556
TOTAL ASSET-BACKED SECURITY (COST $672,349)			$	720,556
COLLATERALIZED MORTGAGE OBLIGATIONS—0.9%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)—0.0%**
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2007-CIBC18, Class A4, 5.44%, 6/12/47		268,003		268,992
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—0.3%
Pool Q33547, 3.50%, 5/01/45		1,352,733		1,420,525

Description	Par Value		Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—0.4%
Series 1988-23, Class C, 9.75%, 9/25/18	$	806	$	852
Series 2005-29, Class WC, 4.75%, 4/25/35		35,078		38,648
Series 2012-114, Class VM, 3.50%, 10/25/25		1,975,799		2,111,191
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,150,691
WHOLE LOAN—0.2%
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 2.95%, 2/25/34D		151,626		151,163
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 6/25/19		200,330		201,030
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 3.30%, 11/25/35D		326,817		305,926

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

8    PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1, Class 1A, 5.25%, 6/25/19	$	343,954	$	350,226
TOTAL WHOLE LOAN			$	1,008,345
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $4,954,434)			$	4,848,553
COMMERCIAL PAPER—2.2%¨
COMMERCIAL PAPER—2.2%
Entergy Corp., 0.87%, 11/01/16		3,000,000		2,999,929
ONEOK Partners Lp, 0.67%, 11/02/16		3,000,000		2,999,890
Sysco Corp., 0.61%, 11/01/16W		5,000,000		4,999,917
TOTAL COMMERCIAL PAPER			$	10,999,736
TOTAL COMMERCIAL PAPER (COST $10,999,945)			$	10,999,736
CORPORATE BONDS—44.0%
AEROSPACE & DEFENSE—1.0%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16		671,000		671,689
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		1,000,000		1,086,891
Lockheed Martin Corp., Sr. Unsecured, 1.85%, 11/23/18		2,000,000		2,019,883
Lockheed Martin Corp., Sr. Unsecured, 4.70%, 5/15/46		975,000		1,111,645
TOTAL AEROSPACE & DEFENSE			$	4,890,108
AUTO PARTS & EQUIPMENT—0.0%**
Johnson Controls, Inc., Sr. Unsecured, 4.63%, 7/02/44		100,000		107,133
AUTOMOTIVE—1.7%
Daimler Finance North America LLC, Company Guaranteed, 3.88%, 9/15/21#,W		250,000		270,504
Ford Motor Credit Co. LLC, Sr. Unsecured, 3.00%, 6/12/17		1,200,000		1,212,038
Ford Motor Credit Co. LLC, Sr. Unsecured, 6.63%, 8/15/17		250,000		259,798
Ford Motor Credit Co. LLC, Sr. Unsecured, 2.15%, 1/09/18		650,000		652,931
Ford Motor Credit Co. LLC, Sr. Unsecured, 5.75%, 2/01/21		500,000		561,614
Ford Motor Credit Co. LLC, Sr. Unsecured, 4.25%, 9/20/22		450,000		480,497
General Motors Co., Inc., Sr. Unsecured, 6.25%, 10/02/43		2,000,000		2,299,781
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		300,000		307,602
General Motors Financial Co., Inc., Company Guaranteed, 2.40%, 5/09/19		1,430,000		1,432,792

Description	Par Value		Value
General Motors Financial Co., Inc., Company Guaranteed, 2.35%, 10/04/19	$	1,000,000	$	999,723
TOTAL AUTOMOTIVE			$	8,477,280
BANKS—1.3%
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		1,275,000		1,280,636
Bank of America Corp., Sr. Unsecured, MTN, 1.94%, 3/22/18D		1,500,000		1,513,244
Bank of America Corp., Sr. Unsecured, MTN, 3.25%, 10/21/27		1,095,000		1,097,401
Bank of America Corp., Subordinated, MTN, 4.25%, 10/22/26		1,000,000		1,050,266
Bank of New York Mellon Corp. (The), Subordinated, MTN, 3.00%, 10/30/28		775,000		773,912
JPMorgan Chase & Co., Sr. Unsecured, MTN, 2.30%, 8/15/21		700,000		700,638
TOTAL BANKS			$	6,416,097
BEVERAGES—0.6%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 4.90%, 2/01/46		1,125,000		1,293,704
Dr. Pepper Snapple Group, Company Guaranteed, 2.60%, 1/15/19		1,900,000		1,944,228
TOTAL BEVERAGES			$	3,237,932
BIOTECHNOLOGY—1.6%
Amgen, Inc., Sr. Unsecured, 2.13%, 5/01/20		2,000,000		2,024,189
Amgen, Inc., Sr. Unsecured, 4.40%, 5/01/45		2,130,000		2,176,481
Celgene Corp., Sr. Unsecured, 2.25%, 5/15/19		1,500,000		1,517,772
Celgene Corp., Sr. Unsecured, 4.63%, 5/15/44		1,390,000		1,404,739
Gilead Sciences, Inc., Sr. Unsecured, 4.60%, 9/01/35		650,000		702,385
TOTAL BIOTECHNOLOGY			$	7,825,566
CAPITAL MARKETS—0.8%
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		250,000		276,655
Charles Schwab Corp. (The), Sr. Unsecured, 2.20%, 7/25/18		1,370,000		1,390,580
Charles Schwab Corp. (The), Sr. Unsecured, 4.45%, 7/22/20		250,000		273,826
Goldman Sachs Group, Inc. (The), Sr. Unsecured, 2.04%, 4/23/20D		425,000		428,023
Goldman Sachs Group, Inc. (The), Sr. Unsecured, 2.05%, 9/15/20D		1,425,000		1,435,650
TOTAL CAPITAL MARKETS			$	3,804,734
COMMERCIAL BANKS—6.6%
BB&T Corp., Sr. Unsecured, MTN, 2.45%, 1/15/20		1,640,000		1,674,559

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    9

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Branch Banking & Trust Co., Subordinated, 3.80%, 10/30/26	$	1,000,000	$	1,074,982
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19		750,000		763,857
Capital One NA, Sr. Unsecured, BKNT, 1.65%, 2/05/18		680,000		681,029
Commonwealth Bank of Australia, Sr. Unsecured, 1.25%, 3/12/18D,W		1,000,000		999,388
Fifth Third Bancorp, Sr. Unsecured, 3.50%, 3/15/22		1,250,000		1,320,809
Fifth Third Bancorp, Subordinated, 5.45%, 1/15/17		3,000,000		3,026,514
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		530,000		570,081
Fifth Third Bank/Cincinnati OH, Sr. Unsecured, 1.35%, 6/01/17		1,000,000		1,000,845
Key Bank NA, 1.70%, 6/01/18		2,500,000		2,508,254
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 1.10%, 11/25/16		1,000,000		1,000,120
Keycorp, Sr. Unsecured, 2.90%, 9/15/20		750,000		776,138
PNC Bank NA, Sr. Unsecured, 2.40%, 10/18/19		1,500,000		1,534,334
PNC Bank NA, Subordinated Note, 2.95%, 1/30/23		350,000		357,231
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 4/29/24		1,500,000		1,590,050
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19		2,000,000		2,040,660
SunTrust Banks, Inc., Sr. Unsecured, 2.90%, 3/03/21#		1,475,000		1,528,301
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, 1.75%, 7/23/18		2,500,000		2,513,385
US Bancorp/MN, Subordinated, MTN, 2.95%, 7/15/22		2,000,000		2,081,072
US Bank NA/Cincinnati OH, Sr. Unsecured, BKNT, 2.13%, 10/28/19		2,000,000		2,036,689
Wells Fargo & Co., Sr. Unsecured, 2.10%, 7/26/21		2,000,000		1,990,643
Wells Fargo & Co., Subordinated, MTN, 4.40%, 6/14/46		2,075,000		2,079,393
TOTAL COMMERCIAL BANKS			$	33,148,334
COMMERCIAL FINANCE—0.1%
General Electric Capital Corp, Subordinated Note, 5.30%, 2/11/21		250,000		284,665
COMMERCIAL SERVICES & SUPPLIES—0.4%
Total System Services, Inc., Sr. Unsecured, 2.38%, 6/01/18		1,900,000		1,912,701
COMPUTERS—1.0%
Apple, Inc., Sr. Unsecured, 1.05%, 5/05/17		1,580,000		1,582,206

Description	Par Value		Value
Cisco Systems, Inc., Sr. Unsecured, 1.20%, 9/20/19D	$	1,600,000	$	1,602,221
HP Enterprise Co., Sr. Unsecured, 2.70%, 10/05/17W		2,000,000		2,021,231
TOTAL COMPUTERS			$	5,205,658
CONSUMER FINANCE—0.2%
American Express Co., Sr. Unsecured, 1.40%, 5/22/18D		655,000		656,647
John Deere Capital Corp., Sr. Unsecured, MTN, 1.40%, 3/15/17#		250,000		250,326
TOTAL CONSUMER FINANCE			$	906,973
DIVERSIFIED FINANCIAL SERVICES—1.9%
American Express Credit Corp., Sr. Unsecured, MTN, 1.70%, 10/30/19		800,000		801,356
Citigroup, Inc., Sr. Unsecured, 1.70%, 4/27/18		1,685,000		1,686,663
Citigroup, Inc., Sr. Unsecured, 6.13%, 5/15/18		275,000		293,091
Citigroup, Inc., Sr. Unsecured, 4.13%, 7/25/28		1,150,000		1,181,314
FMR LLC, Sr. Unsecured, 6.45%, 11/15/39W		1,000,000		1,283,731
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		150,000		157,860
JPMorgan Chase & Co., Sr. Unsecured, 1.70%, 3/01/18		1,600,000		1,605,288
JPMorgan Chase & Co., Sr. Unsecured, 4.63%, 5/10/21		100,000		110,336
JPMorgan Chase Capital XXIII, Limited Guarantee, 1.82%, 5/15/47D		1,000,000		800,000
Morgan Stanley, Sr. Unsecured, MTN, 3.13%, 7/27/26		340,000		340,017
Morgan Stanley, Subordinated, GMTN, 4.35%, 9/08/26		505,000		533,828
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		847,000		877,722
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	9,671,206
ELECTRIC—3.1%
Appalachian Power Co., Sr. Unsecured, 5.00%, 6/01/17		1,500,000		1,530,706
Baltimore Gas & Electric Co., Sr. Unsecured, 3.50%, 8/15/46		1,550,000		1,519,847
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		300,000		311,219
Commonwealth Edison Co., 1st Mortgage, 3.80%, 10/01/42		1,000,000		1,028,895
Consolidated Edison, Inc., Sr. Unsecured, 2.00%, 5/15/21		750,000		753,353
Dominion Resources, Inc./VA, Sr. Unsecured, 1.25%, 3/15/17		960,000		960,320
Dominion Resources, Inc./VA, Sr. Unsecured, 2.50%, 12/01/19		1,500,000		1,538,574

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

10    PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
DTE Energy Co., Sr. Unsecured, 3.85%, 12/01/23	$	305,000	$	329,825
Entergy Arkansas, Inc., 1st Mortgage, 4.95%, 12/15/44		1,000,000		1,056,166
Entergy Corp., Sr. Unsecured, 5.13%, 9/15/20		1,300,000		1,435,268
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		650,000		678,003
FirstEnergy Corp., Series A, Sr. Unsecured, 2.75%, 3/15/18		1,285,000		1,300,385
FirstEnergy Transmission LLC, Sr. Unsecured, 4.35%, 1/15/25W		2,250,000		2,407,731
System Energy Resources, Inc., 1st Mortgage, 4.10%, 4/01/23		500,000		529,633
TOTAL ELECTRIC			$	15,379,925
ELECTRONICS—0.6%
Corning, Inc., Sr. Unsecured, 1.50%, 5/08/18		2,000,000		1,999,386
Thermo Fisher Scientific, Inc., Sr. Unsecured, 3.30%, 2/15/22		1,100,000		1,152,362
TOTAL ELECTRONICS			$	3,151,748
ENVIRONMENTAL CONTROL—0.6%
Waste Management, Inc., Company Guaranteed, 3.50%, 5/15/24		1,255,000		1,330,577
Waste Management, Inc., Company Guaranteed, 4.10%, 3/01/45		1,520,000		1,632,530
TOTAL ENVIRONMENTAL CONTROL			$	2,963,107
FOOD—0.7%
Kraft Foods Group, Inc., Company Guaranteed, 2.25%, 6/05/17		2,000,000		2,011,008
Kraft Heinz Foods Co., Company Guaranteed, 1.60%, 6/30/17		850,000		851,785
Kraft Heinz Foods Co., Company Guaranteed, 5.20%, 7/15/45		500,000		572,226
TOTAL FOOD			$	3,435,019
FOOD PRODUCTS—0.6%
General Mills, Inc., Sr. Unsecured, 1.40%, 10/20/17		2,000,000		2,006,736
McCormick & Co., Inc., Sr. Unsecured, 5.75%, 12/15/17		500,000		525,797
McCormick & Co., Inc., Sr. Unsecured, 3.90%, 7/15/21		500,000		542,483
TOTAL FOOD PRODUCTS			$	3,075,016
FOOD RETAILING—0.5%
Kroger Co., Sr. Unsecured, 2.95%, 11/01/21		1,750,000		1,806,176
Kroger Co., Sr. Unsecured, 8.00%, 9/15/29		500,000		711,864
TOTAL FOOD RETAILING			$	2,518,040

Description	Par Value		Value
FOREST PRODUCTS & PAPER—0.7%
International Paper Co., Sr. Unsecured, 4.75%, 2/15/22	$	1,665,000	$	1,850,449
International Paper Co., Sr. Unsecured, 4.40%, 8/15/47		1,500,000		1,466,012
TOTAL FOREST PRODUCTS & PAPER			$	3,316,461
HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Becton Dickinson and Co., Sr. Unsecured, 1.80%, 12/15/17		670,000		673,120
Zimmer Biomet Holdings, Inc., Sr. Unsecured, 3.15%, 4/01/22		1,685,000		1,728,337
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	2,401,457
HEALTH CARE PROVIDERS & SERVICES—0.9%
Aetna, Inc., Sr. Unsecured, 4.38%, 6/15/46		1,100,000		1,123,063
Anthem, Inc., Sr. Unsecured, 2.30%, 7/15/18		2,500,000		2,521,355
UnitedHealth Group, Inc., Sr. Unsecured, 6.00%, 6/15/17		250,000		257,643
UnitedHealth Group, Inc., Sr. Unsecured, 1.40%, 12/15/17		450,000		451,182
UnitedHealth Group, Inc., Sr. Unsecured, 3.95%, 10/15/42		290,000		300,562
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	4,653,805
HOME FURNISHINGS—0.7%
Whirlpool Corp., Sr. Unsecured, 4.70%, 6/01/22		1,500,000		1,674,385
Whirlpool Corp., Sr. Unsecured, 4.50%, 6/01/46		1,320,000		1,375,922
Whirlpool Corp., Sr. Unsecured, MTN, 5.15%, 3/01/43		210,000		239,510
TOTAL HOME FURNISHINGS			$	3,289,817
HOUSEHOLD PRODUCTS—0.1%
Kimberly-Clark Corp., Sr. Unsecured, 3.20%, 7/30/46		500,000		471,785
INSURANCE—2.3%
Aon PLC, Sr. Unsecured, 4.00%, 11/27/23		1,450,000		1,555,203
Berkshire Hathaway Finance Corp., Company Guaranteed, 4.30%, 5/15/43		425,000		469,815
CNA Financial Corp., Sr. Unsecured, 5.75%, 8/15/21		1,000,000		1,142,746
CNA Financial Corp., Sr. Unsecured, 3.95%, 5/15/24		950,000		990,304
Lincoln National Corp., Sr. Unsecured, 4.20%, 3/15/22		1,000,000		1,081,758
MetLife, Inc., A, Sr. Unsecured, 6.82%, 8/15/18		3,000,000		3,279,156
Principal Financial Group, Inc., Company Guaranteed, 3.30%, 9/15/22		250,000		258,230

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    11

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
WR Berkley Corp., Sr. Unsecured, 4.63%, 3/15/22	$	1,000,000	$	1,089,317
WR Berkley Corp., Sr. Unsecured, 4.75%, 8/01/44		1,715,000		1,793,706
TOTAL INSURANCE			$	11,660,235
MEDIA—1.4%
CBS Corp., Company Guaranteed, 1.95%, 7/01/17		2,000,000		2,007,887
CBS Corp., Company Guaranteed, 4.60%, 1/15/45		1,100,000		1,121,499
Charter Communications Operating LLC, Sr. Secured, 3.58%, 7/23/20W		1,500,000		1,556,785
Time Warner, Inc., Company Guaranteed, 4.85%, 7/15/45		1,190,000		1,275,328
Walt Disney Co., Sr. Unsecured, GMTN, 4.13%, 6/01/44		565,000		618,995
Walt Disney Co., Sr. Unsecured, MTN, 3.00%, 7/30/46#		615,000		549,299
TOTAL MEDIA			$	7,129,793
METALS & MINING—0.2%
Barrick Gold Corp., Sr. Unsecured, 5.25%, 4/01/42		1,000,000		1,099,005
MISCELLANEOUS MANUFACTURING—0.5%
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 2.63%, 5/01/20		1,135,000		1,156,532
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21#		480,000		503,170
Textron, Inc., Sr. Unsecured, 3.88%, 3/01/25		750,000		783,153
TOTAL MISCELLANEOUS MANUFACTURING			$	2,442,855
OIL & GAS—1.6%
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17		151,000		158,021
Chevron Corp., Sr. Unsecured, 1.72%, 6/24/18		2,000,000		2,023,434
ConocoPhillips Co., Company Guaranteed, 4.20%, 3/15/21#		335,000		363,084
Exxon Mobil Corp., Sr. Unsecured, 1.82%, 3/15/19		925,000		940,673
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		745,000		746,981
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		1,450,000		1,599,988
Schlumberger Holdings Corp., Sr. Unsecured, 3.63%, 12/21/22W		1,500,000		1,597,625
Valero Energy Corp., Sr. Unsecured, 4.90%, 3/15/45		563,000		555,455
TOTAL OIL & GAS			$	7,985,261
PHARMACEUTICALS—2.0%
AbbVie, Inc., Sr. Unsecured, 1.75%, 11/06/17		1,000,000		1,003,614

Description	Par Value		Value
AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20	$	1,485,000	$	1,506,295
AbbVie, Inc., Sr. Unsecured, 4.40%, 11/06/42		460,000		459,509
Actavis Funding SCS, Company Guaranteed, 1.30%, 6/15/17		1,500,000		1,500,618
Cardinal Health, Inc., Sr. Unsecured, 4.50%, 11/15/44		650,000		696,819
Express Scripts Holding Co., Company Guaranteed, 4.80%, 7/15/46		2,000,000		2,013,473
McKesson Corp., Sr. Unsecured, 1.29%, 3/10/17		460,000		460,118
Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		940,000		1,009,719
Medtronic, Inc., Sr. Unsecured, 1.50%, 3/15/18		700,000		702,856
Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed, 4.10%, 10/01/46		1,000,000		933,112
TOTAL PHARMACEUTICALS			$	10,286,133
PIPELINES—1.7%
Energy Transfer Partners LP, Sr. Unsecured, 2.50%, 6/15/18		1,000,000		1,011,746
Energy Transfer Partners LP, Sr. Unsecured, 3.60%, 2/01/23		870,000		865,720
Enterprise Products Operating LLC, Company Guaranteed, 4.95%, 10/15/54		500,000		495,575
Enterprise Products Operating LLC, Series B, Company Guaranteed, 7.03%, 1/15/68D		2,000,000		2,122,500
Kinder Morgan Energy Partners LP, Sr. Unsecured, 5.40%, 9/01/44		1,000,000		1,007,562
ONEOK Partners LP, Company Guaranteed, 6.20%, 9/15/43		1,000,000		1,134,820
Plains All American Pipeline LP / PAA Finance Corp., Sr. Unsecured, 3.65%, 6/01/22		1,000,000		1,035,462
Spectra Energy Partners LP, Sr. Unsecured, 4.50%, 3/15/45		1,125,000		1,123,707
TOTAL PIPELINES			$	8,797,092
REAL ESTATE INVESTMENT TRUSTS—3.4%
American Tower Corp., Sr. Unsecured, 3.40%, 2/15/19		2,000,000		2,073,988
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		415,000		463,055
American Tower Corp., Sr. Unsecured, 3.13%, 1/15/27		1,000,000		973,609
AvalonBay Communities, Inc., Sr. Unsecured, 3.63%, 10/01/20		1,145,000		1,211,257
Digital Realty Trust LP, Company Guaranteed, 3.40%, 10/01/20		615,000		639,068
Digital Realty Trust LP, Sr. Unsecured, 3.63%, 10/01/22		1,100,000		1,145,047
HCP, Inc., Sr. Unsecured, 4.00%, 12/01/22		2,000,000		2,108,443

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

12    PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24	$	450,000	$	468,295
Health Care REIT, Inc., Sr. Unsecured, 2.25%, 3/15/18		2,000,000		2,017,005
Health Care REIT, Inc., Sr. Unsecured, 5.25%, 1/15/22		250,000		283,104
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		695,000		708,810
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		915,000		935,022
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17		2,215,000		2,223,294
ProLogis LP, Sr. Unsecured, 2.75%, 2/15/19		450,000		461,454
ProLogis LP, Sr. Unsecured, 3.35%, 2/01/21		1,245,000		1,309,587
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	17,021,038
RETAIL—0.7%
CVS Health Corp., Sr. Unsecured, 1.90%, 7/20/18		2,000,000		2,016,256
Walgreens Boots Alliance, Inc., Sr. Unsecured, 1.75%, 5/30/18		1,400,000		1,407,214
TOTAL RETAIL			$	3,423,470
SOFTWARE—0.9%
Microsoft Corp., Sr. Unsecured, 4.75%, 11/03/55		1,000,000		1,130,874
Oracle Corp., Sr. Unsecured, 4.30%, 7/08/34		1,730,000		1,858,616
Oracle Corp., Sr. Unsecured, 4.00%, 7/15/46		1,300,000		1,292,771
TOTAL SOFTWARE			$	4,282,261
TELECOMMUNICATIONS—1.5%
AT&T, Inc., Sr. Unsecured, 1.40%, 12/01/17		1,731,000		1,731,959
AT&T, Inc., Sr. Unsecured, 2.38%, 11/27/18		2,000,000		2,026,566
AT&T, Inc., Sr. Unsecured, 4.50%, 5/15/35		845,000		843,204
Verizon Communications, Inc., Sr. Unsecured, 1.63%, 6/17/19D		1,000,000		1,008,683
Verizon Communications, Inc., Sr. Unsecured, 4.86%, 8/21/46		2,000,000		2,136,220
TOTAL TELECOMMUNICATIONS			$	7,746,632
TRANSPORTATION—1.2%
FedEx Corp., Company Guaranteed, 4.10%, 2/01/45		685,000		693,366
Norfolk Southern Corp., Sr. Unsecured, 5.90%, 6/15/19		250,000		277,439
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/17		500,000		501,709

Description	Par Value		Value
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18	$	1,155,000	$	1,169,845
Ryder System, Inc., Sr. Unsecured, MTN, 2.45%, 9/03/19		2,450,000		2,494,476
Union Pacific Corp., Sr. Unsecured, 4.38%, 11/15/65		1,000,000		1,071,943
TOTAL TRANSPORTATION			$	6,208,778
TRUCKING & LEASING—0.1%
GATX Corp., Sr. Unsecured, 5.20%, 3/15/44		640,000		664,106
UTILITIES—0.3%
Southern Co. (The), Company Guaranteed, 3.95%, 10/01/46		1,425,000		1,423,198
TOTAL CORPORATE BONDS (COST $215,185,205)			$	220,714,424
ENHANCED EQUIPMENT TRUST CERTIFICATES—0.2%
AIRLINES—0.2%
American Airlines 2011-1, Series A, Pass-Through Certificates, 5.25%, 1/31/21		296,481		320,014
Continental Airlines 2009-2, Series A, Pass-Through Certificates, 7.25%, 11/10/19		173,094		195,380
Delta Air Lines 2009-1, Series A, Pass-Through Certificates, 7.75%, 12/17/19		213,329		240,395
Delta Air Lines, 2007-1, Series A, Pass-Through Certificates, 6.82%, 8/10/24		263,701		313,145
United Air Lines 2009-2A, Pass-Through Certificates, 9.75%, 1/15/17		116,928		118,968
TOTAL AIRLINES			$	1,187,902
TOTAL ENHANCED EQUIPMENT TRUST CERTIFICATES (COST $1,063,533)			$	1,187,902
GOVERNMENT AGENCIES—1.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—0.7%
1.25%, 10/02/19		1,300,000		1,307,001
1.75%, 5/30/19#		2,000,000		2,038,007
2.38%, 1/13/22		125,000		130,568
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	3,475,576
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—0.5%
4.88%, 12/15/16		700,000		703,776
6.25%, 5/15/29		750,000		1,061,400
7.25%, 5/15/30		400,000		619,848
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,385,024
TOTAL GOVERNMENT AGENCIES (COST $5,486,882)			$	5,860,600

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    13

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
MORTGAGE-BACKED SECURITIES—22.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—12.2%
Pool B17616, 5.50%, 1/01/20	$	57,909	$	58,343
Pool G12709, 5.00%, 7/01/22		55,803		57,721
Pool C00478, 8.50%, 9/01/26		15,642		18,403
Pool E09010, 2.50%, 9/01/27		1,213,423		1,256,314
Pool G18497, 3.00%, 1/01/29		154,091		161,308
Pool C01272, 6.00%, 12/01/31		32,476		37,412
Pool A13990, 4.50%, 10/01/33		43,425		47,859
Pool G01625, 5.00%, 11/01/33		46,148		51,337
Pool G08097, 6.50%, 11/01/35		20,994		24,162
Pool G02296, 5.00%, 6/01/36		244,316		270,754
Pool G02390, 6.00%, 9/01/36		8,317		9,503
Pool G05317, 5.00%, 4/01/37		966,372		1,074,491
Pool G03703, 5.50%, 12/01/37		25,870		29,280
Pool G04776, 5.50%, 7/01/38		86,871		98,448
Pool G05500, 5.00%, 5/01/39		887,934		984,375
Pool A93415, 4.00%, 8/01/40		2,014,420		2,165,893
Pool A93505, 4.50%, 8/01/40		1,645,496		1,803,911
Pool A93996, 4.50%, 9/01/40		1,311,192		1,437,719
Pool G06222, 4.00%, 1/01/41		2,272,624		2,443,957
Pool A97047, 4.50%, 2/01/41		1,303,886		1,429,854
Pool G06956, 4.50%, 8/01/41		1,201,002		1,316,646
Pool C03750, 3.50%, 2/01/42		441,228		466,251
Pool C03849, 3.50%, 4/01/42		214,612		226,782
Pool Q08305, 3.50%, 5/01/42		1,252,406		1,331,866
Pool C04305, 3.00%, 11/01/42		3,268,559		3,374,277
Pool C09020, 3.50%, 11/01/42		3,185,404		3,349,108
Pool G07266, 4.00%, 12/01/42		3,046,749		3,274,258
Pool C04444, 3.00%, 1/01/43		117,524		121,326
Pool C09029, 3.00%, 3/01/43		546,143		563,799
Pool G08534, 3.00%, 6/01/43		684,254		706,373
Pool Q19476, 3.50%, 6/01/43		1,302,553		1,368,721
Pool C09044, 3.50%, 7/01/43		1,563,996		1,643,338
Pool G07889, 3.50%, 8/01/43		1,393,494		1,463,965
Pool G07624, 4.00%, 12/01/43		1,300,031		1,407,994
Pool Q23891, 4.00%, 12/01/43		269,411		289,710
Pool G60038, 3.50%, 1/01/44		6,833,716		7,185,225
Pool G07680, 4.00%, 4/01/44		2,237,112		2,423,886
Pool G08595, 4.00%, 7/01/44		1,336,807		1,432,201
Pool G07943, 4.50%, 8/01/44		189,640		207,802
Pool G08607, 4.50%, 9/01/44		1,097,777		1,203,406
Pool Q36970, 4.00%, 10/01/45		691,950		741,098
Pool G60384, 4.50%, 12/01/45		130,908		143,886
Pool Q39438, 4.00%, 3/01/46		5,339,552		5,720,098
Pool Q39644, 3.50%, 3/01/46		5,896,831		6,190,265
Pool G08705, 3.00%, 5/01/46		386,867		398,637

Description	Par Value		Value
Pool G08708, 4.50%, 5/01/46	$	938,072	$	1,028,600
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	61,040,562
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—10.0%
Pool 629603, 5.50%, 2/01/17		345		348
Pool 695818, 5.00%, 4/01/18		27,480		27,852
Pool 254759, 4.50%, 6/01/18		25,711		26,105
Pool 254833, 4.50%, 8/01/18		4,996		5,077
Pool 975207, 5.00%, 3/01/23		84,827		87,865
Pool AE2520, 3.00%, 1/01/26		636,662		669,252
Pool 329794, 7.00%, 2/01/26		25,625		29,834
Pool 256639, 5.00%, 2/01/27		16,886		18,751
Pool 256752, 6.00%, 6/01/27		28,358		32,597
Pool 402255, 6.50%, 12/01/27		1,540		1,596
Pool AB8997, 2.50%, 4/01/28		262,133		270,274
Pool AS4480, 2.50%, 2/01/30		1,532,643		1,577,700
Pool AS7462, 2.50%, 6/01/31		579,306		596,672
Pool 254007, 6.50%, 10/01/31		18,318		21,104
Pool 638023, 6.50%, 4/01/32		56,918		63,530
Pool 642345, 6.50%, 5/01/32		54,208		63,167
Pool 651292, 6.50%, 7/01/32		71,046		75,630
Pool 686398, 6.00%, 3/01/33		160,332		181,050
Pool 745412, 5.50%, 12/01/35		31,779		35,986
Pool 888789, 5.00%, 7/01/36		365,214		405,958
Pool 256515, 6.50%, 12/01/36		21,267		24,493
Pool AE0217, 4.50%, 8/01/40		204,293		224,183
Pool AB1796, 3.50%, 11/01/40		1,135,129		1,199,175
Pool AH5583, 4.50%, 2/01/41		601,920		660,511
Pool 890551, 4.50%, 8/01/41		119,378		131,016
Pool AL0658, 4.50%, 8/01/41		693,720		761,352
Pool AL1319, 4.50%, 10/01/41		1,355,323		1,488,847
Pool AL6302, 4.50%, 10/01/41		1,186,864		1,302,376
Pool AX5302, 4.00%, 1/01/42		1,953,684		2,099,913
Pool AK4523, 4.00%, 3/01/42		2,067,016		2,221,776
Pool AL2034, 4.50%, 4/01/42		311,290		341,792
Pool AB7936, 3.00%, 2/01/43		2,080,642		2,143,731
Pool AL3761, 4.50%, 2/01/43		437,582		483,663
Pool MA1458, 3.00%, 6/01/43		650,549		671,786
Pool AT7899, 3.50%, 7/01/43		4,007,952		4,222,972
Pool AS0302, 3.00%, 8/01/43		5,585,104		5,767,960
Pool AU4279, 3.00%, 9/01/43		1,095,246		1,131,077
Pool AL5537, 4.50%, 4/01/44		566,242		621,532
Pool AS3155, 4.00%, 8/01/44		151,207		162,086
Pool AX0833, 3.50%, 9/01/44		1,852,406		1,963,295
Pool AL6325, 3.00%, 10/01/44		3,674,032		3,794,172
Pool AS5136, 4.00%, 6/01/45		1,115,056		1,193,631
Pool AZ9565, 3.50%, 12/01/45		2,382,489		2,504,081

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

14    PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (continued)

Description	Par Value		Value
Pool BC0245, 3.00%, 2/01/46	$	994,785	$	1,024,808
Pool BC0830, 3.00%, 4/01/46		2,225,090		2,292,555
Pool TBA, 5.00%, 11/01/46		6,700,000		7,417,109
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	50,040,240
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)—0.0%**
Pool 373335, 7.50%, 5/15/22		8,290		8,542
Pool 354677, 7.50%, 10/15/23		22,886		26,770
Pool 354713, 7.50%, 12/15/23		15,531		18,168
Pool 354765, 7.00%, 2/15/24		32,653		38,800
Pool 354827, 7.00%, 5/15/24		29,651		32,971
Pool 360869, 7.50%, 5/15/24		22,320		23,016
Pool 385623, 7.00%, 5/15/24		33,965		38,666
Pool 361843, 7.50%, 10/15/24		3,026		3,105
Pool 2077, 7.00%, 9/20/25		9,220		10,806
Pool 503405, 6.50%, 4/15/29		32,158		36,712
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	237,556
TOTAL MORTGAGE-BACKED SECURITIES (COST $110,036,032)			$	111,318,358
U.S. TREASURY—28.8%
U.S. TREASURY BONDS—5.5%
2.50%, 2/15/45		2,135,000		2,101,502
2.50%, 2/15/46		1,780,000		1,749,578
2.50%, 5/15/46		1,900,000		1,868,421
2.88%, 8/15/45		300,000		318,501
3.00%, 5/15/42		500,000		545,046
3.00%, 11/15/44		2,000,000		2,175,838
3.00%, 5/15/45		2,000,000		2,174,906
3.00%, 11/15/45		765,000		831,904
3.13%, 8/15/44		6,637,000		7,393,720
3.63%, 2/15/44		2,106,000		2,563,326
3.63%, 8/15/43		881,000		1,072,585
3.75%, 11/15/43		365,000		454,357
5.25%, 2/15/29		500,000		679,382
5.38%, 2/15/31		600,000		852,793
6.25%, 5/15/30		500,000		753,081
6.38%, 8/15/27		450,000		647,574
8.88%, 2/15/19#		1,130,000		1,335,625
TOTAL U.S. TREASURY BONDS			$	27,518,139
U.S. TREASURY NOTES—23.3%
0.63%, 8/31/17		1,810,000		1,809,509
0.63%, 9/30/17		750,000		749,565
0.75%, 12/31/17		500,000		500,029
1.00%, 5/31/18		1,100,000		1,103,180
1.13%, 6/15/18		1,000,000		1,004,924

Description	Par Value		Value
1.25%, 10/31/18	$	2,085,000	$	2,100,467
1.25%, 1/31/19		250,000		251,857
1.38%, 3/31/20		3,300,000		3,330,838
1.38%, 6/30/18		6,000,000		6,053,935
1.38%, 9/30/18		1,240,000		1,251,743
1.38%, 2/28/19		2,500,000		2,525,608
1.50%, 12/31/18		2,486,000		2,517,276
1.50%, 1/31/19		9,400,000		9,521,226
1.50%, 5/31/19		535,000		542,408
1.50%, 11/30/19		1,145,000		1,161,590
1.63%, 3/31/19		820,000		833,399
1.63%, 11/30/20		1,710,000		1,737,424
1.63%, 5/31/23		12,400,000		12,436,808
1.63%, 2/15/26		3,000,000		2,952,821
1.63%, 5/15/26		5,695,000		5,598,347
1.63%, 8/15/22		6,000,000		6,051,458
1.63%, 11/15/22		1,928,000		1,940,027
1.75%, 9/30/19		5,700,000		5,824,417
1.75%, 5/15/22		380,000		386,107
1.75%, 5/15/23		2,000,000		2,022,186
1.88%, 6/30/20		5,845,000		5,999,227
2.00%, 11/15/21		1,000,000		1,030,905
2.00%, 2/15/25		4,655,000		4,747,550
2.00%, 8/15/25		295,000		300,269
2.13%, 6/30/22		6,615,000		6,853,640
2.13%, 5/15/25		2,500,000		2,571,986
2.13%, 8/15/21		3,750,000		3,886,966
2.25%, 7/31/18		500,000		512,231
2.25%, 7/31/21		6,600,000		6,879,212
2.25%, 11/15/25		230,000		238,710
2.38%, 8/15/24		6,600,000		6,931,233
2.50%, 8/15/23		200,000		211,658
2.63%, 11/15/20		500,000		527,785
3.13%, 5/15/19		750,000		790,854
3.63%, 2/15/20		750,000		811,736
4.00%, 8/15/18#		500,000		528,483
TOTAL U.S. TREASURY NOTES			$	117,029,594
TOTAL U.S. TREASURY (COST $139,873,555)			$	144,547,733
	Number of Shares
MONEY MARKET FUND—1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		5,896,078	$	5,896,078
TOTAL MONEY MARKET FUND (COST $5,896,078)			$	5,896,078

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    15

Wilmington Broad Market Bond Fund (continued)

	Number of Shares		Value
TOTAL INVESTMENTS IN SECURITIES—100.8% (COST $494,168,013)			$	506,093,940
Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—1.3%
REPURCHASE AGREEMENTS—1.3%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $1,220,267, collateralized by U.S. Government & Treasury Securities 0.00% to 7.50%, maturing 11/15/16 to 11/01/46; total market value of $1,244,660.	$	1,220,255	$	1,220,255
Daiwa Capital Markets America, 0.34%, dated 10/31/16, due 11/01/16, repurchase price $1,220,267, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $1,244,660.		1,220,255		1,220,255
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $1,220,265, collateralized by U.S. Government Securities 2.50% to 6.00%, maturing 1/01/28 to 9/01/46; total market value of $1,244,667.		1,220,255		1,220,255
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16, repurchase price $320,624, collateralized by U.S. Treasury Securities 0.63% to 3.13%, maturing 4/30/18 to 2/15/43; total market value of $327,033.		320,621		320,621
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $1,220,267, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $1,244,660.		1,220,255		1,220,255

Description	Par Value		Value
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $1,220,266, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $1,244,660.	$	1,220,255	$	1,220,255
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $6,421,896)			$	6,421,896
TOTAL INVESTMENTS—102.1% (COST $500,589,909)			$	512,515,836
COLLATERAL FOR SECURITIES ON LOAN—(1.3%)				(6,421,896	)
OTHER LIABILITIES LESS ASSETS—(0.8%)				(4,298,006	)
TOTAL NET ASSETS—100.0%			$	501,795,934

Cost of investments for Federal income tax purposes is $500,589,909. The net unrealized appreciation/(depreciation) of investments was $11,925,927. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $13,430,251 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,504,324.

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)

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

16    PORTFOLIOS OF INVESTMENTS

Wilmington Broad Market Bond Fund (concluded)

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Asset-Backed Security	$	—	$	720,556	$	—	$	720,556
Collateralized Mortgage Obligations		—		4,848,553		—		4,848,553
Commercial Paper		—		10,999,736		—		10,999,736
Corporate Bonds		—		220,714,424		—		220,714,424
Enhanced Equipment Trust Certificates		—		1,187,902		—		1,187,902
Government Agencies		—		5,860,600		—		5,860,600
Mortgage-Backed Securities		—		111,318,358		—		111,318,358
U.S. Treasury		—		144,547,733		—		144,547,733
Money Market Fund	$	5,896,078	$	—	$	—	$	5,896,078
Repurchase Agreements		—		6,421,896		—		6,421,896
Total	$	5,896,078	$	506,619,758	$	—	$	512,515,836

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

^ 7-Day net yield.

D Floating rate note with current rate and stated maturity date shown.

¨ The rate shown reflects the effective yield at purchase date.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $15,857,468 representing 3.2% of total net assets.

** Represents less than 0.05%

The following acronyms are used throughout this Fund:

BKNT—Bank Note

CMBS—Commercial Mortgage-Backed Securities

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GMTN—Global Medium Term Note

GNMA—Government National Mortgage Association

LLC—Limited Liability Corporation

LP—Limited Partnership

MTN—Medium Term Note

NA—National Association

PLC—Public Limited Company

REIT—Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

17

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Intermediate-Term Bond Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
Corporate Bonds		51.1	%
U.S. Treasury		36.4	%
Government Agencies		6.8	%
Mortgage-Backed Securities		1.4	%
Cash Equivalents1		7.6	%
Other Assets and Liabilities – Net2		(3.3	)%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

	Percentage of
	Total Net Assets
Credit Quality Diversification3
U.S. Government Agency Securities		8.2	%
U.S. Treasury		36.4	%
AAA / Aaa		0.4	%
AA / Aa		2.1	%
A / A		13.6	%
BBB / Baa		33.0	%
BB / Ba		2.0	%
Not Rated		7.6	%
Other Assets and Liabilities – Net2		(3.3	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
CORPORATE BONDS—51.1%
AEROSPACE & DEFENSE—1.4%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16	$	98,000	$	98,101
L-3 Communications Corp., Company Guaranteed, 4.75%, 7/15/20		750,000		815,168
Lockheed Martin Corp., Sr. Unsecured, 3.10%, 1/15/23		750,000		784,291
United Technologies Corp., Sr. Unsecured, 1.50%, 11/01/19		150,000		150,265
TOTAL AEROSPACE & DEFENSE			$	1,847,825
AUTO MANUFACTURERS—0.2%
General Motors Co., Sr. Unsecured, 3.50%, 10/02/18		220,000		225,964
AUTO PARTS & EQUIPMENT—0.2%
Johnson Controls, Inc., Sr. Unsecured, 3.63%, 7/02/24		300,000		317,508
AUTOMOTIVE—2.6%
Daimler Finance North America LLC, Company Guaranteed, 1.38%, 8/01/17W		500,000		500,209

Description	Par Value		Value
Ford Motor Credit Co. LLC, Sr. Unsecured, 2.15%, 1/09/18	$	750,000	$	753,383
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.68%, 3/12/19D		1,000,000		1,000,297
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		250,000		256,335
General Motors Financial Co., Inc., Company Guaranteed, 2.40%, 5/09/19		200,000		200,391
Hyundai Capital America, Sr. Unsecured, 2.00%, 3/19/18W		250,000		250,970
Toyota Motor Credit Corp., Sr. Unsecured, FRN, MTN, 1.22%, 3/12/20D		450,000		449,244
TOTAL AUTOMOTIVE			$	3,410,829
BANKS—6.3%
Bank of America Corp., Sr. Unsecured, 2.00%, 1/11/18		250,000		251,105
Bank of America Corp., Sr. Unsecured, MTN, 2.63%, 10/19/20		160,000		162,539
Bank of America Corp., Sr. Unsecured, MTN, 2.50%, 10/21/22		255,000		254,278

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

18    PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Bank of Montreal, Sr. Unsecured, MTN, 1.50%, 7/18/19	$	195,000	$	194,330
Bank of Montreal, Sr. Unsecured, MTN, 1.90%, 8/27/21		430,000		425,630
Bank of New York Mellon Corp. (The), Sr. Unsecured, MTN, 2.80%, 5/04/26		300,000		303,657
Branch Banking & Trust Co., Subordinated, 3.63%, 9/16/25		500,000		529,406
Capital One Financial Corp., Sr. Unsecured, 2.45%, 4/24/19		100,000		101,848
Capital One Financial Corp., Sr. Unsecured, 4.20%, 10/29/25		345,000		359,726
Capital One NA, Sr. Unsecured, 1.62%, 9/13/19D		550,000		550,907
Capital One NA, Sr. Unsecured, BKNT, 1.65%, 2/05/18		250,000		250,378
Citigroup, Inc., Sr. Unsecured, 1.70%, 4/27/18		600,000		600,592
Citigroup, Inc., Sr. Unsecured, 2.35%, 8/02/21		300,000		300,473
Key Bank NA, Sr. Unsecured, 1.70%, 6/01/18		500,000		501,651
Morgan Stanley, Sr. Unsecured, 2.50%, 1/24/19		325,000		330,545
National Australia Bank Ltd./NY, Sr. Unsecured, MTN, 2.75%, 3/09/17		300,000		301,712
Royal Bank of Canada, Sr. Unsecured, GMTN, 1.40%, 10/13/17		275,000		275,548
State Street Corp., Sr. Unsecured, 2.55%, 8/18/20		225,000		232,164
State Street Corp., Sr. Unsecured, 3.70%, 11/20/23		500,000		544,652
Toronto-Dominion Bank (The), Sr. Unsecured, MTN, 2.13%, 4/07/21		370,000		372,872
US Bancorp, Subordinated, MTN, 3.10%, 4/27/26		800,000		818,924
Wells Fargo & Co., Sr. Unsecured, 2.10%, 7/26/21		650,000		646,959
TOTAL BANKS			$	8,309,896
BEVERAGES—1.0%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 1.90%, 2/01/19		430,000		433,075
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 3.65%, 2/01/26		600,000		632,765
PepsiCo, Inc., Sr. Unsecured, 2.38%, 10/06/26		250,000		245,664
TOTAL BEVERAGES			$	1,311,504
BIOTECHNOLOGY—0.5%
Amgen, Inc., Sr. Unsecured, 2.13%, 5/01/20		500,000		506,047
Amgen, Inc., Sr. Unsecured, 2.25%, 8/19/23		180,000		176,714
TOTAL BIOTECHNOLOGY			$	682,761

Description	Par Value		Value
CAPITAL MARKETS—1.8%
BlackRock, Inc., Sr. Unsecured, 3.50%, 3/18/24	$	500,000	$	537,873
BlackRock, Inc., Series 2, Sr. Unsecured, 5.00%, 12/10/19		650,000		719,302
Charles Schwab Corp. (The), Sr. Unsecured, 1.50%, 3/10/18		650,000		653,110
Goldman Sachs Group, Inc. (The), Sr. Unsecured, FRN, 2.04%, 4/23/20D		500,000		503,556
TOTAL CAPITAL MARKETS			$	2,413,841
CHEMICALS—0.3%
Ecolab, Inc., Sr. Unsecured, 3.00%, 12/08/16		450,000		450,912
COMMERCIAL BANKS—3.0%
Fifth Third Bancorp, Subordinated, 4.30%, 1/16/24		370,000		397,981
HSBC USA, Inc., Sr. Unsecured, 2.00%, 8/07/18		220,000		221,129
Huntington National Bank (The), Sr. Unsecured, 2.40%, 4/01/20		350,000		354,309
Keycorp, Sr. Unsecured, MTN, 2.90%, 9/15/20		500,000		517,426
PNC Financial Services Group, Inc. (The), Subordinated, 3.90%, 4/29/24		420,000		445,214
SunTrust Banks, Inc., Sr. Unsecured, 2.50%, 5/01/19		600,000		612,198
Wells Fargo & Co., Sr. Unsecured, MTN, 2.55%, 12/07/20		200,000		203,398
Westpac Banking Corp., Sr. Unsecured, 2.00%, 8/14/17		575,000		578,508
Westpac Banking Corp., Sr. Unsecured, 4.88%, 11/19/19		500,000		543,730
TOTAL COMMERCIAL BANKS			$	3,873,893
COMMERCIAL FINANCE—0.6%
General Electric Corp., Sr. Unsecured, MTN, 2.30%, 4/27/17		750,000		754,717
COMMERCIAL SERVICES & SUPPLIES—0.8%
Total System Services, Inc., Sr. Unsecured, 2.38%, 6/01/18		450,000		453,008
Total System Services, Inc., Sr. Unsecured, 3.80%, 4/01/21		525,000		554,131
TOTAL COMMERCIAL SERVICES & SUPPLIES			$	1,007,139
COMPUTERS—0.6%
HP Enterprise Co., Company Guaranteed, 2.70%, 10/05/17W		750,000		757,962
CONSUMER FINANCE—1.2%
American Express Co., Sr. Unsecured, FRN, 1.40%, 5/22/18D		1,080,000		1,082,716

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    19

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
John Deere Capital Corp., Sr. Unsecured, MTN, 1.95%, 1/08/19	$	200,000	$	202,475
John Deere Capital Corp., Sr. Unsecured, MTN, 2.80%, 3/06/23		275,000		283,822
TOTAL CONSUMER FINANCE			$	1,569,013
DIVERSIFIED FINANCIAL SERVICES—1.8%
American Express Credit Corp., Sr. Unsecured, MTN, 1.70%, 10/30/19		260,000		260,441
American Honda Finance Corp., Sr. Unsecured, MTN, 1.20%, 7/12/19		120,000		119,337
Bank of America Corp., Sr. Unsecured, MTN, 4.13%, 1/22/24		250,000		269,152
JPMorgan Chase & Co., Sr. Unsecured, 6.00%, 1/15/18		250,000		263,101
JPMorgan Chase & Co., Sr. Unsecured, 1.70%, 3/01/18		500,000		501,653
JPMorgan Chase & Co., Sr. Unsecured, 2.55%, 10/29/20		500,000		509,251
TD Ameritrade Holding Corp., Sr. Unsecured, 2.95%, 4/01/22		450,000		466,322
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	2,389,257
ELECTRIC—5.6%
CMS Energy Corp., Sr. Unsecured, 6.55%, 7/17/17		625,000		648,372
Dominion Resources Inc/VA, Sr. Unsecured, 3.90%, 10/01/25		470,000		502,699
Dominion Resources, Inc./VA, Sr. Unsecured, 1.60%, 8/15/19		400,000		399,676
Duke Energy Indiana, Inc., 1st Mortgage, 3.75%, 7/15/20		670,000		718,752
Entergy Corp., Sr. Unsecured, 2.95%, 9/01/26		170,000		168,075
Exelon Corp., Sr. Unsecured, 2.45%, 4/15/21		825,000		835,215
Exelon Generation Co. LLC, Sr. Unsecured, 2.95%, 1/15/20		700,000		719,260
FirstEnergy Transmission LLC, Sr. Unsecured, 4.35%, 1/15/25W		750,000		802,577
NextEra Energy Capital Holdings, Inc., Company Guaranteed, 3.63%, 6/15/23		100,000		105,048
Southern California Edison Co., Series B, 1st Mortgage, 2.40%, 2/01/22		900,000		919,787
Southern Co. (The), Sr. Unsecured, 2.35%, 7/01/21		1,250,000		1,261,749
WEC Energy Group, Inc., Sr. Unsecured, 2.45%, 6/15/20		300,000		306,620
TOTAL ELECTRIC			$	7,387,830
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
Emerson Electric Co., Sr. Unsecured, 2.63%, 12/01/21		275,000		286,824

Description	Par Value		Value
ENVIRONMENTAL CONTROL—0.1%
Waste Management, Inc., Company Guaranteed, 2.40%, 5/15/23	$	160,000	$	160,829
FOOD—0.5%
Kraft Foods Group, Inc., Company Guaranteed, 2.25%, 6/05/17		150,000		150,826
Kroger Co., Sr. Unsecured, 2.30%, 1/15/19		250,000		254,258
Kroger Co., Sr. Unsecured, 2.95%, 11/01/21		250,000		258,025
TOTAL FOOD			$	663,109
FOREST PRODUCTS & PAPER—0.4%
International Paper Co., Sr. Unsecured, 4.75%, 2/15/22		500,000		555,691
HEALTH CARE EQUIPMENT & SUPPLIES—0.5%
Thermo Fisher Scientific, Inc., Sr. Unsecured, 2.95%, 9/19/26		235,000		232,133
Zimmer Biomet Holdings, Inc., Sr. Unsecured, 3.15%, 4/01/22		415,000		425,674
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	657,807
HEALTH CARE PROVIDERS & SERVICES—0.9%
Aetna, Inc., Sr. Unsecured, 1.70%, 6/07/18		175,000		175,652
Anthem, Inc., Sr. Unsecured, 2.30%, 7/15/18		1,000,000		1,008,542
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	1,184,194
HOME FURNISHINGS—0.4%
Whirlpool Corp., Sr. Unsecured, 1.65%, 11/01/17		250,000		250,522
Whirlpool Corp., Sr. Unsecured, 2.40%, 3/01/19		220,000		223,904
TOTAL HOME FURNISHINGS			$	474,426
INSURANCE—1.9%
American International Group, Inc., Sr. Unsecured, 3.75%, 7/10/25		400,000		419,686
Aon PLC, Company Guaranteed, 2.80%, 3/15/21		240,000		245,376
Aon PLC, Company Guaranteed, 4.00%, 11/27/23		250,000		268,138
Berkshire Hathaway, Inc., Sr. Unsecured, 2.75%, 3/15/23		175,000		180,530
Hartford Financial Services Group, Inc., Sr. Unsecured, 5.13%, 4/15/22		360,000		408,270
MetLife, Inc., Sr. Unsecured, 3.60%, 4/10/24		750,000		797,326
Prudential Financial, Inc., Sr. Unsecured, MTN, 6.00%, 12/01/17		125,000		131,000
TOTAL INSURANCE			$	2,450,326
MEDIA—0.9%
CBS Corp., Company Guaranteed, 3.38%, 3/01/22		350,000		365,597

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

20    PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Charter Communications Operating LLC, Sr. Secured, 3.58%, 7/23/20W	$	500,000	$	518,928
Time Warner, Inc., Company Guaranteed, 2.95%, 7/15/26#		270,000		266,747
TOTAL MEDIA			$	1,151,272
MISCELLANEOUS MANUFACTURING—1.2%
Ingersoll-Rand Global Holding Co. Ltd., Company Guaranteed, 4.25%, 6/15/23		330,000		359,876
Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed, 2.63%, 5/01/20		250,000		254,743
Textron, Inc., Sr. Unsecured, 3.65%, 3/01/21#		425,000		445,515
Textron, Inc., Sr. Unsecured, 4.30%, 3/01/24		500,000		529,150
TOTAL MISCELLANEOUS MANUFACTURING			$	1,589,284
OIL & GAS—3.1%
BP Capital Markets PLC, Company Guaranteed, 3.12%, 5/04/26		250,000		253,373
ConocoPhillips Co., Company Guaranteed, 4.20%, 3/15/21#		330,000		357,665
ConocoPhillips Co., Company Guaranteed, FRN, 1.72%, 5/15/22D		80,000		79,232
Marathon Oil Corp., Sr. Unsecured, 6.00%, 10/01/17		550,000		572,489
Marathon Petroleum Corp., Sr. Unsecured, 3.63%, 9/15/24		125,000		125,332
Phillips 66, Company Guaranteed, 4.30%, 4/01/22		400,000		441,376
Schlumberger Holdings Corp., Sr. Unsecured, 2.35%, 12/21/18W		370,000		375,933
Sempra Energy, Sr. Unsecured, 2.30%, 4/01/17		800,000		803,667
Shell International Finance BV, Company Guaranteed, 3.25%, 5/11/25		530,000		547,368
Total Capital International SA, Company Guaranteed, FRN, 1.21%, 6/19/19D		450,000		444,199
TOTAL OIL & GAS			$	4,000,634
PHARMACEUTICALS—2.7%
AbbVie, Inc., Sr. Unsecured, 2.50%, 5/14/20		300,000		304,302
Abbvie, Inc., Sr. Unsecured, 3.60%, 5/14/25		750,000		766,378
Actavis Funding SCS, Company Guaranteed, FRN, 2.10%, 3/12/20D		500,000		508,429
Cardinal Health, Inc., Sr. Unsecured, 3.20%, 3/15/23		350,000		365,086
Medco Health Solutions, Inc., Company Guaranteed, 4.13%, 9/15/20		250,000		268,542

Description	Par Value		Value
Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed, 2.20%, 7/21/21	$	850,000	$	841,520
Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed, 2.80%, 7/21/23		500,000		492,743
TOTAL PHARMACEUTICALS			$	3,547,000
PIPELINES—0.7%
Enterprise Products Operating LLC, Company Guaranteed, 2.55%, 10/15/19		325,000		333,271
Kinder Morgan, Inc., Company Guaranteed, 2.00%, 12/01/17		525,000		527,052
TOTAL PIPELINES			$	860,323
REAL ESTATE INVESTMENT TRUSTS—4.2%
American Tower Corp., Sr. Unsecured, 3.45%, 9/15/21		250,000		261,322
American Tower Corp., Sr. Unsecured, 5.00%, 2/15/24		505,000		563,476
Boston Properties LP, Sr. Unsecured, 2.75%, 10/01/26		400,000		385,981
Digital Realty Trust LP, Company Guaranteed, 3.40%, 10/01/20		100,000		103,913
HCP, Inc., Sr. Unsecured, 4.20%, 3/01/24		540,000		561,954
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.75%, 4/15/23		200,000		203,974
Healthcare Realty Trust, Inc., Sr. Unsecured, 3.88%, 5/01/25		550,000		562,035
Mack-Cali Realty LP, Sr. Unsecured, 2.50%, 12/15/17		250,000		250,936
ProLogis LP, Company Guaranteed, 3.35%, 2/01/21		500,000		525,939
Simon Property Group LP, Sr. Unsecured, 2.15%, 9/15/17		500,000		503,182
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 2.70%, 4/01/20		550,000		561,595
Ventas Realty LP / Ventas Capital Corp., Company Guaranteed, 4.25%, 3/01/22		250,000		271,734
Welltower, Inc., Sr. Unsecured, 2.25%, 3/15/18		450,000		453,826
Welltower, Inc., Sr. Unsecured, 4.25%, 4/01/26		330,000		352,860
TOTAL REAL ESTATE INVESTMENT TRUSTS			$	5,562,727
RETAIL—1.3%
CVS Health Corp., Sr. Unsecured, 2.75%, 12/01/22		415,000		422,774
Home Depot, Inc. (The), Sr. Unsecured, 2.13%, 9/15/26		225,000		217,582
Walgreens Boots Alliance, Inc., Sr. Unsecured, 1.75%, 5/30/18		800,000		804,122
Walgreens Boots Alliance, Inc., Sr. Unsecured, 3.30%, 11/18/21		225,000		235,470
TOTAL RETAIL			$	1,679,948

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    21

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
SOFTWARE—0.9%
Microsoft Corp., Sr. Unsecured, 1.10%, 8/08/19	$	350,000	$	347,801
Microsoft Corp., Sr. Unsecured, 1.55%, 8/08/21		175,000		172,918
Oracle Corp., Sr. Unsecured, 1.90%, 9/15/21		600,000		598,556
TOTAL SOFTWARE			$	1,119,275
TELECOMMUNICATIONS—1.6%
AT&T, Inc., Sr. Unsecured, 2.45%, 6/30/20		500,000		502,845
AT&T, Inc., Sr. Unsecured, FRN, 1.77%, 6/30/20D		500,000		502,018
Cisco Systems, Inc., Sr. Unsecured, 2.20%, 9/20/23		295,000		293,448
Verizon Communications, Inc., Sr. Unsecured, 4.50%, 9/15/20		300,000		326,406
Verizon Communications, Inc., Sr. Unsecured, FRN, 1.63%, 6/17/19D		525,000		529,558
TOTAL TELECOMMUNICATIONS			$	2,154,275
TRANSPORTATION—1.0%
CSX Corp., Sr. Unsecured, 4.25%, 6/01/21		500,000		546,758
Norfolk Southern Corp., Sr. Unsecured, 2.90%, 6/15/26		260,000		262,962
Ryder System, Inc., Sr. Unsecured, MTN, 2.50%, 3/01/18		500,000		506,426
TOTAL TRANSPORTATION			$	1,316,146
TRUCKING & LEASING—0.7%
GATX Corp., Sr. Unsecured, 2.38%, 7/30/18		625,000		630,936
GATX Corp., Sr. Unsecured, 3.25%, 9/15/26#		280,000		274,790
TOTAL TRUCKING & LEASING			$	905,726
TOTAL CORPORATE BONDS (COST $65,657,714)			$	67,030,667
GOVERNMENT AGENCIES—6.8%
FEDERAL HOME LOAN BANK (FHLB)—1.8%
Series 1, 4.88%, 5/17/17		1,365,000		1,397,254
Series 917, 1.00%, 6/21/17		1,000,000		1,002,657
TOTAL FEDERAL HOME LOAN BANK (FHLB)			$	2,399,911
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—3.9%
1.25%, 5/12/17		800,000		803,121
1.38%, 5/01/20		1,250,000		1,259,962
1.75%, 5/30/19#		805,000		820,298

Description	Par Value		Value
2.38%, 1/13/22	$	1,850,000	$	1,932,408
3.75%, 3/27/19		250,000		266,374
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	5,082,163
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—1.1%
1.75%, 9/12/19#		1,475,000		1,503,960
TOTAL GOVERNMENT AGENCIES (COST $8,810,619)			$	8,986,034
MORTGAGE-BACKED SECURITIES—1.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—0.3%
Pool G11311, 5.00%, 10/01/17		9,179		9,251
Pool E92817, 5.00%, 12/01/17		21,052		21,266
Pool C90293, 7.50%, 9/01/19		57,558		62,765
Pool B19228, 4.50%, 4/01/20		16,465		16,924
Pool C90504, 6.50%, 12/01/21		22,319		24,931
Pool G01625, 5.00%, 11/01/33		46,148		51,337
Pool A18401, 6.00%, 2/01/34		66,820		77,225
Pool G08097, 6.50%, 11/01/35		33,973		39,100
Pool G02390, 6.00%, 9/01/36		14,555		16,631
Pool G08193, 6.00%, 4/01/37		45,601		52,099
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	371,529
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—0.9%
Pool 619054, 5.50%, 2/01/17		1,764		1,769
Pool 629603, 5.50%, 2/01/17		576		579
Pool 254833, 4.50%, 8/01/18		6,662		6,770
Pool 839291, 5.00%, 9/01/20		2,916		3,004
Pool 688996, 8.00%, 11/01/24		8,797		9,146
Pool AE2520, 3.00%, 1/01/26		807,606		848,945
Pool 256639, 5.00%, 2/01/27		33,772		37,501
Pool 256752, 6.00%, 6/01/27		35,448		40,746
Pool 257007, 6.00%, 12/01/27		61,239		70,384
Pool 254240, 7.00%, 3/01/32		57,147		67,593
Pool 612514, 2.97%, 5/01/33D		39,267		40,893
Pool 745412, 5.50%, 12/01/35		32,033		36,274
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	1,163,604
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)—0.2%
Pool 780825, 6.50%, 7/15/28		75,334		86,822
Pool 2616, 7.00%, 7/20/28		48,136		57,134
Pool 2701, 6.50%, 1/20/29		88,898		102,679

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

22    PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Pool 426727, 7.00%, 2/15/29	$	7,149	$	7,617
Pool 781231, 7.00%, 12/15/30		41,397		48,781
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	303,033
TOTAL MORTGAGE-BACKED SECURITIES (COST $1,688,927)			$	1,838,166
U.S. TREASURY—36.4%
U.S. TREASURY NOTES—36.4%
0.88%, 1/31/17#		250,000		250,316
0.88%, 11/15/17		640,000		640,933
0.88%, 1/31/18		750,000		751,218
0.88%, 7/15/18		940,000		940,814
0.88%, 6/15/19		1,500,000		1,496,864
0.88%, 9/15/19		750,000		747,501
1.00%, 5/31/18		500,000		501,445
1.00%, 6/30/19		250,000		250,298
1.00%, 9/30/19		750,000		750,315
1.25%, 11/30/18		640,000		644,650
1.25%, 1/31/19		1,450,000		1,460,770
1.25%, 2/29/20		750,000		754,194
1.38%, 6/30/18		480,000		484,315
1.38%, 5/31/20		2,250,000		2,269,984
1.38%, 8/31/20		1,400,000		1,410,259
1.38%, 1/31/21		1,500,000		1,507,655
1.38%, 5/31/21		660,000		662,707
1.50%, 8/31/18		1,000,000		1,011,654
1.50%, 11/30/19		1,200,000		1,217,387
1.50%, 8/15/26#		1,000,000		970,845
1.63%, 4/30/19		750,000		762,609
1.63%, 8/15/22		1,390,000		1,401,921
1.63%, 5/31/23		2,155,000		2,161,397
1.63%, 2/15/26		600,000		590,564
1.63%, 5/15/26		25,000		24,576
1.75%, 5/15/23		1,000,000		1,011,093
2.00%, 7/31/20		1,500,000		1,546,381
2.00%, 11/15/21		455,000		469,062
2.00%, 2/15/22		500,000		515,221
2.00%, 2/15/23		2,000,000		2,054,678
2.00%, 2/15/25		1,003,000		1,022,941
2.00%, 8/15/25		1,700,000		1,730,363
2.13%, 1/31/21		1,500,000		1,554,064
2.13%, 6/30/21		625,000		648,021
2.13%, 8/15/21		825,000		855,132
2.13%, 9/30/21		1,000,000		1,036,840
2.13%, 6/30/22		1,650,000		1,709,525
2.25%, 11/15/25		730,000		757,644
2.38%, 8/15/24		750,000		787,640

Description	Par Value		Value
2.50%, 8/15/23	$	1,200,000	$	1,269,949
2.50%, 5/15/24		1,000,000		1,059,870
2.63%, 8/15/20		1,000,000		1,053,737
2.75%, 11/15/23		2,000,000		2,151,595
3.13%, 5/15/21		550,000		594,149
3.63%, 2/15/20		500,000		541,157
4.00%, 8/15/18#		1,000,000		1,056,967
4.25%, 11/15/17		500,000		518,073
4.75%, 8/15/17		150,000		154,811
TOTAL U.S. TREASURY NOTES			$	47,764,104
TOTAL U.S. TREASURY (COST $46,876,606)			$	47,764,104
	Number of Shares
MONEY MARKET FUND—4.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		5,206,965	$	5,206,965
TOTAL MONEY MARKET FUND (COST $5,206,965)			$	5,206,965
TOTAL INVESTMENTS IN SECURITIES—99.7% (COST $128,240,831)			$	130,825,936
	Par Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—3.6%
REPURCHASE AGREEMENTS—3.6%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16 ,repurchase price $909,973, collateralized by U.S. Government Securities & Treasury Securities 0.00% to 7.50%, maturing 11/15/16 to 11/01/46; total market value of $928,163.	$	909,964	$	909,964
Daiwa Capital Markets America, 0.34%, dated 10/31/16, due 11/01/16, repurchase price $909,973, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $928,163.		909,964		909,964
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $909,972, collateralized by U.S. Government Securities 2.50% to 6.00%, maturing 1/01/28 to 9/01/46; total market value of $928,169.		909,964		909,964

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    23

Wilmington Intermediate-Term Bond Fund (continued)

Description	Par Value		Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16, repurchase price $239,358, collateralized by U.S. Treasury Securities 0.63% to 3.13%, maturing 4/30/18 to 2/15/43; total market value of $244,143.	$	239,356	$	239,356
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $909,973, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $928,163.		909,964		909,964
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $909,972, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $928,163.		909,964		909,964
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $4,789,176)			$	4,789,176
TOTAL INVESTMENTS—103.3% (COST $133,030,007)			$	135,615,112
COLLATERAL FOR SECURITIES ON LOAN—(3.6%)				(4,789,176	)
OTHER ASSETS LESS LIABILITIES—0.3%				416,447
TOTAL NET ASSETS—100.0%			$	131,242,383

Cost of investments for Federal income tax purposes is $133,030,904. The net unrealized appreciation/(depreciation) of investments was $2,584,208. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $2,737,238 and net unrealized depreciation from investments for those securities having an excess of cost over value of $153,030.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds	$	—	$	67,030,667	$	—	$	67,030,667
Government Agencies		—		8,986,034		—		8,986,034
Mortgage-Backed Securities		—		1,838,166		—		1,838,166
U.S. Treasury		—		47,764,104		—		47,764,104
Money Market Fund		5,206,965		—		—		5,206,965
Repurchase Agreements		—		4,789,176		—		4,789,176
Total	$	5,206,965	$	130,408,147	$	—	$	135,615,112

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

^ 7-Day net yield.

D Floating rate note with current rate and stated maturity date shown.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

24    PORTFOLIOS OF INVESTMENTS

Wilmington Intermediate-Term Bond Fund (concluded)

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $3,206,579 representing 2.4% of total net assets.

The following acronyms are used throughout this Fund:

FHLB—Federal Home Loan Bank

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

FRN—Floating Rate Note

GMTN—Global Medium Term Note

GNMA—Government National Mortgage Association

LLC—Limited Liability Corporation

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

25

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Short-Term Bond Fund

At October 31, 2016, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury		14.9	%
Electric		8.4	%
Oil & Gas		8.4	%
Commercial Banks		7.0	%
Insurance		5.7	%
Federal National Mortgage Association (FNMA)		5.5	%
Diversified Financial Services		4.7	%
Federal Home Loan Mortgage Corporation (FHLMC)		4.4	%
Automotive		4.1	%
Pharmaceuticals		3.3	%
Media		3.2	%
Banks		2.8	%
Retail		2.7	%
Health Care Equipment & Supplies		2.2	%
Health Care Providers & Services		2.2	%
Biotechnology		2.1	%
Capital Markets		2.0	%
Commercial Services & Supplies		2.0	%
Aerospace & Defense		1.9	%
Electronic Equipment, Instruments & Components		1.1	%
Utilities		1.0	%
Computers		1.0	%
Trucking & Leasing		1.0	%
Food Products		1.0	%
Beverages		1.0	%
Auto Parts & Equipment		1.0	%
Consumer Finance		1.0	%
Telecommunications		0.9	%
Software		0.9	%
Whole Loan		0.8	%
Government National Mortgage Association (GNMA)		0.6	%
Commercial Mortgage-Backed Securities (CMBS)		0.3	%

	Percentage of
	Total Net Assets
Municipal Bond		0.1	%
Cash Equivalents1		3.3	%
Other Assets and Liabilities – Net2		(2.5	)%
TOTAL		100.0	%
	Percentage of Total Net Assets
Credit Quality Diversification3
U.S. Government Agency Securities		10.5	%
U.S. Treasury		14.9	%
AAA / Aaa		0.9	%
AA / Aa		7.7	%
A / A		23.7	%
BBB / Baa		38.4	%
BB / Ba		2.4	%
D		0.5	%
Not Rated		3.5	%
Other Assets and Liabilities – Net2		(2.5	)%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
ADJUSTABLE RATE MORTGAGE—0.0%**
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—0.0%**
Pool 399251, 2.69%, 9/01/27D	$	48	$	50
TOTAL ADJUSTABLE RATE MORTGAGE (COST $48)			$	50

Description	Par Value		Value
COLLATERALIZED MORTGAGE OBLIGATIONS—6.9%
COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS)—0.3%
JPMorgan Chase Commercial Mortgage
Securities Trust,
Series 2007-CIBC18, Class A4,
5.44%, 6/12/47	$	267,547		268,534
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—2.2%
Series 1988-6, Class C, 9.05%, 6/15/19		695		719

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

26    PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Series 1989-112, Class I, 6.50%, 1/15/21	$	765	$	805
Series 1990-136, Class E, 6.00%, 4/15/21		2,020		2,139
Series 1990-141, Class D, 5.00%, 5/15/21		850		883
Series 1993-1577, Class PK, 6.50%, 9/15/23		27,291		30,012
Series 1993-1644, Class K, 6.75%, 12/15/23		22,286		24,060
Series 1994-1686, Class PJ, 5.00%, 2/15/24		2,693		2,848
Series 2003-2649, Class KA, 4.50%, 7/15/18		26,328		26,865
Series 2011-3799, Class GK, 2.75%, 1/15/21		115,713		116,698
Series 2012-K710, Class A1, 1.44%, 1/25/19		1,183,253		1,185,744
Series 3893, Class DJ, 2.00%, 10/15/20		748,439		752,481
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	2,143,254
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—3.4%
Series 1993-113, Class PK, 6.50%, 7/25/23		27,033		29,804
Series 1993-127, Class H, 6.50%, 7/25/23		24,919		27,409
Series 1993-202, Class J, 6.50%, 11/25/23		14,612		16,266
Series 1994-3, Class PL, 5.50%, 1/25/24		27,267		30,013
Series 1994-55, Class H, 7.00%, 3/25/24		31,236		35,352
Series 2002-52, Class QA, 6.00%, 7/18/32		7,356		7,584
Series 2002-94, Class HQ, 4.50%, 1/25/18		168,168		170,823
Series 2003-3, Class BC, 5.00%, 2/25/18		140,082		142,939
Series 2009-70, Class NM, 3.25%, 8/25/19		386,093		392,302
Series 2011-66, Class QE, 2.00%, 7/25/21		414,090		417,003
Series 2011-71, Class DJ, 3.00%, 3/25/25		326,407		329,949
Series 2011-81, Class PA, 3.50%, 8/25/26		1,692,345		1,773,001
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	3,372,445
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)—0.2%
Series 2005-44, Class PC, 5.00%, 12/20/33		98,819		99,515
Series 2010-17, Class K, 4.00%, 3/16/22		47,415		47,586
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	147,101
WHOLE LOAN—0.8%
Banc of America Mortgage Securities, Inc.,
Series 2004-A, Class 2A1, 2.95%, 2/25/34D		162,535		162,038
Banc of America Mortgage Securities, Inc.,
Series 2004-B, Class 2A1, 3.05%, 3/25/34D		113,495		113,573
IndyMac INDA Mortgage Loan Trust,
Series 2005-AR1, Class 2A1,
3.30%, 11/25/35D		544,695		509,876
TOTAL WHOLE LOAN			$	785,487
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $6,848,360)				6,716,821

Description	Par Value		Value
CORPORATE BONDS—72.6%
AEROSPACE & DEFENSE—1.9%
L-3 Communications Corp., Company Guaranteed, 3.95%, 11/15/16#	$	796,000	$	796,818
Lockheed Martin Corp., Sr. Unsecured, 1.85%, 11/23/18		1,000,000		1,009,942
TOTAL AEROSPACE & DEFENSE			$	1,806,760
AUTO PARTS & EQUIPMENT—1.0%
Johnson Controls, Inc., Sr. Unsecured, 1.40%, 11/02/17		1,000,000		1,001,504
AUTOMOTIVE—4.1%
Daimler Finance North America LLC, Company Guaranteed, 1.38%, 8/01/17W		1,000,000		1,000,418
Ford Motor Credit Co. LLC, Sr. Unsecured, FRN, 1.68%, 3/12/19D		1,000,000		1,000,297
General Motors Financial Co., Inc., Company Guaranteed, 4.75%, 8/15/17		1,000,000		1,025,338
General Motors Financial Co., Inc., Company Guaranteed, 3.20%, 7/06/21		1,000,000		1,011,403
TOTAL AUTOMOTIVE			$	4,037,456
BANKS—2.8%
Canadian Imperial Bank of Commerce/Canada, Sr. Unsecured, 1.36%, 9/06/19D		1,000,000		1,000,980
Capital One NA, Sr. Unsecured, BKNT, 1.50%, 9/05/17#		1,200,000		1,201,117
Citigroup, Inc., Sr. Unsecured, 2.05%, 6/07/19		500,000		502,592
TOTAL BANKS			$	2,704,689
BEVERAGES—1.0%
Anheuser-Busch InBev Finance, Inc., Company Guaranteed, 1.90%, 2/01/19		1,000,000		1,007,151
BIOTECHNOLOGY—2.1%
Celgene Corp., Sr. Unsecured, 2.13%, 8/15/18#		1,225,000		1,237,162
Gilead Sciences, Inc., Sr. Unsecured, 1.85%, 9/04/18		785,000		791,835
TOTAL BIOTECHNOLOGY			$	2,028,997
CAPITAL MARKETS—2.0%
Charles Schwab Corp. (The), Sr. Unsecured, 1.50%, 3/10/18		1,975,000		1,984,448
COMMERCIAL BANKS—7.0%
Fifth Third Bancorp, Subordinated, 5.45%, 1/15/17		2,325,000		2,345,548
KeyBank N.A./Cleveland OH, Subordinated, BKNT, 5.70%, 11/01/17		900,000		935,238
KeyBank NA/Cleveland OH, Sr. Unsecured, BKNT, 2.35%, 3/08/19		1,650,000		1,678,779

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    27

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
PNC Bank NA, Sr. Unsecured, BKNT, 1.95%, 3/04/19	$	700,000	$	706,804
US Bank NA/Cincinnati OH, Sr. Unsecured, BKNT, 1.40%, 4/26/19		1,150,000		1,149,313
TOTAL COMMERCIAL BANKS			$	6,815,682
COMMERCIAL SERVICES & SUPPLIES—2.0%
Total System Services, Inc., Sr. Unsecured, 2.38%, 6/01/18		1,900,000		1,912,701
COMPUTERS—1.0%
HP Enterprise Co., Sr. Unsecured, 2.70%, 10/05/17W		1,000,000		1,010,616
CONSUMER FINANCE—1.0%
John Deere Capital Corp., Sr. Unsecured, MTN, 1.95%, 1/08/19		950,000		961,755
DIVERSIFIED FINANCIAL SERVICES—4.7%
American Express Credit Corp., Sr. Unsecured, 1.41%, 3/18/19D		800,000		801,570
American Express Credit Corp., Sr. Unsecured, MTN, 1.70%, 10/30/19#		750,000		751,271
Citigroup, Inc., Sr. Unsecured, 2.15%, 7/30/18		915,000		923,880
Citigroup, Inc., Sr. Unsecured, 2.05%, 12/07/18		1,000,000		1,006,090
Morgan Stanley, Sr. Unsecured, GMTN, 2.45%, 2/01/19		1,100,000		1,117,549
TOTAL DIVERSIFIED FINANCIAL SERVICES			$	4,600,360
ELECTRIC—8.4%
Appalachian Power Co., Sr. Unsecured, K, 5.00%, 6/01/17		1,000,000		1,020,470
Entergy Corp., Sr. Unsecured, 4.70%, 1/15/17		2,000,000		2,008,140
Exelon Generation Co. LLC, Sr. Unsecured, 6.20%, 10/01/17		1,505,000		1,569,838
Georgia Power Co., Sr. Unsecured, 1.95%, 12/01/18		2,000,000		2,019,246
NextEra Energy Capital Holdings, Inc., Company Guaranteed, 2.30%, 4/01/19		600,000		608,756
Southern Power Co., Sr. Unsecured, 1.85%, 12/01/17		1,000,000		1,004,865
TOTAL ELECTRIC			$	8,231,315
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%
Emerson Electric Co., Sr. Unsecured, 5.25%, 10/15/18		1,000,000		1,078,672
FOOD PRODUCTS—1.0%
Hershey Co. (The), Sr. Unsecured, 1.60%, 8/21/18		1,000,000		1,007,672
HEALTH CARE EQUIPMENT & SUPPLIES—2.2%
Becton Dickinson and Co., Sr. Unsecured, 1.45%, 5/15/17		1,000,000		1,001,548

Description	Par Value		Value
Zimmer Holdings, Inc., Sr. Unsecured, 1.45%, 4/01/17	$	1,135,000	$	1,135,610
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			$	2,137,158
HEALTH CARE PROVIDERS & SERVICES—2.2%
Anthem, Inc., Sr. Unsecured, 2.38%, 2/15/17		1,000,000		1,002,504
UnitedHealth Group, Inc., Sr. Unsecured, 1.90%, 7/16/18		1,110,000		1,120,379
TOTAL HEALTH CARE PROVIDERS & SERVICES			$	2,122,883
INSURANCE—5.7%
Berkshire Hathaway Finance Corp., Company Guaranteed, 1.60%, 5/15/17		2,000,000		2,008,632
Berkshire Hathaway Finance Corp., Company Guaranteed, 1.30%, 8/15/19		1,500,000		1,498,084
Metropolitan Life Global Funding I, Sr. Secured, 1.95%, 12/03/18W		1,000,000		1,010,520
Principal Financial Group, Inc., Company Guaranteed, 1.85%, 11/15/17		1,074,000		1,079,465
TOTAL INSURANCE			$	5,596,701
MEDIA—3.2%
CBS Corp., Company Guaranteed, 4.63%, 5/15/18		1,000,000		1,043,339
Comcast Corp., Company Guaranteed, 5.70%, 7/01/19		1,000,000		1,109,985
Walt Disney Co. (The), Sr. Unsecured, MTN, 0.88%, 7/12/19		980,000		970,311
TOTAL MEDIA			$	3,123,635
OIL & GAS—8.4%
Anadarko Petroleum Corp., Sr. Unsecured, 6.38%, 9/15/17		190,000		198,835
BP Capital Markets PLC, Company Guaranteed, 1.68%, 5/03/19		950,000		951,815
Chevron Corp., Sr. Unsecured, 1.34%, 11/09/17		1,500,000		1,510,540
ConocoPhillips, Company Guaranteed, 5.75%, 2/01/19		1,000,000		1,091,370
Exxon Mobil Corp., Sr. Unsecured, 1.71%, 3/01/19		1,155,000		1,163,852
Husky Oil Ltd., Sr. Unsecured, 7.55%, 11/15/16		221,000		221,236
Phillips 66, Company Guaranteed, 2.95%, 5/01/17		1,000,000		1,011,426
Schlumberger Holdings Corp., Sr. Unsecured, 1.90%, 12/21/17#,W		1,000,000		1,005,537
Schlumberger Holdings Corp., Sr. Unsecured, 2.35%, 12/21/18W		1,000,000		1,016,035
TOTAL OIL & GAS			$	8,170,646
PHARMACEUTICALS—3.3%
AbbVie, Inc., Sr. Unsecured, 1.75%, 11/06/17		1,000,000		1,003,614

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

28    PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
Pfizer, Inc., Sr. Unsecured, 6.20%, 3/15/19	$	1,000,000	$	1,108,251
Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecured, 1.70%, 7/19/19		435,000		432,812
Teva Pharmaceutical Finance Netherlands III BV, Sr. Unsecured, 2.20%, 7/21/21		730,000		722,718
TOTAL PHARMACEUTICALS			$	3,267,395
RETAIL—2.7%
CVS Health Corp., Sr. Unsecured, 1.90%, 7/20/18		1,000,000		1,008,128
Walgreens Boots Alliance, Inc., Sr. Unsecured, 1.75%, 5/30/18		1,650,000		1,658,502
TOTAL RETAIL			$	2,666,630
SOFTWARE—0.9%
Microsoft Corp., Sr. Unsecured, 1.55%, 8/08/21		850,000		839,889
TELECOMMUNICATIONS—0.9%
AT&T, Inc., Sr. Unsecured, 1.77%, 6/30/20D		900,000		903,632
TRUCKING & LEASING—1.0%
GATX Corp., Sr. Unsecured, 2.38%, 7/30/18		1,000,000		1,009,497
UTILITIES—1.0%
WEC Energy Group, Inc., Sr. Unsecured, 2.45%, 6/15/20		1,000,000		1,022,067
TOTAL CORPORATE BONDS (COST $70,656,596)			$	71,049,911
GOVERNMENT AGENCIES—0.0%**
SMALL BUSINESS ADMINISTRATION—0.0%**
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-K, 6.95%, 11/01/16		11,405		11,407
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1996-L, 6.70%, 12/01/16		6,670		6,692
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1997-E, 7.30%, 5/01/17		382		390
Small Business Administration Participation Certificates, U.S. Government Guaranteed, Series 1999-I, 7.30%, 9/01/19		2,250		2,388
TOTAL SMALL BUSINESS ADMINISTRATION			$	20,877
TOTAL GOVERNMENT AGENCIES (COST $20,979)			$	20,877
MORTGAGE-BACKED SECURITIES—4.7%
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)—2.2%
Pool 287773, 7.50%, 3/01/17		79		81

Description	Par Value		Value
Pool 538733, 9.00%, 9/01/19	$	167	$	172
Pool G12709, 5.00%, 7/01/22		85,145		88,070
Pool C80328, 7.50%, 7/01/25		21,219		24,559
Pool G14695, 4.50%, 6/01/26		379,537		391,749
Pool G01425, 7.50%, 5/01/32		57,365		71,602
Pool C78010, 5.50%, 4/01/33		668,886		767,750
Pool A18401, 6.00%, 2/01/34		550,677		636,428
Pool G01831, 6.00%, 5/01/35		116,629		134,425
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)			$	2,114,836
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)—2.1%
Pool 39862, 9.75%, 9/01/17		1,035		1,074
Pool 202957, 8.00%, 8/01/21		886		925
Pool MA0909, 3.00%, 11/01/21		460,118		481,600
Pool 334593, 7.00%, 5/01/24		45,551		52,479
Pool AE2520, 3.00%, 1/01/26		269,202		282,982
Pool 436746, 6.50%, 8/01/28		23,418		24,666
Pool 440401, 6.50%, 8/01/28		110,706		127,739
Pool 323419, 6.00%, 12/01/28		43,959		50,511
Pool 485678, 6.50%, 3/01/29		20,286		21,571
Pool 494375, 6.50%, 4/01/29		1,775		1,829
Pool 252439, 6.50%, 5/01/29		21,047		24,231
Pool 545051, 6.00%, 9/01/29		64,889		74,687
Pool 725418, 6.50%, 5/01/34		110,796		127,605
Pool 833143, 5.50%, 9/01/35		550,458		624,155
Pool 843323, 5.50%, 10/01/35		55,026		62,469
Pool 255933, 5.50%, 11/01/35		108,489		123,069
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)			$	2,081,592
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)—0.4%
Pool 780440, 8.50%, 11/15/17		64		65
Pool 306066, 8.50%, 7/15/21		2,451		2,814
Pool 307983, 8.50%, 7/15/21		11,215		11,552
Pool 1061, 9.00%, 4/20/23		11,064		11,490
Pool 346572, 7.00%, 5/15/23		5,694		6,060
Pool 1886, 9.00%, 10/20/24		63		65
Pool 484269, 7.00%, 9/15/28		22,911		24,273
Pool 592505, 6.00%, 4/15/33		139,624		151,251
Pool 581522, 6.00%, 5/15/33		133,071		143,064
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)			$	350,634
TOTAL MORTGAGE-BACKED SECURITIES (COST $4,225,350)			$	4,547,062
MUNICIPAL BOND—0.1%
DEVELOPMENT—0.1%
City of Miami, FL, Rent Revenue, Series 1998, 8.65%, 7/01/19		90,000		100,569

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    29

Wilmington Short-Term Bond Fund (continued)

Description	Par Value		Value
TOTAL MUNICIPAL BOND (COST $94,055)			$	100,569
U.S. TREASURY—14.9%
U.S. TREASURY NOTES—14.9%
1.00%, 5/15/18	$	885,000	$	887,695
1.00%, 3/15/19		7,425,000		7,437,254
1.13%, 8/31/21		5,095,000		5,051,010
1.38%, 6/30/18		1,235,000		1,246,102
TOTAL U.S. TREASURY NOTES			$	14,622,061
TOTAL U.S. TREASURY (COST $14,655,771)			$	14,622,061
	Number of Shares
MONEY MARKET FUND—0.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		318,341	$	318,341
TOTAL MONEY MARKET FUND (COST $318,341)			$	318,341
TOTAL INVESTMENTS IN SECURITIES – 99.5% (COST $96,819,500)			$	97,375,692

Description	Par Value		Value
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN—3.0%
REPURCHASE AGREEMENTS—3.0%
Citigroup Global Markets, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $565,364, collateralized by U.S. Government & Treasury Securities 0.00% to 7.50%, maturing 11/15/16 to 11/01/46; total market value of $576,666.	$	565,359	$	565,359
Daiwa Capital Markets America, 0.34%, dated 10/31/16, due 11/01/16, repurchase price $565,364, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/10/16 to 2/01/49; total market value of $576,666.		565,359		565,359
HSBC Securities USA, Inc., 0.30%, dated 10/31/16, due 11/01/16, repurchase price $565,364, collateralized by U.S. Government Securities 2.50% to 6.00%, maturing 1/01/28 to 9/01/46; total market value of $576,669.		565,359		565,359
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.31%, dated 10/31/16, due 11/01/16, repurchase price $148,721, collateralized by U.S. Treasury Securities 0.63% to 3.13%, maturing 4/30/18 to 2/15/43; total market value of $151,694.		148,720		148,720
Nomura Securities International, Inc., 0.34%, dated 10/31/16, due 11/01/16, repurchase price $565,364, collateralized by U.S. Government & Treasury Securities 0.00% to 9.00%, maturing 11/03/16 to 9/20/66; total market value of $576,666.		565,359		565,359
RBC Dominion Securities, Inc., 0.33%, dated 10/31/16, due 11/01/16, repurchase price $565,364, collateralized by U.S. Government & Treasury Securities 1.13% to 7.00%, maturing 7/31/17 to 10/20/46; total market value of $576,666.		565,359		565,359
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,975,515)			$	2,975,515
TOTAL INVESTMENTS—102.5% (COST $99,795,015)			$	100,351,207
COLLATERAL FOR SECURITIES ON LOAN—(3.0%)				(2,975,515	)
OTHER ASSETS LESS LIABILITIES—0.5%				521,551
TOTAL NET ASSETS—100.0%			$	97,897,243

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

30    PORTFOLIOS OF INVESTMENTS

Wilmington Short-Term Bond Fund (concluded)

Cost of investments for Federal income tax purposes is $99,797,110. The net unrealized appreciation/(depreciation) of investments was $554,097. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $812,660 and net unrealized depreciation from investments for those securities having an excess of cost over value of $258,563.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Adjustable Rate Mortgage	$	—	$	50	$	—	$	50
Collateralized Mortgage Obligations		—		6,716,821		—		6,716,821
Corporate Bonds		—		71,049,911		—		71,049,911
Government Agencies		—		20,877		—		20,877
Mortgage-Backed Securities		—		4,547,062		—		4,547,062
Municipal Bond		—		100,569		—		100,569
U.S. Treasury		—		14,622,061		—		14,622,061
Money Market Fund		318,341		—		—		318,341
Repurchase Agreements		—		2,975,515		—		2,975,515
Total	$	318,341	$	100,032,866	$	—	$	100,351,207

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

^ 7-Day net yield.

D Floating rate note with current rate and stated maturity date shown.

W Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At October 31, 2016, these liquid restricted securities amounted to $5,043,126 representing 5.2% of total net assets.

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

BKNT—Bank Note

CMBS—Commercial Mortgage-Backed Securities

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

FRN—Floating Rate Note

GNMA—Government National Mortgage Association

LLC—Limited Liability Corporation

MTN—Medium Term Note

NA—National Association

PLC—Public Limited Company

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

31

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At October 31, 2016 the Fund’s portfolio composition was as follows (unaudited):

	Percentage of
	Total Net Assets
General Obligations		20.6	%
School District		14.6	%
Transportation		13.5	%
Dedicated Tax		9.9	%
Medical		8.4	%
Lease		7.9	%
Higher Education		5.6	%
Water & Sewer		4.2	%
Water		3.5	%
Pre-Refunded/Escrow		2.7	%
Utilities		2.3	%
Electric		2.2	%
Airport		1.7	%
Development		0.5	%
Power		0.4	%
Cash Equivalents1		3.8	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

	Percentage of
	Total Net Assets
Credit Quality Diversification3
AAA / Aaa		13.2	%
AA / Aa		61.2	%
A / A		20.9	%
D		2.7	%
Not Rated		3.8	%
Other Assets and Liabilities – Net2		(1.8	)%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS—98.0%
ALABAMA—0.4%
HIGHER EDUCATION—0.4%
Auburn University, AL, Advance Refunding Revenue Bonds, (Series A), 5.00%, 6/01/21	$	1,200,000	$	1,401,876
TOTAL ALABAMA			$	1,401,876
ARIZONA—1.5%

Description	Par Value		Value
MEDICAL—0.8%
Maricopa County Industrial Development Authority, AZ, Revenue Bonds (Banner Health Obligation Group), 5.00%, 1/01/31	$	2,000,000	$	2,397,140
SCHOOL DISTRICT—0.7%
Maricopa County Unified School District No 80 Chandler, AZ, GO Limited, Economic Defeasance, 5.00%, 7/01/21		2,000,000		2,345,880
TOTAL ARIZONA			$	4,743,020
CALIFORNIA—7.9%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

32    PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS—1.6%
Grossmont Healthcare District, CA, GO Unlimited, (Series C), (Health, Hospital & Nursing Home Improvements), 5.00%, 7/15/23	$	2,000,000	$	2,456,640
State of California, CA, GO Unlimited, 5.00%, 9/01/31		2,200,000		2,687,520
TOTAL GENERAL OBLIGATIONS			$	5,144,160
LEASE—1.6%
Los Angeles Unified School District, CA, Certificate Participation Refunding Bonds, (Series B), (Headquarters Building), 5.00%, 10/01/27		4,300,000		5,086,814
MEDICAL—0.9%
California Statewide Communities Development Authority, CA, Revenue Bonds, (Health, Hospital, Nursing Home Revenue), 5.00%, 4/01/19		2,640,000		2,894,179
TRANSPORTATION—1.9%
Bay Area Toll Authority, CA, Refunding Revenue Bonds, (San Francisco Bay Area), 5.00%, 4/01/26		5,000,000		5,993,550
WATER & SEWER—1.9%
City of San Francisco Public Utilities Commission Water Revenue, CA, Refunding Revenue Bonds, (Series C), (Water Revenue), 5.00%, 11/01/27		5,000,000		5,992,700
TOTAL CALIFORNIA			$	25,111,403
COLORADO—0.8%
AIRPORT—0.8%
City & County of Denver Airport System Revenue, CO, Refunding Revenue Bonds, (Series B), 5.00%, 11/15/25		2,000,000		2,395,660
TOTAL COLORADO			$	2,395,660
FLORIDA—3.1%
GENERAL OBLIGATIONS—0.7%
State of Florida, FL, GO, (Fuel Sales Tax Revenue), 5.00%, 7/01/19		2,000,000		2,213,320
LEASE—1.8%
Broward County School Board, FL, Certificate Participation Refunding Bonds, (Series A), 5.00%, 7/01/21		3,000,000		3,483,240
St. Johns County School Board, FL, Certificate Participation Refunding Bonds, 5.00%, 7/01/20		2,000,000		2,261,800
TOTAL LEASE			$	5,745,040
TRANSPORTATION—0.6%
FL Turnpike Authority-A-Ref 5, FL, Revenue Bonds, Highway Revenue Tolls, 5.00%, 7/01/20		1,500,000		1,711,395
TOTAL FLORIDA			$	9,669,755

Description	Par Value		Value
GEORGIA—3.2%
HIGHER EDUCATION—0.4%
Athens-Clarke County Unified Government Development Authority, GA, Revenue Bonds, (University of Georgia Athletic Association - A), 5.00%, 9/01/23	$	1,000,000	$	1,217,780
LEASE—1.6%
Gwinnett County Development Authority, GO, Certificate Participation Refunding Bonds, (NATL), 5.25%, 1/01/22		4,370,000		5,193,658
MEDICAL—0.4%
Clarke County Hospital Authority, GA, Revenue Bonds, 5.00%, 7/01/30		1,000,000		1,182,610
SCHOOL DISTRICT—0.8%
Valdosta Board of Education, GA, (Ad Valorem Property Tax)
5.00%, 2/01/20		1,250,000		1,406,613
5.00%, 2/01/21		1,000,000		1,157,640
TOTAL SCHOOL DISTRICT			$	2,564,253
TOTAL GEORGIA			$	10,158,301
ILLINOIS—13.0%
DEDICATED TAX—1.9%
State of Illinois, IL, Revenue Bond, (Sales Tax Revenue), 6.00%, 6/15/27		2,000,000		2,696,900
State of Illinois, IL, Revenue Bonds, Public Improvements, (National Reinsurance FGIC), 6.00%, 6/15/26		2,500,000		3,313,025
TOTAL DEDICATED TAX			$	6,009,925
GENERAL OBLIGATIONS—7.8%
Chicago Park District, IL, (Ad Valorem Property Tax)
5.00%, 1/01/26		1,250,000		1,434,400
5.00%, 1/01/27		3,455,000		3,938,113
Cook Kane Lake & McHenry Counties Community College District No 512, IL, (Ad Valorem Property Tax), 5.00%, 12/01/18		2,350,000		2,544,392
Metropolitan Water Reclamation District of Greater Chicago, GO Unlimited, (Series A), 5.00%, 12/01/28		6,000,000		7,355,460
Metropolitan Water Reclamation District of Greater Chicago IL, GO (Series B), 5.00%, 12/01/31		1,075,000		1,288,807
Metropolitan Water Reclamation District of Greater Chicago, IL, GO Limited, (Series C-Green Bond), (Water Utility & Sewer Improvements), 5.00%, 12/01/28		6,790,000		8,125,933
TOTAL GENERAL OBLIGATIONS			$	24,687,105
MEDICAL—0.4%
Illinois State Finance Authority, IL, Refunding Revenue Bonds, (Series A), (Rush University Medical Center), 5.00%, 11/15/29		1,000,000		1,191,260

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    33

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
SCHOOL DISTRICT—1.0%
Du Page & Will Counties, IL, Community School District No 204 Indian Prairie, GO Unlimited, Advance Refunding, (Series A), 5.00%, 12/30/19	$	2,785,000	$	3,111,012
TRANSPORTATION—1.9%
Illinois State Toll Highway Authority, IL, Refunding Revenue Bonds, (Series D), 5.00%, 1/01/24		5,000,000		6,101,200
TOTAL ILLINOIS			$	41,100,502
INDIANA—0.7%
MEDICAL—0.7%
Indiana Finance Authority, IN, Refunding Revenue Bonds, (Series C), (Franciscan Alliance Inc., OBG), 5.00%, 11/01/21		2,000,000		2,157,040
TOTAL INDIANA			$	2,157,040
KANSAS—1.6%
TRANSPORTATION—1.6%
State of Kansas Department of Transportation, KS, Revenue Bonds, (Fuel Sales Tax Revenue), 5.00%, 9/01/23		4,000,000		4,944,960
TOTAL KANSAS			$	4,944,960
MARYLAND—3.7%
DEDICATED TAX—0.5%
Maryland State Department of Transportation, MD, Revenue Bonds, Transit Improvements, 5.00%, 2/15/28		1,375,000		1,583,821
GENERAL OBLIGATIONS—2.1%
Baltimore County, MD, GO Unlimited, Refunding Notes, (Public Improvements), 5.00%, 2/01/28		1,000,000		1,183,340
Cecil County, MD, GO Unlimited, Refunding Bonds, (County Commissioners-Consolidated Public Improvements), 5.00%, 11/01/23		2,590,000		3,132,501
Montgomery County, MD, GO Unlimited, Refunding Bonds, (Series A), 5.00%, 7/01/21		2,000,000		2,350,840
TOTAL GENERAL OBLIGATIONS			$	6,666,681
MEDICAL—1.1%
Maryland Health & Higher Educational Facilities Authority, MD, Refunding Revenue Bonds, (Anne Arundel Health Systems)
5.00%, 7/01/22		1,000,000		1,201,490
5.00%, 7/01/26		1,100,000		1,286,549
Maryland Health & Higher Educational Facilities Authority, MD, Revenue Bonds, (Johns Hopkins Health System), 5.00%, 7/01/19		1,000,000		1,107,780
TOTAL MEDICAL			$	3,595,819
TOTAL MARYLAND			$	11,846,321

Description	Par Value		Value
MASSACHUSETTS—0.7%
WATER—0.7%
Massachusetts Clean Water Trust/The, MA, Revenue Bonds, (Miscellaneous Revenue), 5.00%, 2/01/20	$	2,000,000	$	2,256,760
TOTAL MASSACHUSETTS			$	2,256,760
MICHIGAN—9.8%
DEDICATED TAX—2.7%
Michigan Finance Authority, MI, Revenue Bond, (Income Tax Revenue), 4.00%, 10/01/24		2,000,000		2,180,440
Michigan Finance Authority, MI, Revenue Bonds, Repayment of Bank Loan, (Series H-1), 5.00%, 10/01/25		5,215,000		6,247,466
TOTAL DEDICATED TAX			$	8,427,906
LEASE—1.5%
Michigan State Building Authority, Revenue Bonds, (Series I), 5.00%, 10/15/30		4,000,000		4,848,960
SCHOOL DISTRICT—3.7%
Chippewa Valley Schools, GO Unlimited, Current Refunding, (Series B), (Q-SBLF), 5.00%, 5/01/22		3,000,000		3,543,090
Grand Ledge Public Schools, MI, GO Unlimited, Current Refunding, (Q-SBLF)
5.00%, 5/01/22		1,195,000		1,411,331
5.00%, 5/01/24		2,810,000		3,427,245
Huron Valley School District, MI, GO Unlimited, Current Refunding, (Q-SBLF), 5.00%, 5/01/20		1,000,000		1,129,750
Troy School District, MI, GO Unlimited, Advance Refunding, (Q-SBLF), 5.00%, 5/01/20		2,085,000		2,355,529
TOTAL SCHOOL DISTRICT			$	11,866,945
UTILITIES—1.1%
Lansing Board of Water & Light, MI, Revenue Bonds, (Series A), 5.00%, 7/01/29		3,000,000		3,457,620
WATER—0.8%
Great Lakes Water Authority Water Supply System, MI, Revenue Bonds, 5.00%, 7/01/23		2,000,000		2,383,740
TOTAL MICHIGAN			$	30,985,171
NEBRASKA—2.2%
ELECTRIC—2.2%
Lincoln Nebraska Electric System, NE, Revenue Bond, 5.00%, 9/01/20		6,000,000		6,874,980
TOTAL NEBRASKA			$	6,874,980
NEVADA—1.7%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

34    PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
DEDICATED TAX—1.7%
County of Clark, NV, Refunding Revenue Bonds, (Fuel Tax and Subordinated Motor), 5.00%, 7/01/30	$	4,505,000	$	5,404,739
TOTAL NEVADA			$	5,404,739
NEW JERSEY—3.0%
GENERAL OBLIGATIONS—0.7%
County of Essex, NJ, GO Unlimited, (Series A), ( Public Improvements), 5.00%, 8/01/19		1,870,000		2,071,997
HIGHER EDUCATION—1.1%
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series A), (Rowan University Project), 5.00%, 7/01/28		1,030,000		1,225,092
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Series B), (Rowan University Project), 5.00%, 7/01/27		2,000,000		2,396,020
TOTAL HIGHER EDUCATION			$	3,621,112
SCHOOL DISTRICT—0.6%
Egg Harbor Township NJ School District, GO Unlimited, Refunding School Bond, 5.00%, 9/15/23		1,520,000		1,822,890
TRANSPORTATION—0.6%
New Jersey State Turnpike Authority, NJ, Revenue Bonds, (Series A), (Highway Improvement), 5.00%, 1/01/27		1,645,000		2,016,392
TOTAL NEW JERSEY			$	9,532,391
NEW YORK—8.3%
DEDICATED TAX—2.3%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), (Sales Tax), 5.00%, 11/15/21		1,960,000		2,338,456
New York City, Transitional Finance Authority, NY, Refunding Revenue Bonds, (Sub-series E), 5.00%, 11/01/22		4,125,000		4,810,410
TOTAL DEDICATED TAX			$	7,148,866
GENERAL OBLIGATIONS—0.9%
County of Nassau NY, GO Limited, (Series B), 5.00%, 10/01/28		2,400,000		2,941,176
TRANSPORTATION—5.1%
Metropolitan Transportation Authority, NY, Revenue Bonds, (Fuel Sales Tax Revenue), 5.00%, 11/15/22		3,000,000		3,634,170
Metropolitan Transportation Authority, NY, Revenue, Revenue Bonds, (Series B), (Transit Improvements), 5.00%, 11/15/29		3,000,000		3,586,620
New York State Thruway Authority, NY, Refunding Revenue Bonds, 5.00%, 1/01/30		5,500,000		6,568,100

Description	Par Value		Value
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (175th Series), (Port, Airport & Marina Improvements), 5.00%, 12/01/23	$	2,000,000	$	2,444,220
TOTAL TRANSPORTATION			$	16,233,110
TOTAL NEW YORK			$	26,323,152
OHIO—2.6%
GENERAL OBLIGATIONS—0.7%
Akron-Summit County Public Library, OH, GO Unlimited, Refunding Revenue Bonds, 5.00%, 12/01/20		1,960,000		2,255,333
SCHOOL DISTRICT—1.9%
Columbus City School District, OH, GO Unlimited (School Facilities Construction & Improvement), 5.00%, 12/01/31		4,875,000		5,963,636
TOTAL OHIO			$	8,218,969
PENNSYLVANIA—6.0%
HIGHER EDUCATION—1.6%
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Series A), (University of Sciences, Philadelphia), 5.00%, 11/01/28		2,330,000		2,767,877
Pennsylvania State University, PA, Refunding Revenue Bonds, (Series B), 5.25%, 8/15/22		1,865,000		2,263,644
TOTAL HIGHER EDUCATION			$	5,031,521
MEDICAL—0.6%
Allegheny County Hospital Development Authority, PA, Revenue Bonds, (Series A), (UPMC, OBG), 5.00%, 10/15/22		1,605,000		1,908,265
PRE-REFUNDED/ESCROW—2.7%
Bucks County Industrial Development Authority, PA, IDA, Revenue Bonds, ETM, (Senior Lifestyles, Inc., OBG), 10.00%, 5/15/19		4,775,000		5,851,380
Pennsylvania Convention Center Authority, PA, Revenue Bonds, ETM, (Series A), (FGIC), 6.00%, 9/01/19		2,410,000		2,622,128
TOTAL PRE-REFUNDED/ESCROW			$	8,473,508
SCHOOL DISTRICT—0.6%
Pittsburgh Public Schools, PA, GO Unlimited, Refunding Revenue Bonds, (Series A), (AGM State Aid Withholding), 5.00%, 9/01/21		1,775,000		2,003,425
TRANSPORTATION—0.5%
Pennsylvania State Turnpike Commission, PA, Refunding Revenue Bonds, (Series B), 5.00%, 12/01/21		1,400,000		1,562,918
TOTAL PENNSYLVANIA			$	18,979,637
TEXAS—17.8%

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    35

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
AIRPORT—0.9%
Dallas/Fort Worth International Airport, TX, Refunding Revenue Bonds, (Series D), 5.25%, 11/01/23	$	2,500,000	$	2,960,325
GENERAL OBLIGATIONS—4.3%
County of Harris, TX, Refunding Notes, (Ad Valorem Property Tax), 5.00%, 10/01/20		3,315,000		3,805,786
County of Travis, TX, GO Limited, Refunding Revenue Bonds, 5.00%, 3/01/19		1,270,000		1,386,243
State of Texas, TX, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/21		3,440,000		4,006,293
State of Texas, TX, GO Unlimited, Highway Improvements, (Transportation Commission), 5.00%, 4/01/24		3,500,000		4,344,690
TOTAL GENERAL OBLIGATIONS			$	13,543,012
HIGHER EDUCATION—2.1%
Harris County Cultural Education Facilities Finance Corp., TX, Refunding Revenue Bonds, (Series A), (Baylor College of Medicine, OBG), 5.00%, 11/15/19		3,105,000		3,458,287
Permanent University Fund, Refunding Revenue Bonds, (Series B), 5.25%, 7/01/28		2,405,000		3,159,016
TOTAL HIGHER EDUCATION			$	6,617,303
MEDICAL—2.6%
North Central Texas Health Facility Development Corp., TX, Refunding Revenue Bonds, (Children’s Medical Center of Dallas Project, OBG), 5.00%, 8/15/18		1,000,000		1,070,550
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Methodist Hospital of Dallas, OBG), 5.00%, 10/01/25		6,110,000		7,296,073
TOTAL MEDICAL			$	8,366,623
SCHOOL DISTRICT—3.6%
Eagle Mountain & Saginaw Independent School District, GO Unlimited, (PSF-GTD), 5.00%, 8/15/30		6,115,000		7,488,612
Mesquite Independent School District, TX, GO Unlimited, Refunding Revenue Bonds, (Series B), (PSF-GTD), 5.00%, 8/15/19		2,165,000		2,401,461
Point Isabel Independent School District, TX, Current Refunding, (Ad Valorem Property Tax), 5.00%, 2/01/22		1,375,000		1,544,579
TOTAL SCHOOL DISTRICT			$	11,434,652
TRANSPORTATION—0.8%
North Texas Tollway Authority, Advance Refunding Revenue Bonds, (Series A), 5.00%, 1/01/27		2,000,000		2,401,660
UTILITIES—1.2%
City of Houston Utility System, TX, Refunding Revenue Bonds, (Series C), (Comb-First Lien) 5.00%, 5/15/21		1,250,000		1,457,875

Description	Par Value		Value
5.00%, 5/15/23	$	2,000,000	$	2,433,620
TOTAL UTILITIES			$	3,891,495
WATER & SEWER—2.3%
City of Austin Water & Wastewater System, TX, Refunding Revenue Bonds, 5.00%, 5/15/20		3,810,000		4,322,978
City of Dallas TX Waterworks & Sewer System Revenue, Advance Refunding Revenue Bonds, (Series A), 5.00%, 10/01/22		2,335,000		2,817,691
TOTAL WATER & SEWER			$	7,140,669
TOTAL TEXAS			$	56,355,739
UTAH—0.9%
MEDICAL—0.9%
County of Utah, UT, Revenue Bonds, (IHC Health Services Inc., OBG)
5.00%, 5/15/25		1,165,000		1,349,128
5.00%, 5/15/26		1,200,000		1,387,068
TOTAL MEDICAL			$	2,736,196
TOTAL UTAH			$	2,736,196
VIRGINIA—1.4%
LEASE—1.4%
Virginia, College Building Authority, VA, Revenue Bonds, University & College Improvements, (Series A), (Public Higher Education Financing, OBG), 5.00%, 9/01/19		4,000,000		4,447,000
TOTAL VIRGINIA			$	4,447,000
WASHINGTON—7.2%
DEDICATED TAX—0.8%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, Transit Improvements, (National Reinsurance FGIC), 5.25%, 2/01/21		2,300,000		2,612,984
DEVELOPMENT—0.5%
Washington Economic Development Finance Authority, Refunding Revenue Bonds, 5.00%, 6/01/20		1,485,000		1,684,094
GENERAL OBLIGATIONS—1.8%
State of Washington, WA, GO Unlimited, Refunding Revenue Bonds, (Series R-C), 5.00%, 7/01/24		4,500,000		5,481,270
POWER—0.4%
County of Lewis Public Utility District No. 1, WA, Current Refunding Revenue Bonds, 5.25%, 10/01/28		1,000,000		1,234,390
SCHOOL DISTRICT—1.7%
Clark County School District No 114 Evergreen, WA, Current Refunding, (Ad Valorem Property Tax), 5.00%, 12/01/18		4,855,000		5,262,917

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

36    PORTFOLIOS OF INVESTMENTS

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
WATER—2.0%
City of Seattle WA Water System Revenue, Advance Refunding Revenue Bonds, 5.00%, 5/01/21	$	5,500,000	$	6,428,730
TOTAL WASHINGTON			$	22,704,385
WISCONSIN—0.5%
TRANSPORTATION—0.5%
Wisconsin Department of Transportation, WI, Refunding Revenue Bonds, (Series 2), 5.00%, 7/01/19		1,500,000		1,658,730
TOTAL WISCONSIN			$	1,658,730
TOTAL MUNICIPAL BONDS (COST $299,730,086)			$	310,006,687
	Number of Shares
MONEY MARKET FUND—3.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		11,901,205	$	11,901,205
TOTAL MONEY MARKET FUND (COST $11,901,205)			$	11,901,205
TOTAL INVESTMENTS—101.8% (COST $311,631,291)			$	321,907,892
OTHER LIABILITIES LESS ASSETS—(1.8%)				(5,536,725	)
TOTAL NET ASSETS—100.0%			$	316,371,167

Cost of investments for Federal income tax purposes is $311,631,291. The net unrealized appreciation/(depreciation) of investments was $10,276,601. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $11,209,152 and net unrealized depreciation from investments for those securities having an excess of cost over value of $932,551.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	310,006,687	$	—	$	310,006,687
Money Market Fund		11,901,205		—		—		11,901,205
Total	$	11,901,205	$	310,006,687	$	—	$	321,907,892

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

AGM—Assured Guaranty Municipal

ETM—Escrowed to Maturity

FGIC—Financial Guarantee Insurance Company

GO—General Obligation

GTD—Guaranteed

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    37

Wilmington Municipal Bond Fund (concluded)

OBG—Obligation

PSF—Permanent School Fund

Q-SBLF—Qualified School Bond Loan Fund

UPMC—University of Pittsburgh Medical Center

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

38

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At October 31, 2016, the Fund’s portfolio classifications were as follows (unaudited):

	Percentage of Total Net Assets
General Obligations		18.0	%
Dedicated Tax		17.6	%
Transportation		11.8	%
Lease		10.4	%
Medical		7.9	%
School District		7.7	%
Water & Sewer		6.8	%
Higher Education		6.8	%
Pre-Refunded/Escrow		4.6	%
Power		3.6	%
Cash Equivalents1		3.7	%
Other Assets and Liabilities – Net2		1.1	%
TOTAL		100.0	%

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

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

(3) For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

	Percentage of
	Total Net Assets
Credit Quality Diversification3
AAA / Aaa		5.4	%
AA / Aa		65.5	%
A / A		19.7	%
D		4.6	%
Not Rated		3.7	%
Other Assets and Liabilities – Net2		1.1	%
TOTAL		100.0	%

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
MUNICIPAL BONDS—95.2%
NEW YORK—95.2%
DEDICATED TAX—17.6%
Nassau County Interim Finance Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 11/15/21	$	1,000,000	$	1,193,090
New York City, NY, Transitional Finance Authority, Revenue Bonds, Public Improvements, (Sub-Series E-1), 5.00%, 2/01/31		1,260,000		1,517,418
New York Local Government Assistance Corp., NY, Refunding Revenue Notes, (Series A), (GO of Corp.), 5.00%, 4/01/20		3,000,000		3,400,980

Description	Par Value		Value
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 3/15/29	$	2,200,000	$	2,687,432
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 3/15/25		5,100,000		6,263,616
TOTAL DEDICATED TAX			$	15,062,536
GENERAL OBLIGATIONS—18.0%
County of Albany, NY, GO, Refunding Bonds, AD Valorem Property Tax, 5.00%, 9/15/20		2,595,000		2,984,172
County of Saratoga NY, GO, Economic Defeasance, Refunding Bonds, AD Valorem Property Tax, 5.00%, 7/15/31		1,150,000		1,513,573
Nassau County, NY, AD Valorem Property Tax, GO, Public Improvements, (Series B), 5.00%, 10/01/29		2,875,000		3,506,293

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS    39

Wilmington New York Municipal Bond Fund (continued)

Description	Par Value		Value
New York State, NY, GO Unlimited, Highway Improvements, (Series E), (State Aid Withholding), 5.00%, 12/15/21	$	2,090,000	$	2,499,661
New York State, NY, GO Unlimited, Highway Improvements, (Series E), 5.00%, 12/15/30		1,555,000		1,845,287
Town of Cheektowaga NY, GO, Refunding Notes, AD Valorem Property Tax, 5.00%, 7/01/28		1,000,000		1,271,560
Town of Southold NY, GO, Economic Defeasance, Refunding Bonds, 3.00%, 2/15/21		485,000		524,663
Town of West Seneca, NY, AD Valorem Property Tax, GO, Public Improvements, 5.00%, 7/15/21		1,040,000		1,221,230
TOTAL GENERAL OBLIGATIONS			$	15,366,439
HIGHER EDUCATION—6.8%
New York State Dormitory Authority, NY, Barnard College, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 7/01/21		1,000,000		1,167,480
New York State Dormitory Authority, NY, Current Refunding, University College Improvements, (Series A), 5.00%, 7/01/20		1,470,000		1,676,594
New York State Dormitory Authority, NY, New York University, Revenue Bonds, University & College Improvements, (Series A), 5.00%, 7/01/20		1,100,000		1,257,586
New York State Dormitory Authority, NY, University & College Improvements, (Series A), (NATL-RE), 6.00%, 7/01/19		1,500,000		1,690,485
TOTAL HIGHER EDUCATION			$	5,792,145
LEASE—10.4%
Erie County, NY, IDA, Refunding Revenue Bonds, School Improvements, (State Aid Withholding), 5.00%, 5/01/29		2,000,000		2,476,620
Erie County, NY, IDA, Revenue Bonds, School Improvements, (Series A), (School District Buffalo Project)/(State Aid Withholding), 5.00%, 5/01/23		3,000,000		3,495,600
New York City, NY, Transitional Finance Authority, Building Aid, Revenue Refunding Bonds, School Improvements, (Series S-5), (State Aid Withholding), 5.00%, 1/15/27		2,670,000		2,904,132
TOTAL LEASE			$	8,876,352
MEDICAL—7.9%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, Health, Hospital, Nursing Home Revenue (NYU Hospitals Center), 5.00%, 7/01/27		4,650,000		5,625,895
New York State Dormitory Authority, NY, Revenue Refunding Bonds, (Series C), (Memorial Sloan Kettering Cancer Center)/(National Reinsurance), 5.75%, 7/01/19		1,010,000		1,131,655
TOTAL MEDICAL			$	6,757,550

Description	Par Value		Value
POWER—3.6%
New York Power Authority (The), NY, Revenue Refunding Bonds, (Series A), (GO of Authority), 5.00%, 11/15/22	$	2,575,000	$	3,128,084
PRE-REFUNDED/ESCROW—4.6%
Triborough Bridge & Tunnel Authority, NY, Refunding Revenue Bonds, (Series Y), (CAPMAC - ITC GO of Authority), 6.13%, 1/01/21		3,500,000		3,983,525
SCHOOL DISTRICT—7.7%
Bay Shore Union Free School District, NY, Current Refunding, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 1/15/22		2,710,000		3,223,193
Commack Union Free School District, NY, Refunding Bonds, (GO, State Aid Withholding), 4.00%, 11/15/21		1,000,000		1,135,720
Corning City School District, NY, GO, Refunding Notes, AD Valorem Property Tax, (State Aid Withholding), 5.00%, 6/15/21		1,000,000		1,171,100
Union Free School District of The Tarrytowns, NY, Refunding Bonds, Economic Defeasance, (Series A), (State Aid Withholding), 5.00%, 1/15/19		1,000,000		1,090,190
TOTAL SCHOOL DISTRICT			$	6,620,203
TRANSPORTATION—11.8%
Metropolitan Transportation Authority, NY, Revenue, Revenue Refunding Bonds, Transit Improvements, (Series B), 5.00%, 11/15/29		2,330,000		2,785,608
Metropolitan Transportation Authority, NY, Revenue, Revenue Refunding Bonds, Transit Improvements, (Series E), 5.00%, 11/15/28		2,000,000		2,396,660
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, Port, Airport & Marina Improvements, (175th Series), 5.00%, 12/01/23		3,000,000		3,666,330
Port Authority of New York & New Jersey, NY, Revenue Bonds, Airport & Marina Improvements, (194th Series), 5.00%, 10/15/30		1,000,000		1,229,200
TOTAL TRANSPORTATION			$	10,077,798
WATER & SEWER—6.8%
Buffalo, NY, Municipal Water Finance Authority, Current Refunding, Municipal Water Finance, 5.00%, 7/01/29		1,170,000		1,396,126
New York City Water & Sewer System, NY, Refunding Revenue Bonds, (Series EE), 5.00%, 6/15/28		3,595,000		4,417,932
TOTAL WATER & SEWER			$	5,814,058
TOTAL NEW YORK			$	81,478,690
TOTAL MUNICIPAL BONDS (COST $77,759,046)			$	81,478,690

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

40    PORTFOLIOS OF INVESTMENTS

Wilmington New York Municipal Bond Fund (concluded)

	Number of Shares		Value
MONEY MARKET FUND—3.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.28%^		3,167,078	$	3,167,078
TOTAL MONEY MARKET FUND (COST $3,167,078)			$	3,167,078

Description	Value
TOTAL INVESTMENTS —98.9% (COST $80,926,124)	$	84,645,768
OTHER ASSETS LESS LIABILITIES—1.1%		924,892
TOTAL NET ASSETS—100.0%	$	85,570,660

Cost of investments for Federal income tax purposes is $80,926,124. The net unrealized appreciation/(depreciation) of investments was $3,719,644. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $3,921,143 and net unrealized depreciation from investments for those securities having an excess of cost over value of $201,499.

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds	$	—	$	81,478,690	$	—	$	81,478,690
Money Market Fund		3,167,078		—		—		3,167,078
Total	$	3,167,078	$	81,478,690	$	—	$	84,645,768

^ 7-Day net yield.

The following acronyms are used throughout this Fund:

CAPMAC—Capital Markets Assurance Corporation

GO—General Obligation

IDA—Industrial Development Authority/Agency

ITC—Insured Trust Certificate

NATL-RE—National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES    41

October 31, 2016 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Intermediate-Term Bond Fund			Wilmington Short-Term Bond Fund
ASSETS:
Investments, at identified cost	$	500,589,909		$	133,030,007		$	99,795,015
Investments in securities, at value (Including $6,287,178, $4,686,075, and $2,895,064 of securities on loan, respectively) (Note 2)	$	512,515,836		$	135,615,112		$	100,351,207
Income receivable		3,168,954			774,372			590,212
Receivable for shares sold		1,414,276			114,448			124,584
Receivable for investments sold		—			—			232
Prepaid assets		26,833			23,250			23,652
TOTAL ASSETS		517,125,899			136,527,182			101,089,887
LIABILITIES:
Payable for investments purchased		7,441,187			149,847			—
Collateral for securities on loan		6,421,896			4,789,176			2,975,515
Income distribution payable		895,585			179,731			126,847
Payable for shares redeemed		438,582			116,285			22,167
Payable for Trustees’ fees		2,381			2,381			2,381
Payable for distribution services fee		1,041			669			1,485
Payable for shareholder services fee		417			268			—
Other accrued expenses		128,876			46,442			64,249
TOTAL LIABILITIES		15,329,965			5,284,799			3,192,644
NET ASSETS	$	501,795,934		$	131,242,383		$	97,897,243
NET ASSETS CONSIST OF:
Paid-in capital	$	490,463,012		$	128,487,038		$	98,419,061
Undistributed (distributions in excess of) net investment income		(565,447	)		(1,093	)		(148,230	)
Accumulated net realized gain (loss) on investments		(27,558	)		171,333			(929,780	)
Net unrealized appreciation (depreciation) of investments		11,925,927			2,585,105			556,192
TOTAL NET ASSETS	$	501,795,934		$	131,242,383		$	97,897,243
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	4,885,369		$	3,101,003		$	6,984,527
Shares outstanding (unlimited shares authorized)		489,701			309,389			695,117
Net Asset Value per share	$	9.98		$	10.02		$	10.05
Offering price per share*	$	10.45	***	$	10.49	***	$	10.23	**
Class I
Net Assets	$	496,910,565		$	128,141,380		$	90,912,716
Shares outstanding (unlimited shares authorized)		50,659,764			12,778,211			9,045,530
Net Asset Value per share	$	9.81		$	10.03		$	10.05

* See “What Do Shares Cost?” in the Prospectus.

** Computation of offering price per share 100/98.25 of net asset value.

*** Computation of offering price per share 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

42    STATEMENTS OF ASSETS AND LIABILITIES (concluded)

October 31, 2016 (unaudited)	Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
ASSETS:
Investments, at identified cost	$	311,631,291		$	80,926,124
Investments in securities, at value	$	321,907,892		$	84,645,768
Interest receivable		3,972,532			1,028,092
Receivable for shares sold		141,036			108,060
Prepaid assets		23,604			10,109
TOTAL ASSETS		326,045,064			85,792,029
LIABILITIES:
Payable for investments purchased		8,840,649			—
Income distribution payable		467,507			121,377
Payable for shares redeemed		285,131			50,654
Payable for Trustees’ fees		2,381			2,381
Payable for distribution services fee		7,451			4,082
Other accrued expenses		70,778			42,875
TOTAL LIABILITIES		9,673,897			221,369
NET ASSETS	$	316,371,167		$	85,570,660
NET ASSETS CONSIST OF:
Paid-in capital	$	303,883,863		$	81,059,862
Undistributed (distributions in excess of) net investment income		27			14
Accumulated net realized gain (loss) on investments		2,210,676			791,140
Net unrealized appreciation (depreciation) of investments		10,276,601			3,719,644
TOTAL NET ASSETS	$	316,371,167		$	85,570,660
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Class A
Net Assets	$	34,835,439		$	19,124,359
Shares outstanding (unlimited shares authorized)		2,594,347			1,764,661
Net Asset Value per share	$	13.43		$	10.84
Offering price per share*	$	14.06	***	$	11.35	***
Administrative Class
Class I
Net Assets	$	281,535,728		$	66,446,301
Shares outstanding (unlimited shares authorized)		20,959,019			6,128,194
Net Asset Value per share	$	13.43		$	10.84

* 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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF OPERATIONS    43

Six Months Ended October 31, 2016 (unaudited)	Wilmington Broad Market Bond Fund			Wilmington Intermediate-Term Bond Fund			Wilmington Short-Term Bond Fund
INVESTMENT INCOME:
Dividends	$	14,787		$	4,941		$	397
Interest		6,070,972			1,405,513			907,837
Securities lending income		6,066			3,086			4,579
TOTAL INVESTMENT INCOME		6,091,825			1,413,540			912,813
EXPENSES:
Investment advisory fee		1,114,847			297,217			225,216
Administrative personnel and services fees		78,728			20,974			17,853
Portfolio accounting and administration fees		81,157			28,701			25,685
Transfer and dividend disbursing agent fees and expenses		68,957			4,932			33,693
Trustees’ fees		26,051			26,051			26,051
Professional fees		32,666			31,136			31,059
Distribution services fee—Class A		6,355			4,216			9,072
Shareholder services fee—Class A		6,355			4,216			9,072
Shareholder services fee— Class I		613,003			160,905			131,688
Share registration costs		16,860			15,200			16,257
Printing and postage		12,059			2,210			4,853
Custodian fees		7,529			3,568			6,225
Miscellaneous		27,218			15,407			15,959
TOTAL EXPENSES		2,091,785			614,733			552,683
WAIVERS AND REIMBURSEMENTS:
Waiver/reimbursement by investment advisor		(103,482	)		(95,342	)		(132,591	)
Waiver of shareholder services fee—Class A		(4,121	)		(2,884	)		(9,072	)
Waiver of shareholder services fee—Class I		(613,003	)		(160,905	)		(131,688	)
TOTAL WAIVERS AND REIMBURSEMENTS		(720,606	)		(259,131	)		(273,351	)
Net expenses		1,371,179			355,602			279,332
Net investment income (loss)		4,720,646			1,057,938			633,481
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		527,973			258,499			301,520
Net change in unrealized appreciation (depreciation) of investments		1,088,811			(161,201	)		(285,499	)
Net realized and unrealized gain (loss) on investments		1,616,784			97,298			16,021
Change in net assets resulting from operations	$	6,337,430		$	1,155,236		$	649,502

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

44    STATEMENTS OF OPERATIONS (concluded)

Six Months Ended October 31, 2016 (unaudited)	Wilmington Municipal Bond Fund			Wilmington New York Municipal Bond Fund
INVESTMENT INCOME:
Dividends	$	10,778		$	4,086
Interest		3,630,360			1,010,645
TOTAL INVESTMENT INCOME		3,641,138			1,014,731
EXPENSES:
Investment advisory fee		725,828			199,510
Administrative personnel and services fees		51,222			14,078
Portfolio accounting and administration fees		57,380			18,485
Transfer and dividend disbursing agent fees and expenses		14,410			9,555
Trustees’ fees		26,051			26,051
Professional fees		30,465			30,229
Distribution services fee—Class A		45,860			24,876
Shareholder services fee—Class A		45,860			24,876
Shareholder services fee— Class I		357,377			85,963
Share registration costs		16,064			5,309
Printing and postage		3,864			3,041
Custodian fees		3,460			971
Miscellaneous		22,121			13,860
TOTAL EXPENSES		1,399,962			456,804
Waiver/reimbursement by investment advisor		(160,518	)		(59,510	)
Waiver of shareholder services fee—Class A		(45,860	)		(24,876	)
Waiver of shareholder services fee—Class I		(357,377	)		(85,963	)
TOTAL WAIVERS AND REIMBURSEMENTS		(563,755	)		(170,349	)
Net expenses		836,207			286,455
Net investment income (loss)		2,804,931			728,276
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		1,717,918			356,608
Net change in unrealized appreciation (depreciation) of investments		(4,451,746	)		(955,457	)
Net realized and unrealized gain (loss) on investments		(2,733,828	)		(598,849	)
Change in net assets resulting from operations	$	71,103		$	129,427

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS    45

	Wilmington Broad Market Bond Fund						Wilmington Intermediate-Term Bond Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	4,720,646		$	8,993,856		$	1,057,938		$	2,034,579
Net realized gain (loss) on investments		527,973			361,143			258,499			198,850
Net change in unrealized appreciation (depreciation) of investments		1,088,811			403,274			(161,201	)		95,539
Change in net assets resulting from operations		6,337,430			9,758,273			1,155,236			2,328,968
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(45,907	)		(106,726	)		(21,608	)		(53,913	)
Class I		(5,250,948	)		(9,641,032	)		(1,038,093	)		(1,988,439	)
Distributions from net realized gain on investments
Class A		—			(6,169	)		—			(14,272	)
Class I		—			(498,655	)		—			(426,026	)
Change in net assets resulting from distributions to shareholders		(5,296,855	)		(10,252,582	)		(1,059,701	)		(2,482,650	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		38,505			180,484			868			81,897
Class I		150,260,458			87,413,650			34,586,005			34,788,277
Distributions reinvested
Class A		34,835			84,360			17,892			58,580
Class I		3,217,410			6,268,503			474,408			1,330,825
Cost of shares redeemed
Class A		(414,198	)		(772,335	)		(431,750	)		(1,008,812	)
Class I		(67,562,505	)		(96,535,411	)		(27,415,850	)		(42,144,440	)
Change in net assets resulting from share transactions		85,574,505			(3,360,749	)		7,231,573			(6,893,673	)
Change in net assets		86,615,080			(3,855,058	)		7,327,108			(7,047,355	)
NET ASSETS:
Beginning of period		415,180,854			419,035,912			123,915,275			130,962,630
End of period	$	501,795,934		$	415,180,854		$	131,242,383		$	123,915,275
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(565,447	)	$	10,762		$	(1,093	)	$	670
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		3,804			18,427			86			8,265
Class I		15,240,529			9,055,846			3,435,165			3,504,541
Distributions reinvested
Class A		3,467			8,602			1,777			5,907
Class I		325,643			650,104			47,078			134,190
Shares redeemed
Class A		(41,103	)		(78,814	)		(42,874	)		(101,688	)
Class I		(6,836,556	)		(10,011,080	)		(2,721,638	)		(4,243,380	)
Net change in shares outstanding		8,695,784			(356,915	)		719,594			(692,165	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

46    STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Wilmington Short-Term Bond Fund						Wilmington Municipal Bond Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	633,481		$	1,539,175		$	2,804,931		$	5,660,021
Net realized gain (loss) on investments		301,520			149,886			1,717,918			2,362,715
Net change in unrealized appreciation (depreciation) of investments		(285,499	)		(171,835	)		(4,451,746	)		5,817,885
Change in net assets resulting from operations		649,502			1,517,226			71,103			13,840,621
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(43,238	)		(91,081	)		(278,093	)		(666,853	)
Class I		(751,951	)		(1,847,872	)		(2,526,857	)		(4,993,131	)
Distributions from net realized gain on investments
Class A		—			(17,296	)		—			(691,939	)
Class I		—			(269,842	)		—			(4,530,680	)
Change in net assets resulting from distributions to shareholders		(795,189	)		(2,226,091	)		(2,804,950	)		(10,882,603	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		44,341			561,708			63,484			480,079
Class I		5,665,781			47,593,284			43,134,536			40,442,272
Distributions reinvested
Class A		29,822			70,383			207,695			1,043,704
Class I		396,089			1,089,915			530,617			4,988,667
Cost of shares redeemed
Class A		(873,209	)		(3,285,355	)		(3,338,414	)		(5,319,845	)
Class I		(75,556,800	)		(54,418,111	)		(27,538,285	)		(40,057,981	)
Change in net assets resulting from share transactions		(70,293,976	)		(8,388,176	)		13,059,633			1,576,896
Change in net assets		(70,439,663	)		(9,097,041	)		10,325,786			4,534,914
NET ASSETS:
Beginning of period		168,336,906			177,433,947			306,045,381			301,510,467
End of period	$	97,897,243		$	168,336,906		$	316,371,167		$	306,045,381
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(148,230	)	$	13,478		$	27		$	46
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		4,405			55,801			4,676			35,795
Class I		562,689			4,736,557			3,174,794			3,010,966
Distributions reinvested
Class A		2,961			7,016			15,296			78,231
Class I		39,333			108,632			39,066			374,967
Shares redeemed
Class A		(86,704	)		(327,314	)		(245,281	)		(396,970	)
Class I		(7,501,730	)		(5,421,880	)		(2,028,404	)		(2,986,163	)
Net change in shares outstanding		(6,979,046	)		(841,188	)		960,147			116,826

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded)    47

	Wilmington New York Municipal Bond Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income (loss)	$	728,276		$	1,624,686
Net realized gain (loss) on investments		356,608			1,485,048
Net change in unrealized appreciation (depreciation) of investments		(955,457	)		602,434
Change in net assets resulting from operations		129,427			3,712,168
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Class A		(144,101	)		(372,578	)
Class I		(584,182	)		(1,252,099	)
Distributions from net realized gain on investments
Class A		—			(33,214	)
Class I		—			(100,441	)
Change in net assets resulting from distributions to shareholders		(728,283	)		(1,758,332	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Class A		43,630			122,601
Class I		10,589,387			11,578,776
Distributions reinvested
Class A		91,893			261,885
Class I		320,921			773,587
Cost of shares redeemed
Class A		(1,078,239	)		(3,358,153	)
Class I		(7,699,078	)		(13,824,734	)
Change in net assets resulting from share transactions		2,268,514			(4,446,038	)
Change in net assets		1,669,658			(2,492,202	)
NET ASSETS:
Beginning of period		83,901,002			86,393,204
End of period	$	85,570,660		$	83,901,002
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	14		$	21
SHARES OF BENEFICIAL INTEREST:
Shares sold
Class A		3,962			11,337
Class I		965,234			1,076,403
Distributions reinvested
Class A		8,385			24,434
Class I		29,263			72,112
Shares redeemed
Class A		(98,232	)		(313,812	)
Class I		(700,511	)		(1,286,932	)
Net change in shares outstanding		208,101			(416,458	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

48    FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON BROAD MARKET BOND FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	9.94		$	9.95		$	9.80		$	10.19		$	10.23		$	10.16
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.18			0.17			0.20			0.23			0.32
Net Realized and Unrealized Gain (Loss) on Investments		0.05			0.02			0.19			(0.21	)		0.17			0.33
Total Income (Loss) From Operations		0.13			0.20			0.36			(0.01	)		0.40			0.65
Less Distributions From:
Net Investment Income		(0.09	)		(0.20	)		(0.19	)		(0.23	)		(0.25	)		(0.33	)
Net Realized Gains		—			(0.01	)		(0.02	)		(0.15	)		(0.19	)		(0.25	)
Total Distributions		(0.09	)		(0.21	)		(0.21	)		(0.38	)		(0.44	)		(0.58	)
Net Asset Value, End of Period	$	9.98		$	9.94		$	9.95		$	9.80		$	10.19		$	10.23
Total Return(b)		1.32	%		2.03	%		3.69	%		(0.03	)%		3.93	%		6.54	%
Net Assets, End of Period (000’s)	$	4,885		$	5,206		$	5,726		$	5,983		$	6,951		$	8,431
Ratios to Average Net Assets
Gross Expense		1.09	%(c)		1.10	%		1.12	%		1.15	%		1.17	%		1.25	%
Net Expenses(d)		0.89	%(c)		0.88	%		0.94	%		0.98	%		0.99	%		1.00	%
Net Investment Income (Loss)		1.58	%(c)		1.85	%		1.74	%		2.09	%		2.23	%		3.12	%
Portfolio Turnover Rate		18	%		44	%		45	%		113	%		106	%		93	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	9.78		$	9.79		$	9.63		$	10.03		$	10.07		$	10.01
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.21			0.20			0.23			0.26			0.35
Net Realized and Unrealized Gain (Loss) on Investments		0.05			0.02			0.20			(0.22	)		0.17			0.32
Total Income (Loss) From Operations		0.14			0.23			0.40			0.01			0.43			0.67
Less Distributions From:
Net Investment Income		(0.11	)		(0.23	)		(0.22	)		(0.26	)		(0.28	)		(0.36	)
Net Realized Gains		—			(0.01	)		(0.02	)		(0.15	)		(0.19	)		(0.25	)
Total Distributions		(0.11	)		(0.24	)		(0.24	)		(0.41	)		(0.47	)		(0.61	)
Net Asset Value, End of Period	$	9.81		$	9.78		$	9.79		$	9.63		$	10.03		$	10.07
Total Return(b)		1.40	%		2.38	%		4.19	%		0.16	%		4.32	%		6.90	%
Net Assets, End of Period (000’s)	$	496,911		$	409,975		$	413,310		$	246,525		$	275,173		$	291,976
Ratios to Average Net Assets
Gross Expense		0.84	%(c)		0.85	%		0.88	%		0.92	%		0.92	%		1.00	%
Net Expenses(d)		0.55	%(c)		0.55	%		0.60	%		0.65	%		0.64	%		0.66	%
Net Investment Income (Loss)		1.91	%(c)		2.15	%		2.07	%		2.41	%		2.57	%		3.47	%
Portfolio Turnover Rate		18	%		44	%		45	%		113	%		106	%		93	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)    49

For a share outstanding throughout each period:

WILMINGTON INTERMEDIATE-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.01		$	10.02		$	10.10		$	10.60		$	10.64		$	10.76
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.13			0.13			0.14			0.18			0.24
Net Realized and Unrealized Gain (Loss) on Investments		0.02			0.03			0.09			(0.19	)		0.13			0.28
Total Income (Loss) From Operations		0.08			0.16			0.22			(0.05	)		0.31			0.52
Less Distributions From:
Net Investment Income		(0.07	)		(0.13	)		(0.13	)		(0.15	)		(0.19	)		(0.25	)
Net Realized Gains		—			(0.04	)		(0.17	)		(0.30	)		(0.16	)		(0.39	)
Total Distributions		(0.07	)		(0.17	)		(0.30	)		(0.45	)		(0.35	)		(0.64	)
Net Asset Value, End of Period	$	10.02		$	10.01		$	10.02		$	10.10		$	10.60		$	10.64
Total Return(b)		0.75	%		1.62	%		2.14	%		(0.40	)%		2.90	%		4.96	%
Net Assets, End of Period (000’s)	$	3,101		$	3,509		$	4,389		$	5,279		$	9,730		$	12,961
Ratios to Average Net Assets
Gross Expense		1.17	%(c)		1.18	%		1.15	%		1.12	%		1.14	%		1.35	%
Net Expenses(d)		0.86	%(c)		0.85	%		0.89	%		0.91	%		0.94	%		1.00	%
Net Investment Income (Loss)		1.28	%(c)		1.34	%		1.25	%		1.38	%		1.69	%		2.22	%
Portfolio Turnover Rate		24	%		32	%		45	%		43	%		52	%		253	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.02		$	10.03		$	10.10		$	10.60		$	10.65		$	10.77
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.17			0.16			0.17			0.22			0.28
Net Realized and Unrealized Gain (Loss) on Investments		0.01			0.03			0.10			(0.18	)		0.11			0.27
Total Income (Loss) From Operations		0.09			0.20			0.26			(0.01	)		0.33			0.55
Less Distributions From:
Net Investment Income		(0.08	)		(0.17	)		(0.16	)		(0.19	)		(0.22	)		(0.28	)
Net Realized Gains		—			(0.04	)		(0.17	)		(0.30	)		(0.16	)		(0.39	)
Total Distributions		(0.08	)		(0.21	)		(0.33	)		(0.49	)		(0.38	)		(0.67	)
Net Asset Value, End of Period	$	10.03		$	10.02		$	10.03		$	10.10		$	10.60		$	10.65
Total Return(b)		0.92	%		1.94	%		2.57	%		(0.09	)%		3.15	%		5.33	%
Net Assets, End of Period (000’s)	$	128,141		$	120,406		$	126,574		$	136,516		$	201,572		$	253,419
Ratios to Average Net Assets
Gross Expense		0.92	%(c)		0.93	%		0.93	%		0.91	%		0.89	%		1.09	%
Net Expenses(d)		0.53	%(c)		0.53	%		0.57	%		0.60	%		0.60	%		0.64	%
Net Investment Income (Loss)		1.61	%(c)		1.66	%		1.57	%		1.69	%		2.03	%		2.58	%
Portfolio Turnover Rate		24	%		32	%		45	%		43	%		52	%		253	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

50    FINANCIAL HIGHLIGHTS (continued)

For a share outstanding throughout each period:

WILMINGTON SHORT-TERM BOND FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.07		$	10.10		$	10.23		$	10.33		$	10.28		$	10.29
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.05			0.07			0.07			0.07			0.09			0.12
Net Realized and Unrealized Gain (Loss) on Investments		(0.01	)		0.02			(0.02	)		0.00	(b)		0.08			0.03
Total Income (Loss) From Operations		0.04			0.09			0.05			0.07			0.17			0.15
Less Distributions From:
Net Investment Income		(0.06	)		(0.10	)		(0.06	)		(0.08	)		(0.09	)		(0.12	)
Net Realized Gains		—			(0.02	)		(0.12	)		(0.09	)		(0.03	)		(0.04	)
Total Distributions		(0.06	)		(0.12	)		(0.18	)		(0.17	)		(0.12	)		(0.16	)
Net Asset Value, End of Period	$	10.05		$	10.07		$	10.10		$	10.23		$	10.33		$	10.28
Total Return(c)		0.40	%		0.87	%		0.51	%		0.68	%		1.66	%		1.48	%
Net Assets, End of Period (000’s)	$	6,984		$	7,796		$	10,495		$	2,785		$	3,129		$	8,912
Ratios to Average Net Assets
Gross Expense		1.22	%(d)		1.11	%		1.17	%		1.19	%		1.20	%		1.37	%
Net Expenses(e)		0.73	%(d)		0.73	%		0.78	%		0.83	%		0.86	%		0.86	%
Net Investment Income (Loss)		0.92	%(d)		0.71	%		0.71	%		0.64	%		0.89	%		1.16	%
Portfolio Turnover Rate		34	%		104	%		138	%		196	%		110	%		73	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.07		$	10.10		$	10.23		$	10.33		$	10.28		$	10.29
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.06			0.10			0.08			0.09			0.12			0.15
Net Realized and Unrealized Gain (Loss) on Investments		(0.01	)		0.01			0.00	(b)		0.00	(b)		0.08			0.03
Total Income (Loss) From Operations		0.05			0.11			0.08			0.09			0.20			0.18
Less Distributions From:
Net Investment Income		(0.07	)		(0.12	)		(0.09	)		(0.10	)		(0.12	)		(0.15	)
Net Realized Gains		—			(0.02	)		(0.12	)		(0.09	)		(0.03	)		(0.04	)
Total Distributions		(0.07	)		(0.14	)		(0.21	)		(0.19	)		(0.15	)		(0.19	)
Net Asset Value, End of Period	$	10.05		$	10.07		$	10.10		$	10.23		$	10.33		$	10.28
Total Return(c)		0.53	%		1.12	%		0.76	%		0.90	%		1.91	%		1.74	%
Net Assets, End of Period (000’s)	$	90,913		$	160,541		$	166,939		$	165,057		$	182,588		$	189,176
Ratios to Average Net Assets
Gross Expense		0.96	%(d)		0.86	%		0.96	%		0.97	%		0.96	%		1.11	%
Net Expenses(e)		0.48	%(d)		0.48	%		0.56	%		0.61	%		0.61	%		0.61	%
Net Investment Income (Loss)		1.14	%(d)		0.97	%		0.81	%		0.86	%		1.12	%		1.42	%
Portfolio Turnover Rate		34	%		104	%		138	%		196	%		110	%		73	%

(a) Per share numbers have been calculated using the average shares method. (b) Represents less than $0.005.

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

(d) Annualized for periods less than one year.

(e) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS (continued)    51

For a share outstanding throughout each period:

WILMINGTON MUNICIPAL BOND FUND†

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	13.54		$	13.41		$	13.40		$	13.75		$	13.79		$	13.18		$	13.22
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.10			0.23			0.25			0.27			0.24			0.29			0.42
Net Realized and Unrealized Gain (Loss) on Investments		(0.11	)		0.37			0.13			(0.23	)		0.27			0.78			0.04
Total Income (Loss) From Operations		(0.01	)		0.60			0.38			0.04			0.51			1.07			0.46
Less Distributions From:
Net Investment Income		(0.10	)		(0.23	)		(0.25	)		(0.27	)		(0.24	)		(0.29	)		(0.42	)
Net Realized Gains		—			(0.24	)		(0.12	)		(0.12	)		(0.31	)		(0.17	)		(0.08	)
Total Distributions		(0.10	)		(0.47	)		(0.37	)		(0.39	)		(0.55	)		(0.46	)		(0.50	)
Net Asset Value, End of Period	$	13.43		$	13.54		$	13.41		$	13.40		$	13.75		$	13.79		$	13.18
Total Return(b)		(0.05	)%		4.55	%		2.83	%		0.37	%		3.74	%		8.18	%		3.56	%
Net Assets, End of Period (000’s)	$	34,835		$	38,182		$	41,607		$	17,128		$	21,435		$	708		$	758
Ratios to Average Net Assets
Gross Expense		1.09	%(c)		1.09	%		1.12	%		1.14	%		1.13	%		0.92	%(c)		0.86	%
Net Expenses(d)		0.74	%(c)		0.74	%		0.79	%		0.86	%		0.86	%		0.87	%(c)		0.86	%
Net Investment Income (Loss)		1.52	%(c)		1.69	%		1.84	%		2.00	%		1.74	%		2.56	%(c)		3.20	%
Portfolio Turnover Rate		16	%		32	%		50	%		38	%		38	%		52	%		30	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period July 1, 2011 through April 30, 2012*			Year Ended June 30, 2011
Net Asset Value, Beginning of Period	$	13.55		$	13.42		$	13.40		$	13.76		$	13.79		$	13.19		$	13.22
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.12			0.26			0.28			0.30			0.28			0.32			0.45
Net Realized and Unrealized Gain (Loss) on Investments		(0.12	)		0.37			0.15			(0.24	)		0.28			0.77			0.05
Total Income (Loss) From Operations		—			0.63			0.43			0.06			0.56			1.09			0.50
Less Distributions From:
Net Investment Income		(0.12	)		(0.26	)		(0.29	)		(0.30	)		(0.28	)		(0.32	)		(0.45	)
Net Realized Gains		—			(0.24	)		(0.12	)		(0.12	)		(0.31	)		(0.17	)		(0.08	)
Total Distributions		(0.12	)		(0.50	)		(0.41	)		(0.42	)		(0.59	)		(0.49	)		(0.53	)
Net Asset Value, End of Period	$	13.43		$	13.55		$	13.42		$	13.40		$	13.76		$	13.79		$	13.19
Total Return(b)		0.00	%		4.81	%		3.17	%		0.55	%		4.06	%		8.33	%		3.90	%
Net Assets, End of Period (000’s)	$	281,536		$	267,864		$	259,904		$	199,503		$	247,914		$	146,009		$	141,519
Ratios to Average Net Assets
Gross Expense		0.84	%(c)		0.84	%		0.88	%		0.89	%		0.90	%		0.68	%(c)		0.61	%
Net Expenses(d)		0.49	%(c)		0.49	%		0.55	%		0.61	%		0.61	%		0.62	%(c)		0.61	%
Net Investment Income (Loss)		1.77	%(c)		1.94	%		2.11	%		2.25	%		2.01	%		2.80	%(c)		3.44	%
Portfolio Turnover Rate		16	%		32	%		50	%		38	%		38	%		52	%		30	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

* Year end changed from June 30 to April 30.

† Effective March 9, 2012, the Fund acquired all of the assets and liabilities of the Wilmington Municipal Bond Fund, a series of WT Mutual Fund (the “WT Fund”). The financial highlights for the periods prior to that date reflect the performance of the WT Fund.

See Notes which are an integral part of the Financial Statements.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

52    FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON NEW YORK MUNICIPAL BOND FUND

CLASS A	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.91		$	10.66		$	10.56		$	10.75		$	10.59		$	10.08
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.08			0.19			0.21			0.19			0.21			0.28
Net Realized and Unrealized Gain (Loss) on Investments		(0.07	)		0.27			0.10			(0.19	)		0.16			0.51
Total Income (Loss) From Operations		0.01			0.46			0.31			0.00			0.37			0.79
Less Distributions From:
Net Investment Income		(0.08	)		(0.19	)		(0.21	)		(0.19	)		(0.21	)		(0.28	)
Net Realized Gains		—			(0.02	)		—			—			—			—
Total Distributions		(0.08	)		(0.21	)		(0.21	)		(0.19	)		(0.21	)		(0.28	)
Net Asset Value, End of Period	$	10.84		$	10.91		$	10.66		$	10.56		$	10.75		$	10.59
Total Return(b)		0.09	%		4.32	%		2.91	%		0.04	%		3.48	%		7.99	%
Net Assets, End of Period (000’s)	$	19,125		$	20,197		$	22,691		$	24,301		$	31,239		$	35,099
Ratios to Average Net Assets
Gross Expense		1.22	%(c)		1.22	%		1.22	%		1.21	%		1.20	%		1.36	%
Net Expenses(d)		0.84	%(c)		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%
Net Investment Income (Loss)		1.45	%(c)		1.76	%		1.93	%		1.79	%		1.94	%		2.73	%
Portfolio Turnover Rate		15	%		24	%		31	%		34	%		41	%		87	%
CLASS I	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	10.92		$	10.67		$	10.57		$	10.76		$	10.60		$	10.08
Income (Loss) From Operations:
Net Investment Income (Loss)(a)		0.09			0.22			0.23			0.21			0.23			0.31
Net Realized and Unrealized Gain (Loss) on Investments		(0.08	)		0.27			0.10			(0.18	)		0.16			0.52
Total Income (Loss) From Operations		0.01			0.49			0.33			0.03			0.39			0.83
Less Distributions From:
Net Investment Income		(0.09	)		(0.22	)		(0.23	)		(0.22	)		(0.23	)		(0.31	)
Net Realized Gains		—			(0.02	)		—			—			—			—
Total Distributions		(0.09	)		(0.24	)		(0.23	)		(0.22	)		(0.23	)		(0.31	)
Net Asset Value, End of Period	$	10.84		$	10.92		$	10.67		$	10.57		$	10.76		$	10.60
Total Return(b)		0.12	%		4.58	%		3.17	%		0.30	%		3.74	%		8.33	%
Net Assets, End of Period (000’s)	$	66,446		$	63,704		$	63,702		$	69,325		$	78,471		$	74,913
Ratios to Average Net Assets
Gross Expense		0.97	%(c)		0.98	%		0.97	%		0.96	%		0.95	%		1.11	%
Net Expenses(d)		0.59	%(c)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net Investment Income (Loss)		1.70	%(c)		2.01	%		2.18	%		2.05	%		2.18	%		2.99	%
Portfolio Turnover Rate		15	%		24	%		31	%		34	%		41	%		87	%

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

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

(c) Annualized for periods less than one year.

(d) The investment advisor and other service providers waived or reimbursed a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS     53

Wilmington Funds

October 31, 2016 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 14 portfolios, 5 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 9 funds are presented in separate reports.

Fund	Investment Goal
Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Intermediate-Term Bond Fund (“Intermediate-Term Bond Fund”)(d)	The Fund seeks to provide current income and secondarily, capital growth.
Wilmington Short-Term Bond Fund Formerly known as Wilmington Short-Term Corporate Bond Fund (“Short-Term Bond Fund”)(d)	The Fund seeks to provide current income.
Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)	The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.
Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)(n)	The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.

(d) Diversified

(n) Non-diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I and Institutional Class. Service Class, Select Class, Administrative Class and Institutional Class are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation – Fair value of the Funds’ portfolio securities are determined as follows:

• investments in open-end regulated investment companies are valued at net asset value (“NAV”);

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

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

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2016, there were no transfers between Levels 1, 2 and 3 assets and liabilities, based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

54    NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
Broad Market Bond Fund
Citigroup Global Markets, Inc.	$	1,220,255	$	1,220,255	$	—	$	—
Daiwa Capital Markets America		1,220,255		1,220,255		—		—
HSBC Securities USA, Inc.		1,220,255		1,220,255		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		320,621		320,621		—		—
Nomura Securities International, Inc.		1,220,255		1,220,255		—		—
RBC Dominion Securities, Inc.		1,220,255		1,220,255		—		—
	$	6,421,896	$	6,421,896	$	—	$	—
Intermediate-Term Bond Fund
Citigroup Global Markets, Inc.		909,964		909,964		—		—
Daiwa Capital Markets America		909,964		909,964		—		—
HSBC Securities USA, Inc.		909,964		909,964		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		239,356		239,356		—		—
Nomura Securities International, Inc.		909,964		909,964		—		—
RBC Dominion Securities, Inc.		909,964		909,964		—		—
	$	4,789,176	$	4,789,176	$	—	$	—
Short-Term Bond Fund
Citigroup Global Markets, Inc.		565,359		565,359		—		—
Daiwa Capital Markets America		565,359		565,359		—		—
HSBC Securities USA, Inc.		565,359		565,359		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		148,720		148,720		—		—
Nomura Securities International, Inc.		565,359		565,359		—		—
RBC Dominion Securities, Inc.		565,359		565,359		—		—
	$	2,975,515	$	2,975,515	$	—	$	—

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

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    55

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.

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.

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

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

Withholding taxes and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended October 31, 2016, the Funds did not incur any interest or penalties.

When-Issued and Delayed Delivery Transactions –The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Funds may transact in “To Be Announced Securities” (“TBAs”). As with other delayed delivery transactions, a seller agrees to issue TBAs at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Funds agree to accept any security that meets specified criteria. For example, in a TBA mortgage transaction, the Fund and seller would agree upon the issuer, interest rate and terms of the underlying mortgages. The Funds record TBAs on the trade date utilizing information associated with the specified terms of the transactions as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest of the settlement date. Losses may occur due to the fact the actual underlying mortgages received may be less favorable than those anticipated by the Funds.

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 Fund 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 Fund’s restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Dollar Roll Transactions –The Intermediate-Term Bond Fund and Broad Market Bond Fund may enter into dollar roll transactions, with respect to mortgage securities issued by GNMA, FNMA, and FHLMC, in which the Funds sell mortgage securities to financial institutions and simultaneously agree to accept substantially similar (same type, coupon, maturity) securities at a later date at an agreed upon price. Dollar roll transactions, which are treated as purchases and sales, will not exceed 12 months. There were no dollar roll transactions outstanding during the six months ended October 31, 2016.

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 Fund. In exchange for lending securities under the terms of the agreement with their custodian, the Funds receive a lender’s fee. Fees earned by the Funds on securities lending are recorded as income. Loans of securities by the Funds are collateralized by cash, U.S. government securities or money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities plus a margin which varies depending on the type of securities owned. The custodian establishes and maintains the collateral in a segregated account. The

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

56    NOTES TO FINANCIAL STATEMENTS (continued)

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 Fund and any additional required collateral is delivered to the Fund on the next business day.

Investments purchased with cash collateral are presented on the 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 Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At October 31, 2016, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

Fund	Value of Securities on Loan		Cash Collateral Received(1)		Net Amount(2)
Broad Market Bond Fund	$	6,287,178	$	6,287,178	$	—
Intermediate-Term Bond Fund		4,686,075		4,686,075		—
Short-Term Bond Fund		2,895,064		2,895,064		—

⁽¹⁾  Collateral with a value of $6,421,896, $4,789,176 and $2,975,515, respectively, has been received in connection with securities lending transactions.

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

3. FEDERAL TAX INFORMATION

As of April 30, 2016, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the periods ended 2015, 2014, and 2013, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

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

Fund	Ordinary Income*		2016 Tax Exempt Income		Long-Term Capital Gains		Ordinary Income*		2015 Tax Exempt Income		Long-Term Capital Gains
Broad Market Bond Fund	$	9,747,956	$	—	$	504,626	$	7,699,108	$	—	$	674,691
Intermediate-Term Bond Fund		2,090,943		—		391,707		2,248,626		—		1,972,089
Short-Term Bond Fund		1,939,029		—		287,062		1,606,528		—		808,393
Municipal Bond Fund		245,967		5,658,718		4,977,918		46,207		4,887,359		1,762,699
New York Municipal Bond Fund		—		1,624,677		133,655		—		1,898,921		—

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    57

As of April 30, 2016, 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 Deferrals
Broad Market Bond Fund	$	800,991	$	—	$	—	$	(790,229	)	$	10,837,116	$	(555,531	)	$	—
Intermediate-Term Bond Fund		170,124		—		—		(169,454	)		2,745,408		—			(86,268	)
Short-Term Bond Fund		188,419		—		—		(174,941	)		839,596		(1,229,205	)		—
Municipal Bond Fund		151,991		451,439		340,766		(451,392	)		14,728,347		—			—
New York Municipal Bond Fund		—		120,839		434,535		(120,821	)		4,675,101		—			—

At April 30, 2016, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

Fund	Capital Loss Available Through 2018		Short-Term No Expiration		Long-Term No Expiration		Total Capital Loss Carryforwards
Broad Market Bond Fund	$	—	$	354,793	$	200,738	$	555,531
Short-Term Bond Fund		108,426		779,126		341,653		1,229,205

Under current tax regulations, capital losses on securities transactions realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to defer taxable ordinary income losses incurred after December 31 and treat as occurring on the first day of the following fiscal year. Post-October, Post-December and Late Year losses deferred to May 1, 2016 are as follows:

Fund	Ordinary Post-December Losses		Short-Term Post-October/ Late Year Capital Losses		Long-Term Post-October/ Late Year Capital Losses
Intermediate-Term Bond Fund	$	—	$	6,688	$	79,580

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 and paid daily, 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
Broad Market Bond Fund		0.45	%
Intermediate-Term Bond Fund		0.45	%
Short-Term Bond Fund		0.40	%
Municipal Bond Fund		0.45	%
New York Municipal Bond Fund		0.45	%

WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2017, so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC, nor the Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

58    NOTES TO FINANCIAL STATEMENTS (continued)

	Contractual
	Expense Limitations
Fund	Class A			Class I
Broad Market Bond Fund		0.89	%		0.55	%
Intermediate-Term Bond Fund		0.86	%		0.53	%
Short-Term Bond Fund		0.73	%		0.48	%
Municipal Bond Fund		0.74	%		0.49	%
New York Municipal Bond Fund		0.84	%		0.59	%

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

Administrator	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	on the first $5 billion
		0.030	%	on the next $2 billion
		0.025	%	on the next $3 billion
		0.018	%	on assets in excess of $10 billion
BNYM		0.0285	%	on the first $500 million
		0.0280	%	on the next $500 million
		0.0275	%	on assets in excess of $1 billion

BNYM and WFMC may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2016, WFMC did not waive any administrative personnel and services fees.

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

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

For the six months ended October 31, 2016, M&T Securities, Inc. and Manufacturers and Traders Trust Company (together “M&T”), affiliates of the Advisor, received all or a portion of the fees paid by the Funds which are listed below:

Fund	Distribution Fees
Broad Market Bond Fund	$	4,435
Intermediate-Term Bond Fund		2,228
Short-Term Bond Fund		6,129
Municipal Bond Fund		38,452
New York Municipal Bond Fund		22,086

Sales Charges – The Class A shares of all the Funds bear front-end sales charges.

For the six months ended October 31, 2016, M&T received the amounts listed below from sales charges on the sale of Class A shares.

Fund	Sales Charges from Class A
Broad Market Bond Fund	$	1,376
Short-Term Bond Fund		71
Municipal Bond Fund		1,462
New York Municipal Bond Fund		2,059

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Class A and Class I shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholders

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)    59

Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2016, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
Broad Market Bond Fund	$	1,524
Intermediate-Term Bond Fund		743

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

BNYM provides custody services to the Trust.

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

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

5. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations, U.S. Government Securities and in-kind transactions, for the six months ended October 31, 2016 were as follows:

	Investments
Fund	Purchases		Sales
Broad Market Bond Fund	$	129,604,184	$	78,096,667
Intermediate-Term Bond Fund		18,244,967		13,206,454
Short-Term Bond Fund		12,002,460		44,497,427
Municipal Bond Fund		69,997,488		50,265,701
New York Municipal Bond Fund		15,704,270		12,523,636

Purchases and sales of investments of U.S. Government Securities for the six months ended October 31, 2016 were as follows:

	U.S. Government Securities
Fund	Purchases		Sales
Broad Market Bond Fund	$	30,172,658	$	6,843,648
Intermediate-Term Bond Fund		16,667,834		17,210,014
Short-Term Bond Fund		25,330,532		42,936,399

6. CONCENTRATION OF RISK

Since New York Municipal Bond Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2016, 26.4% of New York Municipal Bond Fund’s total market value of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies.

7. LINE OF CREDIT

Effective March 9, 2016, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of this LOC is March 7, 2017.

The Funds did not utilize the LOC for the six months ended October 31, 2016.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

60    NOTES TO FINANCIAL STATEMENTS (continued)

8. SUBSEQUENT EVENTS

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

Certain Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms, and amended existing rules and forms, which are designed to modernize the reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and investors. In addition, the SEC required certain open-end funds to adopt liquidity risk management programs to ensure that funds meet their obligation to satisfy shareholder redemption requests on a daily basis. The SEC also will allow open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The effective dates of these rules are generally not impacting the Funds until sometime in 2018. Management is currently evaluating the impacts to the Funds.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

61

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2016 (the “September Meeting”), the Board of Trustees of the Trust unanimously agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings and an executive session of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 20, 2016, the Board held a special meeting (the “July Special Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Adviser”), and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements that were due for renewal between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement, and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from the Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 30, 2016, the Independent Trustees met in executive session with Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser, and to continue the evaluation of the Advisory Agreements with the Sub-Advisers, as appropriate (the “August Executive Session”). The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees, and developed a request for additional and clarifying information that was responded to by the Adviser, and discussed, at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

62    BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Wilmington Broad Market Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one- and three-year periods and below the peer group average for the five-year period ended June 30, 2016. The Board considered management’s views concerning the markets for fixed income securities and that the Fund is managed conservatively, with duration that is typically shorter than both the Fund’s benchmark and some of the funds in its peer group. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Intermediate-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-, three-and five-year periods ended June 30, 2016. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Short-Term Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-year period, slightly above the peer group average for the three-year period, and below the peer group average for five-year period ended June 30, 2016. The Board considered management’s views concerning the markets for fixed income securities and that the Fund is managed conservatively, with duration that is typically shorter than both the Fund’s benchmark and some of the funds in its peer group. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington Municipal Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-, three-and five-year periods ended June 30, 2016. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington New York Municipal Bond Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were below the Fund’s expense group median. The Board also considered that the Fund’s Class I shares had achieved total return performance above the peer group average for the one-, three-and five-year periods ended June 30, 2016. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

63

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

64

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

65

• Information or data entered into a website will be retained.

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

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

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

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Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890   Sub-Advisor Wilmington Trust Investment Advisors 111 South Calvert Street 26th Floor Baltimore, MD 21202   Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street Wilmington, DE 19890   Custodian The Bank of New York Mellon One Wall Street New York, NY 10286 Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203   Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809   Independent Registered Public Accounting Firm Ernst & Young LLP One Commerce Square, 2005 Market Street, Suite 700 Philadelphia, PA 19103

WT-SAR-FI-1016

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.

October 31, 2016 (unaudited)
PRESIDENT’S MESSAGE AND
Semi-Annual
Report
WILMINGTON FUNDS
Money Market Funds
Wilmington U.S. Government Money Market Fund
Wilmington U.S. Treasury Money Market Fund

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

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

PRESIDENT’S MESSAGE
President’s Message	i
WILMINGTON FUNDS SEMI-ANNUAL REPORT
Shareholder Expense Example	5
Portfolios of Investments	6
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	19
Board Approval of Investment Advisory Agreements	25
Results of Shareholder Vote for the Wilmington Tax-Exempt Money Market Fund	27

[This Page Intentionally Left Blank]

i

Dear Investor:

I am pleased to present the Semi-Annual Report of the Wilmington Funds (the “Trust”), covering the Trust’s semi-annual fiscal year period of May 1, 2016, through October 31, 2016. Inside you will find a comprehensive review of the Trust’s holdings and financial statements.

The Economy and Financial Markets in Review

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

The Economy

The economic recovery entered its eighth year, making it the fourth-longest recovery since 1850, but also the weakest one in the post-World War II period.ⁱ The gross domestic product (GDP) grew at a feeble rate of 1.4% in the second calendar quarter, but accelerated in the third quarter, posting a 2.9% jump.ⁱⁱ It’s been a familiar story with this recovery—disappointing growth numbers to begin the year, but a quickening of pace in the second half of the year.

ⁱ  http://www.marketwatch.com/story/current-us-economic-recovery-may-end-up-as-longest-ever-2016-07-18

ⁱⁱ  http://www.bea.gov/national/Index.htm

During the Trust’s semi-annual fiscal year period, the unemployment rate rose from 4.7% in May to 4.9% in October.ⁱⁱⁱ While the increase in the unemployment rate may appear at odds with a continuing economic expansion, the uptick suggests that a growing number of individuals are re-entering the labor pool as new jobs are added.

ⁱⁱⁱ  http://data.bls.gov/timeseries/LNS14000000

Inflation remains historically low, but has picked up in recent months. In September, it posted its biggest gain in five months, with the Consumer Price Index rising 1.5% for the 12-month period ending September 2016, the biggest year-over-year jump since October 2014.^iv Core inflation, which excludes the more volatile food and energy components, reached 1.7% in the third quarter, the highest such reading in two years.^v

^iv  http://www.reuters.com/article/us-usa-economy-inflation-idUSKCN12I1GP

^v  http://www.advisorperspectives.com/dshort/updates/2016/10/31/pce-price-index-headline-and-core-rose-again-in-september

Rising oil prices has been one reason that inflation has picked up. West Texas Intermediate (a grade of crude oil used as an oil pricing benchmark) rose from $40.75 per barrel at April-end to $46.83 at the close of October.^vi

^vi  http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

The Federal Reserve (the “Fed”) has yet to follow up its December 2015 rate hike, putting off further hikes because of concerns about the resiliency of economic growth and how global markets will react. However, at its most recent Federal Open Market Committee meeting in September, the Fed indicated that a rate hike may come relatively soon.

The Bond Markets

The yield on the 10-year Treasury note ended largely where it began, but there was a great deal of volatility over the six-month period. Yields stood at 1.83% at April-end, but dropped precipitously in reaction to the British exit (“Brexit”) vote in late June, as the decision by British voters to leave the European Union (“EU”) led to a world-wide flight to safety, driving down yields to as low as 1.37%, a level reached in early July. As anxieties eased, rates slowly climbed back to 1.84% by the close of trading in October.^vii

^vii  http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

Despite the rollercoaster ride in yields, the Barclays U.S. Aggregate Bond Index¹ gained 1.51% for the six-month period ended October 31, 2016.

High-yield bonds have been enjoying a very good year. After a price swoon earlier in the year, high-yield bonds have posted strong returns, with oil prices coming off their extreme lows propelling the Barclays U.S. Corporate High Yield Index² to a gain of 7.59% for the six-month period ended October 31, 2016.

The municipal bond market was challenged by heavy new issuance volumes, leading to a more subdued return for the Barclays Municipal Bond Index³ of 0.49% for the Trust’s semi-annual fiscal year period.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

ii

The Barclays Global Aggregate ex-USD Bond Index⁴ slumped by 2.08% during the reporting period, as investors were disappointed by monetary policy announcements from the Bank of England, the European Central Bank, and the Bank of Japan.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain Barclays indices performed as follows⁵:

Barclays U.S. Aggregate Bond Index	Barclays U.S. Treasury Bond Index6	Barclays U.S. Mortgage-Backed Securities Index7	Barclays U.S. Credit Bond Index8	Barclays Municipal Bond Index
1.51%	0.80%	1.28%	2.61%	0.49%

The Stock Markets

Stocks began the period on a positive note, buoyed by rising oil prices and waning concerns about an imminent rate hike. The impending vote in Britain on whether to break away from the European Union, however, soon began to weigh on stocks. Markets turned volatile as investors reacted to each new release of polling numbers about whether the “Stay” or “Leave” vote would prevail. With the polls closest to the referendum date indicating that voters might choose to remain in the EU, the shock of a “Leave” victory sent global markets into a nosedive that shaved off $3 trillion in market value.^viii U.S. stocks recovered quickly, regaining their losses after two days of trading, but overseas markets took considerably longer to claw back their losses.

^viii  http://independent.co.uk/news/business/news/brexit-wipes-record-3tn-off-global-markets-in-two-days-a7107481.html

U.S. equities reached near-historic highs in July, powered by strong economic reports, better-than-expected corporate earnings, and growing conviction that the Fed would not be raising rates in the near term. July’s momentum stalled as markets went quiet in August amid very light trading volumes and low volatility.

The calm ended when September began, with stocks selling off sharply to begin the month. Investor sentiment shifted to worries about a Fed rate increase and mounting concerns that the European Central Bank would be hitting the “pause” button on its monetary-easing efforts.

Stocks remained volatile over the course of the month, moving in reaction to changes in the price of oil, central bank statements, and banking troubles emanating from Europe.

Despite a better-than-expected third-quarter earnings season, October was the third consecutive month to close lower.

For the six-month reporting period May 1, 2016 through October 31, 2016, certain stock market indices performed as follows:

S&P 500 Index9	Dow Jones Industrial Average10	NASDAQ Composite Index11	MSCI All Country World ex-USD  (Net) Index12
4.06%	3.44%	9.33%	2.01%

In the months ahead, markets will likely be tested. A looming hike in the federal funds rate, a new incoming president, and uncertain global economic growth may drive further market volatility. It is essential, however, that investors maintain a long-term focus.

For our part, the Trust will remain committed to managing your important savings with the same disciplined process that has created value for our shareholders and helped them achieve their important long-term financial goals. We appreciate the confidence and trust you have shown us.

Sincerely,

Christopher D. Randall

President

November 14, 2016

October 31, 2016 (unaudited) / PRESIDENT’S MESSAGE

iii

For more complete information, please download the Funds’ prospectus, which is available on www.wilmingtonfunds.com, or call 1-800-836-2211 for a copy. You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Funds’ prospectus, which you should read carefully before investing.

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

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

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

You could lose money by investing in the money market funds. Although the money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they 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 Funds, and you should not expect that the investment advisor will provide financial support to the Funds at any time.

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

2. Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. The U.S. Corporate High Yield Bond Index is a component of the U.S. Universal and Global High Yield Indices.

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

4. Barclays Global Aggregate ex-USD Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. An investment cannot be made directly in an index.

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

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

7. Barclays U.S. Mortgage-Backed Securities Index is composed of all securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA graduated Payment Mortgages. The index is unmanaged and investments cannot be made directly in an index.

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

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

10. Dow Jones Industrial Average (“DJIA”) represents share prices of selected blue chip industrial corporations as well as public utility and transportation companies. The DJIA indicates daily changes in the average prices of stocks in any of its categories. It also reports total sales for each group of industries. Because it represents the top corporations of America, the DJIA’s average movements are leading economic indicators for the stock market as a whole. The average is unmanaged and investments cannot be made directly in an average.

11. NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The index is unmanaged and investments cannot be made directly in an index.

12. MSCI All Country World ex-USD (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. market. The index consists of 44 countries indices comprising 23 developed and 21 emerging market country indices. The index is unmanaged and investments cannot be made directly in an index.

PRESIDENT’S MESSAGE / October 31, 2016 (unaudited)

[This Page Intentionally Left Blank]

5

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2016 to October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 5/01/16		Ending Account Value 10/31/16		Expenses Paid During Period1		Annualized Net Expense Ratio
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.30		$1.56		0.31%
Institutional Class		$1,000.00		$1,000.30		$1.51		0.30%
Select Class		$1,000.00		$1,000.30		$1.51		0.30%
Service Class		$1,000.00		$1,000.10		$1.76		0.35%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,023.64		$1.58		0.31%
Institutional Class		$1,000.00		$1,023.69		$1.53		0.30%
Select Class		$1,000.00		$1,023.69		$1.53		0.30%
Service Class		$1,000.00		$1,023.44		$1.79		0.35%
WILMINGTON U.S. TREASURY MONEY MARKET FUND
Actual
Administrative Class		$1,000.00		$1,000.20		$1.51		0.30%
Select Class		$1,000.00		$1,000.30		$1.46		0.29%
Service Class		$1,000.00		$1,000.10		$1.71		0.34%
Hypothetical (assuming a 5% return before expenses)
Administrative Class		$1,000.00		$1,023.69		$1.53		0.30%
Select Class		$1,000.00		$1,023.74		$1.48		0.29%
Service Class		$1,000.00		$1,023.49		$1.73		0.34%

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

6

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Government Agency Obligations		55.4	%
U.S. Treasury Obligations		37.1	%
Repurchase Agreements		5.1	%
Money Market Fund		2.4	%
Other Assets and Liabilities – Net1		0.0	%2
TOTAL		100.0	%

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

⁽²⁾  Represents less than 0.05%.

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value	Value
U.S. GOVERNMENT AGENCY OBLIGATIONS – 55.4%
FEDERAL FARM CREDIT BANK (FFCB) – 5.0%
0.40%, 12/06/16‡	$17,500,000	$17,493,365
0.49%, 2/15/17D	100,000,000	100,000,000
0.53%, 3/02/17D	40,000,000	40,012,931
0.50%, 10/25/17D	98,500,000	98,500,000
0.53%, 11/15/17D	75,000,000	75,000,000
0.58%, 9/24/18D	29,700,000	29,677,891
TOTAL FEDERAL FARM CREDIT BANK (FFCB)		$360,684,187
FEDERAL HOME LOAN BANK (FHLB) – 31.0%
0.39%, 11/02/16‡	56,600,000	56,599,395
0.31%, 11/03/16‡	25,000,000	24,999,583
0.29%, 11/04/16‡	20,950,000	20,949,504
0.28%, 11/14/16‡	58,728,000	58,722,274
0.26%, 11/15/16‡	150,000,000	149,985,417
0.30%, 11/16/16‡	20,000,000	19,997,583
0.30%, 11/18/16‡	360,330,000	360,279,596
0.32%, 11/23/16‡	158,854,000	158,823,941
0.37%, 11/28/16‡	95,957,000	95,931,092
0.35%, 12/02/16‡	75,000,000	74,977,719
0.30%, 12/07/16‡	105,000,000	104,969,550
0.32%, 12/09/16‡	100,000,000	99,967,278
0.30%, 12/12/16‡	100,000,000	99,966,972
0.32%, 12/13/16‡	22,000,000	21,991,915
0.39%, 12/21/16‡	150,000,000	149,920,833

Description	Par Value	Value
0.29%, 12/23/16‡	$125,000,000	$124,949,444
0.35%, 1/04/17‡	50,000,000	49,969,778
0.45%, 1/06/17‡	25,000,000	24,979,833
0.36%, 1/13/17‡	43,000,000	42,969,482
0.40%, 1/20/17‡	118,400,000	118,297,171
0.44%, 1/25/17‡	75,000,000	74,923,854
0.52%, 1/25/17‡	50,000,000	49,994,664
0.43%, 4/26/17D	100,000,000	100,000,000
0.75%, 7/20/17D	30,080,000	30,080,000
0.62%, 12/15/17D	100,000,000	100,000,000
TOTAL FEDERAL HOME LOAN BANK (FHLB)		$2,214,246,878
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 14.3%
0.20%, 11/01/16‡	50,000,000	50,000,000
0.20%, 11/03/16‡	59,663,000	59,662,337
0.28%, 11/08/16‡	50,000,000	49,997,375
0.27%, 11/09/16‡	20,000,000	19,998,822
0.26%, 11/15/16‡	299,000,000	298,970,351
0.41%, 11/17/16‡	100,000,000	99,982,222
0.27%, 11/18/16‡	122,154,000	122,139,002
0.34%, 11/29/16‡	87,500,000	87,477,590
0.41%, 12/22/16‡	25,000,000	24,985,833
0.38%, 1/03/17‡	47,350,000	47,319,341
0.34%, 1/18/17‡	58,334,000	58,291,659

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

PORTFOLIOS OF INVESTMENTS 7

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

Description	Par Value	Value
0.33%, 4/17/17D	$100,000,000	$100,000,000
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)		$1,018,824,532
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 5.1%
0.32%, 11/16/16‡	30,000,000	29,996,125
0.33%, 12/01/16‡	50,759,000	50,745,464
0.33%, 12/14/16‡	29,900,000	29,888,393
0.33%, 1/04/17‡	50,000,000	49,971,556
0.81%, 12/20/17D	200,000,000	200,083,153
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)		$360,684,691
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $3,954,440,288)		$3,954,440,288
U.S. TREASURY OBLIGATIONS – 37.1%
U.S. TREASURY BILLS – 23.1%
0.30%, 11/10/16‡	150,000,000	149,989,012
0.34%, 12/01/16‡	350,000,000	349,904,583
0.34%, 12/08/16‡	350,000,000	349,879,981
0.38%, 12/15/16‡	200,000,000	199,908,333
0.32%, 1/05/17‡	202,720,000	202,603,419
0.34%, 1/19/17‡	150,000,000	149,889,729
0.35%, 1/26/17‡	123,720,000	123,619,512
0.41%, 2/02/17‡	50,000,000	49,948,204
0.46%, 2/16/17‡	75,000,000	74,899,465
TOTAL U.S. TREASURY BILLS		$1,650,642,238
U.S. TREASURY NOTES – 14.0%
0.63%, 11/15/16	100,000,000	100,009,981
0.50%, 11/30/16	50,000,000	50,005,438
0.88%, 11/30/16	125,000,000	125,052,340
0.75%, 1/15/17	150,000,000	150,100,947
0.42%, 1/31/17D	100,000,000	100,016,785
3.13%, 1/31/17	100,000,000	100,656,162
0.63%, 2/15/17	275,000,000	275,189,779

Description	Par Value	Value
0.88%, 2/28/17	$100,000,000	$100,155,032
TOTAL U.S. TREASURY NOTES		$1,001,186,464
TOTAL U.S. TREASURY OBLIGATIONS (COST $2,651,828,702)		$2,651,828,702
MONEY MARKET FUND – 2.4%
Blackrock Liquidity Funds TempFund Institutional Shares, 0.31%	168,636,219	168,636,219
TOTAL MONEY MARKET FUND (COST $168,636,219)		$168,636,219
REPURCHASE AGREEMENTS – 5.1%
Credit Suisse First Boston LLC, 0.30%, dated 10/31/16, due 11/1/16, repurchase price $65,000,542 collateralized by U.S. Treasury Security 2.63%, maturing 11/15/20; total market value of $66,303,176.	65,000,000	65,000,000
TD Securities, Inc., 0.31%, dated 10/31/16, due 11/1/16, repurchase price $25,000,215, collateralized by U.S. Government Security 4.00%, maturing 10/1/43; total market value of $25,750,000.	25,000,000	25,000,000
TD Securities, Inc., 0.32%, dated 10/31/16, due 11/1/16, repurchase price $275,002,444, collateralized by U.S. Government Securities 1.38% to 4.50%, maturing 2/28/19 to 12/1/26; total market value of $283,247,701.	275,000,000	275,000,000
TOTAL REPURCHASE AGREEMENTS (COST $365,000,000)		$365,000,000
TOTAL INVESTMENTS – 100.0%
(COST $7,139,905,209)		$7,139,905,209
OTHER ASSETS LESS LIABILITIES – 0.0%**		1,475,635
TOTAL NET ASSETS – 100.0%		$7,141,380,844

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

8 PORTFOLIOS OF INVESTMENTS

Wilmington U.S. Government 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 October 31, 2016 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	$	—	$	3,954,440,288	$	—	$	3,954,440,288
U.S. Treasury Obligations		—		2,651,828,702		—		2,651,828,702
Money Market Fund		168,636,219		—		—		168,636,219
Repurchase Agreements		—		365,000,000		—		365,000,000
Total	$	168,636,219	$	6,971,268,990	$	—	$	7,139,905,209

D Floating rate note with current rate and stated maturity date shown.

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

** Represents less than 0.05%.

The following acronyms are used throughout this Fund:

FFCB - Federal Farm Credit Bank

FHLB - Federal Home Loan Bank

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

LLC - Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

9

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At October 31, 2016, the Fund’s portfolio composition was as follows (unaudited):

	Percentage of Total Net Assets
U.S. Treasury Obligations		79.3	%
Repurchase Agreement		16.6	%
Money Market Fund		4.0	%
Other Assets and Liabilities – Net1		0.1	%
TOTAL		100.0	%

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

PORTFOLIO OF INVESTMENTS

October 31, 2016 (unaudited)

Description	Par Value		Value
U.S. TREASURY OBLIGATIONS – 79.3%
U.S. TREASURY BILLS – 36.6%
0.26%, 11/03/16‡	$	5,000,000	$	4,999,929
0.30%, 11/10/16‡		25,000,000		24,998,169
0.34%, 12/01/16‡		25,000,000		24,993,125
0.34%, 12/08/16‡		75,000,000		74,974,498
0.38%, 12/15/16‡		50,000,000		49,977,083
0.33%, 1/05/17‡		20,000,000		19,988,228
0.34%, 1/19/17‡		50,000,000		49,963,243
0.46%, 2/16/17‡		25,000,000		24,966,488
TOTAL U.S. TREASURY BILLS			$	274,860,763
U.S. TREASURY NOTES – 42.7%
0.63%, 11/15/16		50,000,000		50,004,903
0.50%, 11/30/16		50,000,000		50,005,438
0.88%, 11/30/16		75,000,000		75,030,199
0.42%, 1/31/17D		31,000,000		31,005,203
0.63%, 2/15/17		20,000,000		20,013,802
0.88%, 2/28/17		45,000,000		45,069,764
0.51%, 10/31/17D		50,000,000		50,046,374
TOTAL U.S. TREASURY NOTES			$	321,175,683
TOTAL U.S. TREASURY OBLIGATIONS (COST $596,036,446)			$	596,036,446

Description	Par Value		Value
MONEY MARKET FUND – 4.0%
BlackRock Liquidity Funds T-Fund Institutional Shares 0.22%	$	30,000,000	$	30,000,000
TOTAL MONEY MARKET FUND (COST $30,000,000)			$	30,000,000
REPURCHASE AGREEMENT – 16.6%
Credit Suisse First Boston LLC, 0.30%, dated 10/31/16, due 11/01/16, repurchase price $125,001,042, collateralized by U.S. Treasury Security, 1.75%, maturing 5/15/23; total market value of $127,500,639.		125,000,000		125,000,000
TOTAL REPURCHASE AGREEMENT (COST $125,000,000)			$	125,000,000
TOTAL INVESTMENTS – 99.9%
(COST $751,036,446)			$	751,036,446
OTHER ASSETS LESS LIABILITIES – 0.1%				937,315
TOTAL NET ASSETS – 100.0%			$	751,973,761

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

10 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 October 31, 2016 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—	$	596,036,446	$	—	$	596,036,446
Money Market Fund		30,000,000		—		—		30,000,000
Repurchase Agreement		—		125,000,000		—		125,000,000
Total	$	30,000,000	$	721,036,446	$	—	$	751,036,446

D Floating rate note with current rate and stated maturity date shown.

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

The following acronym is used throughout this Fund:

LLC - Limited Liability Corporation

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF ASSETS AND LIABILITIES 11

October 31, 2016 (unaudited)	Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund
ASSETS:
Investments, at identified cost	$	7,139,905,209		$	751,036,446
Investments in repurchase agreements, at value	$	365,000,000		$	125,000,000
Investments in securities, at value		6,774,905,209			626,036,446
TOTAL INVESTMENTS		7,139,905,209			751,036,446
Cash		—			443,081
Interest receivable		2,994,326			624,062
Receivable for shares sold		787,634			6,623
Prepaid assets		55,546			24,476
TOTAL ASSETS		7,143,742,715			752,134,688
LIABILITIES:
Payable to custodian		21,713			—
Income distribution payable		383,394			26,620
Payable for shares redeemed		873,849			—
Payable for Trustees’ fees		4,156			2,381
Payable for shareholder services fee		247,513			36,730
Other accrued expenses		831,206			95,196
TOTAL LIABILITIES		2,361,831			160,927
NET ASSETS	$	7,141,380,884		$	751,973,761
NET ASSETS CONSIST OF:
Paid-in capital	$	7,141,368,969		$	751,982,516
Undistributed (distributions in excess of) net investment income		(8,336	)		(624	)
Accumulated net realized gain (loss) on investments		20,251			(8,131	)
TOTAL NET ASSETS	$	7,141,380,884		$	751,973,761
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:
Administrative Class
Net Assets	$	1,685,404,987		$	501,735,801
Shares outstanding (unlimited shares authorized)		1,685,652,412			501,777,444
Net Asset Value per share	$	1.00		$	1.00
Institutional Class
Net Assets	$	371,476,263		$	—
Shares outstanding (unlimited shares authorized)		371,533,483			—
Net Asset Value per share	$	1.00		$	—
Select Class
Net Assets	$	3,667,949,122		$	250,216,757
Shares outstanding (unlimited shares authorized)		3,668,431,157			250,238,751
Net Asset Value per share	$	1.00		$	1.00
Service Class
Net Assets	$	1,416,550,512		$	21,203
Shares outstanding (unlimited shares authorized)		1,416,484,347			21,203
Net Asset Value per share	$	1.00		$	1.00

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

12 STATEMENTS OF OPERATIONS

Six Months Ended October 31, 2016 (unaudited)	Wilmington U.S. Government Money Market Fund			Wilmington U.S. Treasury Money Market Fund
INVESTMENT INCOME:
Dividends	$	59,033		$	3,057
Interest		9,213,223			1,446,112
TOTAL INVESTMENT INCOME		9,272,256			1,449,169
EXPENSES:
Investment advisory fee		9,117,097			1,610,663
Administrative personnel and services fees		803,309			135,467
Portfolio accounting and administration fees		709,043			126,616
Transfer and dividend disbursing agent fees and expenses		68,534			2,283
Custodian fees		81,770			11,637
Trustees’ fees		25,453			26,051
Professional fees		42,250			39,909
Distribution services fee—Administrative Class		2,062,035			715,728
Distribution services fee—Service Class		1,292,015			31
Shareholder services fee—Administrative Class		2,062,035			715,728
Shareholder services fee—Select Class		2,675,677			351,201
Shareholder services fee—Service Class		1,292,015			31
Share registration costs		24,774			15,988
Printing and postage		18,889			3,770
Miscellaneous		180,082			42,814
TOTAL EXPENSES		20,454,978			3,797,917
Waiver/reimbursement by investment advisor		(3,547,738	)		(793,651	)
Waiver of distribution services fee—Administrative Class		(2,060,989	)		(715,372	)
Waiver of distribution services fee—Service Class		(1,292,015	)		(31	)
Waiver of shareholder services fee—Administrative Class		(1,937,138	)		(680,008	)
Waiver of shareholder services fee—Select Class		(2,663,571	)		(350,192	)
Waiver of shareholder services fee—Service Class		(1,017,366	)		(25	)
TOTAL WAIVERS AND REIMBURSEMENTS		(12,518,817	)		(2,539,279	)
Net expenses		7,936,161			1,258,638
Net investment income		1,336,095			190,531
REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		27,530			26,995
Net realized gain (loss) on investments		27,530			26,995
Change in net assets resulting from operations	$	1,363,625		$	217,526

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS 13

	Wilmington U.S. Government Money Market Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income	$	1,336,095		$	687,113
Net realized gain (loss) on investments		27,530			17,283
Change in net assets resulting from operations		1,363,625			704,396
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(427,453	)		(381,356	)
Institutional Class		(89,697	)		(4,895	)
Select Class		(773,259	)		(218,174	)
Service Class		(54,669	)		(83,677	)
Change in net assets resulting from distributions to shareholders		(1,345,078	)		(688,102	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		2,067,774,834			4,556,771,179
Institutional Class		1,262,104,497			181,731,782
Select Class		2,135,491,521			2,508,685,382
Service Class		1,052,603,648			1,571,057,766
Proceeds from shares issued in connection with Reorganizations (Note 6)
Administrative Class		384,941,821			—
Institutional Class		320,775,976			—
Select Class		2,724,737,598			—
Service Class		792,316,095			—
Distributions reinvested
Administrative Class		56			2,406
Institutional Class		3,000			872
Select Class		46,397			4,615
Service Class		13,659			10,115
Cost of shares redeemed
Administrative Class		(2,386,991,089	)		(4,493,385,278	)
Institutional Class		(1,224,247,116	)		(194,972,218	)
Select Class		(2,168,602,163	)		(2,537,908,763	)
Service Class		(1,223,363,383	)		(2,128,399,325	)
Change in net assets resulting from share transactions		3,737,605,351			(536,401,467	)
Change in net assets		3,737,623,898			(536,385,173	)
NET ASSETS:
Beginning of period		3,403,756,986			3,940,142,159
End of period	$	7,141,380,884		$	3,403,756,986
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(8,336	)	$	647

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

14 STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Wilmington U.S. Government Money Market Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		2,067,774,834			4,556,771,179
Institutional Class		1,262,104,497			181,731,782
Select Class		2,135,491,521			2,508,685,382
Service Class		1,052,603,648			1,571,057,766
Shares issued in connection with Reorganizations (Note 6)
Administrative Class		384,995,266			—
Institutional Class		320,831,015			—
Select Class		2,725,077,645			—
Service Class		792,293,499			—
Distributions reinvested
Administrative Class		56			2,406
Institutional Class		3,000			872
Select Class		46,397			4,615
Service Class		13,659			10,115
Shares redeemed
Administrative Class		(2,386,991,089	)		(4,493,385,278	)
Institutional Class		(1,224,247,116	)		(194,972,218	)
Select Class		(2,168,602,163	)		(2,537,908,763	)
Service Class		(1,223,363,383	)		(2,128,399,325	)
Net change in shares outstanding		3,738,031,286			(536,401,467	)

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

STATEMENTS OF CHANGES IN NET ASSETS (concluded) 15

	Wilmington U.S. Treasury Money Market Fund
	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016
OPERATIONS:
Net investment income	$	190,531		$	91,258
Net realized gain (loss) on investments		26,995			126
Change in net assets resulting from operations		217,526			91,384
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income
Administrative Class		(115,137	)		(64,773	)
Select Class		(75,686	)		(27,263	)
Service Class		(2	)		(1	)
Change in net assets resulting from distributions to shareholders		(190,825	)		(92,037	)
SHARE TRANSACTIONS:
Proceeds from sale of shares
Administrative Class		770,663,832			1,228,266,198
Select Class		811,630,039			782,092,004
Service Class		—			8,000
Distributions reinvested
Administrative Class		519			285
Select Class		17,840			5,252
Service Class		2			1
Cost of shares redeemed
Administrative Class		(915,295,059	)		(1,213,389,026	)
Select Class		(804,036,815	)		(804,455,029	)
Service Class		(5,002	)		—
Change in net assets resulting from share transactions		(137,024,644	)		(7,472,315	)
Change in net assets		(136,997,943	)		(7,472,968	)
NET ASSETS:
Beginning of Year		888,971,704			896,444,672
End of period	$	751,973,761		$	888,971,704
Undistributed (distributions in excess of) net investment income included in net assets at end of year	$	(624	)	$	(330	)
SHARES OF BENEFICIAL INTEREST:
Shares sold
Administrative Class		770,663,832			1,228,266,198
Select Class		811,630,039			782,092,004
Service Class		—			8,000
Distributions reinvested
Administrative Class		519			285
Select Class		17,840			5,252
Service Class		2			1
Shares redeemed
Administrative Class		(915,295,059	)		(1,213,389,026	)
Select Class		(804,036,815	)		(804,455,029	)
Service Class		(5,002	)		—
Net change in shares outstanding		(137,024,644	)		(7,472,315	)

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

16 FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

ADMINISTRATIVE CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.03	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	1,685,405		$	1,619,679		$	1,556,286		$	1,673,462		$	1,885,193		$	1,801,115
Ratios to Average Net Assets
Gross Expense		0.94	%(c)		0.97	%		0.97	%		0.97	%		0.96	%		0.79	%
Net Expenses(d)		0.31	%(c)		0.18	%		0.07	%		0.08	%		0.15	%		0.12	%
Net Investment Income		0.05	%(c)		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
INSTITUTIONAL CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Period Ended April 30, 2012(e)
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.03	%		0.02	%		0.01	%		0.01	%		0.01	%		0.00	%(f)
Net Assets, End of Period (000’s)	$	371,476		$	12,840		$	26,079		$	83,595		$	25,683		$	85,322
Ratios to Average Net Assets
Gross Expense		0.44	%(c)		0.47	%		0.47	%		0.47	%		0.46	%		0.46	%(c)
Net Expenses(d)		0.30	%(c)		0.13	%		0.07	%		0.08	%		0.15	%		0.13	%(c)
Net Investment Income		0.08	%(c)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%(c)
SELECT CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.03	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	3,667,949		$	976,287		$	1,005,503		$	889,158		$	1,164,388		$	1,213,146
Ratios to Average Net Assets
Gross Expense		0.69	%(c)		0.72	%		0.72	%		0.72	%		0.71	%		0.72	%
Net Expenses(d)		0.30	%(c)		0.18	%		0.07	%		0.08	%		0.15	%		0.12	%
Net Investment Income		0.07	%(c)		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

FINANCIAL HIGHLIGHTS 17

SERVICE CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	1,416,551		$	794,950		$	1,352,274		$	1,371,495		$	1,131,306		$	873,278
Ratios to Average Net Assets
Gross Expense		0.94	%(c)		0.97	%		0.97	%		0.97	%		0.96	%		0.97	%
Net Expenses(d)		0.35	%(c)		0.18	%		0.07	%		0.08	%		0.14	%		0.13	%
Net Investment Income		0.02	%(c)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

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

(c) Annualized for periods less than one year.

(d) The investment manager and other service providers voluntarily waived a portion of their fees.

(e) Reflects investment operations for the period from March 12, 2012 to April 30, 2012.

(f) Represents less than 0.01%.

See Notes which are an integral part of the Financial Statements

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

18 FINANCIAL HIGHLIGHTS (concluded)

For a share outstanding throughout each period:

WILMINGTON U.S. TREASURY MONEY MARKET FUND

ADMINISTRATIVE CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.02	%		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	501,736		$	646,349		$	631,472		$	782,360		$	827,103		$	909,306
Ratios to Average Net Assets
Gross Expense		0.97	%(d)		0.99	%		0.98	%		0.97	%		0.97	%		0.80	%
Net Expenses(e)		0.30	%(d)		0.15	%		0.06	%		0.06	%		0.14	%		0.06	%
Net Investment Income		0.04	%(d)		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%
SELECT CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.03	%		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	250,217		$	242,597		$	264,955		$	314,375		$	386,574		$	210,231
Ratios to Average Net Assets
Gross Expense		0.72	%(d)		0.74	%		0.74	%		0.72	%		0.73	%		0.73	%
Net Expenses(e)		0.29	%(d)		0.15	%		0.06	%		0.06	%		0.14	%		0.06	%
Net Investment Income		0.05	%(d)		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%
SERVICE CLASS	Six Months Ended October 31, 2016 (unaudited)			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			Year Ended April 30, 2012
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Income (Loss) From Operations:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Net Realized Gain (Loss) on Investments		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)
Total Income (Loss) From Operations		0.000			0.000			0.000			0.000			0.000			0.000
Less Distributions From:
Net Investment Income		0.000	(a)		0.000	(a)		0.000	(a)		0.000	(a)		(0.000	)(a)		(0.000	)(a)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(b)		0.01	%		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%
Net Assets, End of Period (000’s)	$	21		$	26		$	18		$	6		$	10,034		$	8,909
Ratios to Average Net Assets
Gross Expense		0.98	%(d)		0.97	%		0.99	%		0.97	%		0.97	%		0.99	%
Net Expenses(e)		0.34	%(d)		0.17	%		0.06	%		0.06	%		0.14	%		0.06	%
Net Investment Income		0.00	%(c)(d)		0.01	%		0.00	%(c)		0.01	%		0.01	%		0.01	%

(a) Represents less than $0.001.

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

(c) Represents less than 0.01%.

(d) Annualized for periods less than one year.

(e) The investment manager and other service providers voluntarily waived a portion of their fees.

See Notes which are an integral part of the Financial Statements

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS 19

Wilmington Funds

October 31, 2016 (unaudited)

1. ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 14 portfolios, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 12 funds are presented in separate reports.

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

(d) Diversified

The Trust offers 6 classes of shares: Class A, Service Class, Select Class, Administrative Class, Class I, and Institutional Class. Class A and Class I are not available for the Funds. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.

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

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

The Trust follows the authoritative guidance (GAAP) for fair value measurements. The guidance establishes a framework for measuring fair value and a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between levels based on valuations at the beginning of the reporting period. Each portfolio may hold securities which are periodically fair valued in accordance with the Funds’ fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. As of October 31, 2016, there were no transfers between Levels 1, 2 and 3 assets and liabilities based on levels assigned to securities at the beginning of the period. Pursuant to the Funds’ fair value procedures noted previously, fixed income securities and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy.

Repurchase Agreements – Repurchase agreements are transactions in which a Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. The repurchase price exceeds the sale price, reflecting the Fund’s return on the transaction. It is each Fund’s policy to require the counterparty to a repurchase agreement to transfer to the Funds’ custodian or sub-custodian

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

20 NOTES TO FINANCIAL STATEMENTS (continued)

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 the Fund.

At October 31, 2016, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

Fund/Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received(1)		Cash Collateral Received(1)		Net Amount(2)
U.S. Government Money Market Fund
Credit Suisse First Boston LLC	$	65,000,000	$	65,000,000	$	—	$	—
TD Securities, Inc.		25,000,000		25,000,000		—		—
TD Securities, Inc.		275,000,000		275,000,000		—		—
	$	365,000,000	$	365,000,000	$	—	$	—
U.S. Treasury Money Market Fund
Credit Suisse First Boston LLC	$	125,000,000	$	125,000,000	$	—	$	—

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

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

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

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

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

Federal Taxes – It is the Funds’ policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for Federal income tax or excise tax are necessary.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended October 31, 2016, the Funds did not incur any interest or penalties.

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 Fund 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.

3. FEDERAL TAX INFORMATION

As of April 30, 2016, there are no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Funds’ federal tax returns filed for the years ended 2015, 2014 and 2013, as well as the current tax year, remain subject to examination by the Internal Revenue Service.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 21

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

	2016				2015
Fund	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*		Long-Term Capital Gains
U.S. Government Money Market Fund	$	688,102	$	—	$	414,875	$	—
U.S. Treasury Money Market Fund		92,037		—		1,226		—

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

As of April 30, 2016, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Other Timing Differences			Unrealized Appreciation		Capital Loss Carryforwards			Late Year Deferrals
U.S. Government Money MarketFund	$	123,716	$	—	$	(123,069	)	$	—	$	(7,279	)	$	—
U.S. Treasury Money Market Fund		27,081		—		(27,411	)		—		(35,126	)		—

At April 30, 2016, the following Funds had capital loss carryforwards which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

	Capital Loss Available Through				Short-Term Post-Effective No  Expiration		Long-Term Post-Effective No  Expiration		Total Capital Loss Carryforwards
Fund	2017		2018
U.S. Government Money Market Fund	$	—	$	—	$	7,279	$	—	$	7,279
U.S. Treasury Money Market Fund		—		—		35,126		—		35,126

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.

Effective October 1, 2016, the following Funds pay WFMC an annual investment advisory fee, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below. WFMC, not the Funds, pays WTIA for its services.

Fund	Advisory Fee Annual Rate
U.S. Government Money Market Fund		0.25	%
U.S. Treasury Money Market Fund		0.25	%

Prior to October 1, 2016, the Funds had annual investment advisory fees, accrued and paid daily, based on a percentage of each Fund’s average daily net assets as described below.

Fund	Prior Advisory Fee Annual Rate
U.S. Government Money Market Fund		0.40	%
U.S. Treasury Money Market Fund		0.40	%

Effective October 1, 2016, WFMC and the Funds’ distributor and shareholder service providers have contractually agreed to waive their fees and/or reimburse expenses through September 30, 2017, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, or other extraordinary expenses expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC, nor the Fund’s distributor, will recoup previously waived fees/expenses in subsequent years.

	Contractual Current Expense Limitations
Fund	Administrative Class			Institutional Class			Select Class			Service Class
U.S. Government Money Market Fund		0.62	%		0.27	%		0.37	%		0.77	%
U.S. Treasury Money Market Fund		0.60	%		N/A			0.75	%		0.35	%

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

22 NOTES TO FINANCIAL STATEMENTS (continued)

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

Administration	Maximum Fee			Average Aggregate Daily Net Assets of the Trust
WFMC		0.040	%	On the first $5 billion
		0.030	%	On the next $2 billion
		0.025	%	On the next $3 billion
		0.018	%	On assets in excess of $10 billion
BNYM		0.0285	%	On the first $500 million
		0.0280	%	On the next $500 million
		0.0275	%	On assets in excess of $1 billion

BNYM and WFMC may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC, nor BNYM, will recoup previously waived fees/expenses in subsequent years. For the six months ended October 31, 2016, WFMC did not waive any administrative personnel and services fees.

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

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

For the six months ended October 31, 2016, no affiliates of the Advisor received these fees.

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Administrative Class, Select Class and Service Class shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T Securities, Inc. and Traders Trust Company (together, “M&T”) affiliates of the Advisor, has entered into a Shareholders Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.

For the six months ended October 31, 2016, M&T received a portion of the fees paid by the following Funds which are listed below:

Fund	Shareholder Services Fee
U.S. Government Money Market Fund		438,869
U.S. Treasury Money Market Fund		34,407

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

BNYM provides custody services to the Trust.

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

General – Certain Officers of the Trust are also Officers or employees of the above companies that provide services to the 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 Board of Trustees (“Trustees”).

5. LINE OF CREDIT

Effective March 9, 2016, the Trust is participating in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds Rate or the overnight LIBOR Rate. The LOC includes a commitment fee of 0.15% per annum on the daily unused portion. The termination date of this LOC is March 7, 2017.

The Funds did not utilize the LOC during the six months ended October 31, 2016.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued) 23

6. REORGANIZATION

REORGANIZATION—FISCAL YEAR 2017

On March 15, 2016, the Board approved an Agreement and Plans of Reorganization (the “Reorganizations”) which provided for the transfer of all the assets of the Tax-Exempt Money Market Fund and the Prime Money Market Fund, each a series of the Trust (the “Acquired Funds”), for shares of the U.S. Government Money Market Fund (the “Acquiring Fund”), respectively. The shareholders approved the Tax-Exempt Money Market Fund Reorganization at a meeting held on August 10, 2016 and the Reorganization closed on August 22, 2016. The shareholders of the Prime Money Market Fund, under applicable law, were not required to vote on the Reorganization. Therefore, the Reorganization closed on August 15, 2016. The acquisitions were accomplished through tax-free exchanges of assets and shares. For financial reporting purposes, the Acquiring Fund, the U.S. Government Money Market Fund, was deemed to be the accounting survivor.

	Value of Shares		Acquired Fund Shares Prior to Reorganization		Shares Issued by Acquiring Fund		Net Assets
Acquiring Fund
Wilmington U.S. Government Money Market Fund							$	3,080,145,214
Acquired Funds
Wilmington Tax-Exempt Money Market Fund								499,487,643
Administrative Class shares in exchange for Administrative Class shares		52,603,411		52,606,533		52,606,533
Select Class shares in exchange for Select Class shares		385,623,982		385,673,201		385,673,201
Service Class shares in exchange for Service Class shares		61,260,250		61,258,312		61,258,312
Wilmington Prime Money Market Fund								3,723,283,847
Administrative Class shares in exchange for Administrative Class shares		332,338,410		332,388,733		332,388,733
Institutional Class shares in exchange for Institutional Class shares		320,775,976		320,831,015		320,831,015
Select Class shares in exchange for Select Class shares		2,339,113,616		2,339,404,444		2,339,404,444
Service Class shares in exchange for Service Class shares		731,055,845		731,035,187		731,035,187
							$	7,302,916,704

The net assets of the Prime Money Market Fund included net realized gains of $25,350.

The financial statements of the Funds reflect the operations of the Acquiring Fund for the period prior to the Reorganizations and the combined fund for the period subsequent to the Reorganizations. Because each of the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that have been included in the combined Fund’s Statement of Operations since the Reorganizations were completed. Assuming the Reorganizations had been completed on May 1, 2016, the pro forma net investment income, net realized gain on investments and net increase in net assets from operations for the six months ended October 31, 2016 would have been $3,847,482, $52,880 and $3,900,362.

7. SUBSEQUENT EVENTS

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

Certain Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

24 NOTES TO FINANCIAL STATEMENTS (continued)

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms, and amended existing rules and forms, which are designed to modernize the reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and investors. In addition, the SEC required certain open-end funds to adopt liquidity risk management programs to ensure that funds meet their obligation to satisfy shareholder redemption requests on a daily basis. The SEC also will allow open-end funds, with the exception of money market funds, to offer swing pricing, subject to board approval and review. The effective dates of these rules are generally not impacting the Funds until sometime in 2018. Management is currently evaluating the impacts to the Funds.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Renewal of Advisory and Sub-Advisory Agreements Generally

At a meeting held on September 14-15, 2016 (the “September Meeting”), the Board of Trustees of the Trust unanimously agreed to approve the renewal of the Trust’s investment advisory agreements and sub-advisory agreements (the “Advisory Agreements”). The agreement renewal process was divided into two Board meetings and an executive session of the Independent Trustees of the Trust to consider information relating to each Fund of the Trust, as generally described below.

On July 20, 2016, the Board held a special meeting (the “July Special Meeting”) with personnel of Wilmington Funds Management Corporation (“WFMC”) and Wilmington Trust Investment Advisors, Inc. (“WTIA,” and together with WFMC, the “Adviser”), and independent counsel to the Independent Trustees (“Counsel”) concerning the Advisory Agreements that were due for renewal between the three multi-manager Funds (the “Sub-Advised Funds”) and their respective sub-advisers (the “Sub-Advisers”). The Adviser provided the Board with an initial basis for the approval of each such Advisory Agreement, and discussed with the Board a variety of information about the Sub-Advised Funds and their Sub-Advisers, including information that each Sub-Adviser provided in response to a written request from the Counsel on behalf of the Trustees concerning its investment advisory services, operations, compliance program and other matters.

On August 30, 2016, the Independent Trustees met in executive session with Counsel to give preliminary consideration to information bearing on the continuation of the Advisory Agreements with the Adviser, and to continue the evaluation of the Advisory Agreements with the Sub-Advisers, as appropriate (the “August Executive Session”). The Independent Trustees evaluated the information that the Adviser provided in response to a written request from Counsel on behalf of the Trustees, and developed a request for additional and clarifying information that was responded to by the Adviser, and discussed, at the September Meeting.

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

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

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

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

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

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

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

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

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

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

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

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

• The prospects for satisfactory investment performance were reasonable; and

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

26 BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

Wilmington U.S. Government Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median, and considered the fee waivers in place for the Fund. The Board also considered that the Fund’s Select Class shares had achieved total return performance below the peer group average for the one-year period and slightly below the peer group average for the three- and five-year periods ended June 30, 2016. The Board considered management’s views concerning the markets for the fixed income securities in which the Fund invests and that the Fund is managed conservatively. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

Wilmington U.S. Treasury Money Market Fund

The Board considered that the Fund’s net management fee rate and net total expense ratio were above the Fund’s expense group median, and considered the fee waivers in place for the Fund. The Board also considered that the Fund’s Select Class shares had achieved total return performance above the peer group average for the one-, three- and five-year periods ended June 30, 2016. The Board considered management’s views concerning the markets for the fixed income securities in which the Fund invests and that the Fund is managed conservatively. The Board determined that the Fund’s level of performance and expense generally supported the renewal of the Fund’s Advisory Agreement.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

27

RESULTS OF SHAREHOLDER VOTE FOR THE WILMINGTON TAX-EXEMPT MONEY MARKET FUND

The Board of Trustees of Wilmington Funds (the “Trust”), on behalf of Wilmington Tax-Exempt Money Market Fund (the “Tax Exempt Fund”), a series of the Trust, called a Special Meeting of Shareholders of the Fund (the “Meeting”) to be held on August 10, 2016, to vote on an important proposal that affects the Fund.

During the Meeting, shareholders of the Tax Exempt Fund were asked to vote on the following proposal:

To approve an Agreement and Plan of Reorganization providing for: (i) the transfer of substantially all of the assets and liabilities of the Tax Exempt Fund into the Wilmington U.S. Government Money Market Fund (the “Govt. Fund” of “Acquiring Fund”) in exchange for shares of Acquiring Fund indicated below; and (ii) the distribution of the shares of designated classes of Acquiring Fund to the shareholders of the Tax Exempt Fund in liquidation of the Tax Exempt Fund:

Wilmington Tax-Exempt Money Market Fund	Wilmington U.S. Government Money Market Fund
ServiceClass	ServiceClass
SelectClass	SelectClass
AdministrativeClass	AdministrativeClass

All shareholders of record at the close of business on May 27, 2016 were entitled to attend or submit proxies. As of the record date, the Fund had 507,536,566 shares outstanding.

At the meeting, shareholders of the Fund approved the proposal to approve an Agreement and Plan of Reorganization. The results of the voting for the proposal were as follows:

Votes For	Votes Against	Votes Abstained
318,170,531	148,410	227,666

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

28

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on Form N-Q. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)

Electronic Delivery

Wilmington Funds encourages you to sign up for electronic delivery of investor materials. By doing so you will receive information faster, help lower shareholder costs, and reduce the impact to the environment. To enroll in electronic delivery:

1.) Go to www.wilmingtonfunds.com and select “Individual Investors”

2.) Click on the link “Sign up for Electronic Delivery”

3.) Login to your account or create new user ID

4.) Select E-Delivery Consent from the available options, and

5.) Complete the information requested, including providing the email address where you would like to receive notification for electronic documents.

* If you hold your account through a financial intermediary, please contact your advisor to request electronic delivery of investor materials.

Householding

In an effort to reduce volume of mail you receive, only one copy of the prospectus, annual/semi-annual report, SAI and proxy statements will be sent to shareholders who are part of the same family and share the same address.

If you would like to request additional copies of the prospectus, annual/semi-annual report or SAI, or wish to opt out of householding mailings, please contact Shareholder Services at 1-800-836-2211, or write to Wilmington Funds, P.O. Box 9828, Providence, RI 02940-8025.

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

29

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

June 8, 2012

The Wilmington Funds, their distributor and their agents (referred to as “the Funds”, “we” or “us”) recognize that consumers (referred to as “you” or “your”) expect us to protect both your assets and financial information. We respect your right to privacy and your expectation that all personal information about you or your account will be maintained in a secure manner. We are committed to maintaining the confidentiality, security and integrity of client and shareholder information. We want you to understand the Funds’ policy that governs the handling of your information, how the Funds gather information, how that information is used and how it is kept secure.

Information The Funds Collect:

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

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

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

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

Information Sharing Policy

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

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

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

• We may disclose some or all of the information described above to companies that perform marketing or other services on our behalf. For example, we may share information about you with the financial intermediary (bank, investment bank or broker-dealer) through whom you purchased the Funds’ products or services, or with providers of marketing, legal, accounting or other professional services. The Funds will not, however, disclose a consumer’s account number or similar form of access number or access code for credit card, deposit or transaction accounts to any nonaffiliated third party for use in telemarketing, direct mail or other marketing purposes.

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

Information Security:

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

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

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

Employee Access to Information:

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

Visiting The Funds’ Website:

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

SEMI-ANNUAL REPORT / October 31, 2016 (unaudited)

30

• Information or data entered into a website will be retained.

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

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

E-mail:

If you have opted to receive marketing information from the Funds by e-mail, it is our policy to include instructions in all marketing messages on how to unsubscribe from subsequent e-mail programs. Some products or services from the Funds are intended to be delivered and serviced electronically. E-mail communication may be utilized in such cases. If you participate in an employer-sponsored retirement plan administered by the Funds, we may, at your employer’s request, send you e-mail on matters pertaining to the retirement plan.

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

Surveys/Aggregate Data:

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

Changes to Our Privacy Statement:

The effective date of this policy is June 8, 2012. We reserve the right to modify this policy at any time. When it is revised or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

October 31, 2016 (unaudited) / SEMI-ANNUAL REPORT

[This Page Intentionally Left Blank]

Investment Advisor
Wilmington Funds Management Corp.
1100 North Market Street
Wilmington, DE 19890
Sub-Advisor
Wilmington Trust Investment Advisors
111 South Calvert Street 26th Floor
Baltimore, MD 21202
Co-Administrator
Wilmington Funds Management Corp.
1100 North Market Street
Wilmington, DE 19890
Custodian
The Bank of New York Mellon
One Wall Street
New York, NY 10286
Distributor
ALPS Distributors, Inc.
1290 Broadway, Suite 1100
Denver, CO 80203
Fund Accountant, Co-Administrator, Transfer Agent
and Dividend Disbursing Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, DE 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
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.
WT-SAR-MM-1016

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

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 report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of 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 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(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/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Date 1/4/2017

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/ Richard J. Berthy
	Richard J. Berthy
	(Principal Executive Officer)

Date 1/4/2017

By (Signature and Title)*	/s/ Christopher W. Roleke
	Christopher W. Roleke
	(Principal Financial Officer)

Date 1/4/2017

^* Print the name and title of each signing officer under his or her signature.