N-CSR 1 d833535dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05514  

          Wilmington Funds          

(Exact name of registrant as specified in charter)

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Address of principal executive offices) (Zip code)

John McDonnell

Wilmington Funds Management Corporation

Rodney Square North

1100 North Market Street

Wilmington, DE 19890

(Name and address of agent for service)

Registrant’s telephone number, including area code: 302-651-8409

Date of fiscal year end: April 30

Date of reporting period: April 30, 2024

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Reports to Stockholders.

 

  (a)

The Report to Shareholders is attached herewith.

 


LOGO


LOGO

 

 

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

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


LOGO

   CONTENTS

 

 

 

President’s Message

     i  

Management’s Discussion of Fund Performance

     1  

Shareholder Expense Example

     5  

Portfolios of Investments

     6  

Statements of Assets and Liabilities

     22  

Statements of Operations

     23  

Statements of Changes in Net Assets

     24  

Financial Highlights

     25  

Notes to Financial Statements

     27  

Report of Independent Registered Public Accounting Firm

     34  

Federal Tax Information (unaudited)

     35  

Shareholder Proxy Results

     36  

Board of Trustees and Trust Officers

     37  

Liquidity Risk Management Program

     40  

Other Information

     41  


 

 

[This Page Intentionally Left Blank]


i

 

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the Enhanced Dividend Income Strategy Fund and Large-Cap Strategy Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, certain Bloomberg indices performed as follows:2

 

   

Bloomberg

U.S. Treasury

Bond Index3

  

Bloomberg

U.S. Aggregate

Bond Index4

  

Bloomberg

U.S. Credit

Bond Index5

  

Bloomberg

Municipal Bond

Index6

  

Bloomberg

U.S. Corporate

High Yield Bond

Index7

 

-2.80%

   -1.47%    0.76%    2.08%    9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index8 advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


ii

 

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

 

S&P 500®

Index9

  

Russell

2000®

Index10

 

MSCI EAFE

(Net) Index11

 

MSCI Emerging      

Markets (Net)     

Index12       

22.66%

   13.32%   9.28%   9.88%     

Past performance is no guarantee of future results.

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

Sincerely,

 

LOGO

Eric W. Taylor, CFA

President

May 15, 2024

 

 

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE


iii

 

Must be preceded or accompanied by a prospectus.

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

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

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

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

5.

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

 

6.

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

 

7.

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

 

8.

The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

 

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.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

 

11.

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

 

12.

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

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


1

 

  

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington Enhanced Dividend Income Strategy Fund (the “Fund”) had a total return of 10.52%* for Class A shares and 10.67%* for Class I shares, versus its benchmark, the Russell 1000® Value Index**, which had a total return of 13.42%.

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

Inflation fears subsided as key indicators began to show meaningful improvement. As of April 2024, the annual inflation rate, as measured by the Consumer Price Index (“CPI”), stood at 3.4%, down from the peak of 9.1% in June of 2022. While these metrics remain above the Federal Reserve’s (the “Fed”) 2% target rate, the Fed appears confident in the trajectory of inflation and is expected to begin lowering its benchmark rate later in calendar year 2024.

Higher dividend yielding stocks significantly trailed the broader equity market as inflation remained above the Fed’s target level. Sector allocation and stock selection results also detracted from the Fund’s relative performance. Information Technology was the top relative performing sector aided by increased investment in Artificial Intelligence (“AI”) spending. Conversely, financials lagged as regional banks were under pressure following the sudden collapse of Silicon Valley Bank.

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

 

*

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 4.43%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

**

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

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


2

 

WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington Enhanced Dividend Income Strategy Fund2 from April 30, 2014 to April 30, 2024 compared to the Russell 1000® Value Index.3

 

VALUE OF A HYPOTHETICAL $10,000 INVESTMENT     VALUE OF A HYPOTHETICAL $100,000 INVESTMENT
LOGO       

LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 4.43%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

     Average Annual Total Returns for the Periods Ended 4/30/24   
     1 Year    5 Years    10 Years
   

  Class A^

    4.43%    5.29%    4.94%
   

  Class I

   10.67%    6.76%    5.79%
   

  Russell 1000® Value Index3

   13.42%    8.60%    8.43%

 

^ 

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.76% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.26% and 0.50%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

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

 

2 

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

 

3 

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


3

 

  

WILMINGTON LARGE-CAP STRATEGY FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total net return of 22.55%* for Class I Shares, versus its benchmark, the Russell 1000® Index**, which had a total return of 22.82%.

The Fund performed in line with the benchmark, the Russell 1000. Over the last year, the Fund has maintained a neutral position relative to the benchmark. The slight underperformance was attributable to cash position.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay

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

 

**

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

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


4

 

WILMINGTON LARGE-CAP STRATEGY FUND

The graph below illustrates the hypothetical investment of $100,0001 in Class I of the Wilmington Large-Cap Strategy Fund from April 30, 2014 to April 30, 2024, compared to the Russell 1000® Index.2

        VALUE OF A HYPOTHETICAL $100,000 INVESTMENT

LOGO

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

 

    

    Average Annual Total Returns for the  Periods Ended 4/30/24      

 

    

1 Year 

 

 

5 Years  

 

 

10 Years  

 

     

 Class I^

     22.55 %       12.71 %       12.11 %  
     

 Russell 1000® Index2

     22.82     12.87     12.14

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.37% and 0.25%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

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

 

2 

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


5

 

  

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

 

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

 

 

    

Beginning

Account Value

11/01/23

  

Ending

Account Value

4/30/24

  

Expenses

Paid

During Period(1)

  

Annualized

Net

  Expense Ratio  

WILMINGTON ENHANCED DIVIDEND INCOME
STRATEGY FUND

Actual

           

Class A

   $1,000.00    $1,179.10    $4.06    0.75%

Class I

   $1,000.00    $1,180.50    $2.71    0.50%

Hypothetical (assuming a 5% return before expenses)

Class A

   $1,000.00    $1,021.13    $3.77    0.75%

Class I

   $1,000.00    $1,022.38    $2.51    0.50%

WILMINGTON LARGE-CAP STRATEGY FUND

           

Actual

           

Class I

   $1,000.00    $1,210.30    $1.37    0.25%

Hypothetical (assuming a 5% return before expenses)

Class I

   $1,000.00    $1,023.62    $1.26    0.25%

 

(1) 

Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period).

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


6

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Enhanced Dividend Income Strategy Fund

At April 30, 2024, the Fund’s sector classifications were as follows:

 

   

Percentage of

Total Net Assets

Common Stocks

      

Financials

       20.4  

Information Technology

       14.0     

Health Care

       12.8  

Industrials

       12.5  

Consumer Staples

       9.8  

Energy

       8.9  

Real Estate

       5.8  

Consumer Discretionary

       4.4  

Utilities

          4.4  

Materials

       3.7  

Communication Services

       2.0  

Cash Equivalents(1)

       1.5  

Repurchase Agreements

       0.0 %(2)   

Other Assets and Liabilities - Net(3)

       (0.2 )%   
    

 

 

   

TOTAL

       100.0 %   
    

 

 

   

 

(1) 

Cash Equivalents include investments in a money market fund.

 

(2) 

Represents less than 0.05%.

 

(3) 

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Number of

Shares

     Value  

COMMON STOCKS – 98.7%

 

COMMUNICATION SERVICES – 2.0%

 

MEDIA – 2.0%

     

Omnicom Group, Inc.

     15,630      $ 1,451,089  
     

 

 

 

TOTAL COMMUNICATION SERVICES

      $ 1,451,089  

CONSUMER DISCRETIONARY – 4.4%

 

HOTELS, RESTAURANTS & LEISURE – 2.7%

     

McDonald’s Corp.

     3,320        906,493  

Restaurant Brands International, Inc.

     1        76  

Starbucks Corp.

     12,075        1,068,516  
     

 

 

 
      $ 1,975,085  

SPECIALTY RETAIL – 1.7%

     

Home Depot, Inc. (The)

     3,825        1,278,392  
     

 

 

 

TOTAL CONSUMER DISCRETIONARY

      $  3,253,477  

CONSUMER STAPLES – 9.8%

 

BEVERAGES – 1.8%

     

PepsiCo., Inc.

     7,725        1,358,905  

FOOD PRODUCTS – 1.6%

     

Conagra Brands, Inc.

     37,725        1,161,176  
 Description   

Number of

Shares

     Value  

HOUSEHOLD PRODUCTS – 2.6%

 

Procter & Gamble Co. (The)

     12,075      $ 1,970,640  

PERSONAL CARE PRODUCTS – 2.0%

 

Unilever PLC, ADR

     28,000        1,451,800  

TOBACCO – 1.8%

     

Philip Morris International, Inc.

     14,075        1,336,280  
     

 

 

 

TOTAL CONSUMER STAPLES

      $ 7,278,801  

ENERGY – 8.9%

     

OIL, GAS & CONSUMABLE FUELS – 8.9%

 

Chevron Corp.

     13,800        2,225,526  

ConocoPhillips

     7,650        960,993  

Exxon Mobil Corp.

     14,115        1,669,381  

Valero Energy Corp.

     11,140        1,780,952  
     

 

 

 

TOTAL ENERGY

      $  6,636,852  

FINANCIALS – 20.4%

     

BANKS – 11.7%

     

Bank of America Corp.

     80,375        2,974,679  

JPMorgan Chase & Co.

     18,875        3,619,092  

Regions Financial Corp.

     50,375        970,726  
 

 

  

 

 

ANNUAL REPORT / April 30, 2024


7       PORTFOLIOS OF INVESTMENTS

 

  

Wilmington Enhanced Dividend Income Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

Toronto-Dominion Bank (The)

     19,250      $ 1,141,910  
     

 

 

 
      $ 8,706,407  

CAPITAL MARKETS – 4.4%

 

BlackRock, Inc.

     1,945        1,467,775  

Morgan Stanley

     19,975        1,814,529  
     

 

 

 
      $ 3,282,304  

INSURANCE – 4.3%

     

MetLife, Inc.

     23,975        1,704,143  

Old Republic International Corp.

     50,500        1,507,930  
     

 

 

 
      $ 3,212,073  
     

 

 

 

TOTAL FINANCIALS

      $  15,200,784  

HEALTH CARE – 12.8%

     

BIOTECHNOLOGY – 3.7%

     

AbbVie, Inc.

     9,450        1,536,948  

Amgen, Inc.

     4,490        1,229,990  
     

 

 

 
      $ 2,766,938  

HEALTH CARE EQUIPMENT & SUPPLIES – 1.5%

 

Medtronic PLC

     13,500        1,083,240  

HEALTH CARE PROVIDERS & SERVICES – 1.7%

     

CVS Health Corp.

     18,315        1,240,109  

PHARMACEUTICALS – 5.9%

     

Johnson & Johnson

     11,750        1,698,933  

Merck & Co., Inc.

     13,775        1,780,005  

Pfizer, Inc.

     36,850        944,097  
     

 

 

 
      $ 4,423,035  
     

 

 

 

TOTAL HEALTH CARE

      $ 9,513,322  

INDUSTRIALS – 12.5%

     

AEROSPACE & DEFENSE – 3.1%

 

Lockheed Martin Corp.

     4,985        2,317,676  

AIR FREIGHT & LOGISTICS – 2.6%

 

United Parcel Service, Inc., Class B

     13,050        1,924,614  

BUILDING PRODUCTS – 2.5%

     

Johnson Controls International PLC

     28,925        1,882,150  

ELECTRICAL EQUIPMENT – 2.4%

 

nVent Electric PLC

     24,350        1,754,904  

MACHINERY – 1.9%

     

Caterpillar, Inc.

     4,350        1,455,380  
     

 

 

 

TOTAL INDUSTRIALS

      $ 9,334,724  

INFORMATION TECHNOLOGY – 14.0%

 

COMMUNICATIONS EQUIPMENT – 2.3%

 

Cisco Systems, Inc.

     36,450        1,712,421  

IT SERVICES – 2.0%

     

International Business Machines Corp.

     8,815        1,465,053  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.7%

 

  

Broadcom, Inc.

     2,515        3,270,179  

QUALCOMM, Inc.

     15,400        2,554,090  
 Description   

Number of

Shares

     Value  

Texas Instruments, Inc.

     8,170      $ 1,441,351  
     

 

 

 
      $ 7,265,620  
     

 

 

 

TOTAL INFORMATION TECHNOLOGY

      $ 10,443,094  

MATERIALS – 3.7%

     

CHEMICALS – 3.7%

     

Air Products & Chemicals, Inc.

     5,015        1,185,245  

Dow, Inc.

     27,925        1,588,933  
     

 

 

 

TOTAL MATERIALS

      $ 2,774,178  

REAL ESTATE – 5.8%

     

HEALTH CARE REITS – 1.5%

     

Healthpeak Properties, Inc.

     59,400        1,105,434  

INDUSTRIAL REITS – 1.2%

     

Prologis, Inc.

     8,950        913,348  

RESIDENTIAL REITS – 1.7%

     

AvalonBay Communities, Inc.

     6,660        1,262,536  

SPECIALIZED REITS – 1.4%

     

VICI Properties, Inc.

     37,275        1,064,201  
     

 

 

 

TOTAL REAL ESTATE

      $ 4,345,519  

UTILITIES – 4.4%

     

ELECTRIC UTILITIES – 4.4%

     

American Electric Power Co., Inc.

     14,455        1,243,563  

Duke Energy Corp.

     10,615        1,043,030  

NextEra Energy, Inc.

     14,075        942,603  
     

 

 

 

TOTAL UTILITIES

      $ 3,229,196  
     

 

 

 

TOTAL COMMON STOCKS

(COST $60,715,321)

      $  73,461,036  

MONEY MARKET FUND – 1.5%

     

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     1,135,398        1,135,398  
     

 

 

 

TOTAL MONEY MARKET FUND

(COST $1,135,398)

 

 

   $ 1,135,398  
     

 

 Description

   Par Value         

REPURCHASE AGREEMENTS – 0.0%**

 

Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $19, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $19.

   $ 19        19  

BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $29.

     28        28  

HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $29.

     28        28  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      8  

 

Wilmington Enhanced Dividend Income Strategy Fund (concluded)

 

 Description   

 

Par Value

     Value  

Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $29.

   $ 28      $ 28  

RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $28, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $29.

     28        28  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS (COST $131)

 

   $ 131  
     

 

 

 

TOTAL INVESTMENTS – 100.2%

(COST $61,850,850)

 

 

   $ 74,596,565  

OTHER ASSETS LESS LIABILITIES – (0.2)%

 

     (112,565
     

 

 

 

TOTAL NET ASSETS – 100.0%

      $  74,484,000  
     

 

 

 

 

 

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 April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

     Level 1      Level 2          Level 3     Total  

 Investments in Securities

               

 Common Stocks

   $ 73,461,036        $ —            $—        $ 73,461,036  

 Money Market Fund

     1,135,398          —            —           1,135,398  

 Repurchase Agreements

            131            —           131  
  

 

 

    

 

 

      

 

 

      

 

 

 

 Total

   $ 74,596,434         $131            $—        $ 74,596,565  
  

 

 

    

 

 

      

 

 

      

 

 

 

 

 

 

^

7-Day net yield.

 

**

Represents less than 0.05%.

The following acronyms are used throughout this Portfolio of Investments:

 

ADR

 American Depositary Receipt

 

PLC

 Public Limited Company

See Notes which are an integral part of the Financial Statements

 

 

 

  

 

 

ANNUAL REPORT / April 30, 2024


9

 

  

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Large-Cap Strategy Fund

At April 30, 2024, the Fund’s sector classifications were as follows:

 

    

Percentage of

Total Net Assets

Common Stocks

    

Information Technology

       27.9 %

Financials

       13.7 %

Health Care

       12.1 %

Consumer Discretionary

       10.4 %

Industrials

       9.7 %

Communication Services

       8.9 %

Consumer Staples

       5.8 %

Energy

       4.0 %

Materials

       2.5 %

Real Estate

       2.5 %

Utilities

       2.3 %

Investment Companies

       0.1 %

Warrants

       0.0 %(1)

Preferred Stock

       0.0 %(1)

Rights

       0.0 %(1)

Cash Collateral Invested for Securities on Loan(2)

       0.3 %

Other Assets and Liabilities - Net(3)

       (0.2 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 

 

(1) 

Represents less than 0.05%.

(2) 

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

(3) 

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

 

 

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Number of

Shares

     Value  

COMMON STOCKS – 99.8%

 

COMMUNICATION SERVICES – 8.9%

 

DIVERSIFIED TELECOMMUNICATION SERVICES – 0.6%

 

AT&T, Inc.

     83,912      $ 1,417,274  

Frontier Communications Parent, Inc.*

     2,500        57,850  

Iridium Communications, Inc.

     1,150        35,408  

Verizon Communications, Inc.

     49,020        1,935,800  
     

 

 

 
      $  3,446,332  

ENTERTAINMENT – 1.4%

 

AMC Entertainment Holdings, Inc., Class A*,#

     4,287        12,561  

Atlanta Braves Holdings, Inc., Class C*

     80        2,994  

Electronic Arts, Inc.

     3,160        400,751  

Liberty Media Corp. - Liberty Formula One, Class C*

     2,585        180,873  

Liberty Media Corp. - Liberty Formula One, Class A*

     105        6,538  

Liberty Media Corp. - Liberty Live, Class C*

     535        19,966  

 

 Description   

Number of

Shares

     Value  

Liberty Media Corp. - Liberty Live, Class A*

     314      $ 11,260  

Live Nation Entertainment, Inc.*

     1,870        166,262  

Madison Square Garden Sports Corp.*

     229        42,576  

Netflix, Inc.*

     5,000        2,753,200  

Playtika Holding Corp.

     100        725  

ROBLOX Corp., Class A*

     5,600        199,136  

Roku, Inc.*

     1,400        80,724  

Spotify Technology SA*

     1,620        454,313  

Take-Two Interactive Software, Inc.*

     1,868        266,769  

TKO Group Holdings, Inc.

     600        56,802  

Walt Disney Co. (The)

     21,433        2,381,206  

Warner Bros Discovery, Inc.*

     25,674        188,961  
     

 

 

 
      $  7,225,617  

INTERACTIVE MEDIA & SERVICES – 6.0%

 

  

Alphabet, Inc., Class A*

     69,450        11,305,071  

Alphabet, Inc., Class C*

     58,550        9,639,672  

IAC, Inc.*

     950        45,182  

Match Group, Inc.*

     3,392        104,541  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      10  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

Meta Platforms, Inc., Class A

     25,805      $ 11,100,537  

Pinterest, Inc., Class A*

     6,593        220,536  

TripAdvisor, Inc.*

     1,100        28,963  

ZoomInfo Technologies, Inc.*

     3,500        55,510  
     

 

 

 
      $ 32,500,012  

MEDIA – 0.7%

     

Cable One, Inc.#

     90        35,446  

Charter Communications, Inc., Class A*

     1,202        307,640  

Comcast Corp., Class A

     45,950        1,751,154  

EchoStar Corp., Class A*

     437        6,988  

Fox Corp., Class A#

     3,526        109,341  

Fox Corp., Class B

     1,100        31,548  

GCI Liberty, Inc. Escrow Shares*,(1)

     1,461         

Interpublic Group of Cos., Inc. (The)

     4,768        145,138  

Liberty Broadband Corp., Class A*

     185        9,274  

Liberty Broadband Corp., Class C*

     1,518        75,490  

Liberty Media Corp. - Liberty SiriusXM*

     1,686        40,565  

Liberty Media Corp. - Liberty SiriusXM, Class A*

     1,243        29,906  

New York Times Co. (The), Class A

     1,800        77,454  

News Corp., Class A

     5,007        119,167  

News Corp., Class B

     898        22,037  

Nexstar Media Group, Inc.

     300        48,018  

Omnicom Group, Inc.

     2,290        212,604  

Sirius XM Holdings, Inc.#

     7,240        21,286  

Trade Desk, Inc. (The), Class A*

     5,200        430,820  

Paramount Global, Class B

     7,146        81,393  
     

 

 

 
      $ 3,555,269  

WIRELESS TELECOMMUNICATION SERVICES – 0.2%

 

T-Mobile US, Inc.

     5,669        930,680  
     

 

 

 

TOTAL COMMUNICATION SERVICES

      $  47,657,910  

CONSUMER DISCRETIONARY – 10.4%

 

AUTOMOBILE COMPONENTS – 0.1%

 

Aptiv PLC*

     3,150        223,650  

BorgWarner, Inc.

     3,080        100,932  

Gentex Corp.

     2,830        97,069  

Lear Corp.

     700        88,109  

QuantumScape Corp.*,#

     3,450        18,699  
     

 

 

 
      $ 528,459  

AUTOMOBILES – 1.3%

     

Ford Motor Co.

     46,100        560,115  

General Motors Co.

     13,650        607,834  

Harley-Davidson, Inc.

     1,470        50,553  

Lucid Group, Inc.*,#

     8,850        22,568  

Rivian Automotive, Inc., Class A*,#

     7,400        65,860  

Tesla, Inc.*

     32,245        5,909,864  

Thor Industries, Inc.

     600        59,652  
     

 

 

 
      $ 7,276,446  

BROADLINE RETAIL – 3.6%

     

Amazon.com, Inc.*

     105,345        18,435,375  

Coupang, Inc.*

     12,800        288,000  

eBay, Inc.

     6,040        311,302  

Etsy, Inc.*

     1,350        92,704  

Kohl’s Corp.

     1,210        28,967  
 Description   

Number of

Shares

     Value  

Macy’s, Inc.

     2,950      $ 54,369  

Nordstrom, Inc.

     1,380        26,234  

Ollie’s Bargain Outlet Holdings, Inc.*

     673        49,223  
     

 

 

 
      $ 19,286,174  

DISTRIBUTORS – 0.1%

     

Genuine Parts Co.

     1,620        254,680  

LKQ Corp.

     3,018        130,166  

Pool Corp.

     450        163,139  
     

 

 

 
      $ 547,985  

DIVERSIFIED CONSUMER SERVICES – 0.1%

 

ADT, Inc.

     2,560        16,640  

Bright Horizons Family Solutions, Inc.*

     683        70,834  

Grand Canyon Education, Inc.*

     400        52,008  

H&R Block, Inc.

     1,800        85,014  

Mister Car Wash, Inc.*

     750        5,017  

Service Corp. International

     1,770        126,927  
     

 

 

 
      $ 356,440  

HOTELS, RESTAURANTS & LEISURE – 2.2%

 

Airbnb, Inc., Class A*

     4,800        761,136  

Aramark

     2,733        86,117  

Booking Holdings, Inc.

     430        1,484,373  

Boyd Gaming Corp.

     750        40,133  

Caesars Entertainment, Inc.*

     2,410        86,326  

Carnival Corp.*

     11,700        173,394  

Chipotle Mexican Grill, Inc.*

     350        1,105,860  

Choice Hotels International, Inc.#

     360        42,574  

Churchill Downs, Inc.

     800        103,200  

Darden Restaurants, Inc.

     1,350        207,103  

Domino’s Pizza, Inc.

     400        211,708  

DoorDash, Inc., Class A*

     3,570        461,458  

DraftKings, Inc., Class A*

     4,920        204,475  

Expedia Group, Inc.*

     1,602        215,677  

Hilton Worldwide Holdings, Inc.

     2,953        582,568  

Hyatt Hotels Corp., Class A

     500        74,395  

Las Vegas Sands Corp.

     4,220        187,199  

Marriott International, Inc., Class A

     2,786        657,858  

Marriott Vacations Worldwide Corp.

     350        33,639  

McDonald’s Corp.

     8,499        2,320,567  

MGM Resorts International*

     3,110        122,658  

Norwegian Cruise Line Holdings Ltd.*

     4,750        89,870  

Penn Entertainment, Inc.*

     2,050        33,907  

Planet Fitness, Inc., Class A*

     1,028        61,516  

Restaurant Brands International LP

     47        3,624  

Royal Caribbean Cruises Ltd.*

     2,730        381,190  

Starbucks Corp.

     12,940        1,145,061  

Texas Roadhouse, Inc.

     750        120,585  

Travel + Leisure Co.

     810        35,267  

Vail Resorts, Inc.

     478        90,519  

Wendy’s Co. (The)

     2,065        41,279  

Wingstop, Inc.

     350        134,677  

Wyndham Hotels & Resorts, Inc.

     960        70,570  

Wynn Resorts Ltd.

     1,168        107,047  

Yum! Brands, Inc.

     3,300        466,125  
     

 

 

 
      $  11,943,655  

 

  

 

 

ANNUAL REPORT / April 30, 2024


11      PORTFOLIOS OF INVESTMENTS

 

Wilmington Large-Cap Strategy Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

HOUSEHOLD DURABLES – 0.4%

 

DR Horton, Inc.

     3,520      $ 501,565  

Garmin Ltd.

     1,840        265,825  

Leggett & Platt, Inc.

     1,070        19,335  

Lennar Corp., Class A

     2,960        448,795  

Lennar Corp., Class B

     76        10,670  

Mohawk Industries, Inc.*

     655        75,534  

Newell Brands, Inc.

     5,269        41,836  

NVR, Inc.*

     45        334,748  

PulteGroup, Inc.

     2,590        288,578  

Tempur Sealy International, Inc.

     1,850        92,611  

Toll Brothers, Inc.

     1,200        142,932  

TopBuild Corp.*

     350        141,634  

Whirlpool Corp.

     685        64,979  
     

 

 

 
      $ 2,429,042  

LEISURE PRODUCTS – 0.1%

 

Brunswick Corp.

     750        60,480  

Hasbro, Inc.

     1,490        91,337  

Mattel, Inc.*

     4,000        73,280  

Peloton Interactive, Inc., Class A*

     3,550        11,040  

Polaris, Inc.

     700        59,612  

YETI Holdings, Inc.*

     1,050        37,506  
     

 

 

 
      $ 333,255  

SPECIALTY RETAIL – 2.0%

 

Advance Auto Parts, Inc.

     800        58,384  

AutoNation, Inc.*

     330        53,180  

AutoZone, Inc.*

     240        709,536  

Bath & Body Works, Inc.

     2,710        123,088  

Best Buy Co., Inc.

     2,180        160,535  

Burlington Stores, Inc.*

     750        134,955  

CarMax, Inc.*

     1,800        122,346  

Dick’s Sporting Goods, Inc.

     600        120,564  

Five Below, Inc.*

     628        91,902  

Floor & Decor Holdings, Inc., Class A*

     1,210        133,499  

GameStop Corp., Class A*,#

     2,950        32,716  

Gap, Inc. (The)

     2,300        47,196  

Home Depot, Inc. (The)

     11,670        3,900,347  

Lithia Motors, Inc.

     300        76,314  

Lowe’s Cos., Inc.

     6,750        1,538,932  

Murphy USA, Inc.

     200        82,764  

O’Reilly Automotive, Inc.*

     700        709,282  

Penske Automotive Group, Inc.

     200        30,582  

Petco Health & Wellness Co., Inc.*

     1,150        1,725  

RH*

     190        46,940  

Ross Stores, Inc.

     3,890        503,949  

TJX Cos., Inc. (The)

     13,330        1,254,220  

Tractor Supply Co.

     1,250        341,350  

Ulta Beauty, Inc.*

     550        222,662  

Valvoline, Inc.*

     1,500        63,780  

Victoria’s Secret & Co.*

     1,003        17,673  

Wayfair, Inc., Class A*

     1,048        52,557  

Williams-Sonoma, Inc.

     760        217,953  
     

 

 

 
      $  10,848,931  

TEXTILES, APPAREL & LUXURY GOODS – 0.5%

 

Capri Holdings Ltd.*

     1,400        49,672  
 Description   

Number of

Shares

     Value  

Carter’s, Inc.

     450      $ 30,785  

Columbia Sportswear Co.

     468        37,267  

Crocs, Inc.*

     650        80,840  

Deckers Outdoor Corp.*

     300        245,541  

Lululemon Athletica, Inc.*

     1,300        468,780  

NIKE, Inc., Class B

     13,740        1,267,652  

PVH Corp.

     670        72,896  

Ralph Lauren Corp.

     535        87,547  

Skechers USA, Inc., Class A*

     1,493        98,613  

Tapestry, Inc.

     2,580        102,994  

Under Armour, Inc., Class A*

     2,678        18,023  

Under Armour, Inc., Class C*

     2,150        14,018  

VF Corp.

     4,300        53,578  
     

 

 

 
      $ 2,628,206  
     

 

 

 

TOTAL CONSUMER DISCRETIONARY

      $ 56,178,593  

CONSUMER STAPLES – 5.8%

 

BEVERAGES – 1.4%

 

Boston Beer Co., Inc. (The), Class A*

     100        27,841  

Brown-Forman Corp., Class A#

     450        22,082  

Brown-Forman Corp., Class B

     2,525        120,821  

Celsius Holdings, Inc.*

     1,650        117,595  

Coca-Cola Co. (The)

     45,200        2,792,004  

Constellation Brands, Inc., Class A

     1,850        468,901  

Keurig Dr. Pepper, Inc.

     11,050        372,385  

Molson Coors Beverage Co., Class B

     2,050        117,383  

Monster Beverage Corp.*

     8,600        459,670  

PepsiCo., Inc.

     16,000        2,814,560  
     

 

 

 
      $ 7,313,242  

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%

 

Albertsons Cos., Inc., Class A

     4,950        100,980  

BJ’s Wholesale Club Holdings, Inc.*

     1,450        108,286  

Casey’s General Stores, Inc.

     435        139,017  

Costco Wholesale Corp.

     5,150        3,722,935  

Dollar General Corp.

     2,550        354,934  

Dollar Tree, Inc.*

     2,412        285,219  

Grocery Outlet Holding Corp.*

     1,350        35,060  

Kroger Co. (The)

     7,600        420,888  

Performance Food Group Co.*

     1,800        122,184  

Sysco Corp.

     5,750        427,340  

Target Corp.

     5,360        862,853  

U.S. Foods Holding Corp.*

     2,700        135,675  

Walgreens Boots Alliance, Inc.

     8,550        151,592  

Walmart, Inc.

     49,750        2,952,662  
     

 

 

 
      $   9,819,625  

FOOD PRODUCTS – 0.8%

 

Archer-Daniels-Midland Co.

     6,250        366,625  

Bunge Global SA

     1,645        167,395  

Campbell Soup Co.

     2,300        105,133  

Conagra Brands, Inc.

     5,600        172,368  

Darling Ingredients, Inc.*

     1,700        72,029  

Flowers Foods, Inc.

     1,850        46,139  

Freshpet, Inc.*

     550        58,339  

General Mills, Inc.

     6,600        465,036  

Hershey Co. (The)

     1,750        339,360  

Hormel Foods Corp.

     3,300        117,348  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      12  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

Ingredion, Inc.

     700      $ 80,213  

J.M. Smucker Co. (The)

     1,200        137,820  

Kellanova

     2,950        170,687  

Kraft Heinz Co. (The)

     9,350        361,003  

Lamb Weston Holdings, Inc.

     1,750        145,845  

McCormick & Co., Inc.

     3,000        228,180  

Mondelez International, Inc., Class A

     15,700        1,129,458  

Pilgrim’s Pride Corp.*

     550        19,811  

Post Holdings, Inc.*

     588        62,416  

Tyson Foods, Inc., Class A

     3,250        197,113  

WK Kellogg Co.

     37        864  
     

 

 

 
      $ 4,443,182  

HOUSEHOLD PRODUCTS – 1.2%

 

Church & Dwight Co., Inc.

     2,900        312,881  

Clorox Co. (The)

     1,400        207,018  

Colgate-Palmolive Co.

     9,650        887,028  

Kimberly-Clark Corp.

     3,950        539,293  

Procter & Gamble Co. (The)

     27,350        4,463,520  

Reynolds Consumer Products, Inc.

     350        10,021  

Spectrum Brands Holdings, Inc.

     400        32,748  
     

 

 

 
      $ 6,452,509  

PERSONAL CARE PRODUCTS – 0.1%

 

Coty, Inc., Class A*

     3,940        45,074  

Estee Lauder Cos., Inc. (The), Class A

     2,650        388,781  

Kenvue, Inc.

     20,450        384,869  

Olaplex Holdings, Inc.*

     1,700        2,363  
     

 

 

 
      $ 821,087  

TOBACCO – 0.5%

     

Altria Group, Inc.

     20,900        915,629  

Philip Morris International, Inc.

     17,950        1,704,173  
     

 

 

 
      $ 2,619,802  
     

 

 

 

TOTAL CONSUMER STAPLES

      $  31,469,447  

ENERGY – 4.0%

 

ENERGY EQUIPMENT & SERVICES – 0.3%

 

Baker Hughes Co.

     11,750        383,285  

Halliburton Co.

     10,413        390,175  

NOV, Inc.

     4,398        81,319  

Schlumberger NV

     16,446        780,856  

TechnipFMC PLC

     5,000        128,100  
     

 

 

 
      $ 1,763,735  

OIL, GAS & CONSUMABLE FUELS – 3.7%

 

Antero Midstream Corp.

     3,300        45,672  

Antero Resources Corp.*

     3,200        108,832  

APA Corp.

     3,590        112,870  

Cheniere Energy, Inc.

     2,780        438,740  

Chesapeake Energy Corp.#

     1,550        139,314  

Chevron Corp.

     19,970        3,220,562  

ConocoPhillips

     13,928        1,749,635  

Coterra Energy, Inc.

     8,774        240,057  

Devon Energy Corp.

     7,386        378,015  

Diamondback Energy, Inc.

     2,097        421,770  

DT Midstream, Inc.

     1,075        66,865  

EOG Resources, Inc.

     6,830        902,448  
 Description   

Number of

Shares

     Value  

EQT Corp.

     4,050      $ 162,365  

Exxon Mobil Corp.

     46,493        5,498,727  

Hess Corp.

     3,190        502,393  

HF Sinclair Corp.

     1,740        94,395  

Kinder Morgan, Inc.

     22,855        417,789  

Marathon Oil Corp.

     6,900        185,265  

Marathon Petroleum Corp.

     4,250        772,310  

New Fortress Energy, Inc.#

     700        18,340  

Occidental Petroleum Corp.

     7,960        526,474  

ONEOK, Inc.

     6,710        530,895  

Ovintiv, Inc.

     2,850        146,262  

Phillips 66

     5,090        728,939  

Pioneer Natural Resources Co.

     2,726        734,166  

Range Resources Corp.

     2,600        93,366  

Southwestern Energy Co.*

     12,050        90,255  

Targa Resources Corp.

     2,600        296,556  

Texas Pacific Land Corp.

     200        115,260  

Valero Energy Corp.

     3,920        626,690  

Williams Cos., Inc. (The)

     14,320        549,315  
     

 

 

 
      $  19,914,542  
     

 

 

 

TOTAL ENERGY

      $ 21,678,277  

FINANCIALS – 13.7%

     

BANKS – 3.4%

     

Bank of America Corp.

     80,450        2,977,454  

Bank OZK

     1,200        53,580  

BOK Financial Corp.

     270        23,957  

Citigroup, Inc.

     22,382        1,372,688  

Citizens Financial Group, Inc.

     5,550        189,310  

Columbia Banking System, Inc.

     2,348        44,166  

Comerica, Inc.

     1,480        74,252  

Commerce Bancshares, Inc.

     1,225        66,983  

Cullen/Frost Bankers, Inc.

     590        61,561  

East West Bancorp, Inc.

     1,523        113,448  

Fifth Third Bancorp

     7,800        284,388  

First Citizens BancShares, Inc., Class A

     150        253,014  

First Hawaiian, Inc.

     1,750        36,907  

First Horizon Corp.

     6,450        96,234  

FNB Corp.

     4,250        56,695  

Huntington Bancshares, Inc.

     16,846        226,916  

JPMorgan Chase & Co.

     33,670        6,455,886  

KeyCorp.

     10,944        158,579  

M&T Bank Corp.§

     2,323        335,418  

New York Community Bancorp, Inc.

     9,633        25,527  

NU Holdings Ltd., Class A*

     27,600        299,736  

Pinnacle Financial Partners, Inc.

     800        61,360  

PNC Financial Services Group, Inc. (The)

     4,610        706,529  

Popular, Inc.

     838        71,222  

Prosperity Bancshares, Inc.

     923        57,198  

Regions Financial Corp.

     10,606        204,378  

Synovus Financial Corp.

     1,744        62,418  

Truist Financial Corp.

     15,357        576,655  

U.S. Bancorp

     18,120        736,216  

Webster Financial Corp.

     2,012        88,186  

Wells Fargo & Co.

     42,025        2,492,923  

Western Alliance Bancorp

     1,150        65,354  

Wintrust Financial Corp.

     600        57,984  

 

  

 

 

ANNUAL REPORT / April 30, 2024


13      PORTFOLIOS OF INVESTMENTS

 

Wilmington Large-Cap Strategy Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

Zions Bancorp NA

     1,840      $ 75,035  
     

 

 

 
      $   18,462,157  

CAPITAL MARKETS – 3.1%

 

Affiliated Managers Group, Inc.

     370        57,757  

Ameriprise Financial, Inc.

     1,140        469,441  

Ares Management Corp., Class A

     2,000        266,180  

Bank of New York Mellon Corp. (The)

     9,020        509,540  

BlackRock, Inc.

     1,760        1,328,166  

Blackstone, Inc.

     8,320        970,195  

Blue Owl Capital, Inc.

     5,350        101,062  

Carlyle Group, Inc. (The)

     2,400        107,520  

Cboe Global Markets, Inc.

     1,200        217,380  

Charles Schwab Corp. (The)

     17,305        1,279,705  

CME Group, Inc.

     4,150        870,006  

Coinbase Global, Inc., Class A*

     2,000        407,860  

Evercore, Inc., Class A

     450        81,675  

FactSet Research Systems, Inc.

     440        183,432  

Franklin Resources, Inc.

     3,320        75,829  

Goldman Sachs Group, Inc. (The)

     3,690        1,574,560  

Houlihan Lokey, Inc.

     600        76,494  

Interactive Brokers Group, Inc., Class A

     1,198        137,914  

Intercontinental Exchange, Inc.

     6,590        848,528  

Invesco Ltd.

     4,620        65,465  

Janus Henderson Group PLC

     1,800        56,196  

Jefferies Financial Group, Inc.

     2,248        96,799  

KKR & Co., Inc.

     7,784        724,457  

Lazard, Inc.

     1,250        48,125  

LPL Financial Holdings, Inc.

     900        242,217  

MarketAxess Holdings, Inc.

     450        90,041  

Moody’s Corp.

     1,840        681,407  

Morgan Stanley

     13,626        1,237,786  

Morningstar, Inc.

     300        84,795  

MSCI, Inc.

     870        405,237  

Nasdaq, Inc.

     4,090        244,786  

Northern Trust Corp.

     2,280        187,849  

Raymond James Financial, Inc.

     2,165        264,130  

Robinhood Markets, Inc., Class A*

     7,350        121,202  

S&P Global, Inc.

     3,689        1,533,997  

SEI Investments Co.

     1,040        68,588  

State Street Corp.

     3,570        258,789  

Stifel Financial Corp.

     1,100        87,912  

T Rowe Price Group, Inc.

     2,530        277,212  

TPG, Inc.

     350        15,085  

Tradeweb Markets, Inc., Class A

     1,250        127,137  

Virtu Financial, Inc., Class A

     1,350        29,295  

XP, Inc., Class A

     3,800        77,786  
     

 

 

 
      $ 16,589,537  

CONSUMER FINANCE – 0.6%

 

Ally Financial, Inc.

     3,163        121,301  

American Express Co.

     6,740        1,577,362  

Capital One Financial Corp.

     4,400        631,092  

Credit Acceptance Corp.*

     50        25,686  

Discover Financial Services

     2,880        364,983  

OneMain Holdings, Inc.

     1,150        59,927  

SLM Corp.

     2,860        60,603  

SoFi Technologies, Inc.*,#

     10,700        72,546  

 

 Description   

Number of

Shares

     Value  

Synchrony Financial

     4,800      $ 211,104  
     

 

 

 
      $ 3,124,604  

FINANCIAL SERVICES – 4.2%

 

Affirm Holdings, Inc.*

     2,650        84,482  

Apollo Global Management, Inc.

     6,026        653,098  

Berkshire Hathaway, Inc., Class B*

     21,346        8,468,599  

Block, Inc.*

     6,400        467,200  

Corebridge Financial, Inc.#

     2,250        59,760  

Corpay, Inc.*

     800        241,712  

Equitable Holdings, Inc.

     4,043        149,227  

Euronet Worldwide, Inc.*

     465        47,746  

Fidelity National Information Services, Inc.

     6,800        461,856  

Fiserv, Inc.*

     6,960        1,062,583  

Global Payments, Inc.

     2,963        363,768  

Jack Henry & Associates, Inc.

     850        138,286  

Mastercard, Inc., Class A

     9,670        4,363,104  

MGIC Investment Corp.

     3,050        61,854  

NCR Atleos Corp.*

     310        6,178  

PayPal Holdings, Inc.*

     12,565        853,415  

Rocket Cos., Inc., Class A*,#

     1,500        18,420  

Shift4 Payments, Inc., Class A*,#

     550        31,823  

Toast, Inc., Class A*

     4,050        95,701  

UWM Holdings Corp.#

     1,900        11,970  

Visa, Inc., Class A

     18,570        4,988,088  

Voya Financial, Inc.

     1,130        77,021  

Western Union Co. (The)

     4,890        65,722  

WEX, Inc.*

     465        98,236  
     

 

 

 
      $   22,869,849  

INSURANCE – 2.3%

     

Aflac, Inc.

     6,850        573,002  

Allstate Corp. (The)

     3,080        523,785  

American Financial Group, Inc.

     850        108,588  

American International Group, Inc.

     8,230        619,801  

Aon PLC, Class A

     2,300        648,623  

Arch Capital Group Ltd.*

     4,120        385,385  

Arthur J. Gallagher & Co.

     2,480        582,031  

Assurant, Inc.

     630        109,872  

Assured Guaranty Ltd.

     600        46,020  

Axis Capital Holdings Ltd.

     780        47,837  

Brighthouse Financial, Inc.*

     800        38,600  

Brown & Brown, Inc.

     2,690        219,343  

Chubb Ltd.

     4,747        1,180,294  

Cincinnati Financial Corp.

     1,756        203,152  

CNA Financial Corp.

     150        6,591  

Everest Group Ltd.

     470        172,213  

Fidelity National Financial, Inc.

     2,941        145,579  

First American Financial Corp.

     1,178        63,105  

Globe Life, Inc.

     1,043        79,445  

Hanover Insurance Group, Inc. (The)

     400        51,928  

Hartford Financial Services Group, Inc. (The)

     3,390        328,457  

Kemper Corp.

     778        45,365  

Kinsale Capital Group, Inc.

     250        90,813  

Lincoln National Corp.

     2,058        56,122  

Loews Corp.

     2,300        172,845  

Markel Group, Inc.*

     180        262,512  

Marsh & McLennan Cos., Inc.

     5,740        1,144,728  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      14  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

MetLife, Inc.

     7,301      $ 518,955  

Old Republic International Corp.

     2,968        88,624  

Primerica, Inc.

     373        79,024  

Principal Financial Group, Inc.

     2,840        224,758  

Progressive Corp. (The)

     6,780        1,411,935  

Prudential Financial, Inc.

     4,230        467,330  

Reinsurance Group of America, Inc.

     790        147,722  

RenaissanceRe Holdings Ltd.

     578        126,727  

RLI Corp.

     400        56,540  

Ryan Specialty Holdings, Inc.

     1,200        59,208  

Travelers Cos., Inc. (The)

     2,680        568,589  

Unum Group

     2,360        119,652  

W.R. Berkley Corp.

     2,230        171,643  

White Mountains Insurance Group Ltd.

     30        53,344  

Willis Towers Watson PLC

     1,200        301,368  
     

 

 

 
      $ 12,301,455  

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1%

 

  

AGNC Investment Corp.#

     8,385        76,723  

Annaly Capital Management, Inc.

     6,082        113,976  

Rithm Capital Corp.

     4,500        50,040  

Starwood Property Trust, Inc.#

     3,768        71,479  
     

 

 

 
      $ 312,218  
     

 

 

 

TOTAL FINANCIALS

      $  73,659,820  

HEALTH CARE – 12.1%

     

BIOTECHNOLOGY – 1.9%

     

AbbVie, Inc.

     20,561        3,344,041  

Alnylam Pharmaceuticals, Inc.*

     1,500        215,925  

Amgen, Inc.

     6,214        1,702,263  

Apellis Pharmaceuticals, Inc.*

     1,250        55,238  

Biogen, Inc.*

     1,700        365,194  

BioMarin Pharmaceutical, Inc.*

     2,100        169,596  

Exact Sciences Corp.*

     2,150        127,602  

Exelixis, Inc.*

     3,700        86,802  

Gilead Sciences, Inc.

     14,544        948,269  

Incyte Corp.*

     2,210        115,031  

Ionis Pharmaceuticals, Inc.*

     1,800        74,268  

Moderna, Inc.*

     3,850        424,693  

Natera, Inc.*

     1,200        111,456  

Neurocrine Biosciences, Inc.*

     1,150        158,171  

Regeneron Pharmaceuticals, Inc.*

     1,200        1,068,792  

Roivant Sciences Ltd.*

     3,000        32,700  

Sarepta Therapeutics, Inc.*

     965        122,227  

Ultragenyx Pharmaceutical, Inc.*

     950        40,413  

United Therapeutics Corp.*

     540        126,538  

Vertex Pharmaceuticals, Inc.*

     2,993        1,175,680  
     

 

 

 
      $ 10,464,899  

HEALTH CARE EQUIPMENT & SUPPLIES – 2.4%

 

Abbott Laboratories

     20,145        2,134,766  

Align Technology, Inc.*

     910        256,966  

Baxter International, Inc.

     5,930        239,394  

Becton Dickinson & Co.

     3,334        782,156  

Boston Scientific Corp.*

     17,100        1,228,977  

Cooper Cos., Inc. (The)

     2,200        195,932  

DENTSPLY SIRONA, Inc.

     2,729        81,897  

DexCom, Inc.*

     4,550        579,624  
 Description   

Number of

Shares

     Value  

Edwards Lifesciences Corp.*

     7,016      $ 594,045  

Enovis Corp.*

     650        35,900  

Envista Holdings Corp.*

     2,250        44,280  

GE HealthCare Technologies, Inc.

     4,850        369,764  

Globus Medical, Inc., Class A*

     1,200        59,748  

Hologic, Inc.*

     2,690        203,821  

ICU Medical, Inc.*

     250        24,480  

IDEXX Laboratories, Inc.*

     980        482,905  

Inspire Medical Systems, Inc.*

     300        72,498  

Insulet Corp.*

     800        137,552  

Integra LifeSciences Holdings Corp.*

     848        24,736  

Intuitive Surgical, Inc.*

     4,050        1,501,011  

Masimo Corp.*,#

     550        73,926  

Medtronic PLC

     15,476        1,241,794  

Novocure Ltd.*

     600        7,344  

Penumbra, Inc.*

     450        88,412  

QuidelOrtho Corp.*

     668        27,087  

ResMed, Inc.

     1,720        368,063  

Shockwave Medical, Inc.*

     400        132,076  

Solventum Corp.*

     1,620        105,316  

STERIS PLC

     1,100        225,016  

Stryker Corp.

     4,150        1,396,475  

Tandem Diabetes Care, Inc.*

     900        33,021  

Teleflex, Inc.

     560        116,900  

Zimmer Biomet Holdings, Inc.

     2,410        289,875  
     

 

 

 
      $  13,155,757  

HEALTH CARE PROVIDERS & SERVICES – 2.5%

 

Acadia Healthcare Co., Inc.*

     900        66,546  

agilon health, Inc.*

     3,400        18,700  

Amedisys, Inc.*

     400        36,820  

Cardinal Health, Inc.

     2,920        300,877  

Cencora, Inc.

     1,970        470,928  

Centene Corp.*

     6,230        455,164  

Chemed Corp.

     150        85,200  

Cigna Group (The)

     3,342        1,193,228  

CVS Health Corp.

     14,921        1,010,301  

DaVita, Inc.*

     588        81,738  

Elevance Health, Inc.

     2,760        1,458,881  

Encompass Health Corp.

     1,230        102,557  

HCA Healthcare, Inc.

     2,300        712,586  

Henry Schein, Inc.*

     1,520        105,306  

Humana, Inc.

     1,430        431,989  

Laboratory Corp. of America Holdings

     1,007        202,779  

McKesson Corp.

     1,550        832,675  

Molina Healthcare, Inc.*

     650        222,365  

Premier, Inc., Class A

     1,150        24,012  

Quest Diagnostics, Inc.

     1,300        179,634  

R1 RCM, Inc.*

     1,200        14,748  

Tenet Healthcare Corp.*

     1,100        123,519  

UnitedHealth Group, Inc.

     10,870        5,257,819  

Universal Health Services, Inc., Class B

     730        124,414  
     

 

 

 
      $ 13,512,786  

HEALTH CARE TECHNOLOGY – 0.1%

 

Certara, Inc.*

     1,450        24,810  

Doximity, Inc., Class A*

     1,550        37,650  

Teladoc Health, Inc.*

     2,087        26,609  

 

  

 

 

ANNUAL REPORT / April 30, 2024


15      PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

Veeva Systems, Inc., Class A*

     1,720      $ 341,523  
     

 

 

 
      $ 430,592  

LIFE SCIENCES TOOLS & SERVICES – 1.5%

 

10X Genomics, Inc., Class A*

     1,240        36,307  

Agilent Technologies, Inc.

     3,390        464,566  

Avantor, Inc.*

     7,945        192,507  

Azenta, Inc.*

     700        36,722  

Bio-Rad Laboratories, Inc., Class A*

     240        64,740  

Bio-Techne Corp.

     1,750        110,618  

Bruker Corp.

     1,250        97,513  

Charles River Laboratories International, Inc.*

     620        141,980  

Danaher Corp.

     7,680        1,894,042  

Fortrea Holdings, Inc.*

     707        25,869  

ICON PLC*

     950        282,986  

Illumina, Inc.*

     1,890        232,564  

IQVIA Holdings, Inc.*

     2,130        493,670  

Maravai LifeSciences Holdings, Inc., Class A*

     1,500        12,300  

Medpace Holdings, Inc.*

     250        97,088  

Mettler-Toledo International, Inc.*

     270        332,019  

QIAGEN NV*

     2,667        112,894  

Repligen Corp.*

     650        106,730  

Revvity, Inc.

     1,520        155,754  

Sotera Health Co.*

     1,100        12,320  

Thermo Fisher Scientific, Inc.

     4,520        2,570,614  

Waters Corp.*

     710        219,418  

West Pharmaceutical Services, Inc.

     850        303,858  
     

 

 

 
      $ 7,997,079  

PHARMACEUTICALS – 3.7%

 

Bristol-Myers Squibb Co.

     23,926        1,051,308  

Catalent, Inc.*

     2,150        120,078  

Elanco Animal Health, Inc.*

     5,800        76,328  

Eli Lilly & Co.

     9,880        7,717,268  

Jazz Pharmaceuticals PLC*

     710        78,633  

Johnson & Johnson

     28,100        4,062,979  

Merck & Co., Inc.

     29,616        3,826,980  

Organon & Co.

     3,266        60,780  

Perrigo Co. PLC

     1,458        47,618  

Pfizer, Inc.

     65,853        1,687,154  

Royalty Pharma PLC, Class A

     4,050        112,185  

Viatris, Inc.

     13,455        155,674  

Zoetis, Inc.

     5,381        856,870  
     

 

 

 
      $ 19,853,855  
     

 

 

 

TOTAL HEALTH CARE

      $  65,414,968  

INDUSTRIALS – 9.7%

     

AEROSPACE & DEFENSE – 1.9%

 

Axon Enterprise, Inc.*

     800        250,928  

Boeing Co. (The)*

     6,540        1,097,674  

BWX Technologies, Inc.

     1,105        105,826  

Curtiss-Wright Corp.

     465        117,840  

General Dynamics Corp.

     2,880        826,819  

General Electric Co.

     12,615        2,041,359  

HEICO Corp.

     550        114,070  

HEICO Corp., Class A

     952        157,889  

Hexcel Corp.

     1,000        64,210  

Howmet Aerospace, Inc.

     4,366        291,431  
 Description   

Number of

Shares

     Value  

Huntington Ingalls Industries, Inc.

     495      $ 137,080  

L3Harris Technologies, Inc.

     2,232        477,760  

Lockheed Martin Corp.

     2,490        1,157,676  

Mercury Systems, Inc.*

     650        18,330  

Northrop Grumman Corp.

     1,670        810,000  

RTX Corp.

     16,754        1,700,866  

Spirit AeroSystems Holdings, Inc., Class A*

     1,240        39,680  

Textron, Inc.

     2,253        190,581  

TransDigm Group, Inc.

     630        786,259  

Woodward, Inc.

     675        109,593  
     

 

 

 
      $  10,495,871  

AIR FREIGHT & LOGISTICS – 0.4%

 

C.H. Robinson Worldwide, Inc.

     1,384        98,264  

Expeditors International of Washington, Inc.

     1,730        192,566  

FedEx Corp.

     2,710        709,424  

GXO Logistics, Inc.*

     1,500        74,490  

United Parcel Service, Inc., Class B

     8,430        1,243,256  
     

 

 

 
      $ 2,318,000  

BUILDING PRODUCTS – 0.7%

     

A.O. Smith Corp.

     1,500        124,260  

Advanced Drainage Systems, Inc.

     750        117,750  

Allegion PLC

     1,033        125,571  

Armstrong World Industries, Inc.

     428        49,169  

AZEK Co., Inc. (The)*

     1,500        68,460  

Builders FirstSource, Inc.*

     1,450        265,089  

Carlisle Cos., Inc.

     540        209,655  

Carrier Global Corp.

     9,750        599,527  

Fortune Brands Innovations, Inc.

     1,510        110,381  

Hayward Holdings, Inc.*

     1,350        18,333  

Johnson Controls International PLC

     7,931        516,070  

Lennox International, Inc.

     350        162,197  

Masco Corp.

     2,730        186,869  

Owens Corning

     998        167,874  

Trane Technologies PLC

     2,650        840,951  

Trex Co., Inc.*

     1,244        110,156  
     

 

 

 
      $ 3,672,312  

COMMERCIAL SERVICES & SUPPLIES – 0.7%

 

Cintas Corp.

     1,020        671,507  

Clean Harbors, Inc.*

     550        104,197  

Copart, Inc.*

     10,100        548,531  

Driven Brands Holdings, Inc.*

     750        10,748  

MSA Safety, Inc.

     450        81,180  

RB Global, Inc.

     2,076        148,600  

Republic Services, Inc.

     2,390        458,163  

Rollins, Inc.

     3,050        135,908  

Stericycle, Inc.*

     1,235        55,242  

Tetra Tech, Inc.

     600        116,832  

Veralto Corp.

     2,493        233,544  

Vestis Corp.

     1,491        27,464  

Waste Management, Inc.

     4,740        986,015  
     

 

 

 
      $ 3,577,931  

CONSTRUCTION & ENGINEERING – 0.2%

 

AECOM

     1,575        145,467  

EMCOR Group, Inc.

     550        196,444  

MasTec, Inc.*

     700        62,083  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      16  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

MDU Resources Group, Inc.

     2,500      $ 61,750  

Quanta Services, Inc.

     1,688        436,449  

Valmont Industries, Inc.

     260        53,248  

WillScot Mobile Mini Holdings Corp.*

     2,350        86,856  
     

 

 

 
      $ 1,042,297  

ELECTRICAL EQUIPMENT – 0.9%

 

Acuity Brands, Inc.

     350        86,905  

AMETEK, Inc.

     2,660        464,596  

ChargePoint Holdings, Inc.*,#

     3,350        4,456  

Eaton Corp. PLC

     4,628        1,472,907  

Emerson Electric Co.

     6,690        721,048  

GE Vernova, Inc.*

     3,216        494,331  

Generac Holdings, Inc.*

     697        94,764  

Hubbell, Inc.

     640        237,133  

nVent Electric PLC

     1,966        141,690  

Plug Power, Inc.*,#

     4,900        11,319  

Regal Rexnord Corp.

     800        129,096  

Rockwell Automation, Inc.

     1,320        357,667  

Sensata Technologies Holding PLC

     1,748        66,966  

Sunrun, Inc.*,#

     2,500        25,725  

Vertiv Holdings Co., Class A

     3,950        367,350  
     

 

 

 
      $  4,675,953  

GROUND TRANSPORTATION – 1.1%

 

Avis Budget Group, Inc.

     250        23,863  

CSX Corp.

     23,150        769,043  

Hertz Global Holdings, Inc.*

     1,900        8,645  

JB Hunt Transport Services, Inc.

     980        159,319  

Knight-Swift Transportation Holdings, Inc.

     2,035        94,078  

Landstar System, Inc.

     390        68,020  

Lyft, Inc., Class A*

     4,300        67,252  

Norfolk Southern Corp.

     2,660        612,651  

Old Dominion Freight Line, Inc.

     2,300        417,933  

Ryder System, Inc.

     540        65,799  

Saia, Inc.*

     290        115,081  

Schneider National, Inc., Class B

     623        12,884  

Uber Technologies, Inc.*

     22,950        1,520,896  

U-Haul Holding Co.*,#

     213        13,468  

U-Haul Holding Co.

     17        1,042  

Union Pacific Corp.

     7,120        1,688,579  

XPO, Inc.*

     1,300        139,698  
     

 

 

 
      $ 5,778,251  

INDUSTRIAL CONGLOMERATES – 0.4%

 

3M Co.

     6,480        625,385  

Honeywell International, Inc.

     7,750        1,493,657  
     

 

 

 
      $ 2,119,042  

MACHINERY – 1.9%

     

AGCO Corp.

     745        85,072  

Allison Transmission Holdings, Inc.

     950        69,873  

Caterpillar, Inc.

     5,950        1,990,691  

CNH Industrial NV

     11,800        134,520  

Crane Co.

     500        70,005  

Cummins, Inc.

     1,580        446,334  

Deere & Co.

     2,990        1,170,316  

Donaldson Co., Inc.

     1,410        101,802  

Dover Corp.

     1,610        288,673  
 Description   

Number of

Shares

     Value  

Esab Corp.

     649      $ 68,716  

Flowserve Corp.

     1,448        68,288  

Fortive Corp.

     4,190        315,381  

Gates Industrial Corp. PLC*

     1,200        21,144  

Graco, Inc.

     1,870        149,974  

IDEX Corp.

     870        191,800  

Illinois Tool Works, Inc.

     3,500        854,385  

Ingersoll Rand, Inc.

     4,744        442,710  

ITT, Inc.

     985        127,400  

Lincoln Electric Holdings, Inc.

     650        142,694  

Middleby Corp. (The)*

     600        83,382  

Nordson Corp.

     650        167,823  

Oshkosh Corp.

     790        88,693  

Otis Worldwide Corp.

     4,775        435,480  

PACCAR, Inc.

     6,010        637,721  

Parker-Hannifin Corp.

     1,510        822,814  

Pentair PLC

     2,064        163,242  

RBC Bearings, Inc.*

     350        85,593  

Snap-on, Inc.

     630        168,815  

Stanley Black & Decker, Inc.

     1,720        157,208  

Timken Co. (The)

     650        57,993  

Toro Co. (The)

     1,230        107,736  

Westinghouse Air Brake Technologies Corp.

     2,065        332,630  

Xylem, Inc.

     2,760        360,732  
     

 

 

 
      $  10,409,640  

MARINE TRANSPORTATION – 0.0%**

 

Kirby Corp.*

     600        65,478  

PASSENGER AIRLINES – 0.2%

     

Alaska Air Group, Inc.*

     1,625        69,908  

American Airlines Group, Inc.*

     6,893        93,125  

Delta Air Lines, Inc.

     7,390        370,017  

Southwest Airlines Co.

     7,280        188,843  

United Airlines Holdings, Inc.*

     3,633        186,954  
     

 

 

 
      $ 908,847  

PROFESSIONAL SERVICES – 0.8%

 

Automatic Data Processing, Inc.

     4,780        1,156,234  

Booz Allen Hamilton Holding Corp.

     1,450        214,121  

Broadridge Financial Solutions, Inc.

     1,330        257,235  

CACI International, Inc., Class A*

     253        101,764  

Clarivate PLC*,#

     5,000        33,800  

Concentrix Corp.

     543        29,686  

Dayforce, Inc.*

     1,675        102,795  

Dun & Bradstreet Holdings, Inc.

     3,100        28,210  

Equifax, Inc.

     1,460        321,477  

FTI Consulting, Inc.*

     400        85,532  

Genpact Ltd.

     2,245        69,011  

Jacobs Solutions, Inc.

     1,450        208,118  

KBR, Inc.

     1,650        107,151  

Leidos Holdings, Inc.

     1,650        231,363  

ManpowerGroup, Inc.

     510        38,480  

Paychex, Inc.

     3,770        447,914  

Paycom Software, Inc.

     600        112,788  

Paycor HCM, Inc.*

     450        7,817  

Paylocity Holding Corp.*

     525        81,459  

Robert Half, Inc.

     1,248        86,287  

Science Applications International Corp.

     550        70,785  

 

  

 

 

ANNUAL REPORT / April 30, 2024


17      PORTFOLIOS OF INVESTMENTS

 

Wilmington Large-Cap Strategy Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

SS&C Technologies Holdings, Inc.

     2,600      $ 160,914  

TransUnion

     2,200        160,600  

Verisk Analytics, Inc.

     1,700        370,532  
     

 

 

 
      $ 4,484,073  

TRADING COMPANIES & DISTRIBUTORS – 0.5%

 

Air Lease Corp.

     1,100        55,264  

Core & Main, Inc., Class A*

     1,850        104,469  

Fastenal Co.

     6,590        447,725  

Ferguson PLC

     2,350        493,265  

MSC Industrial Direct Co., Inc., Class A

     590        53,832  

SiteOne Landscape Supply, Inc.*

     550        86,289  

United Rentals, Inc.

     770        514,352  

Watsco, Inc.

     400        179,088  

WESCO International, Inc.

     500        76,375  

WW Grainger, Inc.

     540        497,529  
     

 

 

 
      $ 2,508,188  
     

 

 

 

TOTAL INDUSTRIALS

      $  52,055,883  

INFORMATION TECHNOLOGY – 27.9%

 

  

COMMUNICATIONS EQUIPMENT – 0.8%

 

Arista Networks, Inc.*

     2,950        756,852  

Ciena Corp.*

     1,673        77,343  

Cisco Systems, Inc.

     47,450        2,229,201  

F5, Inc.*

     713        117,866  

Juniper Networks, Inc.

     3,890        135,450  

Lumentum Holdings, Inc.*

     900        39,384  

Motorola Solutions, Inc.

     1,930        654,559  

Ubiquiti, Inc.#

     50        5,379  

Viasat, Inc.*,#

     950        15,115  
     

 

 

 
      $ 4,031,149  

ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS – 0.6%

 

Amphenol Corp., Class A

     6,900        833,313  

Arrow Electronics, Inc.*

     685        87,454  

Avnet, Inc.

     850        41,539  

CDW Corp.

     1,590        384,557  

Cognex Corp.

     1,950        81,003  

Coherent Corp.*

     1,418        77,465  

Corning, Inc.

     8,820        294,412  

Crane NXT Co.

     400        24,324  

IPG Photonics Corp.*

     400        33,592  

Jabil, Inc.

     1,508        176,979  

Keysight Technologies, Inc.*

     2,050        303,277  

Littelfuse, Inc.

     293        67,578  

TD SYNNEX Corp.

     593        69,879  

Teledyne Technologies, Inc.*

     543        207,144  

Trimble, Inc.*

     2,930        176,005  

Vontier Corp.

     1,956        79,472  

Zebra Technologies Corp., Class A*

     600        188,736  
     

 

 

 
      $ 3,126,729  

IT SERVICES – 1.3%

     

Accenture PLC, Class A

     7,400        2,226,734  

Akamai Technologies, Inc.*

     1,700        171,581  

Amdocs Ltd.

     1,470        123,465  

Cloudflare, Inc., Class A*

     3,450        301,530  

Cognizant Technology Solutions Corp., Class A

     6,010        394,737  
 Description   

Number of

Shares

     Value  

DXC Technology Co.*

     2,326      $ 45,334  

EPAM Systems, Inc.*

     650        152,919  

Gartner, Inc.*

     900        371,331  

Globant SA*

     500        89,295  

GoDaddy, Inc., Class A*

     1,700        208,046  

International Business Machines Corp.

     10,610        1,763,382  

Kyndryl Holdings, Inc.*

     2,412        47,420  

MongoDB, Inc.*

     765        279,362  

Okta, Inc.*

     1,750        162,715  

Snowflake, Inc., Class A*

     3,730        578,896  

Twilio, Inc., Class A*

     1,900        113,772  

VeriSign, Inc.*

     1,000        169,480  
     

 

 

 
      $ 7,199,999  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.2%

 

Advanced Micro Devices, Inc.*

     18,718        2,964,557  

Allegro MicroSystems, Inc.*

     750        22,268  

Analog Devices, Inc.

     5,842        1,171,964  

Applied Materials, Inc.

     9,780        1,942,797  

Broadcom, Inc.

     5,078        6,602,771  

Cirrus Logic, Inc.*

     700        61,999  

Enphase Energy, Inc.*

     1,550        168,578  

Entegris, Inc.

     1,800        239,256  

First Solar, Inc.*

     1,200        211,560  

GLOBALFOUNDRIES, Inc.*,#

     800        39,104  

Intel Corp.

     49,570        1,510,398  

KLA Corp.

     1,600        1,102,864  

Lam Research Corp.

     1,530        1,368,447  

Lattice Semiconductor Corp.*

     1,650        113,190  

Marvell Technology, Inc.

     10,111        666,416  

Microchip Technology, Inc.

     6,178        568,252  

Micron Technology, Inc.

     12,850        1,451,536  

MKS Instruments, Inc.

     733        87,212  

Monolithic Power Systems, Inc.

     530        354,745  

NVIDIA Corp.

     27,810        24,028,396  

ON Semiconductor Corp.*

     4,978        349,256  

Qorvo, Inc.*

     1,100        128,524  

QUALCOMM, Inc.

     13,030        2,161,026  

Skyworks Solutions, Inc.

     1,800        191,862  

Teradyne, Inc.

     1,700        197,744  

Texas Instruments, Inc.

     10,550        1,861,231  

Universal Display Corp.

     500        78,990  

Wolfspeed, Inc.*

     1,575        42,572  
     

 

 

 
      $  49,687,515  

SOFTWARE – 10.4%

     

Adobe, Inc.*

     5,260        2,434,486  

ANSYS, Inc.*

     1,030        334,626  

AppLovin Corp., Class A*

     2,350        165,840  

Aspen Technology, Inc.*

     317        62,408  

Atlassian Corp., Class A*

     1,800        310,140  

Autodesk, Inc.*

     2,480        527,868  

Bentley Systems, Inc., Class B

     2,300        120,819  

BILL Holdings, Inc.*

     1,300        81,068  

Cadence Design Systems, Inc.*

     3,160        870,991  

CCC Intelligent Solutions Holdings, Inc.*

     3,250        36,465  

Confluent, Inc., Class A*

     2,300        64,676  

Crowdstrike Holdings, Inc., Class A*

     2,519        736,908  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      18  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

Datadog, Inc., Class A*

     3,248      $ 407,624  

DocuSign, Inc.*

     2,200        124,520  

Dolby Laboratories, Inc., Class A

     640        49,702  

DoubleVerify Holdings, Inc.*

     1,350        39,555  

Dropbox, Inc., Class A*

     3,100        71,796  

Dynatrace, Inc.*

     2,873        130,176  

Elastic NV*

     850        86,887  

Fair Isaac Corp.*

     300        339,999  

Five9, Inc.*

     893        51,410  

Fortinet, Inc.*

     7,450        470,691  

Gen Digital, Inc.

     6,370        128,292  

Gitlab, Inc., Class A*

     900        47,223  

Guidewire Software, Inc.*

     950        104,880  

HashiCorp, Inc., Class A*

     650        21,099  

HubSpot, Inc.*

     553        334,493  

Informatica, Inc., Class A*

     500        15,485  

Intuit, Inc.

     3,200        2,001,984  

Manhattan Associates, Inc.*

     723        148,981  

Microsoft Corp.

     87,079        33,902,467  

N-Able, Inc.*

     436        5,345  

nCino, Inc.*

     800        23,328  

NCR Voyix Corp.*

     220        2,695  

Nutanix, Inc., Class A*

     2,950        179,065  

Oracle Corp.

     18,110        2,060,012  

Palantir Technologies, Inc., Class A*

     22,370        491,469  

Palo Alto Networks, Inc.*

     3,570        1,038,477  

Pegasystems, Inc.

     320        19,014  

Procore Technologies, Inc.*

     1,000        68,420  

PTC, Inc.*

     1,350        239,544  

RingCentral, Inc., Class A*

     1,050        31,101  

Roper Technologies, Inc.

     1,250        639,325  

Salesforce, Inc.

     10,916        2,935,749  

SentinelOne, Inc., Class A*

     2,350        49,656  

ServiceNow, Inc.*

     2,400        1,663,992  

Smartsheet, Inc., Class A*

     1,455        55,043  

Synopsys, Inc.*

     1,800        955,062  

Teradata Corp.*

     1,070        39,697  

Tyler Technologies, Inc.*

     500        230,775  

UiPath, Inc., Class A*

     4,700        89,159  

Unity Software, Inc.*,#

     3,610        87,615  

Workday, Inc., Class A*

     2,350        575,116  

Zoom Video Communications, Inc., Class A*

     2,928        178,901  

Zscaler, Inc.*

     1,050        181,587  
     

 

 

 
      $ 56,063,706  

TECHNOLOGY HARDWARE, STORAGE &
PERIPHERALS – 5.6%

 

Apple, Inc.

     170,620        29,061,705  

Hewlett Packard Enterprise Co.

     15,390        261,630  

HP, Inc.

     10,290        289,046  

NetApp, Inc.

     2,503        255,832  

Pure Storage, Inc., Class A*

     3,495        176,148  

Western Digital Corp.*

     3,733        264,408  
     

 

 

 
      $ 30,308,769  
     

 

 

 

TOTAL INFORMATION TECHNOLOGY

      $   150,417,867  
 Description   

Number of

Shares

     Value  

MATERIALS – 2.5%

     

CHEMICALS – 1.5%

     

Air Products & Chemicals, Inc.

     2,600      $ 614,484  

Albemarle Corp.

     1,350        162,418  

Ashland, Inc.

     600        57,198  

Axalta Coating Systems Ltd.*

     2,710        85,202  

Celanese Corp.

     1,100        168,971  

CF Industries Holdings, Inc.

     2,300        181,631  

Chemours Co. (The)

     1,850        49,488  

Corteva, Inc.

     8,212        444,516  

Dow, Inc.

     8,179        465,385  

DuPont de Nemours, Inc.

     5,012        363,370  

Eastman Chemical Co.

     1,300        122,772  

Ecolab, Inc.

     2,900        655,835  

Element Solutions, Inc.

     2,550        58,982  

FMC Corp.

     1,450        85,564  

Ginkgo Bioworks Holdings, Inc.*,#

     15,500        13,812  

Huntsman Corp.

     2,150        51,299  

International Flavors & Fragrances, Inc.

     3,040        257,336  

Linde PLC

     5,630        2,482,605  

LyondellBasell Industries NV, Class A

     3,000        299,910  

Mosaic Co. (The)

     3,715        116,614  

NewMarket Corp.

     50        26,346  

Olin Corp.

     1,450        75,806  

PPG Industries, Inc.

     2,750        354,750  

RPM International, Inc.

     1,500        160,365  

Scotts Miracle-Gro Co. (The)

     495        33,927  

Sherwin-Williams Co. (The)

     2,800        838,908  

Westlake Corp.

     400        58,944  
     

 

 

 
      $ 8,286,438  

CONSTRUCTION MATERIALS – 0.2%

 

Eagle Materials, Inc.

     400        100,284  

Martin Marietta Materials, Inc.

     700        410,949  

Vulcan Materials Co.

     1,550        399,326  
     

 

 

 
      $ 910,559  

CONTAINERS & PACKAGING – 0.3%

 

Amcor PLC

     17,851        159,588  

AptarGroup, Inc.

     815        117,670  

Ardagh Metal Packaging SA

     1,850        7,308  

Avery Dennison Corp.

     900        195,552  

Ball Corp.

     3,700        257,409  

Berry Global Group, Inc.

     1,393        78,900  

Crown Holdings, Inc.

     1,218        99,961  

Graphic Packaging Holding Co.

     3,605        93,189  

International Paper Co.

     4,050        141,507  

Packaging Corp. of America

     1,050        181,629  

Sealed Air Corp.

     1,750        55,090  

Silgan Holdings, Inc.

     805        37,561  

Sonoco Products Co.

     1,030        57,731  

Westrock Co.

     3,050        146,278  
     

 

 

 
      $   1,629,373  

METALS & MINING – 0.5%

     

Alcoa Corp.

     1,950        68,523  

Cleveland-Cliffs, Inc.*

     6,000        101,400  

Freeport-McMoRan, Inc.

     16,650        831,501  

 

  

 

 

ANNUAL REPORT / April 30, 2024


19      PORTFOLIOS OF INVESTMENTS

Wilmington Large-Cap Strategy Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

MP Materials Corp.*,#

     1,150      $ 18,400  

Newmont Corp.

     13,500        548,640  

Nucor Corp.

     2,850        480,310  

Reliance, Inc.

     650        185,068  

Royal Gold, Inc.

     758        91,059  

Southern Copper Corp.

     950        110,837  

SSR Mining, Inc.

     2,450        13,132  

Steel Dynamics, Inc.

     1,800        234,216  

United States Steel Corp.

     2,400        87,600  
     

 

 

 
      $ 2,770,686  

PAPER & FOREST PRODUCTS – 0.0%**

 

Louisiana-Pacific Corp.

     650        47,573  
     

 

 

 

TOTAL MATERIALS

      $  13,644,629  

REAL ESTATE – 2.5%

     

DIVERSIFIED REITS – 0.0%**

     

WP Carey, Inc.

     2,700        148,068  

HEALTH CARE REITS – 0.2%

     

Healthcare Realty Trust, Inc.

     5,030        71,577  

Healthpeak Properties, Inc.

     7,730        143,855  

Medical Properties Trust, Inc.#

     6,750        31,050  

Omega Healthcare Investors, Inc.

     2,850        86,668  

Ventas, Inc.

     4,736        209,710  

Welltower, Inc.

     6,470        616,462  
     

 

 

 
      $ 1,159,322  

HOTEL & RESORT REITS – 0.0%**

 

Host Hotels & Resorts, Inc.

     8,230        155,300  

Park Hotels & Resorts, Inc.

     2,450        39,519  
     

 

 

 
      $ 194,819  

INDUSTRIAL REITS – 0.3%

     

Americold Realty Trust, Inc.

     3,440        75,577  

EastGroup Properties, Inc.

     500        77,680  

First Industrial Realty Trust, Inc.

     1,750        79,485  

Prologis, Inc.

     10,778        1,099,895  

Rexford Industrial Realty, Inc.

     2,600        111,306  

STAG Industrial, Inc.

     2,150        73,938  
     

 

 

 
      $ 1,517,881  

OFFICE REITS – 0.1%

     

Alexandria Real Estate Equities, Inc.

     2,015        233,478  

Boston Properties, Inc.

     1,900        117,591  

Cousins Properties, Inc.

     1,833        42,049  

Highwoods Properties, Inc.

     1,290        33,798  

Kilroy Realty Corp.

     1,525        51,545  

NET Lease Office Properties

     182        4,161  

Vornado Realty Trust

     2,176        56,641  
     

 

 

 
      $ 539,263  

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.2%

 

CBRE Group, Inc., Class A*

     3,460        300,639  

CoStar Group, Inc.*

     4,750        434,767  

Howard Hughes Holdings, Inc.*

     258        16,811  

Jones Lang LaSalle, Inc.*

     578        104,445  

WeWork, Inc., Class A*

     41        6  

Zillow Group, Inc., Class A*

     500        21,000  

 

 Description    Number of
Shares
     Value  

Zillow Group, Inc., Class C*,#

     1,945      $ 82,799  
     

 

 

 
      $ 960,467  

RESIDENTIAL REITS – 0.4%

     

American Homes 4 Rent, Class A

     4,140        148,212  

Apartment Income REIT Corp.

     1,904        73,076  

AvalonBay Communities, Inc.

     1,622        307,483  

Camden Property Trust

     1,320        131,578  

Equity LifeStyle Properties, Inc.

     1,950        117,565  

Equity Residential

     4,200        270,480  

Essex Property Trust, Inc.

     773        190,351  

Invitation Homes, Inc.

     7,200        246,240  

Mid-America Apartment Communities, Inc.

     1,371        178,230  

Sun Communities, Inc.

     1,500        166,980  

UDR, Inc.

     3,880        147,750  
     

 

 

 
      $ 1,977,945  

RETAIL REITS – 0.3%

     

Agree Realty Corp.

     1,050        60,081  

Brixmor Property Group, Inc.

     3,650        80,665  

Federal Realty Investment Trust

     848        88,336  

Kimco Realty Corp.

     7,456        138,905  

NNN REIT, Inc.

     2,315        93,827  

Realty Income Corp.

     9,699        519,285  

Regency Centers Corp.

     1,983        117,433  

Simon Property Group, Inc.

     3,743        526,004  
     

 

 

 
      $ 1,624,536  

SPECIALIZED REITS – 1.0%

     

American Tower Corp.

     5,410        928,140  

Crown Castle, Inc.

     4,990        467,962  

CubeSmart

     2,633        106,479  

Digital Realty Trust, Inc.

     3,510        487,118  

EPR Properties

     1,000        40,590  

Equinix, Inc.

     1,111        790,043  

Extra Space Storage, Inc.

     2,412        323,883  

Gaming and Leisure Properties, Inc.

     2,909        124,302  

Iron Mountain, Inc.

     3,456        267,909  

Lamar Advertising Co., Class A

     1,050        121,642  

National Storage Affiliates Trust

     1,100        38,544  

Public Storage

     1,810        469,604  

Rayonier, Inc.

     1,915        56,799  

SBA Communications Corp.

     1,250        232,650  

VICI Properties, Inc.

     12,338        352,250  

Weyerhaeuser Co.

     8,692        262,238  
     

 

 

 
      $ 5,070,153  
     

 

 

 

TOTAL REAL ESTATE

      $  13,192,454  

UTILITIES – 2.3%

     

ELECTRIC UTILITIES – 1.4%

     

Alliant Energy Corp.

     2,850        141,930  

American Electric Power Co., Inc.

     6,150        529,085  

Avangrid, Inc.

     550        20,092  

Constellation Energy Corp.

     3,683        684,817  

Duke Energy Corp.

     8,900        874,514  

Edison International

     4,350        309,111  

Entergy Corp.

     2,400        256,008  

Evergy, Inc.

     2,700        141,615  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      20  

Wilmington Large-Cap Strategy Fund (continued)

 

 Description   

Number of

Shares

     Value  

Eversource Energy

     4,000      $ 242,480  

Exelon Corp.

     11,550        434,049  

FirstEnergy Corp.

     6,200        237,708  

Hawaiian Electric Industries, Inc.

     1,100        10,835  

IDACORP, Inc.

     550        52,129  

NextEra Energy, Inc.

     23,800        1,593,886  

NRG Energy, Inc.

     2,500        181,675  

OGE Energy Corp.

     2,213        76,680  

PG&E Corp.

     23,600        403,796  

Pinnacle West Capital Corp.

     1,300        95,745  

PPL Corp.

     8,500        233,410  

Southern Co. (The)

     12,600        926,100  

Xcel Energy, Inc.

     6,400        343,872  
     

 

 

 
      $ 7,789,537  

GAS UTILITIES – 0.1%

     

Atmos Energy Corp.

     1,800        212,220  

National Fuel Gas Co.

     1,150        61,065  

UGI Corp.

     2,650        67,734  
     

 

 

 
      $ 341,019  

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1%

 

AES Corp. (The)

     8,100        144,990  

Brookfield Renewable Corp., Class A

     1,250        29,050  

Vistra Corp.

     4,150        314,736  
     

 

 

 
      $ 488,776  

MULTI-UTILITIES – 0.6%

     

Ameren Corp.

     3,000        221,610  

CenterPoint Energy, Inc.

     7,200        209,808  

CMS Energy Corp.

     3,400        206,074  

Consolidated Edison, Inc.

     4,050        382,320  

Dominion Energy, Inc.

     9,743        496,698  

DTE Energy Co.

     2,350        259,252  

NiSource, Inc.

     4,800        133,728  

Public Service Enterprise Group, Inc.

     5,750        397,210  

Sempra

     7,200        515,736  

WEC Energy Group, Inc.

     3,650        301,636  
     

 

 

 
      $ 3,124,072  

WATER UTILITIES – 0.1%

     

American Water Works Co., Inc.

     2,300        281,336  

Essential Utilities, Inc.

     2,900        106,082  
     

 

 

 
      $ 387,418  
     

 

 

 

TOTAL UTILITIES

      $ 12,130,822  
     

 

 

 

TOTAL COMMON STOCKS

(COST $139,677,428)

      $  537,500,670  

PREFERRED STOCK – 0.0%**

 

REAL ESTATE – 0.0%**

     

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%**

 

Brookfield Property Preferred LP 6.25%#

     400        5,804  
     

 

 

 

TOTAL REAL ESTATE

      $ 5,804  
     

 

 

 

TOTAL PREFERRED STOCK

(COST $9,880)

      $ 5,804  

RIGHTS – 0.0%**

     

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

     150         
 Description   

Number of

Shares

     Value  

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

     89      $ 6  

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

     550         
     

 

 

 

TOTAL RIGHTS

(COST $0)

      $ 6  

WARRANTS – 0.0%**

     

Occidental Petroleum Corp. CW27, Expire 08/03/27*

     1,645        72,874  
     

 

 

 

TOTAL WARRANTS

(COST $0)

      $ 72,874  

INVESTMENT COMPANIES – 0.1%

 

EQUITY FUNDS – 0.1%

     

iShares Russell 1000 ETF

     700        193,186  

iShares Russell 1000 Growth ETF

     310        100,080  

iShares Russell 1000 Value ETF

     550        94,325  
     

 

 

 

TOTAL EQUITY FUNDS

      $ 387,591  
     

 

 

 

TOTAL INVESTMENT COMPANIES

(COST $344,397)

      $   387,591  
     
 Description   

 

Par Value

        

CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN – 0.3%

 

REPURCHASE AGREEMENTS – 0.3%

 

Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $80,973, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $82,580.

   $ 80,961        80,961  

BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $265,512.

     260,306        260,306  

HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $255,138, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $260,202.

     255,100        255,100  

Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $265,610.

     260,306        260,306  

RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $265,512.

     260,306        260,306  

 

  

 

 

ANNUAL REPORT / April 30, 2024


21      PORT FOLIOS OF INVESTMENTS

 

  

Wilmington Large-Cap Strategy Fund (concluded)

 

 Description   

 

Par Value

     Value  

TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $260,344, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $265,512.

   $ 260,306      $ 260,306  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS
(COST $1,377,285)

 

   $ 1,377,285  
     

 

 

 

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN

(COST $1,377,285)

 

 

   $ 1,377,285  
     

 

 

 

TOTAL INVESTMENTS – 100.2%

(COST $141,408,990)

      $ 539,344,230  
COLLATERAL FOR SECURITIES ON
LOAN – (0.3%)

 

     (1,377,285

OTHER ASSETS LESS LIABILITIES – 0.1%

 

     547,181  
     

 

 

 

TOTAL NET ASSETS – 100.0%

      $  538,514,126  
     

 

 

 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

     Level 1      Level 2      Level 3      Total  

 Investments in Securities

           

 Common Stocks

   $ 537,500,670      $         $—(a)      $ 537,500,670  

 Preferred Stock

     5,804                —          5,804  

 Rights

     6                —(a)        6  

 Warrants

     72,874                —          72,874  

 Investment Companies

     387,591                —          387,591  

 Repurchase Agreements

            1,377,285         —          1,377,285  
  

 

 

    

 

 

    

 

 

    

 

 

 

 Total

   $ 537,966,945      $ 1,377,285         $—         $ 539,344,230  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

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

 

 

 

* 

Non-income producing security.

 

# 

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

 

§ 

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

 

** 

Represents less than 0.05%.

 

(1) 

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

The following acronyms are used throughout this Portfolio of Investments:

 

CVR   Contingent Value Rights
ETF   Exchange-Traded Fund
LP   Limited Partnership
NA   National Association
PLC   Public Limited Company
REIT   Real Estate Investment Trust

See Notes which are an integral part of the Financial Statements

 

 

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF ASSETS AND LIABILITIES      22  

 

    April 30, 2024      

Wilmington

  Enhanced Dividend  

Income Strategy

Fund

 

Wilmington

   Large-Cap Strategy   

Fund

 

ASSETS:

             
 

Investments, at identified cost

      $ 61,850,850     $  141,408,990 (a) 
       

 

 

     

 

 

 
 

Investments in securities, at value

      $ 74,596,565     $ 539,344,230 (b),(c) 
 

Cash denominated in foreign currencies

        12,281 (d)        
 

Income receivable

        95,910       318,050
 

Foreign tax reclaim receivable

        4,726       502
 

Receivable for shares sold

        1,843       714,433
 

Receivable for investments sold

        1,066,125       4,318,650
 

Prepaid assets

        17,801       20,085
       

 

 

     

 

 

 
 

TOTAL ASSETS

        75,795,251       544,715,950
 

 

     

 

 

     

 

 

 
 

LIABILITIES:

           
 

Collateral for securities on loan

              1,377,285
 

Due to custodian

        11,984       52,352
 

Payable for shares redeemed

        1,203,136       4,532,581
 

Payable for Trustees’ fees

        4,862       4,862
 

Payable for administration fees

        1,786       12,968
 

Payable for distribution services fees

        6,851      
 

Payable for investment advisory fees

        3,953       57,782
 

Other accrued expenses

        78,679       163,994
       

 

 

     

 

 

 
 

TOTAL LIABILITIES

        1,311,251       6,201,824
 

 

     

 

 

     

 

 

 
 

NET ASSETS

      $ 74,484,000     $ 538,514,126
 

 

     

 

 

     

 

 

 
 

NET ASSETS CONSIST OF:

           
 

 

           
 

Paid-in capital

      $ 61,784,915     $ 123,212,131
 

Distributable earnings (loss)

        12,699,085       415,301,995
       

 

 

     

 

 

 
 

TOTAL NET ASSETS

      $ 74,484,000     $ 538,514,126
 

 

     

 

 

     

 

 

 
 

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

           
 

Class A

           
 

Net Assets

      $ 33,055,050     $
       

 

 

     

 

 

 
 

Shares outstanding (unlimited shares authorized)

        2,670,943      
       

 

 

     

 

 

 
 

Net Asset Value per share

      $ 12.38     $
       

 

 

     

 

 

 
 

Offering Price per share*

      $ 13.10 **     $
       

 

 

     

 

 

 
 

Class I

           
 

Net Assets

      $ 41,428,950     $ 538,514,126
       

 

 

     

 

 

 
 

Shares outstanding (unlimited shares authorized)

        3,335,454       18,588,376
       

 

 

     

 

 

 
 

Net Asset Value and Offering Price per share

      $ 12.42     $ 28.97
       

 

 

     

 

 

 

 

(a) 

Includes $197,846 of investments in affiliated issuers.

(b) 

Includes $335,418 of investments in affiliated issuers.

(c) 

Including $1,292,610 of securities on loan (Note 2).

(d) 

Cost of cash denominated in foreign currencies was $12,373.

* 

See “How are Shares Priced?” in the Prospectus.

** 

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

See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


23      STATEMENTS OF OPERATIONS

 

  

    Year Ended April 30, 2024      

Wilmington

  Enhanced Dividend  

Income Strategy

Fund

 

Wilmington

   Large-Cap  Strategy   

Fund

 

INVESTMENT INCOME:

           
 

Dividends

        $ 1,784,418 (a)      $ 8,027,789 (a),(b) 
 

Securities lending income, net

          1,614       127,443
         

 

 

     

 

 

 
 

TOTAL INVESTMENT INCOME

          1,786,032       8,155,232
 

 

       

 

 

     

 

 

 
 

EXPENSES:

             
 

Investment advisory fees

          216,592       1,330,455
 

Administration fees

          15,446       152,073
 

Portfolio accounting and administration fees

          33,341       137,068
 

Custodian fees

          3,073       41,441
 

Transfer and dividend disbursing agent fees and expenses

          24,121       10,538
 

Trustees’ fees

          62,234       62,234
 

Professional fees

          111,796       106,856
 

Distribution services fee—Class A

          80,543      
 

Shareholder services fee—Class A

          80,543      
 

Share registration costs

          28,928       23,104
 

Printing and postage

          17,815       30,541
 

Miscellaneous

          21,081       51,916
         

 

 

     

 

 

 
 

TOTAL EXPENSES

          695,513       1,946,226
 

 

       

 

 

     

 

 

 
 

WAIVERS AND REIMBURSEMENTS:

             
 

Waiver/reimbursement by investment advisor

          (263,546 )       (615,771 )
 

Waiver of shareholder services fee—Class A

          (80,543 )      
         

 

 

     

 

 

 
 

TOTAL WAIVERS AND REIMBURSEMENTS

          (344,089 )       (615,771 )
 

 

       

 

 

     

 

 

 
 

Net expenses

          351,424       1,330,455
         

 

 

     

 

 

 
 

Net investment income

          1,434,608       6,824,777
         

 

 

     

 

 

 
 

REALIZED AND UNREALIZED GAIN (LOSS):

             
 

Net realized gain (loss) on unaffiliated investments

          (296,735 )       42,994,124
 

Net realized gain (loss) on foreign currency transactions

          957      
         

 

 

     

 

 

 
 

Net realized gain (loss)

          (295,778 )       42,994,124
         

 

 

     

 

 

 
 

Net change in unrealized appreciation (depreciation) on unaffiliated investments

          8,707,556       58,325,472
 

Net change in unrealized appreciation (depreciation) on affiliated investments

                43,184
 

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

          (48 )      
         

 

 

     

 

 

 
 

Net change in unrealized appreciation (depreciation)

          8,707,508       58,368,656
         

 

 

     

 

 

 
 

Net realized and unrealized gain (loss)

          8,411,730       101,362,780
         

 

 

     

 

 

 
 

Change in net assets resulting from operations

        $ 9,846,338     $ 108,187,557
         

 

 

     

 

 

 

 

(a) 

Net of foreign withholding taxes withheld of $5,523 and $243, respectively.

(b) 

Includes $12,080 received from affiliated issuers.

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF CHANGES IN NET ASSETS      24  

 

       

Wilmington

Enhanced Dividend

Income Strategy

Fund

     

Wilmington

Large-Cap Strategy

Fund

       
   

 

 

       

 

 

   
       

Year Ended

April 30,

2024

               

Year Ended

April 30,

2023

           

Year Ended

April 30,

2024

           

Year Ended

April 30,

2023

       
       

 OPERATIONS:

                       

 Net investment income

    $ 1,434,608         $ 937,514         $ 6,824,777         $ 7,095,938    

 Net realized gain (loss)

      (295,778         49,973           42,994,124           31,396,351    

 Net change in unrealized appreciation (depreciation)

      8,707,508           (393,821         58,368,656           (30,364,437  
   

 

 

       

 

 

       

 

 

       

 

 

   

 Change in net assets resulting from operations

      9,846,338           593,666           108,187,557           8,127,852    
   

 

 

       

 

 

       

 

 

       

 

 

   

 DISTRIBUTIONS TO SHAREHOLDERS:

                       

 Class A

      (826,350         (1,080,484                      

 Class I

      (548,863         (66,758         (33,703,643         (54,830,455  
   

 

 

       

 

 

       

 

 

       

 

 

   

 Total distributions to shareholders

      (1,375,213         (1,147,242         (33,703,643         (54,830,455  
   

 

 

       

 

 

       

 

 

       

 

 

   

 SHARE TRANSACTIONS:

                       

 Proceeds from sale of shares

                       

 Class A

      308,957           304,275                        

 Class I

      36,819,880           2,726,284           33,146,398           51,269,312    

 Distributions reinvested

                       

 Class A

      819,199           1,067,482                        

 Class I

      214,970           34,696           24,031,367           41,005,261    

 Cost of shares redeemed

                       

 Class A

      (3,592,717         (2,865,099                      

 Class I

      (4,653,086         (375,061         (104,114,168         (88,254,437  
   

 

 

       

 

 

       

 

 

       

 

 

   

 Change in net assets resulting from share transactions

      29,917,203           892,577           (46,936,403         4,020,136    
   

 

 

       

 

 

       

 

 

       

 

 

   

 Change in net assets

      38,388,328           339,001           27,547,511           (42,682,467  

 NET ASSETS:

                       

 Beginning of year

      36,095,672           35,756,671           510,966,615           553,649,082    
   

 

 

       

 

 

       

 

 

       

 

 

   

 End of year

    $ 74,484,000         $ 36,095,672         $ 538,514,126         $ 510,966,615    
   

 

 

       

 

 

       

 

 

       

 

 

   

 SHARES OF BENEFICIAL INTEREST:

                       

 Shares sold

                       

 Class A

      26,911           26,182                        

 Class I

      3,448,167           230,262           1,217,755           2,044,488    

 Distributions reinvested

                       

 Class A

      70,098           94,571                        

 Class I

      18,081           3,023           898,130           1,689,136    

 Shares redeemed

                       

 Class A

      (310,180         (247,041                      

 Class I

      (386,265         (31,967         (3,786,753         (3,361,913  
   

 

 

       

 

 

       

 

 

       

 

 

   

 Net change resulting from share transactions

      2,866,812           75,030           (1,670,868         371,711    
   

 

 

       

 

 

       

 

 

       

 

 

   

 See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


25      FINANCIAL HIGHLIGHTS

 

  

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

 

 WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND

 

 

    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended

April 30, 2020

   
 CLASS A                         

 Net Asset Value, Beginning of Year

     $ 11.49       $ 11.67       $ 11.55       $  9.54       $ 10.54    

 Income (Loss) From Operations:

            

 Net Investment Income(a)

     0.30       0.30       0.31       0.29       0.40    

 Net Realized and Unrealized Gain (Loss)

     0.89       (0.12     0.15       2.04       (1.02        

 Total Income (Loss) From Operations

     1.19       0.18       0.46       2.33       (0.62        

 Less Distributions From:

            

 Net Investment Income

     (0.29     (0.29     (0.34     (0.32     (0.38  

 Net Realized Gains

     (0.01     (0.07                          

 Total Distributions

     (0.30     (0.36     (0.34     (0.32     (0.38        

 Net Asset Value, End of Year

     $ 12.38       $ 11.49       $ 11.67       $ 11.55       $  9.54          
                                                

 Total Return(b)

     10.52     1.69     3.99     24.86     (6.17 )%   

 Net Assets, End of Year (000’s)

     $33,055       $33,151       $35,124       $37,388       $32,708    

 Ratios to Average Net Assets

            

 Gross Expense(c)

     1.56     1.76     1.85     1.69     1.68  

 Net Expense(c),(d)

     0.75     0.75     0.67     0.60     0.60  

 Net Investment Income

     2.59     2.58     2.61     2.81     3.86  

 Portfolio Turnover Rate

     20     10     66 %(e)       12     14  
            
    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

  Year Ended
April 30, 2022
 

Year Ended

April 30, 2021

 

Year Ended

April 30, 2020

   
 CLASS I                         

 Net Asset Value, Beginning of Year

     $ 11.53       $11.69       $11.56       $  9.55       $10.54    

 Income (Loss) From Operations:

            

 Net Investment Income(a)

     0.32       0.32       0.34       0.32       0.44    

 Net Realized and Unrealized Gain (Loss)

     0.89       (0.10     0.15       2.03       (1.02        

 Total Income (Loss) From Operations

     1.21       0.22       0.49       2.35       (0.58        

 Less Distributions From:

            

 Net Investment Income

     (0.31     (0.31     (0.36     (0.34     (0.41  

 Net Realized Gains

     (0.01     (0.07                          

 Total Distributions

     (0.32     (0.38     (0.36     (0.34     (0.41        

 Net Asset Value, End of Year

     $ 12.42       $11.53       $11.69       $11.56       $  9.55          
                                                

 Total Return(b)

     10.67     2.03     4.25     25.09     (5.83 )%   

 Net Assets, End of Year (000’s)

     $41,429       $2,945       $  633       $  629       $  498    

 Ratios to Average Net Assets

            

 Gross Expense(c)

     0.88     1.25     1.37     1.38     1.44  

 Net Expense(c),(d)

     0.50     0.50     0.42     0.35     0.35  

 Net Investment Income

     2.74     2.78     2.82     3.06     4.20  

 Portfolio Turnover Rate

     20     10     66 %(e)       12     14  

 

(a)

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

(b)

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

(c)

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

(d)

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

(e)

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

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS (concluded)      26  

 

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

 

 WILMINGTON LARGE-CAP STRATEGY FUND

 

    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

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

 Net Asset Value, Beginning of Year

     $  25.22       $  27.84       $  30.08       $  22.08       $  23.36    

 Income (Loss) From Operations:

            

 Net Investment Income(a)

     0.35       0.36       0.33       0.35       0.39    

 Net Realized and Unrealized Gain (Loss)

     5.18       (0.04     (0.80     10.11       (0.32        

 Total Income (Loss) From Operations

     5.53       0.32       (0.47     10.46       0.07          

 Less Distributions From:

            

 Net Investment Income

     (0.35     (0.34     (0.33     (0.37     (0.41  

 Net Realized Gains

     (1.43     (2.60     (1.44     (2.09     (0.94        

 Total Distributions

     (1.78     (2.94     (1.77     (2.46     (1.35        

 Net Asset Value, End of Year

     $  28.97       $  25.22       $  27.84       $  30.08       $  22.08          

                                                

 Total Return

     22.55     1.72     (2.24 )%      49.12     0.09  

 Net Assets, End of Year (000’s)

     $538,514       $510,967       $553,649       $623,538       $467,392    

 Ratios to Average Net Assets

            

 Gross Expense(b)

     0.37     0.37     0.53     0.80     0.86  

 Net Expense(b),(c)

     0.25     0.25     0.25     0.25     0.25  

 Net Investment Income

     1.28     1.42     1.07     1.34     1.69  

 Portfolio Turnover Rate

     7     13     9     14     26  

 

(a) 

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

(b) 

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

(c) 

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

See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


27      NOTES TO FINANCIAL STATEMENTS

 

  

Wilmington Funds

April 30, 2024

 

1.

ORGANIZATION

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

 

   Fund    Investment Goal

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

 

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

 

(d) Diversified

  

The Fund seeks a high level of total return consistent with a moderate level of risk.

 

The Fund seeks to achieve long-term capital appreciation.

The Enhanced Dividend Income Strategy Fund offers Class A and Class I shares, and the Large-Cap Strategy Fund offers Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

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

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      28  

 

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

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

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

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

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

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

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

At April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

 

 Fund/Counterparty   

Repurchase

Agreements

            

Fair Value of

Non-Cash Collateral

Received(1)

            

Cash Collateral

Received(1)

             Net Exposure(2)         
       

 Enhanced Dividend Income Strategy Fund

                          

Bank of America Securities, Inc.

   $ 19          $ 19           $          $     

BNP Paribas SA

     28            28                            

HSBC Securities USA, Inc.

     28            28                            

Nomura Securities International, Inc.

     28            28                            

RBC Dominion Securities, Inc.

     28            28                            
  

 

 

        

 

 

        

 

 

        

 

 

    
   $ 131           $ 131           $          $     
  

 

 

        

 

 

        

 

 

        

 

 

    

 Large-Cap Strategy Fund

                          

Bank of America Securities, Inc.

   $ 80,961          $ 80,961           $          $     

BNP Paribas SA

     260,306            260,306                            

HSBC Securities USA, Inc.

     255,100            255,100                            

Nomura Securities International, Inc.

     260,306            260,306                            

RBC Dominion Securities, Inc.

     260,306            260,306                            

TD Securities, Inc.

     260,306            260,306                            
  

 

 

        

 

 

        

 

 

        

 

 

    
   $  1,377,285           $ 1,377,285           $          $     
  

 

 

        

 

 

        

 

 

        

 

 

    

 

  (1) 

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

  (2) 

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are

 

  

 

 

ANNUAL REPORT / April 30, 2024


29      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

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

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

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

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

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

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

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

At April 30, 2024, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

 

 Fund   

Value of

        Securities       

on Loan

  

Cash

Collateral

      Received(1)       

        Net  Exposure(2)     
     

Large-Cap Strategy Fund

   $1,292,610    $1,292,610    $—

 

  (1) 

Collateral with a value of $1,377,285 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

  (2) 

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

 

3.

FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      30  

 

 Fund   

Paid-in

   Capital   

 

 Distributable 

Earnings

(Loss)

   

Large-Cap Strategy Fund

   $(2,104)   $2,104

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

 

    2024     2023      
 Fund   Ordinary 
Income* 
   

Long-Term

Capital Gains

   

Ordinary

Income*

    Long-Term
Capital Gains
     
       

Enhanced Dividend Income Strategy Fund

  $  1,326,045       $ 49,168       $ 918,836       $ 228,406    

Large-Cap Strategy Fund

    8,079,682       25,623,961       7,025,237       47,805,218    

 

  *

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

As of April 30, 2024, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

 

 Fund   Tax Cost  

 Tax Unrealized 

 Appreciation 

 

  Tax Unrealized  

Depreciation

 

Net Tax

Unrealized
Appreciation/

(Depreciation)

   
       

Enhanced Dividend Income Strategy Fund

  $ 61,889,966      $ 13,531,154      $   (824,555)      $  12,706,599     

Large-Cap Strategy Fund

  149,838,238      404,303,596      (14,797,604)      389,505,992     

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

 

 Fund   

Undistributed

Ordinary

Income

   

Undistributed 

Long-Term 

Capital 

Gains 

    

Other

Timing

Differences

  

Unrealized

Appreciation/

(Depreciation)

   

Capital

Loss

Carryforwards

   

  Late Year  

Loss
Deferrals

 

Distributable

Earnings

 
             

Enhanced Dividend Income Strategy Fund

     $  254,048        $        —       $ 1     $ 12,706,506        $(261,470)     $—   $ 12,699,085    

Large-Cap Strategy Fund

     1,212,755       24,583,248            389,505,992              —     415,301,995  

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2024, character of capital loss carryforwards were as follows:

 

 Fund   

Long-Term

  No Expiration  

 

Total Capital

Loss

  Carryforwards  

   

Enhanced Dividend Income Strategy Fund

    $(261,470)    $(261,470)

 

4.

ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

 

 Fund  

 Advisory Fee 

Annual Rate

 

Enhanced Dividend Income Strategy Fund

  0.40%

Large-Cap Strategy Fund

  0.25%

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2024 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

 

  

 

 

ANNUAL REPORT / April 30, 2024


31      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

The contractual expense limitations are as follows:

 

    

Current Contractual 

Expense Limitations 

 
 Fund    Class A     Class I   
   

Enhanced Dividend Income Strategy Fund

     0.75%        0.50%   

Large-Cap Strategy Fund

     —        0.25%   

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

 

 Administrator  

Maximum  

Fee  

  

Average Aggregate Daily Net

Assets of the Trust

 

WFMC

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

BNYM

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

 

 Fund  

  Distribution  

Fees

 

Enhanced Dividend Income Strategy Fund

  $805

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

For the year ended April 30, 2024, M&T received sales charges on the sale of Class A shares as follows:

 

 Fund  

  Sales Charges  

 

 

Enhanced Dividend Income Strategy Fund

  $8

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

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

For the year ended April 30, 2024, M&T did not receive any shareholder service fees from the Funds.

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

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      32  

 

BNYM provides custody services to the Trust.

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

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

Other Affiliated Parties and Transactions – Affiliated holdings are securities and mutual funds which are managed by the Advisor or an affiliate of the Advisor or which are distributed by an affiliate of the Fund’s distributor. Transactions with affiliated companies during the year ended April 30, 2024 are as follows:

 

 Fund/

 Affiliated Investment
 Name

 

Value

 4/30/23 

     Purchases       Sales     

Net

Realized

 Gain/(Loss) 

   

Net Change

in Unrealized

 Appreciation/ 

Depreciation

   

Value

  4/30/24  

   

 Number of 

Shares

4/30/24

   

 Dividend 

Income

    

Capital

Gain

 Distributions  

    

      

 
                 

 Large-Cap Strategy Fund

                     
                 

 Common Stock - 0.0%*

                     

 M&T Bank Corp.

    $292,234       $—        $—        $—       $43,184       $335,418       2,323       $12,080        $—     
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

  *

As a percentage of Net Assets as of April 30, 2024.

The Funds may execute trades for security purchase and sale transactions through brokers that are affiliates of the Advisor or sub-advisors. Commissions paid on those trades for the year ended April 30, 2024 were as follows:

 

 Fund     Commissions  

Large-Cap Strategy Fund

  $5,980

 

5.

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2024 were as follows:

 

 Fund    Purchases       Sales  
   

Enhanced Dividend Income Strategy Fund

   $ 40,513,914       $ 10,917,231    

Large-Cap Strategy Fund

     36,075,807         108,504,789    

 

6.

MARKET RISK IN GENERAL

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

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

 

7.

CONTRACTUAL OBLIGATIONS

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

 

  

 

 

ANNUAL REPORT / April 30, 2024


33      NOTES TO FINANCIAL STATEMENTS (concluded)

 

  

8.

LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

 

9.

NEW REGULATORY PRONOUNCEMENT

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed on or after July 24, 2024.

 

10.

SUBSEQUENT EVENTS

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

 

 

April 30, 2024 / ANNUAL REPORT


34

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Enhanced Dividend Income Strategy Fund and Wilmington Large-Cap Strategy Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

 

 

ANNUAL REPORT / April 30, 2024


35

 

  

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2024, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

 

  Fund       
 

Enhanced Dividend Income Strategy Fund

     99.55%   

Large-Cap Strategy Fund

     87.25%   

For the fiscal year ended April 30, 2024, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

 

  Fund       
 

Enhanced Dividend Income Strategy Fund

     99.85%   

Large-Cap Strategy Fund

     90.43%   

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


36

 

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

 

  1.

To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

 

      Independent Trustees    Votes For    Votes Withheld    % of Votes For
 

Gregory P. Chandler

   4,334,311,607    59,399,742    98.65%
 

Donald E. Foley

   4,331,740,982    61,970,367    98.59%
 

Valerie J. Sill

   4,336,822,269    56,889,080    98.71%
          
      Interested Trustees    Votes For    Votes Withheld    % of Votes For
 

Eric W. Taylor

   4,392,738,859    972,490    99.98%

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


37

 

  

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

 

Name

Birth Year

Position with Trust

Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor*

Birth year: 1981

TRUSTEE

 

Began serving: October 2022

PRESIDENT

 

Began serving: August 2022

  

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present).

 

Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co.

 

Other Directorships Held: None

 

 

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

INDEPENDENT TRUSTEES BACKGROUND

 

Name

Birth Year

Position with Trust

Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Donald E. Foley

Birth year: 1951

CHAIRMAN

Began serving: January 2023

TRUSTEE

Began serving: December 2015

  

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).

 

Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).

 

Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

 

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


BOARD OF TRUSTEES AND TRUST OFFICERS      38  

 

Name

Birth Year

Position with Trust

Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Gregory P. Chandler

Birth year: 1966

TRUSTEE

Began serving: July 2017

  

Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).

 

Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019).

 

Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

 

Valerie J. Sill

Birth year: 1962

TRUSTEE

Began serving: April 2020

  

Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).

 

Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).

 

Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

 

H. Thomas McMeekin

Birth year: 1953

TRUSTEE

Began serving: April 2024

  

Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present).

 

Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present).

 

Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

 

OFFICERS   

Name

Birth Year

Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell

Birth year: 1966

CHIEF OPERATIONS OFFICER

Began serving: June 2017

VICE PRESIDENT

Began serving: June 2012

  

Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).

 

Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

 

Kaushik Goswami

Birth year: 1973

CHIEF COMPLIANCE OFFICER

and AML COMPLIANCE OFFICER

Began serving: October 2021

  

Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank.

 

Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

 

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


39      BOARD OF TRUSTEES AND TRUST OFFICERS

 

  

Name

Birth Year

Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John J. Kelley

Birth year: 1959

VICE PRESIDENT

Began serving: December 2016

  

Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc.

 

Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).

 

Robert L. Tuleya

Birth year: 1974

VICE PRESIDENT and ASSISTANT SECRETARY

Began serving: September 2018

  

Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present).

 

Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

 

Charles S. Todd

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1971

CHIEF EXECUTIVE OFFICER

Began serving: June 2022

  

Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present).

 

Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

 

Arthur W. Jasion

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1965

CHIEF FINANCIAL OFFICER AND TREASURER

Began serving: October 2020

  

Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present).

 

Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

 

Lisa R. Grosswirth

240 Greenwich Street, 22nd Floor

New York, NY 10286

Birth year: 1963

SECRETARY

Began serving: September 2007

  

Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).

 

Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

 

 

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


40

 

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


41

 

  

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


42

 

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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

Information Collected by the Funds

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

 

   

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

   

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

   

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

Information Sharing Practices

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

 

   

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

   

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

   

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

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

Information Security

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

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

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


43

 

  

Employee Access to Information

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

Visiting the Funds’ Website

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

 

 

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

 

 

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

 

 

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

 

 

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Notice

The effective date of this Notice is March 21, 2024. We reserve the right to modify this Notice at any time. When it is revised, reviewed or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


 

 

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LOGO


LOGO


LOGO

 

 

Wilmington International Fund (“International Fund”)

Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)

Wilmington Real Asset Fund (“Real Asset Fund”)


LOGO

   CONTENTS

 

 

 

President’s Message

     i  

Management’s Discussion of Fund Performance

     1  

Shareholder Expense Example

     9  

Portfolios of Investments

     10  

Statements of Assets and Liabilities

     39  

Statements of Operations

     40  

Statements of Changes in Net Assets

     41  

Financial Highlights

     43  

Notes to Financial Statements

     46  

Report of Independent Registered Public Accounting Firm

     57  

Federal Tax Information (unaudited)

     58  

Shareholder Proxy Results

     59  

Board of Trustees and Trust Officers

     60  

Liquidity Risk Management Program

     63  

Other Information

     64  


[This Page Intentionally Left Blank]

 

 


i

 

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the International Fund, Global Alpha Equities Fund, and Real Asset Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, certain Bloomberg indices performed as follows:2

 

Bloomberg

U.S. Treasury

Bond Index3

  

Bloomberg

U.S. Aggregate

Bond Index4

  

Bloomberg

U.S. Credit

Bond Index5

  

Bloomberg

Municipal Bond

Index6

  

Bloomberg

U.S. Corporate

High Yield Bond

Index7

-2.80%

   -1.47%    0.76%    2.08%    9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index8 advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


ii

 

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

 

S&P 500®

Index9

  

Russell

2000®

Index10

  

MSCI EAFE

(Net) Index11

  

MSCI Emerging

Markets (Net)

Index12

22.66%

   13.32%    9.28%    9.88%

Past performance is no guarantee of future results.

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

Sincerely,

 

LOGO

Eric W. Taylor, CFA

President

May 15, 2024

 

 

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE


iii

 

Must be preceded or accompanied by a prospectus.

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

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

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

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

5.

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

 

6.

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

 

7.

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

 

8.

The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

 

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.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

 

11.

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

 

12.

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

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


1

 

  

WILMINGTON INTERNATIONAL FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington International Fund (the “Fund”) had a total return of 7.81%* for Class A Shares and 8.10%* for Class I Shares, versus its benchmark, the MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 9.32%.

The Fund’s performance during the fiscal year can be split into two distinct periods as the Fund underwent a significant restructure which began trading October 1st, 2023. Reasons for the restructure centered around a desire to have tighter risk controls, particularly around geographic variances and small-cap exposure, as well as improving the quality of the individual managers sub-advising for the Fund. After extensive research, the portfolio management team of the Fund determined a partnership with Wellington as a single sub-advisor with several independent teams within Wellington was the Fund’s best option. The Wellington solution offered 1) a custom blend of managers for Wilmington Trust, 2) a structure that allowed the Fund to largely retain its local managers in local markets philosophy, 3) top-level risk oversight provided by Wellington’s Fundamental Factor Team, and 4) the inclusion of tailored completion portfolios designed to integrate with the regional managers to smooth factor exposure and geographic mismatch issues.

The prior Fund structure, which was in place for the period May 1, 2023 to September 30, 2023, had negative selection within consumer discretionary, consumer staples and communication services, which was partially offset by stronger selection in industrials, technology, and materials. Sector allocation was negative overall, where underweights to energy and financials detracted, while an underweight to consumer staples was a slight positive. From a regional perspective, the Fund had positive selection in Japan, while negative selection in Emerging Asia. From a market cap perspective, the Fund’s overweight to smaller cap stocks detracted for the period; it had positive selection within the smaller cap stocks, though this was partially offset by weaker selection in mid-cap stocks.

The current Fund structure, which was in place for the period October 1, 2023 to April 30, 2024, had positive selection within materials, technology, and industrials, which was partially offset by weaker selection in energy, financials, and health care. Sector allocation was positive overall, where underweights to consumer staples and materials and overweighting to industrials were beneficial to performance, while an underweight to technology detracted. From a regional perspective, the Fund had positive selection in Europe and Emerging Markets, while negative selection in Japan and North America. From a market cap perspective, the Fund’s overweight to small and mid-cap stocks detracted for the period; it had positive selection within the small and mid-cap stocks, though this was partially offset by weaker selection in mega-cap stocks.

Over the course of the fiscal year, markets were impacted by many macro headwinds and tailwinds including a precipitous decline in China, followed by an intense rebound in the country in the final few months; the Russia/Ukraine war continuing to drag on; intensifying conflict within the Middle East; Japan performing strongly, while the Yen declined dramatically; and expectations of rates peaking around the world.

Regarding China, markets were expecting a much bigger rebound out of the zero covid policy era with much bigger stimulus efforts to support this. What they got was piecemeal stimulus efforts and a

crisis in the property market with defaults on two large companies. Added to which, an election in Taiwan stoked the flames of increased tension between the two nations, spooking investors. Eventually, the drips of stimulus and super low valuations were enough to lure market participants back to the Chinese market and it clawed back some of the steep losses seen earlier in the year.

The Russia/Ukraine war continues to plod along with Vladimir Putin recently securing a 5th term as President and promptly replacing his defense minister. The efforts to support Ukraine from Europe and particularly the U.S. are somewhat strained, as conflict in the Middle East intensifies and draws on purse strings as well. As Iran becomes more directly involved and Israel defies the U.S. stance on tactics, the situation could become much worse.

After years of stagnation, Japan’s market surged higher in the fiscal year driven by an end to negative rates and yield curve control, as well as efforts from the Japan Exchange for companies to boost their price-to-book valuations. Eyes are on the Yen’s depreciation, which dropped to a more than 30-year low, spurring intervention by the Bank of Japan.

Regarding interest rates, pundits debate whether the European Central Bank will move to ease ahead of the Federal Reserve given the potential impact on the currency; most agree though that the direction of travel is either sideways or down. Many Emerging Markets countries have already moved to cut rates or are expected to soon.

Despite these crosscurrents in the market, we continue to believe the Fund is well structured to deliver alpha. The Fund is designed to have the majority of risk be stock specific, therefore allowing the underlying manager’s fundamental efforts to drive performance. This is balanced with risk controls focused on regional variances as well as other factors, such as small-cap exposure.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 1.84%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

  **

The MSCI All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China,

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


2

 

Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The index is unmanaged and it is not possible to invest directly in an index.

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

 

 

Alpha is a measure of performance on a risk-adjusted basis. The excess return of the Fund relative to the return of the benchmark index is a Funds alpha.

   

 

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


3

 

  

WILMINGTON INTERNATIONAL FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of Wilmington International Fund from April 30, 2014 to April 30, 2024, compared to the MSCI ACWI ex-US Net Index2.

LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 1.84%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

 
     Average Annual Total Returns for the Periods Ended 4/30/24 
     
     1 Year     5 Years     10 Years 
     

 Class A^

  1.84%   2.17%   2.64%
     

 Class I^

  8.10%   3.54%   3.40%
     

 MSCI ACWI ex-US Net Index2

  9.32%   5.03%   3.93%

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.51% and 1.10%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.01% and 0.85%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

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

 

2 

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


4

 

WILMINGTON GLOBAL ALPHA EQUITIES FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of 6.47%* for Class A shares and 6.73%* for Class I shares, versus its benchmark, the HFRX Equity Hedge Index**, which had a total return of 8.13%.

Performance Review

During the fiscal year ended April 30, 2024, the Fund had positive returns but underperformed its benchmark.

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

For the year, the long only equity strategies underperformed Global Equities as represented by the MSCI All Country World Index ex-US (MSCI ACWI ex-US)***. This was due in large part to underweight positions in the so called Magnificent Seven tech stocks which drove index performance. From an underlying strategy perspective, three Portfolio Managers (“PM”) outperformed the MSCI ACWI ex-US, while six underperformed. The top performer was the Fund’s growth manager, while the poorest performer was the China focused manager, which is unsurprising as China dramatically underperformed. The PM is included in the portfolio, not as a bet on China outperformance but rather to ensure that the Fund is not underweight China (which remains an engine of global growth) as well as belief in the ability to generate excess return.

The Fund uses short equity index futures positions to reduce the Fund’s net long exposure to the global equity market as well as manage overweights and underweights that arise from the Fund’s long exposure.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was 0.65%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

  **

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

 

  ***

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

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

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

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

The Fund, the Sub-Advisors, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisors are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisors making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, being non-diversified, and investing in securities with low correlation to the market. The use of leverage may magnify losses.

 

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


5

 

  

The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, and derivatives. Please see the prospectus and summary prospectus for information on these as well as other risk considerations.

     

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


6

 

WILMINGTON GLOBAL ALPHA EQUITIES FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington Global Alpha Equities Fund from April 30, 2014 to April 30, 2024, compared to the HFRX Equity Hedge Fund Index2.

LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was 0.65%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

     Average Annual Total Returns for the Periods Ended 4/30/24       
     1 Year    5 Years    10 Years     
   

 Class A^

   0.65%    2.23%    2.25%      
   

 Class I^

   6.73%    3.66%    3.10%     
   

 HFRX Equity Hedge Fund Index2

   8.13%    5.26%    3.16%     

 

^

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

 

1 

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

 

2 

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


7

 

  

WILMINGTON REAL ASSET FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington Real Asset Fund (the “Fund”) had a total return of 1.73%* for Class A Shares and 1.94%* for Class I Shares, versus its benchmark, the S&P Developed Property Index**, the Bloomberg U.S. Treasury Inflation Protected Securities Index (“Bloomberg U.S. TIPS Index”)***, the Bloomberg Commodity Index (Total Return)****, and the Real Asset Blended Index, which had total returns of 0.88%, -1.35%, 2.89% and 2.46%, respectively.

The Blended Index is a mix of 50.0% S&P Developed Property Index and 50.0% Bloomberg Commodity Index (Total Return). This was changed from 37.5% S&P Developed Property Index, 37.5% Bloomberg Commodity Index, and 25% Bloomberg U.S. Treasury Inflation Linked Bond Index on January 1, 2023, due to the belief that strategic long-term investment in inflation-linked bonds (“ILB”) will not be additive to portfolios. Long-term inflation-linked bond returns will be less compelling going forward.

During the year, the Fund (Class I Shares) slightly underperformed the Blended Index. Asset allocation added, due to slight overweight commodities, but was not enough to make up for fees.

Global real estate securities, as measured by the S&P Developed Property Index, were up 0.88% for the fiscal year, rebounding slightly from prior years losses but dramatically underperforming broad equity markets. Higher interest rates continued to be a major headwind, both because higher mortgage rates increase cost of owning real estate as well as some yield focused investors migrating from income paying real estate to fixed income. The Fund’s real estate allocation slightly underperformed due to some exposure to emerging markets property.

Commodities gained 2.89% during the fiscal year, after pronounced losses the prior year. Gains were most pronounced in precious and industrial metals, while agricultural commodities were down. The Fund’s commodity allocation outperformed due to exposure to commodity related equities which outperformed commodity futures.

 

  *

Performance data quoted represents past performance,

 

which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -3.85%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

  **

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

 

  ***

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

 

  ****

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

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

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

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


8

 

WILMINGTON REAL ASSET FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington Real Asset Fund from April 30, 2014 to April 30, 2024, compared to the S&P Developed Property Index2, the Bloomberg Commodity Index2, Bloomberg U.S. TIPS Index2, and the Real Asset Blended Index3.

 

LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.85%, adjusted for the Fund’s maximum sales charge of 5.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

     Average Annual Total Returns for the Periods Ended 4/30/24     
     1 Year    5 Years    10 Years     
     

 Class A^

   -3.85%     1.76%    1.75%     
     

 Class I^

    1.94%     3.18%    2.59%      
     

 S&P Developed Property Index2

    0.88%    -0.44%    2.55%     
     

 Bloomberg Commodity Index2

    2.89%     7.04%    -1.54%     
     

 Bloomberg U.S. TIPS Index2

   -1.35%     2.07%    1.90%     
     

 Real Asset Blended Index3

    2.46%     3.61%    3.14%     

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.36% and 1.01%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.86% and 0.76%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

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

 

2 

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

 

3 

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


9

 

  

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

 

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

 

 

    

Beginning

Account Value

11/01/23

    

Ending

Account Value

4/30/24

    

Expenses

Paid

During Period(1)

    

Annualized

Net

Expense  Ratio(2) 

 

WILMINGTON INTERNATIONAL FUND

           

Actual

           

Class A

     $1,000.00        $1,161.30        $5.80        1.08%  

Class I

     $1,000.00        $1,162.50        $4.46        0.83%  

Hypothetical (assuming a 5% return before expenses)

 

     

Class A

     $1,000.00        $1,019.49        $5.42        1.08%  

Class I

     $1,000.00        $1,020.74        $4.17        0.83%  

WILMINGTON GLOBAL ALPHA EQUITIES FUND

           

Actual

           

Class A

     $1,000.00        $1,065.60        $7.65        1.49%  

Class I

     $1,000.00        $1,067.30        $6.37        1.24%  

Hypothetical (assuming a 5% return before expenses)

 

        

Class A

     $1,000.00        $1,017.45        $7.47        1.49%  

Class I

     $1,000.00        $1,018.70        $6.22        1.24%  

WILMINGTON REAL ASSET FUND

           

Actual

           

Class A

     $1,000.00        $1,069.40        $4.22        0.82%  

Class I

     $1,000.00        $1,070.70        $2.93        0.57%  

Hypothetical (assuming a 5% return before expenses)

 

     

Class A

     $1,000.00        $1,020.79        $4.12        0.82%  

Class I

     $1,000.00        $1,022.03        $2.87        0.57%  

 

(1)

Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period).

(2)

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


10

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington International Fund

At April 30, 2024, the Fund’s sector classifications and country allocations were as follows:

 

    

Percentage of

Total Net Assets

Common Stocks

    

Financials

       19.1 %

Industrials

       15.2 %

Information Technology

       11.1 %

Consumer Discretionary

       10.8 %

Health Care

       8.9 %

Consumer Staples

       7.2 %

Materials

       5.6 %

Communication Services

       5.2 %

Energy

       4.7 %

Utilities

       2.5 %

Real Estate

       1.4 %

Exchange-Traded Funds

       4.1 %

Preferred Stock

       0.3 %

Cash Equivalents(1)

       2.8 %

Cash Collateral Invested for Securities on Loan(2)

       2.2 %

Other Assets and Liabilities - Net(3)

       (1.1 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 
Country Allocation   

Percentage of

Total Net Assets

Common Stocks

    

Japan

       13.2 %

United Kingdom

       10.2 %

France

       8.1 %

Canada

       6.4 %

China

       6.2 %

Taiwan

       4.9 %

Germany

       4.5 %

United States

       3.9 %

Switzerland

       3.5 %

South Korea

       3.5 %

Australia

       3.1 %

Netherlands

       2.4 %

South Africa

       2.0 %

Spain

       1.7 %

Brazil

       1.4 %

Hong Kong

       1.4 %

United Arab Emirates

       1.4 %

Austria

       1.3 %

Sweden

       1.3 %

Norway

       1.0 %

All other countries less than 1.0%

       10.3 %

Exchange-Traded Funds

       4.1 %

Preferred Stocks

       0.3 %

Cash Equivalents(1)

       2.8 %

Cash Collateral Invested for Securities on Loan(2)

       2.2 %

Other Assets and Liabilities - Net(3)

       (1.1 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 
 

 

(1) 

Cash Equivalents include investments in a money market fund.

 

(2) 

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

 

(3) 

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

PORTFOLIO OF INVESTMENTS¢

April 30, 2024

 

 Description   

Number of

Shares

     Value  

COMMON STOCKS – 91.7%

     

AUSTRALIA – 3.1%

     

ANZ Group Holdings Ltd.

     41,409      $ 747,181  

Aristocrat Leisure Ltd.

     10,991        280,490  

BHP Group Ltd.

     68,216        1,870,900   

BlueScope Steel Ltd.

     9,996        145,896  

Brambles Ltd.

     27,684        260,442  

Coles Group Ltd.

     21,720        226,523  

Commonwealth Bank of Australia

     21,333        1,563,059  

Fortescue Ltd.

     25,901        429,295  

Goodman Group

     31,327        632,794  
 Description   

Number of

Shares

     Value  

Insurance Australia Group Ltd.

     51,761      $ 214,445  

Macquarie Group Ltd.

     6,072        727,052  

Mineral Resources Ltd.

     3,454        156,682  

Mirvac Group

     148,917        195,121  

National Australia Bank Ltd.

     41,194        892,984  

Northern Star Resources Ltd.

     32,474        307,812  

Pilbara Minerals Ltd.#

     39,931        101,661   

Ramsay Health Care Ltd.

     4,317        144,707  

REA Group Ltd.

     2,863        328,180  

Rio Tinto Ltd.

     6,259        520,901  

Rio Tinto PLC

     54,515        3,688,527  

SEEK Ltd.

     17,639        272,484  
 

 

  

 

 

ANNUAL REPORT / April 30, 2024


11      PORTFOLIOS OF INVESTMENTS

 

Wilmington International Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

Stockland

     78,957      $ 223,694  

Suncorp Group Ltd.

     29,849        318,800  

Telstra Group Ltd.

     74,785        176,688  

Transurban Group

     48,112        386,265   

Wesfarmers Ltd.

     14,927        639,461  

Westpac Banking Corp.

     48,599        807,052  

Woolworths Group Ltd.

     17,919        367,646  
     

 

 

 

TOTAL AUSTRALIA

      $  16,626,742  

AUSTRIA – 1.3%

     

BAWAG Group AG*

     49,669        2,965,775  

Erste Group Bank AG

     47,882        2,232,982  

Wienerberger AG

     47,617        1,701,609  
     

 

 

 

TOTAL AUSTRIA

      $ 6,900,366  

BELGIUM – 0.8%

     

KBC Group NV

     28,227        2,096,819  

UCB SA

     17,823        2,363,511  
     

 

 

 

TOTAL BELGIUM

      $ 4,460,330  

BRAZIL – 1.4%

     

Atacadao SA

     702,500        1,512,528  

Banco BTG Pactual SA

     142,529        917,877  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

     184,500        723,773  

Localiza Rent a Car SA

     128,575        1,215,528  

Rede D’Or Sao Luiz SA

     227,700        1,146,700  

Vale SA

     113,900        1,387,393  

Wheaton Precious Metals Corp.

     14,927        777,659  
     

 

 

 

TOTAL BRAZIL

      $ 7,681,458  

CANADA – 6.4%

     

Agnico Eagle Mines Ltd.

     4,076        258,123  

Alimentation Couche-Tard, Inc.

     12,679        702,726  

AltaGas Ltd.

     9,765        214,076  

ARC Resources Ltd.

     20,358        368,667  

Bank of Montreal

     10,282        918,445  

Bank of Nova Scotia (The)

     79,236        3,635,307  

Brookfield Asset Management Ltd., Class A

     7,860        300,263  

Brookfield Corp.

     11,679        468,466  

CAE, Inc.*

     6,691        129,091  

Canadian Imperial Bank of Commerce

     14,030        654,900  

Canadian National Railway Co.

     8,069        979,370  

Canadian Natural Resources Ltd.

     18,179        1,377,571  

Canadian Pacific Kansas City Ltd.

     12,005        941,808  

Capstone Copper Corp.*

     85,600        592,575  

Cenovus Energy, Inc.

     12,297        252,613  

CGI, Inc.*

     3,691        373,993  

Constellation Software, Inc.

     216        556,107  

Dollarama, Inc.

     5,048        421,104  

Enbridge, Inc.

     95,712        3,403,263  

Fortis, Inc.

     12,739        500,251  

Franco-Nevada Corp.

     2,590        311,782  

Gildan Activewear, Inc.

     5,537        191,934  

iA Financial Corp., Inc.

     3,022        183,210  

Imperial Oil Ltd.

     4,613        317,161  

Ivanhoe Mines Ltd., Class A*

     19,205        260,317  

Keyera Corp.

     8,634        221,518  
 Description   

Number of

Shares

     Value  

Loblaw Cos. Ltd.

     3,238      $ 355,071  

Magna International, Inc.

     5,853        279,757  

Manulife Financial Corp.

     33,994        792,901  

National Bank of Canada

     3,885        311,951  

Nutrien Ltd.

     5,455        287,639  

Open Text Corp.

     6,939        245,019   

Parex Resources, Inc.

     108,014        1,883,076  

Pembina Pipeline Corp.

     15,541        546,839  

Power Corp. of Canada

     6,259        166,767  

Restaurant Brands International, Inc.

     4,832        366,581  

RioCan REIT

     16,836        213,286  

Rogers Communications, Inc., Class B

     6,097        228,397  

Royal Bank of Canada

     51,601        4,992,363  

Saputo, Inc.

     5,963        114,656  

Shopify, Inc., Class A*

     15,363        1,078,585  

Sun Life Financial, Inc.

     9,281        473,876  

Suncor Energy, Inc.

     10,097        385,280  

TC Energy Corp.

     16,766        600,660  

Thomson Reuters Corp.

     2,391        361,138  

Toronto-Dominion Bank (The)

     23,291        1,381,743  

Tourmaline Oil Corp.

     8,029        392,395  

WSP Global, Inc.

     1,511        229,276  
     

 

 

 

TOTAL CANADA

      $ 34,221,897  

CAYMAN ISLANDS – 0.2%

     

Patria Investments Ltd.

     81,293        1,089,326  

CHINA – 6.2%

     

Alibaba Group Holding Ltd.

     45,928        430,027  

Alibaba Group Holding Ltd., ADR

     47,154        3,529,477  

China Tower Corp. Ltd., Class H

     7,716,000        903,230  

Fuyao Glass Industry Group Co. Ltd., Class H

     117,472        703,312  

Fuyao Glass Industry Group Co. Ltd., Class A

     202,900        1,392,675  

Kanzhun Ltd., ADR

     81,298        1,608,887  

KE Holdings, Inc., ADR

     52,477        793,452  

Kunlun Energy Co. Ltd.

     682,000        661,117  

Kweichow Moutai Co. Ltd., Class A

     5,800        1,357,542  

Meituan, Class B*

     243,628        3,326,626  

Midea Group Co. Ltd., Class A

     167,900        1,612,017  

NetEase, Inc., ADR

     30,918        2,889,906  

NetEase, Inc.

     14,100        264,300  

PICC Property & Casualty Co. Ltd., Class H

     3,238,000        4,022,837  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

     222,800        549,810  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

     28,700        1,203,015  

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*

     29,400        625,328  

Tencent Holdings Ltd.

     122,617        5,380,826  

Tsingtao Brewery Co. Ltd., Class H

     84,000        605,338  

Will Semiconductor Co. Ltd. Shanghai, Class A

     81,740        1,140,232  

Zai Lab Ltd., ADR*,#

     23,704        374,523  
     

 

 

 

TOTAL CHINA

      $  33,374,477  

DENMARK – 0.9%

     

Novo Nordisk A/S, Class B

     31,208        4,002,186  

Scandinavian Tobacco Group A/S

     62,833        1,015,017  
     

 

 

 

TOTAL DENMARK

      $ 5,017,203  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      12  

 

 Wilmington International Fund (continued)

 

 Description   

Number of

Shares

     Value  

FINLAND – 0.4%

     

Wartsila OYJ Abp

     120,276      $ 2,218,791  

FRANCE – 8.1%

     

AXA SA#

     139,106        4,806,333  

Bureau Veritas SA

     198,174        5,779,869  

Capgemini SE

     8,112        1,704,989  

Cie de Saint-Gobain SA

     32,473        2,568,050   

Cie Generale des Etablissements Michelin SCA

     52,656        2,022,972  

Elis SA

     85,004        1,908,456  

Engie SA#

     220,347        3,825,360  

LVMH Moet Hennessy Louis Vuitton SE

     2,634        2,163,663  

Pernod Ricard SA

     14,125        2,136,294  

Publicis Groupe SA

     20,830        2,298,523  

Technip Energies NV

     85,053        2,002,999  

Thales SA

     12,877        2,164,204  

TotalEnergies SE

     77,393        5,618,633  

Veolia Environnement SA

     65,378        2,032,451  

Vinci SA

     18,944        2,219,783  
     

 

 

 

TOTAL FRANCE

      $ 43,252,579  

GERMANY – 4.5%

     

Brenntag SE

     69,311        5,531,254  

Daimler Truck Holding AG

     44,942        2,026,714  

Hensoldt AG

     35,477        1,397,686  

Jenoptik AG

     30,575        819,723  

Rheinmetall AG*

     4,601        2,535,357  

SAP SE

     10,029        1,810,907  

Siemens AG

     19,783        3,706,020  

Talanx AG

     56,462        4,246,763  

United Internet AG

     79,880        1,932,204  
     

 

 

 

TOTAL GERMANY

      $  24,006,628  

GREECE – 0.5%

     

Hellenic Telecommunications Organization SA

     117,042        1,778,061  

Piraeus Financial Holdings SA*

     161,437        646,709  
     

 

 

 

TOTAL GREECE

      $ 2,424,770  

HONG KONG – 1.4%

     

AIA Group Ltd.

     586,904        4,298,695  

CK Asset Holdings Ltd.

     65,114        277,749  

Futu Holdings Ltd., ADR*

     967        62,188  

Hong Kong & China Gas Co. Ltd.

     356,143        270,794  

Hong Kong Exchanges & Clearing Ltd.

     53,017        1,684,585  

Jardine Matheson Holdings Ltd.

     4,668        178,640  

Link REIT

     49,824        213,485  

Sun Hung Kai Properties Ltd.

     29,717        274,138  

Techtronic Industries Co. Ltd.

     28,054        387,687  
     

 

 

 

TOTAL HONG KONG

      $ 7,647,961  

HUNGARY – 0.6%

     

MOL Hungarian Oil & Gas PLC

     121,598        996,580  

OTP Bank Nyrt

     47,438        2,351,296  
     

 

 

 

TOTAL HUNGARY

      $ 3,347,876  

INDIA – 0.9%

     

HDFC Bank Ltd., ADR

     26,827        1,545,235  

ICICI Bank Ltd., ADR

     96,520        2,657,196  
 Description   

Number of

Shares

     Value  

Infosys Ltd., ADR#

     28,746      $ 480,346  
     

 

 

 

TOTAL INDIA

      $ 4,682,777  

INDONESIA – 0.6%

     

Bank Central Asia Tbk PT

     2,688,600        1,616,614  

Bank Mandiri Persero Tbk PT

     2,449,100        1,035,179   

Telkom Indonesia Persero Tbk PT

     3,632,000        704,094  
     

 

 

 

TOTAL INDONESIA

      $  3,355,887  

IRELAND – 0.8%

     

AIB Group PLC

     350,582        1,814,672  

Smurfit Kappa Group PLC

     53,540        2,319,865  
     

 

 

 

TOTAL IRELAND

      $ 4,134,537  

ISRAEL – 0.2%

     

Bank Hapoalim BM

     31,734        285,874  

Bank Leumi Le-Israel BM

     41,848        326,085  

Check Point Software Technologies Ltd.*

     2,158        322,448  

Nice Ltd.*

     1,090        243,735  
     

 

 

 

TOTAL ISRAEL

      $ 1,178,142  

ITALY – 0.6%

     

FinecoBank Banca Fineco SpA

     220,955        3,384,979  

JAPAN – 13.2%

     

77 Bank Ltd. (The)

     7,164        202,528  

ABC-Mart, Inc.

     12,068        240,374  

ADEKA Corp.

     26,600        552,767  

ARE Holdings, Inc.

     33,300        430,422  

Asahi Group Holdings Ltd.

     18,745        641,247  

ASKUL Corp.

     41,767        630,777  

Astellas Pharma, Inc.

     232,727        2,233,691  

BIPROGY Inc.

     18,948        551,224  

BML, Inc.

     13,200        243,816  

Canon Marketing Japan, Inc.

     19,682        540,810  

Casio Computer Co. Ltd.

     32,700        272,433  

Chugai Pharmaceutical Co. Ltd.

     20,398        648,735  

Dai-ichi Life Holdings, Inc.

     36,299        840,723  

Daiichi Sankyo Co. Ltd.

     56,450        1,899,978  

Daito Trust Construction Co. Ltd.

     5,100        546,691  

Dentsu Soken, Inc.

     9,270        307,097  

dip Corp.

     33,019        558,027  

en Japan, Inc.

     30,900        513,712  

Fuji Corp.

     35,300        592,171  

Fuso Chemical Co. Ltd.

     20,398        523,888  

Future Corp.

     76,300        769,742  

Hikari Tsushin, Inc.

     3,424        556,475  

Hitachi Ltd.

     11,922        1,099,932  

Honda Motor Co. Ltd.

     91,007        1,035,440  

Isuzu Motors Ltd.

     294,307        3,729,710  

ITOCHU Corp.

     19,463        878,069  

Japan Post Holdings Co. Ltd.

     30,350        291,460  

JGC Holdings Corp.

     36,608        352,871  

Kamigumi Co. Ltd.

     10,400        224,594  

KDDI Corp.

     132,092        3,665,394  

Keyence Corp.

     2,502        1,100,304  

KH Neochem Co. Ltd.

     33,874        520,127  

Kirin Holdings Co. Ltd.

     42,836        625,303  

Koa Corp.

     22,309        230,093  

 

  

 

 

ANNUAL REPORT / April 30, 2024


13      PORTFOLIOS OF INVESTMENTS

 

Wilmington International Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

Kokuyo Co. Ltd.

     17,900      $ 305,807  

Kyowa Kirin Co. Ltd.

     28,121        472,260  

LaSalle Logiport REIT

     629        630,875  

Lintec Corp.

     20,200        402,707  

Marui Group Co. Ltd.

     36,123        551,738  

Mebuki Financial Group, Inc.

     68,330        241,726  

MEITEC Group Holdings, Inc.

     17,609        328,408   

MISUMI Group, Inc.

     37,299        606,402  

Mitsubishi Corp.

     44,361        1,014,517  

Mitsubishi Estate Co. Ltd.

     28,725        526,377  

Mitsubishi Gas Chemical Co., Inc.

     23,274        411,815  

Mitsubishi UFJ Financial Group, Inc.

     429,833        4,281,720  

MS&AD Insurance Group Holdings, Inc.

     31,209        561,108  

NET One Systems Co. Ltd.

     37,400        625,800  

Nichicon Corp.

     29,300        248,032  

Nikon Corp.

     45,100        466,304  

Nippon Shinyaku Co. Ltd.

     14,900        412,287  

Nippon Telegraph & Telephone Corp.

     542,498        585,715  

NOF Corp.

     29,043        389,639  

OKUMA Corp.

     4,200        188,639  

Open Up Group, Inc.

     39,200        496,579  

Optorun Co. Ltd.

     28,320        347,906  

OSG Corp.

     30,000        386,889  

Persol Holdings Co. Ltd.

     246,700        341,262  

Recruit Holdings Co. Ltd.

     18,537        798,340  

Rohm Co. Ltd.

     43,908        631,171  

Roland Corp.

     14,604        397,006  

San-In Godo Bank Ltd. (The)

     34,522        268,907  

Sankyu, Inc.

     10,800        374,432  

Sega Sammy Holdings, Inc.

     48,194        630,810  

Sekisui Chemical Co. Ltd.

     36,208        526,756  

Sekisui House Ltd.

     24,499        562,996  

Shimamura Co. Ltd.

     8,549        421,439  

Shin-Etsu Chemical Co. Ltd.

     46,054        1,782,701  

Shionogi & Co. Ltd.

     9,699        452,951  

SoftBank Group Corp.

     13,232        650,758  

Sony Group Corp.

     35,269        2,915,031  

Square Enix Holdings Co. Ltd.

     9,708        350,917  

Stanley Electric Co. Ltd.

     2,500        44,242  

Sumitomo Mitsui Financial Group, Inc.

     16,339        928,117  

Sumitomo Mitsui Trust Holdings, Inc.

     39,776        836,284  

Suzuki Motor Corp.

     52,567        612,184  

T&D Holdings, Inc.

     27,294        445,365  

TechnoPro Holdings, Inc.

     27,087        461,384  

THK Co. Ltd.

     17,579        383,558  

Tokio Marine Holdings, Inc.

     82,406        2,604,557  

Tokyo Electron Ltd.

     14,785        3,243,029  

Toyota Motor Corp.

     136,360        3,110,180  

Ushio, Inc.

     48,600        639,277  

Yamaha Corp.

     24,259        511,215  

Yamaha Motor Co. Ltd.

     304,346        2,838,703  

Yamato Holdings Co. Ltd.

     17,600        232,438  
     

 

 

 

TOTAL JAPAN

      $  70,529,885  

JORDAN – 0.3%

     

Hikma Pharmaceuticals PLC

     76,392        1,834,215  
 Description   

Number of

Shares

     Value  

KAZAKHSTAN – 0.3%

     

Kaspi.KZ JSC

     13,629      $ 1,604,951  

MACAO – 0.3%

     

Galaxy Entertainment Group Ltd.

     52,843        237,101  

Sands China Ltd.*

     495,600        1,168,945  
     

 

 

 

TOTAL MACAO

      $ 1,406,046  

MALAYSIA – 0.1%

     

Malayan Banking Bhd

     356,644        726,721   

MEXICO – 0.4%

     

Corp Inmobiliaria Vesta SAB de CV, ADR

     34,427        1,222,503  

Grupo Financiero Banorte SAB de CV, Class O

     82,800        821,293  
     

 

 

 

TOTAL MEXICO

      $ 2,043,796  

NETHERLANDS – 2.4%

     

ASML Holding NV

     3,878        3,377,786  

Heineken NV#

     18,228        1,773,942  

ING Groep NV

     151,255        2,391,383  

Koninklijke KPN NV

     613,958        2,231,204  

Koninklijke Philips NV*

     70,480        1,871,680  

Wolters Kluwer NV

     9,545        1,428,948  
     

 

 

 

TOTAL NETHERLANDS

      $  13,074,943  

NEW ZEALAND – 0.1%

     

Fisher & Paykel Healthcare Corp. Ltd.

     16,909        283,187  

Xero Ltd.*

     3,652        283,535  
     

 

 

 

TOTAL NEW ZEALAND

      $ 566,722  

NORWAY – 1.0%

     

DNB Bank ASA

     100,165        1,745,792  

Equinor ASA

     139,399        3,709,181  
     

 

 

 

TOTAL NORWAY

      $ 5,454,973  

PERU – 0.2%

     

Credicorp Ltd.

     7,371        1,220,711  

PHILIPPINES – 0.2%

     

Ayala Land, Inc.

     1,605,300        795,781  

POLAND – 0.3%

     

Allegro.eu SA*

     210,104        1,751,450  

PORTUGAL – 0.3%

     

Jeronimo Martins SGPS SA

     72,945        1,500,606  

SINGAPORE – 0.7%

     

CapitaLand Ascendas REIT

     185,320        351,037  

DBS Group Holdings Ltd.

     31,501        801,926  

Grab Holdings Ltd., Class A*

     346,723        1,213,531  

Keppel Ltd.

     50,292        251,556  

Oversea-Chinese Banking Corp. Ltd.

     59,789        620,704  

Singapore Telecommunications Ltd.

     191,454        332,034  
     

 

 

 

TOTAL SINGAPORE

      $ 3,570,788  

SOUTH AFRICA – 2.0%

     

Anglo American PLC

     198,213        6,477,101  

Naspers Ltd., Class N

     22,886        4,379,869  
     

 

 

 

TOTAL SOUTH AFRICA

      $ 10,856,970  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      14  

 

Wilmington International Fund (continued)

 

 Description   

Number of

Shares

     Value  

SOUTH KOREA – 3.5%

     

BGF retail Co. Ltd.

     5,240      $ 494,005  

Coupang, Inc.*

     80,537        1,812,082  

Hanon Systems

     156,766        627,826  

HD Hyundai Marine Solution Co. Ltd.*

     1,731        104,454  

Hyundai Motor Co.

     13,767        2,476,352  

Samsung Electronics Co. Ltd.

     142,207        7,904,809  

SK Hynix, Inc.

     33,060        4,079,792  

SK Telecom Co. Ltd.

     26,978        997,695  
     

 

 

 

TOTAL SOUTH KOREA

      $  18,497,015   

SPAIN – 1.7%

     

Bankinter SA

     222,700        1,760,257  

Iberdrola SA

     212,470        2,605,217  

Industria de Diseno Textil SA#

     105,879        4,820,769  
     

 

 

 

TOTAL SPAIN

      $ 9,186,243  

SWEDEN – 1.3%

     

AAK AB

     60,863        1,565,490  

Alfa Laval AB#

     43,145        1,836,888  

Trelleborg AB, Class B

     45,695        1,610,403  

Volvo AB, Class B

     72,903        1,855,614  
     

 

 

 

TOTAL SWEDEN

      $ 6,868,395  

SWITZERLAND – 3.5%

     

ABB Ltd.

     44,599        2,166,996  

Alcon, Inc.

     18,909        1,449,882  

DSM-Firmenich AG*

     15,631        1,753,087  

Novartis AG

     89,946        8,729,939  

UBS Group AG

     171,131        4,494,462  
     

 

 

 

TOTAL SWITZERLAND

      $ 18,594,366  

TAIWAN – 4.9%

     

Advantech Co. Ltd.

     135,000        1,570,242  

ASPEED Technology, Inc.

     19,600        1,835,246  

Realtek Semiconductor Corp.

     192,000        3,028,831  

Taiwan Semiconductor Manufacturing Co. Ltd.

     690,000        16,521,200  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     13,459        1,848,459  

Unimicron Technology Corp.

     307,000        1,697,718  
     

 

 

 

TOTAL TAIWAN

      $ 26,501,696  

THAILAND – 0.4%

     

Central Pattana PCL

     215,400        367,252  

PTT Exploration & Production PCL

     382,400        1,608,127  
     

 

 

 

TOTAL THAILAND

      $ 1,975,379  

TURKEY – 0.2%

     

KOC Holding AS

     177,965        1,242,036  

UNITED ARAB EMIRATES – 1.4%

 

Abu Dhabi Islamic Bank PJSC

     1,611,547        4,899,561  

Americana Restaurants International PLC

     1,744,707        1,579,675  

Burjeel Holdings PLC

     1,214,589        970,482  
     

 

 

 

TOTAL UNITED ARAB EMIRATES

      $ 7,449,718  

UNITED KINGDOM – 10.2%

     

AstraZeneca PLC

     19,999        3,024,828  

Babcock International Group PLC

     393,418        2,489,562  
 Description   

Number of

Shares

     Value  

BAE Systems PLC

     316,564      $ 5,265,161  

Beazley PLC

     194,237        1,607,072  

British American Tobacco PLC

     67,179        1,972,126  

Bunzl PLC

     52,343        2,007,239  

Genuit Group PLC

     260,360        1,407,179  

HSBC Holdings PLC

     271,823        2,356,149  

John Wood Group PLC*

     871,094        1,607,366  

National Grid PLC

     240,157        3,150,178  

Next PLC

     19,363        2,171,715  

QinetiQ Group PLC

     398,945        1,702,574  

Reckitt Benckiser Group PLC

     72,711        4,065,054  

Rotork PLC

     473,530        1,903,561  

RS Group PLC

     191,593        1,755,148  

Serco Group PLC

     583,065        1,329,798  

Smith & Nephew PLC

     177,198        2,146,870  

Smiths Group PLC

     162,822        3,282,487  

Standard Chartered PLC

     219,581        1,886,539  

Tate & Lyle PLC

     303,951        2,491,980  

Tesco PLC

     562,485        2,076,734  

Unilever PLC

     96,046        4,968,537  
     

 

 

 

TOTAL UNITED KINGDOM

      $ 54,667,857   

UNITED STATES – 3.9%

     

CRH PLC

     19,952        1,544,684  

CSL Ltd.

     6,084        1,080,982  

CyberArk Software Ltd.*

     446        106,705  

GFL Environmental, Inc.

     4,375        139,610  

GSK PLC

     156,596        3,248,885  

Haleon PLC

     428,929        1,811,514  

James Hardie Industries PLC, CDI*

     9,265        318,512  

Monday.com Ltd.*

     300        56,799  

Nestle SA

     25,570        2,567,233  

Philip Morris International, Inc.

     39,359        3,736,743  

QIAGEN NV*

     67,527        2,819,365  

Roche Holding AG

     14,280        3,421,691  

Roche Holding AG

     307        80,759  
     

 

 

 

TOTAL UNITED STATES

      $ 20,933,482  
     

 

 

 

TOTAL COMMON STOCKS

(Cost $409,589,632)

      $ 491,861,471  

EXCHANGE-TRADED FUNDS – 4.1%

 

iShares MSCI India ETF

     422,700        22,128,345  
     

 

 

 

TOTAL EXCHANGE-TRADED FUNDS

(Cost $19,146,366)

      $ 22,128,345  

PREFERRED STOCK – 0.3%

     

CHILE – 0.3%

     

Embotelladora Andina SA, 4.82%

     577,190        1,632,280  
     

 

 

 

TOTAL PREFERRED STOCK

(Cost $1,259,044)

      $ 1,632,280  

MONEY MARKET FUND – 2.8%

     

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     14,900,710        14,900,710  
     

 

 

 

TOTAL MONEY MARKET FUND

(Cost $14,900,710)

      $ 14,900,710  

 

  

 

 

ANNUAL REPORT / April 30, 2024


15      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington International Fund (continued)

 

 Description    Par Value      Value  

CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN – 2.2%

 

REPURCHASE AGREEMENTS – 2.2%

 

Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $930,371, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $948,839.

   $ 930,234      $ 930,234   

BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $2,230,429.

     2,186,695        2,186,695  

HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $2,143,277, collateralized by U.S. Government Agency Securities, 2.50% to

3.00%, maturing 4/20/43 to 10/20/51; total market value of $2,185,820.

     2,142,961        2,142,961  

Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $2,231,253.

     2,186,695        2,186,695  
 Description    Par Value      Value  

RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $2,230,429.

   $ 2,186,695      $ 2,186,695   

TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $2,187,018, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $2,230,429.

     2,186,695        2,186,695  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $11,819,975)

 

   $ 11,819,975  
     

 

 

 

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN

(Cost $11,819,975)

 

 

   $ 11,819,975  
     

 

 

 
TOTAL INVESTMENTS – 101.1% (Cost $456,715,727)       $  542,342,781  
COLLATERAL FOR SECURITIES ON LOAN – (2.2%)

 

     (11,819,975

OTHER ASSETS LESS LIABILITIES – 1.1%

 

     5,938,733  
     

 

 

 

TOTAL NET ASSETS – 100.0%

      $  536,461,539  
     

 

 

 
 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets and liabilities carried at fair value:

 

     Level 1      Level 2     Level 3      Total  

Assets

                 

Investments in Securities

                 

Common Stocks

                 

Australia

   $        $ 16,626,742            $            $ 16,626,742  

Austria

                  6,900,366                   6,900,366  

Belgium

              4,460,330                   4,460,330  

Brazil

     7,681,458                            7,681,458  

Canada

      34,221,897                            34,221,897  

Cayman Islands

     1,089,326                            1,089,326  

China

     9,196,245          24,178,232                   33,374,477  

Denmark

              5,017,203                   5,017,203  

Finland

              2,218,791                   2,218,791  

France

              43,252,579                   43,252,579  

Germany

              24,006,628                   24,006,628  

Greece

              2,424,770                   2,424,770  

Hong Kong

     62,188          7,585,773                   7,647,961  

Hungary

              3,347,876                   3,347,876  

India

     4,682,777                            4,682,777  

Indonesia

              3,355,887                   3,355,887  

Ireland

              4,134,537                   4,134,537  

Israel

     322,448          855,694                   1,178,142  

Italy

              3,384,979                   3,384,979  

Japan

               70,529,885                    70,529,885  

Jordan

              1,834,215                   1,834,215  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      16  

 

Wilmington International Fund (continued)

 

     Level 1      Level 2     Level 3      Total  

Kazakhstan

   $ 1,604,951        $        $—      $ 1,604,951  

Macao

              1,406,046               1,406,046  

Malaysia

              726,721               726,721  

Mexico

     2,043,796                        2,043,796  

Netherlands

              13,074,943               13,074,943  

New Zealand

              566,722               566,722  

Norway

              5,454,973               5,454,973  

Peru

     1,220,711                        1,220,711  

Philippines

              795,781               795,781  

Poland

              1,751,450               1,751,450  

Portugal

              1,500,606               1,500,606  

Singapore

     1,213,531          2,357,257               3,570,788  

South Africa

              10,856,970               10,856,970  

South Korea

     1,812,082          16,684,933               18,497,015  

Spain

              9,186,243               9,186,243  

Sweden

              6,868,395               6,868,395  

Switzerland

              18,594,366               18,594,366  

Taiwan

     1,848,459          24,653,237               26,501,696  

Thailand

              1,975,379               1,975,379  

Turkey

              1,242,036               1,242,036  

United Arab Emirates

              7,449,718               7,449,718  

United Kingdom

              54,667,857               54,667,857  

United States

     5,584,541          15,348,941               20,933,482  

Exchange-Traded Funds

     22,128,345                        22,128,345  

Preferred Stock

                 

Chile

     1,632,280                        1,632,280  

Money Market Fund

     14,900,710                        14,900,710  

Repurchase Agreements

              11,819,975               11,819,975  
  

 

 

      

 

 

      

 

    

 

 

 

Total Investments in Securities

   $ 111,245,745            $ 431,097,036             $—           $ 542,342,781  
  

 

 

      

 

 

      

 

    

 

 

 

Liabilities

                 

Other Financial Instruments!

                 

Financial Futures Contracts

   $ (4,480      $        $—      $ (4,480
  

 

 

      

 

 

      

 

    

 

 

 

Total Liabilities - Other Financial Instruments

   $ (4,480      $        $—      $ (4,480
  

 

 

      

 

 

      

 

    

 

 

 

 

!

Other financial instruments are derivative instruments, such as financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

¢

Country classifications are based on primary country of risk.

 

#

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

 

*

Non-income producing security.

 

^

7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

 

ADR    American Depositary Receipt
CDI    CREST Depository Interest
ETF    Exchange-Traded Fund
MSCI    Morgan Stanley Capital International
OYJ    Public Limited Company
PCL    Public Company Limited
PLC    Public Limited Company
REIT    Real Estate Investment Trust
SCA    Limited Partnership With Share Capital
SpA    Societa per Azioni

 

  

 

 

ANNUAL REPORT / April 30, 2024


17      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington International Fund (concluded)

At April 30, 2024, the International Fund had open financial futures contracts as follows: 

 

  Underlying Contracts to Buy/Sell   

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Notional

Value

    

Unrealized

Appreciation(a)

     Unrealized
(Depreciation)
(a)
 

LONG POSITIONS:

                                                     

EXCHANGE-TRADED:

                                                     

SPI 200 Index

     June 2024        89      $ 11,081,293      $ 11,076,813        $—        $(4,480

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS

                                         $—        $(4,480

 

(a) 

The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2024. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

 

 

 

 

April 30, 2024 / ANNUAL REPORT


18

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Global Alpha Equities Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
Common Stocks    Total Net Assets

Insurance

   7.6%

Pharmaceuticals

   6.8%

Banks

   5.7%

Software

   4.5%

Oil, Gas & Consumable Fuels

   3.8%

Semiconductors & Semiconductor Equipment

   3.4%

Capital Markets

   3.4%

Interactive Media & Services

   3.2%

Health Care Providers & Services

   3.1%

Machinery

   2.7%

Professional Services

   2.4%

Hotels, Restaurants & Leisure

   2.3%

Aerospace & Defense

   2.2%

Chemicals

   2.2%

Trading Companies & Distributors

   2.2%

Broadline Retail

   1.9%

Beverages

   1.8%

Specialty Retail

   1.8%

Financial Services

   1.8%

Commercial Services & Supplies

   1.8%

Consumer Staples Distribution & Retail

   1.8%

Technology Hardware, Storage & Peripherals

   1.7%

IT Services

   1.7%

Health Care Equipment & Supplies

   1.6%

Ground Transportation

   1.5%

Multi-Utilities

   1.4%

Food Products

   1.3%

Household Durables

   1.2%

Household Products

   1.2%

Automobiles

   1.1%

Media

   1.1%

Electronic Equipment, Instruments & Components

   1.0%

Wireless Telecommunication Services

   1.0%

Diversified Telecommunication Services

   1.0%

Electric Utilities

   1.0%

Metals & Mining

   1.0%

Tobacco

   0.9%

Entertainment

   0.9%

Life Sciences Tools & Services

   0.9%

Specialized REITs

   0.8%

Communications Equipment

   0.8%

Consumer Finance

   0.8%

Automobile Components

   0.7%

Building Products

   0.7%

Gas Utilities

   0.7%

Air Freight & Logistics

   0.6%

Passenger Airlines

   0.6%

Textiles, Apparel & Luxury Goods

   0.6%

Construction & Engineering

   0.6%

Distributors

   0.5%

Real Estate Management & Development

   0.5%

Personal Care Products

   0.4%
     Percentage of
Common Stocks    Total Net Assets

Industrial Conglomerates

       0.4 %

Leisure Products

       0.3 %

Construction Materials

       0.3 %

Containers & Packaging

       0.3 %

Retail REITs

       0.2 %

Energy Equipment & Services

       0.2 %

Biotechnology

       0.2 %

Electrical Equipment

       0.1 %

Paper & Forest Products

       0.1 %

Diversified REITs

       0.1 %

Water Utilities

       0.1 %

Office REITs

       0.1 %

Industrial REITs

       0.1 %

Transportation Infrastructure

       0.0 %(1)

Marine Transportation

       0.0 %(1)

Preferred Stock

       0.3 %

Exchange-Traded Funds

       0.1 %

Warrants

       0.0 %(1)

Cash Equivalents(2)

       3.2 %

Other Assets and Liabilities - Net(3)

       (2.3 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 
 

 

 

 

ANNUAL REPORT / April 30, 2024


19      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington Global Alpha Equities Fund (continued)

 

     Percentage of
Country Allocation    Total Net Assets

Common Stocks

    

United States

       51.4 %

Japan

       11.9 %

United Kingdom

       5.8 %

France

       5.3 %

Canada

       4.1 %

China

       3.5 %

Germany

       3.1 %

Switzerland

       2.4 %

Netherlands

       1.7 %

Italy

       1.5 %

Hong Kong

       1.2 %

All other countries less than 1.0%

       6.8 %

Preferred Stocks

       0.3 %

Exchange-Traded Funds

       0.1 %

Warrants

       0.0 %(1)

Cash Equivalents(2)

       3.2 %

Other Assets and Liabilities - Net(3)

       (2.3 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 

 
(1) 

Represents less than 0.05%.

 

(2) 

Cash Equivalents include investments in a money market fund.

 

(3) 

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Number of

Shares

     Value  

COMMON STOCKS – 98.7%

     

AEROSPACE & DEFENSE – 2.2%

 

  

Airbus SE

     3,403      $ 559,990  

Austal Ltd.

     39,976        59,128  

Babcock International Group PLC

     13,995        88,561  

BAE Systems PLC

     85,466         1,421,489  

BWX Technologies, Inc.

     9,589        918,338  

General Dynamics Corp.

     518        148,713  

Lockheed Martin Corp.

     1,061        493,291  

Northrop Grumman Corp.

     1,291        626,174  

Rheinmetall AG*

     788        434,223  
     

 

 

 

TOTAL AEROSPACE & DEFENSE

 

   $ 4,749,907   

AIR FREIGHT & LOGISTICS – 0.6%

 

  

C.H. Robinson Worldwide, Inc.

     260        18,460  

DSV A/S

     2,525        358,725  

Expeditors International of Washington, Inc.

     4,063        452,252  

Sankyu, Inc.

     2,401        83,242  

SG Holdings Co. Ltd.

     3,467        40,582  

United Parcel Service, Inc., Class B

     742        109,430  

Yamato Holdings Co. Ltd.

     12,337        162,931  

ZTO Express Cayman, Inc.

     4,028        85,514  
     

 

 

 

TOTAL AIR FREIGHT & LOGISTICS

 

   $ 1,311,136  

AUTOMOBILE COMPONENTS – 0.7%

 

  

Continental AG

     1,655        107,263  

Fuyao Glass Industry Group Co. Ltd., Class H

     68,455        409,844  
 Description   

Number of

Shares

     Value  

Hankook Tire & Technology Co. Ltd.

     2,084      $ 88,429  

Hyundai Mobis Co. Ltd.

     885        144,785  

NOK Corp.

     2,353        34,053  

Nokian Renkaat OYJ

     8,663        75,532  

Stanley Electric Co. Ltd.

     7,587        134,267  

Sumitomo Electric Industries Ltd.

     9,577        148,025  

Sumitomo Rubber Industries Ltd.

     8,771        106,461  

Tachi-S Co. Ltd.

     4,181        53,040  

Tokai Rika Co. Ltd.

     4,640        63,180  

Toyota Boshoku Corp.

     1,910        28,246  

TS Tech Co. Ltd.

     6,546        80,602  

Unipres Corp.

     6,411        47,431  

Valeo SE

     7,329        92,884  
     

 

 

 

TOTAL AUTOMOBILE COMPONENTS

 

   $ 1,614,042   

AUTOMOBILES – 1.1%

 

  

Dongfeng Motor Group Co. Ltd., Class H

     101,471        36,798  

Honda Motor Co. Ltd.

     40,452        460,246  

Isuzu Motors Ltd.

     72,749        921,938  

Mercedes-Benz Group AG

     4,387        331,837  

Nissan Motor Co. Ltd.

     38,198        139,793  

Renault SA

     2,970        147,114  

Subaru Corp.

     6,059        135,291  

Suzuki Motor Corp.

     11,701        136,267  

Yamaha Motor Co. Ltd.

     9,554        89,112  
     

 

 

 

TOTAL AUTOMOBILES

      $  2,398,396  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      20  

 

Wilmington Global Alpha Equities Fund (continued)

 

 Description   

Number of

Shares

     Value  

BANKS – 5.7%

     

77 Bank Ltd. (The)

     1,600      $ 45,233  

ABN AMRO Bank NV

     12,073        193,392  

AIB Group PLC

     25,751        133,292  

Axis Bank Ltd., GDR

     7,860        549,572  

Banco Bradesco SA, ADR

     66,489        179,520  

Bank of America Corp.

     16,450        608,815  

Bank of Ireland Group PLC

     12,367        131,949  

Bank of Nova Scotia (The)

     12,220        560,647  

Bank of Nova Scotia (The)

     10,619        487,412  

BNP Paribas SA

     3,733        268,634  

BPER Banca SpA

     35,902        186,446  

CIMB Group Holdings Bhd

     63,794        88,165  

Dah Sing Financial Holdings Ltd.

     15,131        42,381  

DGB Financial Group, Inc.

     10,915        66,673  

DNB Bank ASA

     24,888        433,777  

Erste Group Bank AG

     4,685        218,485  

FinecoBank Banca Fineco SpA

     99,406        1,522,877   

First Citizens BancShares, Inc., Class A

     219        369,400  

HDFC Bank Ltd., ADR

     16,007        922,003  

HSBC Holdings PLC

     57,017        494,221  

ING Groep NV

     14,123        223,288  

JPMorgan Chase & Co.

     2,868        549,910  

Kasikornbank PCL

     35,470        124,510  

Kasikornbank PCL, NVDR

     18,550        65,116  

KB Financial Group, Inc., ADR

     4,272        230,560  

Mebuki Financial Group, Inc.

     15,239        53,910  

Mitsubishi UFJ Financial Group, Inc.

     59,563        593,328  

Mizuho Financial Group, Inc.

     10,956        211,770  

PNC Financial Services Group, Inc. (The)

     2,067        316,788  

Resona Holdings, Inc.

     23,801        150,512  

Royal Bank of Canada

     6,051        585,430  

San-In Godo Bank Ltd. (The)

     7,718        60,119  

Sberbank of Russia PJSC, ADR*,(1)

     3,982         

Security Bank Corp.

     34,622        42,761  

Shinhan Financial Group Co. Ltd., ADR

     6,962        234,968  

Societe Generale SA

     9,370        252,475  

Standard Chartered PLC

     30,280        260,152  

Sumitomo Mitsui Trust Holdings, Inc.

     19,010        399,682  

Tochigi Bank Ltd. (The)

     9,160        20,608  

Unicaja Banco SA

     67,863        88,646  

UniCredit SpA

     12,175        446,876  
     

 

 

 

TOTAL BANKS

      $  12,414,303  

BEVERAGES – 1.8%

     

Asahi Group Holdings Ltd.

     4,109        140,565  

Cia Cervecerias Unidas SA

     13,053        80,081  

Coca-Cola Co. (The)

     6,349        392,178  

Coca-Cola Icecek AS

     3,645        81,696  

Diageo PLC

     19,109        660,401  

Embotelladora Andina SA, Class B, ADR

     5,668        94,939  

Heineken NV

     7,919        770,674  

Kirin Holdings Co. Ltd.

     26,835        391,727  

Monster Beverage Corp.*

     5,047        269,762  

PepsiCo., Inc.

     2,774        487,974  

Pernod Ricard SA

     2,875        434,821  

Suntory Beverage & Food Ltd.

     2,189        71,220  
 Description   

Number of

Shares

     Value  

Tsingtao Brewery Co. Ltd., Class H

     14,313      $ 103,145  
     

 

 

 

TOTAL BEVERAGES

      $  3,979,183  

BIOTECHNOLOGY – 0.2%

     

Keymed Biosciences, Inc.*

     9,822        42,155  

Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd.*

     700        14,889  

United Therapeutics Corp.*

     1,240        290,569  

Zai Lab Ltd., ADR*

     2,584        40,827  
     

 

 

 

TOTAL BIOTECHNOLOGY

      $ 388,440  

BROADLINE RETAIL – 1.9%

     

Alibaba Group Holding Ltd.

     31,884        298,532  

Alibaba Group Holding Ltd., ADR

     7,767        581,360  

Amazon.com, Inc.*

     16,942        2,964,850  

ASKUL Corp.

     14,336        216,506  

Seria Co. Ltd.

     5,100        86,451  
     

 

 

 

TOTAL BROADLINE RETAIL

      $ 4,147,699  

BUILDING PRODUCTS – 0.7%

     

AGC, Inc.

     1,609        59,492  

Assa Abloy AB, Class B

     16,426        433,998  

Builders FirstSource, Inc.*

     1,709        312,439  

Cie de Saint-Gobain SA

     3,235        255,832  

Lennox International, Inc.

     1,093        506,518  
     

 

 

 

TOTAL BUILDING PRODUCTS

      $ 1,568,279   

CAPITAL MARKETS – 3.4%

     

Ares Management Corp., Class A

     9,101        1,211,252  

Cboe Global Markets, Inc.

     235        42,570  

Charles Schwab Corp. (The)

     4,663        344,829  

CME Group, Inc.

     806        168,970  

CSC Financial Co. Ltd., Class H

     261,779        199,772  

Deutsche Boerse AG

     920        177,369  

Hong Kong Exchanges & Clearing Ltd.

     13,331        423,585  

Houlihan Lokey, Inc.

     3,447        439,458  

Intercontinental Exchange, Inc.

     1,279        164,684  

Intermediate Capital Group PLC

     17,597        458,647  

Japan Exchange Group, Inc.

     1,182        27,683  

KKR & Co., Inc.

     6,966        648,326  

London Stock Exchange Group PLC

     3,965        437,102  

MarketAxess Holdings, Inc.

     82        16,407  

Moody’s Corp.

     419        155,168  

Morgan Stanley

     5,907        536,592  

Nasdaq, Inc.

     4,582        274,233  

S&P Global, Inc.

     1,721        715,643  

SEI Investments Co.

     252        16,619  

UBS Group AG

     30,794        808,751  
     

 

 

 

TOTAL CAPITAL MARKETS

      $ 7,267,660  

CHEMICALS – 2.2%

     

ADEKA Corp.

     5,916        122,939  

Air Liquide SA

     816        159,592  

Asahi Kasei Corp.

     4,069        28,370  

BASF SE

     3,970        208,014  

Celanese Corp.

     2,331        358,065  

China BlueChemical Ltd., Class H

     120,320        38,197  

Element Solutions, Inc.

     10,928        252,765  

 

  

 

 

ANNUAL REPORT / April 30, 2024


21      PORTFOLIOS OF INVESTMENTS

 

Wilmington Global Alpha Equities Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

EMS-Chemie Holding AG

     51      $ 40,690  

Evonik Industries AG

     6,832        142,383  

FMC Corp.

     7,964        469,956  

Fuso Chemical Co. Ltd.

     4,401        113,032  

Givaudan SA

     34        145,410  

KH Neochem Co. Ltd.

     11,295        173,432  

Linde PLC

     2,377        1,048,162   

Lintec Corp.

     4,483        89,373  

LyondellBasell Industries NV, Class A

     449        44,886  

Mitsubishi Gas Chemical Co., Inc.

     13,195        233,475  

Nippon Shokubai Co. Ltd.

     5,280        50,187  

Nissan Chemical Corp.

     466        15,885  

NOF Corp.

     6,459        86,653  

Sherwin-Williams Co. (The)

     1,125        337,061  

Shin-Etsu Chemical Co. Ltd.

     10,930        423,089  

Symrise AG

     991        106,227  
     

 

 

 

TOTAL CHEMICALS

      $ 4,687,843  

COMMERCIAL SERVICES & SUPPLIES – 1.8%

 

Aeon Delight Co. Ltd.

     2,744        64,902  

Cintas Corp.

     856        563,539  

Clean Harbors, Inc.*

     3,242        614,197  

Copart, Inc.*

     29,246        1,588,350  

Kokuyo Co. Ltd.

     3,969        67,807  

Prosegur Cia de Seguridad SA

     25,833        45,802  

Rollins, Inc.

     528        23,528  

Secom Co. Ltd.

     1,723        119,684  

Waste Connections, Inc.

     4,646        753,070  
     

 

 

 

TOTAL COMMERCIAL SERVICES & SUPPLIES

 

   $ 3,840,879  

COMMUNICATIONS EQUIPMENT – 0.8%

 

Arista Networks, Inc.*

     303        77,738  

Cisco Systems, Inc.

     18,832        884,727  

Motorola Solutions, Inc.

     1,639        555,867  

Nokia OYJ

     33,875        123,147  

Telefonaktiebolaget LM Ericsson, Class B

     26,704        135,520  
     

 

 

 

TOTAL COMMUNICATIONS EQUIPMENT

 

   $ 1,776,999  

CONSTRUCTION & ENGINEERING – 0.6%

 

Bouygues SA

     1,421        52,371  

Chiyoda Corp.*

     8,451        23,303  

Ferrovial SE

     472        16,976  

Fugro NV

     3,881        94,135  

Implenia AG

     540        19,746  

JGC Holdings Corp.

     16,160        155,769  

Obayashi Corp.

     1,037        11,574  

Vinci SA

     7,096        831,481  
     

 

 

 

TOTAL CONSTRUCTION & ENGINEERING

 

   $ 1,205,355  

CONSTRUCTION MATERIALS – 0.3%

 

Heidelberg Materials AG

     2,640        265,678  

Holcim AG*

     1,958        163,900  

Imerys SA

     1,783        57,295  

Semen Indonesia Persero Tbk PT

     250,710        71,915  

Taiheiyo Cement Corp.

     3,676        84,079  

Vicat SACA

     1,562        57,666  
     

 

 

 

TOTAL CONSTRUCTION MATERIALS

      $ 700,533  
 Description   

Number of

Shares

     Value  

CONSUMER FINANCE – 0.8%

 

American Express Co.

     4,673      $ 1,093,622   

Credit Acceptance Corp.*

     869        446,423  

Marui Group Co. Ltd.

     8,036        122,741  

Vanquis Banking Group PLC

     16,623        9,968  
     

 

 

 

TOTAL CONSUMER FINANCE

      $ 1,672,754  

CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.8%

 

Alimentation Couche-Tard, Inc.

     19,460        1,078,559  

Atacadao SA

     49,148        105,819  

Carrefour SA

     9,914        166,785  

Costco Wholesale Corp.

     137        99,037  

J Sainsbury PLC

     32,988        108,207  

Koninklijke Ahold Delhaize NV

     5,551        168,496  

Performance Food Group Co.*

     14,564        988,604  

Tesco PLC

     3,707        13,687  

Tsuruha Holdings, Inc.

     1,402        88,500  

Walmart, Inc.

     17,021        1,010,196  
     

 

 

 

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

      $ 3,827,890  

CONTAINERS & PACKAGING – 0.3%

 

Ball Corp.

     3,498        243,356  

Nampak Ltd.*

     671        6,368  

Silgan Holdings, Inc.

     6,901        322,001  
     

 

 

 

TOTAL CONTAINERS & PACKAGING

 

   $ 571,725  

DISTRIBUTORS – 0.5%

 

Genuine Parts Co.

     315        49,521  

LKQ Corp.

     25,831        1,114,091  
     

 

 

 

TOTAL DISTRIBUTORS

      $ 1,163,612  

DIVERSIFIED REITS – 0.1%

 

British Land Co. PLC (The)

     13,060        62,977  

Land Securities Group PLC

     8,948        72,318  

Nomura Real Estate Master Fund, Inc.

     68        65,003  
     

 

 

 

DIVERSIFIED REITS

      $ 200,298  

DIVERSIFIED TELECOMMUNICATION SERVICES – 1.0%

 

BT Group PLC

     97,592        124,801  

China Tower Corp. Ltd., Class H

     888,000        103,949  

Deutsche Telekom AG

     4,704        107,748  

Elisa OYJ

     1,060        47,795  

Koninklijke KPN NV

     125,048        454,441  

KT Corp., ADR

     10,904        137,826  

LG Uplus Corp.

     5,609        39,838  

Magyar Telekom Telecommunications PLC, ADR

     3,659        46,103  

Nippon Telegraph & Telephone Corp.

     247,396        267,104  

Orange Polska SA

     44,519        86,057  

Orange SA

     30,264        336,847  

Proximus SADP

     10,293        75,836  

Swisscom AG

     192        105,333  

Telefonica Brasil SA

     13,296        122,216  

Telia Co. AB

     13,443        30,750  

Verizon Communications, Inc.

     3,778        149,193  
     

 

 

 

TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES

 

   $ 2,235,837  

ELECTRIC UTILITIES – 1.0%

 

American Electric Power Co., Inc.

     5,103        439,011  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      22  

 

Wilmington Global Alpha Equities Fund (continued)

 

 Description   

Number of

Shares

     Value  

Duke Energy Corp.

     6,218      $ 610,980  

Edison International

     5,980        424,939  

Exelon Corp.

     12,646        475,237  

Iberdrola SA

     16,901        207,233  

Redeia Corp. SA

     3,023        50,465  
     

 

 

 

TOTAL ELECTRIC UTILITIES

      $ 2,207,865  

ELECTRICAL EQUIPMENT – 0.1%

 

AMETEK, Inc.

     327        57,114  

Cosel Co. Ltd.

     5,304        49,440  

Ushio, Inc.

     14,368        188,995  

Zumtobel Group AG

     2,314        14,790  
     

 

 

 

TOTAL ELECTRICAL EQUIPMENT

      $ 310,339  

ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS – 1.0%

 

Alps Alpine Co. Ltd.

     7,505        67,746  

Amphenol Corp., Class A

     1,338        161,590  

Canon Marketing Japan, Inc.

     4,378        120,296  

CDW Corp.

     301        72,800  

Flex Ltd.*

     22,665        649,352  

Foxconn Technology Co. Ltd.

     25,817        48,659  

Halma PLC

     2,713        74,355  

Jabil, Inc.

     3,087        362,290  

Keyence Corp.

     858        377,323   

Koa Corp.

     4,959        51,147  

Maxell Ltd.

     5,831        57,530  

Nichicon Corp.

     6,500        55,024  

Nippon Chemi-Con Corp.*

     4,361        44,076  

PAX Global Technology Ltd.

     39,767        33,272  

Shimadzu Corp.

     2,849        77,402  
     

 

 

 

TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS

 

   $ 2,252,862  

ENERGY EQUIPMENT & SERVICES – 0.2%

 

China Oilfield Services Ltd., Class H

     290,973        311,140  

John Wood Group PLC*

     34,793        64,201  

Trican Well Service Ltd.

     12,606        38,276  
     

 

 

 

TOTAL ENERGY EQUIPMENT & SERVICES

      $ 413,617  

ENTERTAINMENT – 0.9%

     

Avex, Inc.

     5,220        42,977  

Capcom Co. Ltd.

     1,749        28,793  

DeNA Co. Ltd.

     5,938        59,891  

NetEase, Inc., ADR

     1,794        167,685  

NetEase, Inc.

     17,736        332,455  

Netflix, Inc.*

     1,119        616,166  

Nintendo Co. Ltd.

     4,069        198,441  

Spotify Technology SA*

     1,504        421,782  

Square Enix Holdings Co. Ltd.

     2,160        78,078  

Universal Music Group NV

     2,490        73,244  
     

 

 

 

TOTAL ENTERTAINMENT

      $ 2,019,512  

FINANCIAL SERVICES – 1.8%

     

Berkshire Hathaway, Inc., Class B*

     2,063        818,454  

Corpay, Inc.*

     1,767        533,881  

Edenred SE

     3,115        147,813  

Fiserv, Inc.*

     73        11,145  

Investor AB, Class B

     826        20,231  
 Description   

Number of

Shares

     Value  

Jack Henry & Associates, Inc.

     164      $ 26,681  

Mastercard, Inc., Class A

     2,436        1,099,123  

Mitsubishi HC Capital, Inc.

     10,391        67,293  

Visa, Inc., Class A

     4,275        1,148,308  
     

 

 

 

TOTAL FINANCIAL SERVICES

      $ 3,872,929   

FOOD PRODUCTS – 1.3%

 

Astral Foods Ltd.*

     6,058        47,658  

Barry Callebaut AG

     11        17,776  

Campbell Soup Co.

     437        19,975  

Chocoladefabriken Lindt & Spruengli AG

     7        80,633  

Conagra Brands, Inc.

     1,075        33,088  

Danone SA

     738        46,189  

General Mills, Inc.

     1,317        92,796  

Hershey Co. (The)

     337        65,351  

Hormel Foods Corp.

     678        24,110  

J.M. Smucker Co. (The)

     237        27,219  

JDE Peet’s NV

     620        13,776  

Kellanova

     614        35,526  

Kerry Group PLC, Class A

     598        51,463  

Kraft Heinz Co. (The)

     1,932        74,595  

McCormick & Co., Inc.

     561        42,670  

MEIJI Holdings Co. Ltd.

     2,521        56,406  

Mondelez International, Inc., Class A

     2,055        147,837  

Nestle SA

     7,081        710,934  

Nissin Foods Holdings Co. Ltd.

     3,262        87,048  

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT

     336,634        17,886  

Tate & Lyle PLC

     13,475        110,476  

Thai Union Group PCL, Class F

     174,758        70,034  

Tyson Foods, Inc., Class A

     9,731        590,185  

Ulker Biskuvi Sanayi AS*

     28,891        101,812  

WH Group Ltd.

     179,191        130,243  

Yihai International Holding Ltd.

     39,229        80,858  
     

 

 

 

TOTAL FOOD PRODUCTS

      $ 2,776,544  

GAS UTILITIES – 0.7%

 

Atmos Energy Corp.

     7,338        865,150  

China Gas Holdings Ltd.

     39,259        36,760  

Enagas SA

     1,855        27,206  

ENN Energy Holdings Ltd.

     8,669        73,863  

Kunlun Energy Co. Ltd.

     213,264        206,734  

Osaka Gas Co. Ltd.

     5,953        132,370  

Snam SpA

     14,677        67,151  
     

 

 

 

TOTAL GAS UTILITIES

      $ 1,409,234  

GROUND TRANSPORTATION – 1.5%

 

ALD SA

     11,977        78,767  

Canadian National Railway Co.

     10,633        1,290,573  

Central Japan Railway Co.

     5,584        127,695  

East Japan Railway Co.

     2,495        45,731  

Knight-Swift Transportation Holdings, Inc.

     12,402        573,344  

TFI International, Inc.

     1,395        181,670  

Tobu Railway Co. Ltd.

     268        5,317  

Uber Technologies, Inc.*

     8,637        572,374  

U-Haul Holding Co.

     4,713        289,001  

West Japan Railway Co.

     435        8,257  
     

 

 

 

TOTAL GROUND TRANSPORTATION

 

   $ 3,172,729  

 

  

 

 

ANNUAL REPORT / April 30, 2024


23      PORTFOLIOS OF INVESTMENTS

 

Wilmington Global Alpha Equities Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

HEALTH CARE EQUIPMENT & SUPPLIES – 1.6%

 

Abbott Laboratories

     5,851      $ 620,030  

Asahi Intecc Co. Ltd.

     305        4,469  

Becton Dickinson & Co.

     142        33,313  

Coloplast A/S, Class B

     890        107,303  

Hoya Corp.

     815        94,491  

ICU Medical, Inc.*

     2,843        278,387  

IDEXX Laboratories, Inc.*

     234        115,306  

Koninklijke Philips NV*

     10,237        271,856  

Medtronic PLC

     11,118        892,108  

Paramount Bed Holdings Co. Ltd.

     2,601        44,317  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

     226,538        153,626  

Siemens Healthineers AG

     1,303        72,261  

Solventum Corp.*

     1        49  

Stryker Corp.

     2,433        818,705  

Sysmex Corp.

     1,966        31,437  
     

 

 

 

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

 

   $  3,537,658  

HEALTH CARE PROVIDERS & SERVICES – 3.1%

 

Alfresa Holdings Corp.

     5,035        74,616  

BML, Inc.

     5,976        110,382  

Cencora, Inc.

     380        90,839  

Chemed Corp.

     363        206,184  

Fresenius SE & Co. KGaA

     5,698        170,030  

HCA Healthcare, Inc.

     4,400        1,363,208  

McKesson Corp.

     1,261        677,422  

Molina Healthcare, Inc.*

     3,502        1,198,034  

Netcare Ltd.

     103,731        62,817  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     61,500        87,395  

UnitedHealth Group, Inc.

     5,327        2,576,670   
     

 

 

 

TOTAL HEALTH CARE PROVIDERS & SERVICES

 

   $ 6,617,597  

HOTELS, RESTAURANTS & LEISURE – 2.3%

 

Booking Holdings, Inc.

     136        469,476  

Choice Hotels International, Inc.

     2,464        291,393  

Compass Group PLC

     21,143        588,066  

Darden Restaurants, Inc.

     2,455        376,622  

DraftKings, Inc., Class A*

     10,933        454,375  

Flutter Entertainment PLC*

     2,060        381,633  

La Francaise des Jeux SAEM

     783        29,507  

Marriott International, Inc., Class A

     2,185        515,944  

McDonald’s Corp.

     3,392        926,152  

McDonald’s Holdings Co. Japan Ltd.

     1,408        61,936  

Meituan, Class B*

     44,257        604,309  

Trip.com Group Ltd., ADR*

     1,682        81,173  

Yum! Brands, Inc.

     630        88,987  
     

 

 

 

TOTAL HOTELS, RESTAURANTS & LEISURE

      $ 4,869,573  

HOUSEHOLD DURABLES – 1.2%

 

Casio Computer Co. Ltd.

     7,268        60,552  

Coway Co. Ltd.

     2,357        94,437  

Crest Nicholson Holdings PLC

     22,271        51,410  

Garmin Ltd.

     343        49,553  

Lennar Corp., Class A

     2,316        351,152  

Nikon Corp.

     15,385        159,071  

NVR, Inc.*

     117        870,345  
 Description   

Number of

Shares

     Value  

Rinnai Corp.

     4,970      $ 107,687  

Sekisui Chemical Co. Ltd.

     13,280        193,198  

Sekisui House Ltd.

     11,920        273,926  

Sony Group Corp.

     4,239        350,359  
     

 

 

 

TOTAL HOUSEHOLD DURABLES

      $ 2,561,690  

HOUSEHOLD PRODUCTS – 1.2%

 

Church & Dwight Co., Inc.

     557        60,095  

Colgate-Palmolive Co.

     4,141        380,641  

Henkel AG & Co. KGaA

     2,196        157,911  

Procter & Gamble Co. (The)

     5,508        898,905  

Reckitt Benckiser Group PLC

     18,055        1,009,401  

Unicharm Corp.

     1,648        48,967  
     

 

 

 

TOTAL HOUSEHOLD PRODUCTS

      $  2,555,920  

INDUSTRIAL CONGLOMERATES – 0.4%

 

3M Co.

     951        91,781  

CK Hutchison Holdings Ltd.

     23,897        116,062  

Hikari Tsushin, Inc.

     761        123,679  

Honeywell International, Inc.

     2,839        547,161  
     

 

 

 

TOTAL INDUSTRIAL CONGLOMERATES

 

   $ 878,683  

INDUSTRIAL REITS – 0.1%

 

LaSalle Logiport REIT

     140        140,417  

INSURANCE – 7.6%

 

Admiral Group PLC

     1,316        44,793  

Ageas SA

     4,362        200,222  

AIA Group Ltd.

     208,069        1,523,972   

Allianz SE

     2,488        706,057  

Arthur J. Gallagher & Co.

     4,214        988,984  

AXA SA

     28,475        983,856  

Baloise Holding AG

     294        44,427  

Brown & Brown, Inc.

     543        44,276  

Caixa Seguridade Participacoes S/A

     23,028        69,404  

China Pacific Insurance Group Co. Ltd., Class H

     102,496        224,577  

China Reinsurance Group Corp., Class H

     887,141        63,156  

Chubb Ltd.

     2,353        585,050  

Dai-ichi Life Holdings, Inc.

     15,306        354,503  

Enstar Group Ltd.*

     1,198        347,863  

Everest Group Ltd.

     1,044        382,532  

Gjensidige Forsikring ASA

     857        13,740  

Globe Life, Inc.

     8,130        619,262  

Intact Financial Corp.

     9,826        1,615,028  

Japan Post Holdings Co. Ltd.

     6,790        65,206  

Japan Post Insurance Co. Ltd.

     4,920        92,368  

Markel Group, Inc.*

     407        593,569  

Marsh & McLennan Cos., Inc.

     3,309        659,914  

MS&AD Insurance Group Holdings, Inc.

     30,210        543,147  

Muenchener Rueckversicherungs AG

     476        209,349  

NN Group NV

     4,275        197,210  

Old Mutual Ltd.

     157,698        92,655  

PICC Property & Casualty Co. Ltd., Class H

     507,039        629,937  

Principal Financial Group, Inc.

     7,449        589,514  

Progressive Corp. (The)

     2,887        601,218  

Prudential PLC

     19,443        169,103  

Sampo OYJ, Class A

     3,212        130,354  

Swiss Life Holding AG

     44        29,689  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      24  

 

 Wilmington Global Alpha Equities Fund (continued)

 

 Description    Number of
Shares
     Value  

T&D Holdings, Inc.

     63,163      $ 1,030,652  

Talanx AG

     9,981        750,716  

Tokio Marine Holdings, Inc.

     25,904        818,732  

Tongyang Life Insurance Co. Ltd.

     7,202        27,624  

Travelers Cos., Inc. (The)

     436        92,502  

Tryg A/S

     2,602        51,499  

Willis Towers Watson PLC

     234        58,767  

Zurich Insurance Group AG

     401        194,103  
     

 

 

 

TOTAL INSURANCE

      $  16,439,530  

INTERACTIVE MEDIA & SERVICES – 3.2%

 

  

Alphabet, Inc., Class A*

     17,721        2,884,624  

Alphabet, Inc., Class C*

     4,211        693,299  

Baidu, Inc., Class A*

     6,995        90,624  

Kanzhun Ltd., ADR

     13,335        263,900  

Meta Platforms, Inc., Class A

     3,277        1,409,667  

Tencent Holdings Ltd.

     36,135        1,585,720  
     

 

 

 

TOTAL INTERACTIVE MEDIA & SERVICES

 

   $ 6,927,834   

IT SERVICES – 1.7%

 

  

Accenture PLC, Class A

     4,062        1,222,296  

BIPROGY Inc

     4,166        121,195  

Capgemini SE

     2,782        584,724  

Cognizant Technology Solutions Corp., Class A

     8,656        568,526  

Dentsu Soken, Inc.

     2,062        68,310  

Future Corp.

     17,834        179,916  

Gartner, Inc.*

     940        387,835  

International Business Machines Corp.

     1,093        181,657  

NET One Systems Co. Ltd.

     8,288        138,680  

Nomura Research Institute Ltd.

     772        18,681  

Obic Co. Ltd.

     609        78,236  

Otsuka Corp.

     1,364        27,127  
     

 

 

 

TOTAL IT SERVICES

      $ 3,577,183  

LEISURE PRODUCTS – 0.3%

 

  

Bandai Namco Holdings, Inc.

     4,321        80,739  

Hasbro, Inc.

     292        17,899  

Roland Corp.

     3,257        88,541  

Sega Sammy Holdings, Inc.

     19,983        261,557  

Shimano, Inc.

     889        144,474  

Yamaha Corp.

     5,397        113,732  
     

 

 

 

TOTAL LEISURE PRODUCTS

      $ 706,942  

LIFE SCIENCES TOOLS & SERVICES – 0.9%

 

Agilent Technologies, Inc.

     653        89,487  

Danaher Corp.

     4,362        1,075,756  

ICON PLC*

     1,579        470,353  

Mettler-Toledo International, Inc.*

     96        118,051  

Thermo Fisher Scientific, Inc.

     139        79,052  
     

 

 

 

TOTAL LIFE SCIENCES TOOLS & SERVICES

 

   $ 1,832,699  

MACHINERY – 2.7%

 

  

Amada Co. Ltd.

     8,120        88,687  

Daimler Truck Holding AG

     5,246        236,575  

Deere & Co.

     1,224        479,086  

Duerr AG

     2,710        69,326  

Fortive Corp.

     2,992        225,208  

Fuji Corp.

     7,803        130,898  
 Description    Number of
Shares
     Value  

Graco, Inc.

     2,964      $ 237,713  

Hino Motors Ltd.*

     15,212        44,406  

Hisaka Works Ltd.

     2,780        18,981  

IDEX Corp.

     1,822        401,678  

Kone OYJ, Class B

     14,647        713,997  

Kubota Corp.

     14,140        226,802  

Makino Milling Machine Co. Ltd.

     1,034        41,476  

Makita Corp.

     4,421        127,992  

MISUMI Group, Inc.

     8,310        135,103  

Nachi-Fujikoshi Corp.

     2,000        43,232  

Nordson Corp.

     114        29,434  

OKUMA Corp.

     2,113        94,903  

OSG Corp.

     12,858        165,821  

PACCAR, Inc.

     6,700        710,937  

Schindler Holding AG

     55        13,401  

Schindler Holding AG

     289        72,035  

SKF AB, Class B

     11,328        232,882  

SMC Corp.

     226        118,733  

Snap-on, Inc.

     88        23,580  

Spirax-Sarco Engineering PLC

     550        60,521  

Sumitomo Heavy Industries Ltd.

     3,820        106,451  

Tadano Ltd.

     6,210        49,832  

THK Co. Ltd.

     10,290        224,519  

Tsubakimoto Chain Co.

     1,405        48,371  

Volvo AB, Class B

     21,801        554,905  
     

 

 

 

TOTAL MACHINERY

      $  5,727,485   

MARINE TRANSPORTATION – 0.0%**

 

Kuehne + Nagel International AG

     28        7,400  

MEDIA – 1.1%

     

Cable One, Inc.

     287        113,035  

Dentsu Group, Inc.

     4,260        115,247  

Hakuhodo DY Holdings, Inc.

     11,120        103,430  

Megacable Holdings SAB de CV

     30,999        90,478  

Metropole Television SA

     4,832        68,237  

Nippon Television Holdings, Inc.

     9,862        143,959  

Omnicom Group, Inc.

     6,870        637,811  

Publicis Groupe SA

     5,878        648,618  

RTL Group SA

     2,365        72,901  

Television Francaise 1 SA

     11,139        101,715  

TV Asahi Holdings Corp.

     7,279        95,465  

WPP PLC

     20,368        204,152  
     

 

 

 

TOTAL MEDIA

      $ 2,395,048  

METALS & MINING – 1.0%

 

Anglo American PLC

     4,343        141,918  

ARE Holdings, Inc.

     7,386        95,468  

Barrick Gold Corp.

     8,458        140,573  

BHP Group Ltd., ADR

     5,075        279,937  

Centamin PLC

     54,200        81,846  

Centerra Gold, Inc.

     10,619        64,640  

Dowa Holdings Co. Ltd.

     2,740        102,605  

Endeavour Mining PLC

     3,421        71,494  

Ferrexpo PLC*

     40,914        25,895  

Fresnillo PLC

     12,798        88,636  

Maruichi Steel Tube Ltd.

     2,737        70,474  

Neturen Co. Ltd.

     5,335        35,717  

 

  

 

 

ANNUAL REPORT / April 30, 2024


25      PORTFOLIOS OF INVESTMENTS

 

Wilmington Global Alpha Equities Fund (continued)

 

  

 Description    Number of
Shares
     Value  

Norsk Hydro ASA

     3,686      $ 22,652  

OceanaGold Corp.

     27,474        59,472  

Rio Tinto PLC

     12,184        824,379  
     

 

 

 

TOTAL METALS & MINING

 

   $  2,105,706  

MULTI-UTILITIES – 1.4%

     

Engie SA

     134,832        2,340,767   

National Grid PLC

     54,830        719,214  
     

 

 

 

TOTAL MULTI-UTILITIES

 

   $ 3,059,981  

OFFICE REITS – 0.1%

     

Japan Real Estate Investment Corp.

     20        67,823  

Nippon Building Fund, Inc.

     23        87,878  
     

 

 

 

TOTAL OFFICE REITS

 

   $ 155,701  

OIL, GAS & CONSUMABLE FUELS – 3.8%

 

ARC Resources Ltd.

     4,717        85,421  

BP PLC

     61,323        395,266  

Chevron Corp.

     3,980        641,855  

ConocoPhillips

     5,151        647,069  

Coterra Energy, Inc.

     39,990        1,094,126  

Diamondback Energy, Inc.

     2,496        502,020  

Enbridge, Inc.

     14,695        522,515  

Eni SpA

     30,450        489,079  

Equinor ASA

     24,073        640,543  

Exxon Mobil Corp.

     2,042        241,507  

Shell PLC

     36,662        1,303,283  

TotalEnergies SE

     23,014        1,670,787  

Ultrapar Participacoes SA

     8,109        40,556  

Williams Cos., Inc. (The)

     269        10,319  
     

 

 

 

TOTAL OIL, GAS & CONSUMABLE FUELS

 

   $ 8,284,346  

PAPER & FOREST PRODUCTS – 0.1%

 

Mondi PLC

     7,669        145,338  

UPM-Kymmene OYJ

     2,609        91,433  
     

 

 

 

TOTAL PAPER & FOREST PRODUCTS

 

   $ 236,771  

PASSENGER AIRLINES – 0.6%

 

Delta Air Lines, Inc.

     8,200        410,574  

easyJet PLC

     21,464        143,767  

Japan Airlines Co. Ltd.

     4,517        80,036  

Ryanair Holdings PLC, ADR

     3,293        448,506  

Southwest Airlines Co.

     7,632        197,974  
     

 

 

 

TOTAL PASSENGER AIRLINES

 

   $ 1,280,857  

PERSONAL CARE PRODUCTS – 0.4%

 

Beiersdorf AG

     719        108,068  

Kao Corp.

     1,189        49,049  

Unilever PLC

     14,449        747,459  
     

 

 

 

TOTAL PERSONAL CARE PRODUCTS

 

   $ 904,576  

PHARMACEUTICALS – 6.8%

     

Almirall SA

     8,369        76,380  

Astellas Pharma, Inc.

     22,875        219,552  

AstraZeneca PLC

     10,166        1,537,597  

AstraZeneca PLC, ADR

     5,353        406,186  

Bristol-Myers Squibb Co.

     2,103        92,406  

Chugai Pharmaceutical Co. Ltd.

     12,439        395,608  

Daiichi Sankyo Co. Ltd.

     7,268        244,624  
 Description    Number of
Shares
     Value  

Eisai Co. Ltd.

     999      $ 41,028  

Eli Lilly & Co.

     595        464,754  

Genomma Lab Internacional SAB de CV, Class B

     103,501        100,415  

GSK PLC

     54,908        1,139,172  

Johnson & Johnson

     7,993        1,155,708  

Kissei Pharmaceutical Co. Ltd.

     1,523        34,898  

Kyowa Kirin Co. Ltd.

     6,252        104,995  

Merck & Co., Inc.

     12,878        1,664,095  

Merck KGaA

     4,703        747,314  

Nippon Shinyaku Co. Ltd.

     3,267        90,399  

Novartis AG

     31,516        3,058,866  

Novo Nordisk A/S, Class B

     1,400        179,539  

Ono Pharmaceutical Co. Ltd.

     5,882        84,721  

Otsuka Holdings Co. Ltd.

     3,641        155,678  

Pfizer, Inc.

     37,606        963,466  

Roche Holding AG

     1,966        471,082  

Roche Holding AG

     253        66,554  

Sanofi SA

     2,447        241,746  

Shionogi & Co. Ltd.

     2,143        100,080  

Takeda Pharmaceutical Co. Ltd.

     11,953        314,150  

Zoetis, Inc.

     3,788        603,201  
     

 

 

 

TOTAL PHARMACEUTICALS

 

   $  14,754,214   

PROFESSIONAL SERVICES – 2.4%

 

Adecco Group AG

     3,835        134,158  

Automatic Data Processing, Inc.

     2,549        616,578  

Bureau Veritas SA

     20,269        591,158  

dip Corp.

     7,342        124,081  

en Japan, Inc.

     6,839        113,698  

Experian PLC

     17,347        699,673  

Hays PLC

     65,682        75,426  

MEITEC Group Holdings, Inc.

     3,940        73,481  

Open Up Group, Inc.

     8,699        110,197  

Pagegroup PLC

     13,285        73,825  

Paychex, Inc.

     782        92,909  

Persol Holdings Co. Ltd.

     130,560        180,605  

Recruit Holdings Co. Ltd.

     12,373        532,872  

RELX PLC

     5,409        222,239  

Science Applications International Corp.

     5,621        723,423  

SGS SA

     1,141        100,505  

SThree PLC

     7,191        38,001  

TechnoPro Holdings, Inc.

     6,026        102,643  

Transcosmos, Inc.

     1,270        27,454  

Wolters Kluwer NV

     3,758        562,597  
     

 

 

 

TOTAL PROFESSIONAL SERVICES

 

   $ 5,195,523  

REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.5%

 

CBRE Group, Inc., Class A*

     2,642        229,563  

CK Asset Holdings Ltd.

     28,727        122,537  

Daito Trust Construction Co. Ltd.

     1,377        147,607  

Daiwa House Industry Co. Ltd.

     1,469        41,336  

KE Holdings, Inc., ADR

     9,295        140,541  

Mitsubishi Estate Co. Ltd.

     13,577        248,795  

Swiss Prime Site AG

     551        50,875  

Wharf Holdings Ltd. (The)

     28,387        91,331  
     

 

 

 

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

 

   $ 1,072,585  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      26  

 

Wilmington Global Alpha Equities Fund (continued)

 

 Description    Number of
Shares
     Value  

RETAIL REITS – 0.2%

     

Japan Metropolitan Fund Invest

     114      $ 68,825  

Simon Property Group, Inc.

     2,605        366,081  
     

 

 

 

TOTAL RETAIL REITS

 

   $ 434,906  

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 3.4%

 

ams-OSRAM AG*

     40,263        48,358  

ASM Pacific Technology Ltd.

     5,617        69,806  

ASML Holding NV

     680        592,288  

Disco Corp.

     479        136,441  

Miraial Co. Ltd.

     1,980        18,597  

NVIDIA Corp.

     3,230        2,790,785  

NXP Semiconductors NV

     1,629        417,334  

Optorun Co. Ltd.

     6,342        77,910  

QUALCOMM, Inc.

     2,841        471,180  

Renesas Electronics Corp.

     17,300        280,879  

Rohm Co. Ltd.

     9,799        140,859  

Taiwan Semiconductor Manufacturing Co. Ltd.

     24,000        574,650  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     4,100        563,094  

Texas Instruments, Inc.

     6,992        1,233,529   
     

 

 

 

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

 

   $  7,415,710  

SOFTWARE – 4.5%

     

ANSYS, Inc.*

     192        62,377  

Cadence Design Systems, Inc.*

     268        73,869  

Constellation Software, Inc.

     820        2,111,146  

Dassault Systemes SE

     3,684        144,604  

Intuit, Inc.

     667        417,289  

Lumine Group, Inc.*

     1,068        29,255  

Microsoft Corp.

     13,942        5,428,039  

PTC, Inc.*

     1,196        212,218  

Roper Technologies, Inc.

     239        122,239  

Sage Group PLC (The)

     1,049        15,212  

Salesforce, Inc.

     1,879        505,338  

Synopsys, Inc.*

     368        195,257  

Topicus.com, Inc.

     515        41,970  

Trend Micro, Inc.

     912        44,942  

Tyler Technologies, Inc.*

     94        43,386  

Workday, Inc., Class A*

     973        238,122  
     

 

 

 

TOTAL SOFTWARE

      $ 9,685,263  

SPECIALIZED REITS – 0.8%

     

American Tower Corp.

     5,063        868,608  

Crown Castle, Inc.

     5,102        478,466  

Public Storage

     1,871        485,431  
     

 

 

 

TOTAL SPECIALIZED REITS

 

   $ 1,832,505  

SPECIALTY RETAIL – 1.8%

     

ABC-Mart, Inc.

     2,675        53,281  

AutoZone, Inc.*

     144        425,722  

CarMax, Inc.*

     2,587        175,838  

CECONOMY AG*

     12,893        29,699  

Home Depot, Inc. (The)

     1,734        579,537  

Industria de Diseno Textil SA

     11,479        522,650  

Kingfisher PLC

     37,208        114,613  

Nitori Holdings Co. Ltd.

     1,033        138,250  

O’Reilly Automotive, Inc.*

     674        682,937  
 Description    Number of
Shares
     Value  

Ross Stores, Inc.

     2,899      $ 375,565  

Shimamura Co. Ltd.

     1,902        93,763  

TJX Cos., Inc. (The)

     6,521        613,561  

USS Co. Ltd.

     6,693        51,130  

Xebio Holdings Co. Ltd.

     6,518        41,771  
     

 

 

 

TOTAL SPECIALTY RETAIL

 

   $  3,898,317  

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.7%

 

Apple, Inc.

     19,536        3,327,567  

Canon, Inc.

     5,698        154,218  

Catcher Technology Co. Ltd.

     14,221        94,992  

HP, Inc.

     1,257        35,309  

Quadient SA

     3,589        68,677  
     

 

 

 

TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS

 

   $ 3,680,763  

TEXTILES, APPAREL & LUXURY GOODS – 0.6%

 

Burberry Group PLC

     8,148        116,587  

Deckers Outdoor Corp.*

     58        47,471  

Hermes International SCA

     95        227,429  

Lululemon Athletica, Inc.*

     126        45,436  

NIKE, Inc., Class B

     5,963        550,146  

Sanyo Shokai Ltd.

     1,290        22,804  

Swatch Group AG - BR (The)

     720        151,280  

Yue Yuen Industrial Holdings Ltd.

     33,359        59,064   
     

 

 

 

TOTAL TEXTILES, APPAREL & LUXURY GOODS

 

   $ 1,220,217  

TOBACCO – 0.9%

     

British American Tobacco PLC

     13,824        405,821  

Japan Tobacco, Inc.

     6,376        171,525  

Philip Morris International, Inc.

     15,476        1,469,291  
     

 

 

 

TOTAL TOBACCO

      $ 2,046,637  

TRADING COMPANIES & DISTRIBUTORS – 2.2%

 

AerCap Holdings NV*

     13,614        1,150,247  

Brenntag SE

     18,421        1,470,058  

Fastenal Co.

     4,286        291,191  

ITOCHU Corp.

     13,523        610,087  

Marubeni Corp.

     1,145        20,400  

RS Group PLC

     81,322        744,976  

Sumitomo Corp.

     7,086        186,342  

Travis Perkins PLC

     9,278        86,845  

WW Grainger, Inc.

     96        88,449  
     

 

 

 

TOTAL TRADING COMPANIES & DISTRIBUTORS

 

   $ 4,648,595  

TRANSPORTATION INFRASTRUCTURE – 0.0%**

 

Kamigumi Co. Ltd.

     2,318        50,059  

WATER UTILITIES – 0.1%

 

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

     7,430        116,603  

Severn Trent PLC

     1,296        39,948  
     

 

 

 

TOTAL WATER UTILITIES

 

   $ 156,551  

WIRELESS TELECOMMUNICATION SERVICES – 1.0%

 

Empresa Nacional de Telecomunicaciones SA

     16,192        55,657  

KDDI Corp.

     38,103        1,057,312  

MTN Group Ltd.

     11,602        55,606  

SoftBank Corp.

     14,212        171,421  

T-Mobile US, Inc.

     5,241        860,415  

 

  

 

 

ANNUAL REPORT / April 30, 2024


27      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington Global Alpha Equities Fund (continued)

 

 Description    Number of
Shares
     Value  

VEON Ltd., ADR*

     2,051      $ 50,250  
     

 

 

 

TOTAL WIRELESS TELECOMMUNICATION SERVICES

 

   $ 2,250,661  
     

 

 

 

TOTAL COMMON STOCKS

(Cost $ 165,127,767)

 

 

   $  213,304,504  

EXCHANGE-TRADED FUNDS – 0.1%

 

EQUITY FUNDS – 0.1%

 

iShares Core MSCI EAFE ETF

     2,135        153,293  

Next Funds Topix ETF

     2,700        49,325  
     

 

 

 

TOTAL EXCHANGE-TRADED FUNDS

(Cost $ 181,796)

 

 

   $ 202,618  

PREFERRED STOCKS – 0.3%

 

CONSUMER DISCRETIONARY – 0.2%

 

Bayerische Motoren Werke AG 9.74%

     1,735        178,274  

Volkswagen AG 7.28%

     1,923        235,577  
     

 

 

 

TOTAL CONSUMER DISCRETIONARY

 

   $ 413,851  

CONSUMER STAPLES – 0.1%

 

Henkel AG & Co. KGaA 2.53%

     1,776        141,089  

ENERGY – 0.0%**

 

Raizen SA 6.31%

     154,000        90,752  
 Description    Number of
Shares
     Value  

MATERIALS – 0.0%**

 

Fuchs SE 3.16%

     1,608      $ 75,093  

TOTAL PREFERRED STOCKS

(Cost $ 678,306)

 

 

   $ 720,785  

WARRANTS – 0.0%

 

Constellation Software, Inc., Expire 03/31/40*,(1)

     905         
     

 

 

 

TOTAL WARRANTS

(Cost $ —)

      $  

MONEY MARKET FUND – 3.2%

     

Dreyfus Government Cash Management Fund, Institutional Shares 5.19%^

     6,881,198        6,881,198  
     

 

 

 

TOTAL MONEY MARKET FUND

(Cost $ 6,881,198)

 

 

   $ 6,881,198  
     

 

 

 

TOTAL INVESTMENTS – 102.3%

(COST $ 172,869,067)

 

 

   $  221,109,105  

OTHER ASSETS LESS LIABILITIES – (2.3)%

 

     (4,947,997
     

 

 

 

TOTAL NET ASSETS – 100.0%

 

   $ 216,161,108  
     

 

 

 
 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets and liabilities carried at fair value:

 

     Level 1      Level 2      Level 3     Total  

Assets

          

Investments in Securities

          

Common Stocks

          

Aerospace & Defense

   $  2,186,516      $  2,563,391      $     $  4,749,907  

Air Freight & Logistics

     580,142        730,994              1,311,136  

Automobile Components

            1,614,042              1,614,042  

Automobiles

            2,398,396              2,398,396  

Banks

     5,045,453        7,368,850        (a)      12,414,303  

Beverages

     1,324,934        2,654,249              3,979,183  

Biotechnology

     331,396        57,044              388,440  

Broadline Retail

     3,546,210        601,489              4,147,699  

Building Products

     818,957        749,322              1,568,279  

Capital Markets

     4,734,751        2,532,909              7,267,660  

Chemicals

     2,510,895        2,176,948              4,687,843  

Commercial Services & Supplies

     3,542,684        298,195              3,840,879  

Communications Equipment

     1,518,332        258,667              1,776,999  

Construction & Engineering

            1,205,355              1,205,355  

Construction Materials

            700,533              700,533  

Consumer Finance

     1,540,045        132,709              1,672,754  

Consumer Staples Distribution & Retail

     3,282,215        545,675              3,827,890  

Containers & Packaging

     565,357        6,368              571,725  

Distributors

     1,163,612                     1,163,612  

Diversified REITs

            200,298              200,298  

Diversified Telecommunication Services

     455,338        1,780,499              2,235,837  

Electric Utilities

     1,950,167        257,698              2,207,865  

Electrical Equipment

     57,114        253,225              310,339  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      28  

 

Wilmington Global Alpha Equities Fund (continued)

 

     Level 1      Level 2      Level 3   Total  

Electronic Equipment, Instruments & Components

   $ 1,246,032      $ 1,006,830      $     $ 2,252,862  

Energy Equipment & Services

     38,276        375,341              413,617  

Entertainment

     1,205,633        813,879              2,019,512  

Financial Services

     3,637,592        235,337              3,872,929  

Food Products

     1,153,352        1,623,192              2,776,544  

Gas Utilities

     865,150        544,084              1,409,234  

Ground Transportation

     2,906,962        265,767              3,172,729  

Health Care Equipment & Supplies

     2,757,898        779,760              3,537,658  

Health Care Providers & Services

     6,112,357        505,240              6,617,597  

Hotels, Restaurants & Leisure

     3,204,122        1,665,451              4,869,573  

Household Durables

     1,271,050        1,290,640              2,561,690  

Household Products

     1,339,641        1,216,279              2,555,920  

Industrial Conglomerates

     638,942        239,741              878,683  

Industrial REITs

            140,417              140,417  

Insurance

     7,247,883        9,191,647              16,439,530  

Interactive Media & Services

     5,251,490        1,676,344              6,927,834  

IT Services

     2,360,314        1,216,869              3,577,183  

Leisure Products

     17,899        689,043              706,942  

Life Sciences Tools & Services

     1,832,699                     1,832,699  

Machinery

     2,107,636        3,619,849              5,727,485  

Marine Transportation

            7,400              7,400  

Media

     841,324        1,553,724              2,395,048  

Metals & Mining

     616,116        1,489,590              2,105,706  

Multi-Utilities

            3,059,981              3,059,981  

Office REITs

            155,701              155,701  

Oil, Gas & Consumable Fuels

     3,785,388        4,498,958              8,284,346  

Paper & Forest Products

            236,771              236,771  

Passenger Airlines

     1,057,054        223,803              1,280,857  

Personal Care Products

            904,576              904,576  

Pharmaceuticals

     5,450,231        9,303,983              14,754,214  

Professional Services

     1,432,910        3,762,613              5,195,523  

Real Estate Management & Development

     370,104        702,481              1,072,585  

Retail REITs

     366,081        68,825              434,906  

Semiconductors & Semiconductor Equipment

     5,475,922        1,939,788              7,415,710  

Software

     9,480,505        204,758              9,685,263  

Specialized REITs

     1,832,505                     1,832,505  

Specialty Retail

     2,853,160        1,045,157              3,898,317  

Technology Hardware, Storage & Peripherals

     3,362,876        317,887              3,680,763  

Textiles, Apparel & Luxury Goods

     643,053        577,164              1,220,217  

Tobacco

     1,469,291        577,346              2,046,637  

Trading Companies & Distributors

     1,529,887        3,118,708              4,648,595  

Transportation Infrastructure

            50,059              50,059  

Water Utilities

     116,603        39,948              156,551  

Wireless Telecommunication Services

     966,322        1,284,339              2,250,661  

Exchange-Traded Funds

     153,293        49,325              202,618  

Preferred Stocks

     90,752        630,033              720,785  

Warrants

                   (a)       

Money Market Fund

     6,881,198                     6,881,198  
  

 

 

    

 

 

    

 

 

 

 

 

 

 

Total Investments in Securities

   $ 129,123,621      $ 91,985,484         $—     $ 221,109,105  
  

 

 

    

 

 

    

 

 

 

 

 

 

 

Other Financial Instruments!

          

Forward Foreign Currency Contracts

   $      $ 1,109,235        $—     $
1,109,235
 

 

  

 

 

ANNUAL REPORT / April 30, 2024


29      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington Global Alpha Equities Fund (continued)

 

     Level 1     Level 2     Level 3        Total  

Financial Futures Contracts

   $  2,502,049     $     $—      $  2,502,049  
  

 

 

   

 

 

   

 

    

 

 

 

Total Assets - Other Financial Instruments

   $ 2,502,049     $ 1,109,235     $—      $ 3,611,284  
  

 

 

   

 

 

   

 

    

 

 

 

Liabilities

           

Other Financial Instruments!

           

Financial Futures Contracts

   $ (731,372 )     $      $—      $ (731,372
  

 

 

   

 

 

   

 

    

 

 

 

Total Liabilities - Other Financial Instruments

   $ (731,372   $      $—       $ (731,372
  

 

 

   

 

 

   

 

    

 

 

 

 

(a) 

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

! 

Other financial instruments are derivative instruments, such as forward foreign currency contracts and financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

*

Non-income producing security.

 

**

Represents less than 0.05%.

 

^ 

7-Day net yield.

 

(1) 

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

The following acronyms are used throughout this Portfolio of Investments:

 

ADR

American Depositary Receipt

 

CAD

Canadian Dollar

 

ETF

Exchange-Traded Fund

 

EUR

Euro

 

GBP

British Pound Sterling

 

GDR

Global Depositary Receipt

 

JPY

Japanese Yen

 

MSCI

Morgan Stanley Capital International

 

NVDR

Non-Voting Depositary Receipt

 

OYJ

Public Limited Company

 

PCL

Public Company Limited

 

PLC

Public Limited Company

 

REIT

Real Estate Investment Trust

 

S&P

Standards & Poor’s

 

SCA

Limited Partnership With Share Capital

 

SpA

Societa per Azioni

At April 30, 2024, the Global Alpha Equities Fund had the following outstanding forward foreign currency contracts, which contractually obligates the Fund to deliver or receive currencies at specified future dates:

 

 Settlement Date    Counterparty     

Contracts to

Deliver/Receive

    

Contract

Amount

    

Contract

at Value

    

Unrealized

Appreciation

    

Unrealized

(Depreciation)

 

CONTRACTS SOLD

                                                     

6/20/2024

     BNP Paribas        7,066,000 EUR       $ 7,777,706       $ 7,556,856       $    220,850        $  

6/18/2024

     Morgan Stanley         1,285,800,000 JPY        8,739,769        8,213,864        525,905         

6/20/2024

     Morgan Stanley        5,445,000 GBP        7,018,509        6,805,620        212,889         

6/20/2024

     Citibank N.A.        8,975,000 CAD        6,666,724        6,524,951        141,773         

6/20/2024

     Morgan Stanley        42,695,000 HKD        5,474,089        5,466,271        7,818         

UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS

                                        $ 1,109,235        $—  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      30  

 

Wilmington Global Alpha Equities Fund (concluded)

At April 30, 2024, the Global Alpha Equities Fund had open financial futures contracts as follows:

 

 Underlying Contracts to Buy/Sell   

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Notional

Value

    

Unrealized

Appreciation(a)

    

Unrealized

(Depreciation)(a)

 

 LONG POSITIONS:

                                                     

 EXCHANGE-TRADED:

                                                     

 SPI 200 Index

     June 2024        18      $ 2,299,832      $ 2,240,254      $      $ (59,578

 SHORT POSITIONS:

                                                     

 EXCHANGE-TRADED:

                                                     

 E-Mini Russell 2000 Index

     June 2024        67        7,072,864        6,651,760        421,104         

 E-Mini S&P 500 Index

     June 2024        137        35,534,471        34,708,950        825,521         

 E-Mini S&P Mid 400 Index

     June 2024        21        6,272,209        6,042,120        230,089         

 Euro STOXX 50 Index

     June 2024        56        2,916,053        2,926,604               (10,551

 FTSE 100 Index

     June 2024        41        3,927,600        4,179,726               (252,126

 HSCE Index

     May 2024        147        5,728,124        5,909,916               (181,792

 MSCI EAFE Index

     June 2024        339        39,406,705        38,434,125        972,580         

 S&P TSX 60 Index

     June 2024        28        5,363,328        5,310,573        52,755         

 TOPIX Index

     June 2024        43        7,262,197        7,489,522               (227,325

UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS

                                       $ 2,502,049      $ (731,372

 

(a) 

The unrealized appreciation (depreciation) presented above is the cumulative change in unrealized appreciation (depreciation) from the date the contract was open through April 30, 2024. Only current day variation margin is reported on the Fund’s Statement of Assets and Liabilities.

See Notes which are an integral part of the Financial Statements

 

 

 

  

 

 

ANNUAL REPORT / April 30, 2024


31

 

  

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Real Asset Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

    

Percentage of

Total Net Assets

Commodity Related Securities:

    

Investment Companies

       48.0 %

Exchange-Traded Funds

       1.8 %

Real Estate Related Securities:

    

Real Estate Investment Trusts

       30.9 %

Exchange-Traded Funds

       8.0 %

Common Stocks

       7.3 %

Investment Companies

       2.5 %

Cash Equivalents(1)

       4.0 %

Cash Collateral Invested for Securities on Loan(2)

       1.4 %

Other Assets and Liabilities - Net(3)

       (3.9 )%
    

 

 

 

TOTAL

       100.0 %
    

 

 

 

 

(1) 

Cash Equivalents include investments in a money market fund.

(2) 

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

(3) 

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Number of

Shares

     Value  

REAL ESTATE RELATED SECURITIES – 48.7%

 

COMMON STOCKS – 7.3%

 

CONSTRUCTION & ENGINEERING – 0.0%**

 

Ashtrom Group Ltd.0

          $ 1  

DIVERSIFIED – 0.1%

     

Argosy Property Ltd.

     78,356        51,806  

Centuria Capital Group

     69,843        76,882  
     

 

 

 

TOTAL DIVERSIFIED

      $ 128,688   

DIVERSIFIED REAL ESTATE ACTIVITIES – 3.4%

 

Airport City Ltd.*

     5,513        84,708  

Allreal Holding AG

     1,360        219,643  

City Developments Ltd.

     45,500        203,928  

Daito Trust Construction Co. Ltd.

     5,700        611,008  

Daiwa House Industry Co. Ltd.

     58,600        1,648,940  

Heiwa Real Estate Co. Ltd.

     4,300        118,878  

Isras Investment Co. Ltd.

     124        23,663  

JINUSHI Co. Ltd.

     1,900        30,732  

Kerry Properties Ltd.

     65,000        126,010  

Lendlease Corp. Ltd.

     58,896        242,890  

Mitsubishi Estate Co. Ltd.

     115,800        2,122,002  

Mitsui Fudosan Co. Ltd.

     250,200        2,546,301  

New World Development Co. Ltd.

     124,000        131,682  

Nomura Real Estate Holdings, Inc.

     11,500        321,967  

Property & Building Corp. Ltd.*

     345        18,063  

SAMTY Co. Ltd.

     3,800        64,824  

Shun Tak Holdings Ltd.*

     224,000        22,186  
 Description   

Number of

Shares

     Value  

St. Joe Co. (The)

     3,145      $ 179,894  

Starts Corp., Inc.

     3,100        69,933  

Sumitomo Realty & Development Co. Ltd.

     42,300        1,463,746  

Sun Frontier Fudousan Co. Ltd.

     3,900        48,506  

Sun Hung Kai Properties Ltd.

     129,000        1,190,020  

Tokyo Tatemono Co. Ltd.

     18,500        307,839  

Tokyu Fudosan Holdings Corp.

     53,600        392,687  

UOL Group Ltd.

     40,500        172,925  

Wharf Holdings Ltd. (The)

     89,000        286,345  

YH Dimri Construction & Development Ltd.

     637        49,882   
     

 

 

 

TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES

 

   $  12,699,202  

OFFICE – 0.0%**

     

Precinct Properties Group

     137,618        94,717  

REAL ESTATE DEVELOPMENT – 0.5%

 

Aedas Homes SA

     1,862        37,210  

CK Asset Holdings Ltd.

     161,500        688,891  

DREAM Unlimited Corp., Class A

     3,356        43,880  

Forestar Group, Inc.*

     2,103        65,172  

Goldcrest Co. Ltd.

     1,500        24,179  

Henderson Land Development Co. Ltd.

     114,735        345,906  

Howard Hughes Holdings, Inc.*

     2,789        181,731  

Katitas Co. Ltd.

     4,800        57,830  

Lifestyle Communities Ltd.

     9,678        73,842  

Mirarth Holdings, Inc.

     11,700        35,875  

Nexity SA

     5,635        63,203  

Sino Land Co. Ltd.

     274,000        292,961  

Star Holdings*

     1,373        16,325  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      32  

 

Wilmington Real Asset Fund (continued)

 

 Description    Number of
Shares
     Value  

Tosei Corp.

     2,300      $ 35,907  
     

 

 

 

TOTAL REAL ESTATE DEVELOPMENT

 

   $  1,962,912  

REAL ESTATE OPERATING COMPANIES – 3.3%

 

Aeon Mall Co. Ltd.

     8,200        93,750   

Alony Hetz Properties & Investments Ltd.

     13,241        85,477  

Amot Investments Ltd.

     18,530        77,717  

Aroundtown SA*

     64,736        134,202  

Atrium Ljungberg AB, Class B

     6,191        109,426  

Aura Investments Ltd.

     18,173        70,357  

Azrieli Group Ltd.

     3,438        221,202  

Big Shopping Centers Ltd.*

     1,026        105,546  

Blue Square Real Estate Ltd.

     878        65,819  

CA Immobilien Anlagen AG

     4,455        144,907  

Capitaland India Trust

     86,834        63,455  

Capitaland Investment Ltd.

     232,400        449,428  

Castellum AB*

     36,293        431,232  

Catena AB

     2,801        122,585  

Cibus Nordic Real Estate AB publ

     6,754        87,965  

Citycon OYJ*

     7,281        29,788  

CTP NV

     9,505        161,240  

Deutsche Wohnen SE

     4,458        84,102  

DigitalBridge Group, Inc.

     12,599        207,128  

Dios Fastigheter AB

     11,065        84,540  

Electra Real Estate Ltd.

     5,139        49,953  

Entra ASA*

     6,908        63,574  

Fabege AB

     20,970        160,385  

Fastighets AB Balder, Class B*

     57,028        359,465  

FRP Holdings, Inc.*

     1,146        34,735  

G City, Ltd.*

     15,860        45,908  

Gav-Yam Lands Corp. Ltd.

     5,012        35,633  

Grainger PLC

     65,116        207,739  

Grand City Properties SA*

     8,002        89,364  

Hang Lung Group Ltd.

     79,000        93,744  

Hang Lung Properties Ltd.

     157,000        173,283  

Hongkong Land Holdings Ltd.

     99,700        318,559  

Hufvudstaden AB, Class A

     11,486        133,416  

Hulic Co. Ltd.

     52,200        481,005  

Hysan Development Co. Ltd.

     50,001        77,931  

Ichigo, Inc.

     23,500        63,301  

IMMOFINANZ AG*

     3,123        77,423  

Intershop Holding AG

     540        72,358  

Israel Canada T.R Ltd.

     21,299        78,458  

Keihanshin Building Co. Ltd.

     4,900        49,119  

Kennedy-Wilson Holdings, Inc.

     10,343        88,846  

Kojamo OYJ*

     15,835        174,926  

LEG Immobilien SE*

     6,349        538,956  

Leopalace21 Corp.

     25,000        82,742  

Mega Or Holdings Ltd.

     2,597        67,176  

Melisron Ltd.

     2,063        141,522  

Mivne Real Estate KD Ltd.

     51,091        122,809  

Mobimo Holding AG

     620        173,565  

NP3 Fastigheter AB

     3,830        80,217  

Nyfosa AB

     13,690        118,430  

Pandox AB

     7,952        122,973  

Platzer Fastigheter Holding AB, Class B

     8,600        69,521  

PSP Swiss Property AG

     3,919        484,472  

Sagax AB, Class B

     16,745        419,330  
 Description    Number of
Shares
     Value  

Sirius Real Estate Ltd.

     80,598      $ 98,029  

StorageVault Canada, Inc.

     20,835        71,586  

Summit Real Estate Holdings Ltd.

     2,479        29,849  

Swire Properties Ltd.

     88,200        182,412  

Swiss Prime Site AG

     6,660        614,937  

TAG Immobilien AG*

     14,769        209,981  

TKP Corp.*

     1,700        15,062  

TOC Co. Ltd.

     5,500        27,400  

Tricon Residential, Inc.

     22,218        248,866  

VGP NV

     1,140        124,030  

Vonovia SE

     70,277        2,030,726  

Wallenstam AB, Class B

     37,691        166,611  

Wharf Real Estate Investment Co. Ltd.

     132,000        409,532  

Wihlborgs Fastigheter AB

     24,243        203,051  
     

 

 

 

TOTAL REAL ESTATE OPERATING COMPANIES

 

   $  12,612,776   

RETAIL – 0.0%**

     

Kiwi Property Group Ltd.

     162,752        77,492  
     

 

 

 

TOTAL COMMON STOCKS
(COST $29,857,831)

 

   $ 27,575,788  

EXCHANGE-TRADED FUNDS – 8.0%

 

REAL ESTATE – 8.0%

 

Balanced Commercial Property Trust Ltd.

     64,435        62,722  

Schwab U.S. REIT ETF

     934,000        17,512,500  

Vanguard Global ex-U.S. Real Estate ETF#

     318,500        12,937,470  
     

 

 

 

TOTAL REAL ESTATE

      $ 30,512,692  
     

 

 

 

TOTAL EXCHANGE-TRADED FUNDS
(COST $30,492,405)

 

   $ 30,512,692  

INVESTMENT COMPANY – 2.5%

 

EQUITY FUNDS – 2.5%

     

Tortoise Energy Infrastructure Total Return Fund, Institutional Class

     620,446        9,685,167  
     

 

 

 

TOTAL INVESTMENT COMPANY
(COST $7,444,811)

 

   $ 9,685,167  

REAL ESTATE INVESTMENT TRUSTS – 30.9%

 

DATA CENTER – 2.5%

 

Digital Realty Trust, Inc.

     26,274        3,646,306  

Equinix, Inc.

     8,091        5,753,591  

Keppel DC REIT

     117,495        146,555  
     

 

 

 

TOTAL DATA CENTER

 

   $ 9,546,452  

DIVERSIFIED – 2.5%

     

ABRDN Property Income Trust Ltd.

     30,168        18,901  

Activia Properties, Inc.

     61        151,399  

AEW UK REIT PLC

     21,753        22,881  

Alexander & Baldwin, Inc.

     7,229        119,062  

American Assets Trust, Inc.

     4,162        88,859  

Armada Hoffler Properties, Inc.

     5,648        59,417  

Artis REIT

     9,473        44,728  

British Land Co. PLC (The)

     80,404        387,720  

Broadstone Net Lease, Inc.

     15,966        232,465  

Charter Hall Group

     40,521        307,726  

Charter Hall Long Wale REIT

     60,658        131,203  

Covivio SA

     4,089        203,534  

Cromwell European REIT

     48,300        76,714  

 

  

 

 

ANNUAL REPORT / April 30, 2024


33      PORTFOLIOS OF INVESTMENTS

 

Wilmington Real Asset Fund (continued)

 

  

 Description    Number of
Shares
     Value  

CTO Realty Growth, Inc.

     1,652      $ 28,662  

Custodian Property Income REIT PLC

     42,620        39,235  

Daiwa House REIT Investment Corp.

     180        302,360  

Empire State Realty Trust, Inc., Class A

     11,206        101,975  

Essential Properties Realty Trust, Inc.

     13,366        352,060  

Gladstone Commercial Corp.

     4,528        60,539  

Global Net Lease, Inc.

     16,773        116,572  

GPT Group (The)

     166,819        448,648  

Growthpoint Properties Australia Ltd.

     26,398        40,401  

H&R REIT

     12,857        84,054  

Hankyu Hanshin REIT, Inc.

     67        59,974  

Heiwa REIT, Inc.

     85        76,205  

Hulic REIT, Inc.

     110        105,131  

ICADE

     2,678        71,201  

KDX Realty Investment Corp.

     356        351,136  

Land Securities Group PLC

     64,392        520,420  

LondonMetric Property PLC

     177,449        433,138  

Merlin Properties Socimi SA

     28,879        324,864  

Mirvac Group

     349,883        458,441  

Mori Trust REIT, Inc.

     222        103,001  

NIPPON REIT Investment Corp.

     39        88,083  

Nomura Real Estate Master Fund, Inc.

     403        385,236  

NTT UD REIT Investment Corp.

     127        97,366  

One Liberty Properties, Inc.

     890        20,390  

Picton Property Income Ltd.

     63,920        52,681  

REIT 1 Ltd.

     18,315        73,610  

Schroder REIT Ltd.

     45,679        25,226  

Sekisui House REIT, Inc.

     364        186,513  

Sella Capital Real Estate Ltd.

     19,590        39,532  

Star Asia Investment Corp.

     211        82,316  

Stockland

     211,405        598,935  

Sunlight REIT

     139,000        29,852  

Suntec REIT

     186,000        146,639  

Takara Leben Real Estate Investment Corp.

     82        53,144  

Tokyu REIT, Inc.

     79        81,285  

Tosei REIT Investment Corp.

     51        44,956  

UK Commercial Property REIT Ltd.

     66,143        55,516  

United Urban Investment Corp.

     265        253,921  

WP Carey, Inc.

     18,971        1,040,370  

Yuexiu REIT

     325,000        35,954  
     

 

 

 

TOTAL DIVERSIFIED

      $  9,314,151  

HEALTH CARE – 2.8%

     

Aedifica SA

     4,074        260,319  

Assura PLC

     251,668        128,847  

CareTrust REIT, Inc.

     11,322        279,880  

Cofinimmo SA

     3,001        198,791  

Community Healthcare Trust, Inc.

     2,215        58,764  

Diversified Healthcare Trust

     21,807        51,464  

Global Medical REIT, Inc.

     6,614        53,640  

Health Care & Medical Investment Corp.

     33        27,539  

Healthcare Realty Trust, Inc.

     32,630        464,325  

Healthpeak Properties, Inc.

     60,989        1,135,005  

Impact Healthcare REIT PLC

     38,181        39,914  

LTC Properties, Inc.

     3,548        117,439  

Medical Properties Trust, Inc.#

     51,210        235,566  

National Health Investors, Inc.

     3,718        234,457  

NorthWest Healthcare Properties REIT

     12,608        46,250  
 Description    Number of
Shares
     Value  

Omega Healthcare Investors, Inc.

     21,320      $ 648,341  

Parkway Life REIT

     42,700        112,084  

Primary Health Properties PLC

     117,554        134,552  

Sabra Health Care REIT, Inc.

     19,715        274,433  

Target Healthcare REIT PLC

     77,461        75,044  

Universal Health Realty Income Trust#

     1,459        52,568  

Ventas, Inc.

     34,908        1,545,726  

Welltower, Inc.

     48,016        4,574,964  
     

 

 

 

TOTAL HEALTH CARE

      $  10,749,912  

HOTEL & RESORT – 1.1%

     

Apple Hospitality REIT, Inc.

     18,162        268,071  

Ashford Hospitality Trust, Inc.*,#

     121        142  

Braemar Hotels & Resorts, Inc.

     15,550        42,451  

CapitaLand Ascott Trust

     215,449        143,100  

CDL Hospitality Trusts

     59,214        42,141  

Chatham Lodging Trust

     5,931        54,387  

DiamondRock Hospitality Co.

     18,163        161,651  

Far East Hospitality Trust

     94,900        42,711  

Hoshino Resorts REIT, Inc.

     22        77,012  

Host Hotels & Resorts, Inc.

     61,200        1,154,844  

Hotel Property Investments Ltd., REIT

     17,262        36,136  

Invincible Investment Corp.

     578        258,967  

Japan Hotel REIT Investment Corp.

     412        216,505  

Park Hotels & Resorts, Inc.

     17,989        290,163  

Pebblebrook Hotel Trust

     10,735        155,979  

RLJ Lodging Trust

     13,351        146,861  

Ryman Hospitality Properties, Inc.

     5,115        539,530  

Service Properties Trust

     14,202        87,058  

Summit Hotel Properties, Inc.

     11,188        67,240  

Sunstone Hotel Investors, Inc.

     18,168        185,314  

Xenia Hotels & Resorts, Inc.

     8,888        123,277  
     

 

 

 

TOTAL HOTEL & RESORT

      $ 4,093,540  

INDUSTRIAL – 5.5%

     

Advance Logistics Investment Corp.

     71        54,778  

AIMS APAC REIT

     43,700        40,303  

Americold Realty Trust, Inc.

     23,210        509,924  

CapitaLand Ascendas REIT

     322,200        610,319  

Centuria Industrial REIT

     60,763        124,070  

Dexus Industria REIT

     20,663        38,851  

Dream Industrial REIT

     12,380        111,601  

EastGroup Properties, Inc.

     4,138        642,880  

ESR-LOGOS REIT

     520,293        110,464  

First Industrial Realty Trust, Inc.

     11,332        514,699  

Frasers Logistics & Commercial Trust

     286,420        207,478  

GLP J-REIT

     397        322,885  

Goodman Group

     149,934        3,028,612  

Goodman Property Trust

     90,440        121,296  

Granite REIT

     2,802        138,507  

Industrial & Infrastructure Fund Investment Corp.

     214        176,952  

Innovative Industrial Properties, Inc.

     2,393        247,436  

Japan Logistics Fund, Inc.

     78        139,076  

LaSalle Logiport REIT

     161        161,480  

LXP Industrial Trust

     24,681        206,086  

Mapletree Industrial Trust

     188,570        312,241  

Mapletree Logistics Trust

     289,550        284,136  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      34  

 

 Wilmington Real Asset Fund (continued)

 

 Description   

Number of

Shares

     Value  

Mitsubishi Estate Logistics REIT Investment Corp.

     42      $ 107,653  

Mitsui Fudosan Logistics Park, Inc.

     52        149,180  

Montea NV

     1,303        111,711  

Nexus Industrial REIT

     3,140        15,852  

Nippon Prologis REIT, Inc.

     210        362,378  

Plymouth Industrial REIT, Inc.

     3,225        67,338  

Prologis, Inc.

     80,126        8,176,858   

Rexford Industrial Realty, Inc.

     18,286        782,824  

Segro PLC

     113,523        1,194,049  

SOSiLA Logistics REIT, Inc.

     76        59,837  

STAG Industrial, Inc.

     15,433        530,741  

Terreno Realty Corp.

     7,830        425,561  

Tritax Big Box REIT PLC

     163,097        308,064  

Urban Logistics REIT PLC

     48,614        70,179  

Warehouses De Pauw

     14,035        371,146  
     

 

 

 

TOTAL INDUSTRIAL

      $  20,837,445  

MULTI-FAMILY RESIDENTIAL – 3.2%

 

  

Advance Residence Investment Corp.

     127        274,576  

Altarea SCA

     322        27,831  

Apartment Income REIT Corp.

     12,593        483,319  

Apartment Investment & Management Co., Class A*

     16,412        131,296  

AvalonBay Communities, Inc.

     12,166        2,306,309  

Boardwalk REIT

     2,414        124,273  

BRT Apartments Corp.#

     1,574        28,238  

Camden Property Trust

     9,263        923,336  

Canadian Apartment Properties REIT

     7,253        225,759  

Care Property Invest NV*

     2,766        41,041  

Centerspace

     1,362        91,595  

Clipper Realty, Inc.

     9,929        41,702  

Comforia Residential REIT, Inc.

     60        129,885  

Daiwa Securities Living Investments Corp.

     214        145,308  

Elme Communities

     7,525        114,079  

Empiric Student Property PLC

     51,684        58,079  

Equity Residential

     29,820        1,920,408  

Essex Property Trust, Inc.

     5,570        1,371,612  

Home REIT PLC*,(1)

     42,087         

Independence Realty Trust, Inc.

     19,494        307,420  

Ingenia Communities Group

     40,228        119,233  

InterRent REIT

     6,334        55,120  

Irish Residential Properties REIT PLC

     33,709        35,620  

Killam Apartment REIT

     4,993        62,347  

Mid-America Apartment Communities, Inc.

     10,126        1,316,380  

Minto Apartment REIT

     1,676        17,665  

Morguard North American Residential REIT

     1,808        19,963  

NexPoint Residential Trust, Inc.

     2,324        79,569  

Nippon Accommodations Fund, Inc.

     43        179,074  

Samty Residential Investment Corp.

     82        56,426  

Starts Proceed Investment Corp.

     19        24,921  

UDR, Inc.

     26,253        999,714  

UNITE Group PLC (The)

     33,973        392,746  

Veris Residential, Inc.

     6,873        99,040  

Xior Student Housing NV

     2,488        74,019  
     

 

 

 

TOTAL MULTI-FAMILY RESIDENTIAL

 

   $ 12,277,903  
 Description   

Number of

Shares

     Value  

OFFICE – 2.4%

     

Alexandria Real Estate Equities, Inc.

     13,661      $ 1,582,900  

Allied Properties REIT

     5,371        66,052  

Boston Properties, Inc.

     12,533        775,667  

Brandywine Realty Trust

     15,743        71,473  

Centuria Office REIT

     38,286        29,200  

Champion REIT

     160,000        35,643  

City Office REIT, Inc.

     9,220        42,965  

CLS Holdings PLC

     25,558        26,316  

COPT Defense Properties

     9,589        229,848   

Cousins Properties, Inc.

     13,003        298,289  

Cromwell Property Group

     136,773        35,528  

Daiwa Office Investment Corp.

     24        87,502  

Derwent London PLC

     9,547        244,624  

Dexus

     93,667        425,455  

Douglas Emmett, Inc.

     14,285        195,847  

Dream Office REIT

     2,526        34,679  

Easterly Government Properties, Inc.

     8,137        95,122  

Equity Commonwealth*

     8,915        166,889  

GDI Property Group Partnership

     37,938        14,664  

Gecina SA

     4,398        449,044  

Global One Real Estate Investment Corp.

     95        64,647  

Great Portland Estates PLC

     21,750        105,955  

Helical PLC

     17,407        44,301  

Highwoods Properties, Inc.

     9,055        237,241  

Hudson Pacific Properties, Inc.

     11,418        66,224  

Ichigo Office REIT Investment Corp.

     132        67,686  

Inmobiliaria Colonial Socimi SA

     24,501        143,299  

Japan Excellent, Inc.

     109        89,042  

Japan Prime Realty Investment Corp.

     85        183,928  

Japan Real Estate Investment Corp.

     122        413,719  

JBG SMITH Properties

     9,549        143,331  

Keppel REIT

     194,800        125,080  

Kilroy Realty Corp.

     9,140        308,932  

Mirai Corp.

     207        59,270  

Mori Hills REIT Investment Corp.

     139        120,961  

NET Lease Office Properties

     1,276        29,169  

Nippon Building Fund, Inc.

     145        554,015  

NSI NV

     1,341        25,426  

One REIT, Inc.

     30        50,507  

Orix JREIT, Inc.

     235        247,709  

Paramount Group, Inc.

     15,147        70,282  

Peakstone Realty Trust

     4,237        59,191  

Piedmont Office Realty Trust, Inc., Class A

     10,974        75,611  

Prosperity REIT

     87,000        13,838  

SL Green Realty Corp.

     5,643        281,191  

Vornado Realty Trust

     13,755        358,043  

Workspace Group PLC

     17,247        106,604  
     

 

 

 

TOTAL OFFICE

      $  8,952,909  

OTHER SPECIALIZED – 1.7%

     

Arena REIT

     35,122        82,867  

Charter Hall Social Infrastructure REIT

     35,768        58,425  

EPR Properties

     6,406        260,020  

Farmland Partners, Inc.

     3,836        41,275  

Four Corners Property Trust, Inc.

     7,695        180,448  

Gaming and Leisure Properties, Inc.

     22,876        977,491  

Gladstone Land Corp.

     3,854        48,869  

 

  

 

 

ANNUAL REPORT / April 30, 2024


35      PORTFOLIOS OF INVESTMENTS

 

Wilmington Real Asset Fund (continued)

 

  

 Description   

Number of

Shares

     Value  

Iron Mountain, Inc.

     25,014      $ 1,939,085  

Rural Funds Group

     32,605        42,209  

Safehold, Inc.

     3,680        67,123  

Uniti Group, Inc.

     20,447        117,570  

VICI Properties, Inc.

     89,451        2,553,826  
     

 

 

 

TOTAL OTHER SPECIALIZED

      $  6,369,208  

REAL ESTATE OPERATING COMPANIES – 0.0%**

 

Seritage Growth Properties, Class A*,#

     5,575        52,070  

RETAIL – 5.9%

     

Acadia Realty Trust

     8,873        153,325  

AEON REIT Investment Corp.

     147        128,555   

Agree Realty Corp.

     8,192        468,746  

Alexander’s, Inc.

     134        28,349  

Brixmor Property Group, Inc.

     25,752        569,119  

BWP Trust

     42,243        96,668  

CapitaLand China Trust

     120,900        58,729  

CapitaLand Integrated Commercial Trust

     447,347        637,691  

Carmila SA

     7,784        130,775  

CBL & Associates Properties, Inc.#

     2,691        58,529  

Charter Hall Retail REIT

     49,743        106,139  

Choice Properties REIT

     15,157        143,351  

Crombie REIT

     4,825        45,038  

CT REIT

     6,101        59,519  

Eurocommercial Properties NV

     4,984        113,356  

Federal Realty Investment Trust

     6,294        655,646  

First Capital REIT

     10,254        110,089  

Fortune REIT

     131,000        64,357  

Frasers Centrepoint Trust

     104,623        165,727  

Frontier Real Estate Investment Corp.

     44        127,912  

Fukuoka REIT Corp.

     64        68,743  

Getty Realty Corp.

     4,149        112,438  

Hamborner REIT AG

     9,415        64,238  

Hammerson PLC

     292,015        99,050  

HMC Capital Ltd.

     20,904        84,682  

HomeCo Daily Needs REIT

     152,785        119,789  

InvenTrust Properties Corp.

     5,758        145,908  

Japan Metropolitan Fund Invest

     624        376,727  

Kimco Realty Corp.

     59,659        1,111,447  

Kite Realty Group Trust

     19,182        418,168  

Klepierre SA

     16,712        448,758  

Lar Espana Real Estate Socimi SA

     4,971        36,100  

Lendlease Global Commercial REIT

     145,125        57,721  

Link REIT

     219,500        940,513  

Macerich Co. (The)

     18,914        260,257  

Mapletree Pan Asia Commercial Trust

     200,423        183,662  

Mercialys SA

     8,078        87,438  

NETSTREIT Corp.#

     5,918        99,718  

NewRiver REIT PLC

     17,295        16,151  

NNN REIT, Inc.

     15,630        633,484  

Phillips Edison & Co., Inc.

     10,352        338,510  

Primaris REIT

     2,451        23,501  

Realty Income Corp.

     72,171        3,864,035  

Regency Centers Corp.

     14,074        833,462  

Region RE Ltd.

     98,776        138,469  

Retail Estates NV

     1,199        83,689  

Retail Opportunity Investments Corp.

     10,776        132,222  
 Description   

Number of

Shares

     Value  

RioCan REIT

     12,827      $ 162,498  

Sasseur REIT

     61,100        30,167  

Saul Centers, Inc.

     944        34,371  

Scentre Group

     444,652        900,443  

Shaftesbury Capital PLC

     167,331        280,096  

Simon Property Group, Inc.

     28,221        3,965,897  

SITE Centers Corp.

     15,422        208,043  

Slate Grocery REIT, Class U

     2,915        23,080  

SmartCentres REIT

     7,835        126,803  

Starhill Global REIT

     158,600        55,120  

Supermarket Income REIT PLC

     106,288        96,013  

Tanger, Inc.

     9,484        268,871  

Unibail-Rodamco-Westfield*

     9,347        778,913  

Urban Edge Properties

     10,097        168,923  

Vastned Retail NV

     2,088        46,623  

Vicinity Ltd.

     330,292        404,465  

Waypoint REIT Ltd.

     71,780        107,707  

Wereldhave NV

     2,996        41,595  

Whitestone REIT

     4,055        46,632  
     

 

 

 

TOTAL RETAIL

      $ 22,446,760  

SELF-STORAGE – 2.0%

     

Abacus Storage King

     34,498        25,159  

Big Yellow Group PLC

     16,880        227,075  

CubeSmart

     19,508        788,904  

Extra Space Storage, Inc.

     18,329        2,461,218  

National Storage Affiliates Trust

     6,620        231,965  

National Storage REIT

     108,509        149,626  

Public Storage

     13,691        3,552,130  

Safestore Holdings PLC

     19,154        184,604  

Shurgard Self Storage Ltd.

     2,600        106,551  
     

 

 

 

TOTAL SELF-STORAGE

      $ 7,727,232  

SINGLE-FAMILY RESIDENTIAL – 1.3%

 

American Homes 4 Rent, Class A

     27,592        987,794  

Equity LifeStyle Properties, Inc.

     16,174        975,130  

Invitation Homes, Inc.

     49,750        1,701,450  

PRS REIT PLC (The)

     46,884        46,208  

Sun Communities, Inc.

     10,797        1,201,922  

UMH Properties, Inc.

     5,237        83,373  
     

 

 

 

TOTAL SINGLE-FAMILY RESIDENTIAL

 

   $ 4,995,877  
     

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $125,437,576)

 

   $ 117,363,459  
     

 

 

 

TOTAL REAL ESTATE RELATED SECURITIES

(COST $193,232,623)

 

   $  185,137,106  

COMMODITY RELATED SECURITIES – 49.8%

 

  

EXCHANGE-TRADED FUNDS – 1.8%

 

  

COMMODITY – 1.8%

     

SPDR S&P Global Natural Resources ETF#

     119,300        6,875,259  
     

 

 

 

TOTAL EXCHANGE-TRADED FUNDS
(COST $5,102,945)

 

   $ 6,875,259  

INVESTMENT COMPANIES – 48.0%

     

COMMODITY – 48.0%

     

Vanguard Commodity Strategy Fund, Admiral Shares

     2,404,175        62,292,180  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      36  

 

 Wilmington Real Asset Fund (continued)

 

 Description   

Number of

Shares

     Value  

DFA Commodity Strategy Portfolio, Institutional Class

     24,180,986      $ 110,990,725  

Parametric Commodity Strategy Fund, Institutional Class

     513,361        3,336,846  

Credit Suisse Commodity Return Strategy Fund, Class I

     256,736        5,933,167  
     

 

 

 

TOTAL COMMODITY

 

   $ 182,552,918  
     

 

 

 

TOTAL INVESTMENT COMPANIES
(COST $194,272,848)

 

   $ 182,552,918  
     

 

 

 

TOTAL COMMODITY RELATED SECURITIES

(COST $199,375,793)

 

   $ 189,428,177  

SHORT-TERM INVESTMENTS – 4.0%

 

  

MONEY MARKET FUND – 4.0%

 

  

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     15,036,911        15,036,911  
     

 

 

 

TOTAL SHORT-TERM INVESTMENT

(COST $15,036,911)

 

   $ 15,036,911  

CASH COLLATERAL INVESTED FOR SECURITIES ON
LOAN – 1.4%

 

     

 

  
     Par Value         

REPURCHASE AGREEMENTS – 1.4%

 

Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $309,574, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $315,719.

   $ 309,528        309,528  

BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $1,015,155.

     995,250        995,250  
 Description    Par Value      Value  

HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $975,489, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $994,852.

   $ 975,345      $ 975,345  

Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $1,015,530.

     995,250        995,250  

RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $1,015,155.

     995,250        995,250  

TD Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $995,397, collateralized by U.S. Government Agency Securities, 2.00% to 6.00%, maturing 1/01/47 to 4/01/54; total market value of $1,015,155.

     995,250        995,250  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS (COST $5,265,873)

 

   $ 5,265,873  
     

 

 

 

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN

(COST $5,265,873)

 

 

   $ 5,265,873  
     

 

 

 

TOTAL INVESTMENTS – 103.9%

(Cost $412,911,200)

 

 

   $  394,868,067  

COLLATERAL FOR SECURITIES ON
LOAN – (1.4%)

 

     (5,265,873

OTHER ASSETS LESS LIABILITIES – (2.5)%

 

     (9,520,652
     

 

 

 

TOTAL NET ASSETS – 100.0%

      $ 380,081,542  
     

 

 

 

 

  

 

 

ANNUAL REPORT / April 30, 2024


37      PORTFOLIOS OF INVESTMENTS

 

  

Wilmington 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 April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

     Level 1     Level 2      Level 3      Total  

Assets

        

Investments in Securities

        

Real Estate Related Securities

        

Common Stocks

        

Construction & Engineering

   $     $ 1       $—     $ 1  

Diversified

           128,688             128,688  

Diversified Real Estate Activities

     179,894       12,519,308             12,699,202  

Office

           94,717             94,717  

Real Estate Development

     307,108       1,655,804             1,962,912  

Real Estate Operating Companies

     651,161       11,961,615             12,612,776  

Retail

           77,492             77,492  

Exchange-Traded Funds

     30,449,970       62,722             30,512,692  

Investment Company

     9,685,167                   9,685,167  

Real Estate Investment Trusts

        

Data Center

     9,399,897       146,555             9,546,452  

Diversified

     2,349,153       6,964,998             9,314,151  

Health Care

     9,772,822       977,090             10,749,912  

Hotel & Resort

     3,276,968       816,572             4,093,540  

Industrial

     12,370,307       8,467,138             20,837,445  

Multi-Family Residential

     10,719,144       1,558,759       (a)       12,277,903  

Office

     5,154,267       3,798,642             8,952,909  

Other Specialized

     6,185,707       183,501             6,369,208  

Real Estate Operating Companies

     52,070                   52,070  

Retail

     15,269,979       7,176,781             22,446,760  

Self-Storage

     7,034,217       693,015             7,727,232  

Single-Family Residential

     4,949,669       46,208             4,995,877  

Commodity Related Securities

        

Exchange-Traded Funds

     6,875,259                   6,875,259  

Investment Companies

     182,552,918                   182,552,918  

Money Market Fund

     15,036,911                       15,036,911  

Repurchase Agreements

           5,265,873             5,265,873  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

   $ 332,272,588     $ 62,595,479        $—      $ 394,868,067  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

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

 

 

 

**

Represents less than 0.05%.

 

0 

Rounds to less than 1 share.

 

*

Non-income producing security.

 

# 

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

 

^ 

7-Day net yield.

(1) 

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

 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS      38  

 

Wilmington Real Asset Fund (concluded)

The following acronyms are used throughout this Portfolio of Investments:

 

ETF    Exchange-Traded Fund
J-REIT    Japanese Real Estate Investment Trust
OYJ    Public Limited Company
PLC    Public Limited Company
RE    Reinsurance
REIT    Real Estate Investment Trust
SCA    Limited Partnership With Share Capital
SPDR    Standard & Poor’s Depositary Receipt

See Notes which are an integral part of the Financial Statements

 

 

 

  

 

 

ANNUAL REPORT / April 30, 2024


39      STATEMENTS OF ASSETS AND LIABILITIES

 

  

 April 30, 2024          

Wilmington

International

Fund

   

Wilmington

Global Alpha

Equities

Fund

   

Wilmington

Real Asset

Fund

 

ASSETS:

             

Investments, at identified cost

      $ 456,715,727     $ 172,869,067     $ 412,911,200  
     

 

 

   

 

 

   

 

 

 

Investments in securities, at value

      $ 542,342,781 (a)    $ 221,109,105     $ 394,868,067 (b)  

Cash

              253,152        

Deposits for financial futures contracts

        977,070       5,703,896        

Cash denominated in foreign currencies

        969,317 (c)       440,898 (c)       97,394 (c) 

Variation margin receivable for financial futures contracts

        37,534       936,174        

Income receivable

        2,404,749       587,636       478,387  

Foreign tax reclaim receivable

        2,051,122       450,249       154,912  

Receivable for shares sold

        1,992,759       161,856       1,514,448  

Unrealized appreciation on forward foreign currency contracts

              1,109,235        

Receivable for investments sold

        1,153,760       794,614        

Prepaid and other assets

        28,438       35,982       32,127  
     

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

        551,957,530       231,582,797       397,145,335  
     

 

 

   

 

 

   

 

 

 

LIABILITIES:

             

Collateral for securities on loan

        11,819,975             5,265,873  

Due to custodian

        350,294              

Deferred foreign capital gains tax payable

              1,873        

Payable for investments purchased

        551,311       1,439,120        

Payable for shares redeemed

        2,151,575       13,558,878       11,451,697  

Payable to sub-advisors

        144,682       103,857       20,638  

Payable for Trustees’ fees

        4,952       4,951       4,445  

Payable for administration fees

        12,538       5,400       9,219  

Payable for distribution services fees

        651       47       184  

Payable for investment advisory fees

        170,765       110,778       124,624  

Other accrued expenses

        289,248       196,785       187,113  
     

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

        15,495,991       15,421,689       17,063,793  

 

     

 

 

   

 

 

   

 

 

 

NET ASSETS

      $ 536,461,539     $ 216,161,108     $ 380,081,542  

 

     

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

 

             

Paid-in capital

      $ 473,890,327     $ 190,764,828     $ 425,145,675  

Distributable earnings (loss)

        62,571,212       25,396,280       (45,064,133
     

 

 

   

 

 

   

 

 

 

TOTAL NET ASSETS

      $ 536,461,539     $ 216,161,108     $ 380,081,542  

 

     

 

 

   

 

 

   

 

 

 

COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:

             

Class A

             

Net Assets

      $ 3,165,671     $ 204,560     $ 873,205  
     

 

 

   

 

 

   

 

 

 

Shares outstanding (unlimited shares authorized)

            358,716       16,549       66,038  
     

 

 

   

 

 

   

 

 

 

Net Asset Value per share

      $ 8.83     $ 12.36     $ 13.22  
     

 

 

   

 

 

   

 

 

 

Offering Price per share*

      $ 9.34 **    $ 13.08 **    $ 13.99 ** 
     

 

 

   

 

 

   

 

 

 

Class I

             

Net Assets

      $ 533,295,868     $ 215,956,548     $ 379,208,337  
     

 

 

   

 

 

   

 

 

 

Shares outstanding (unlimited shares authorized)

        59,660,093       17,094,438       28,186,420  
     

 

 

   

 

 

   

 

 

 

Net Asset Value and Offering Price per share

      $ 8.94     $ 12.63     $ 13.45  
     

 

 

   

 

 

   

 

 

 

 

(a) 

Including $11,031,141 of securities on loan (Note 2).

(b) 

Including $5,007,234 of securities on loan (Note 2).

(c) 

Cost of cash denominated in foreign currencies was $976,234, $442,529 and $104,398, respectively.

*

See “How are Shares Priced?” in the Prospectus.

**

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

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF OPERATIONS      40  

 

 Year Ended April 30, 2024          

Wilmington

International

Fund

   

Wilmington

Global Alpha

Equities

Fund

   

Wilmington

Real Asset

Fund

 

INVESTMENT INCOME:

         

Dividends

      $ 14,598,258 (a)     $ 5,034,746 (a)     $ 12,510,890 (a)  

Interest

        33,022       191,380        

Securities lending income, net

        31,715             47,725  
     

 

 

   

 

 

   

 

 

 

TOTAL INVESTMENT INCOME

        14,662,995       5,226,126       12,558,615  

 

     

 

 

   

 

 

   

 

 

 

EXPENSES:

             

Investment advisory fees

        3,867,201       2,536,965       2,032,997  

Administration fees

        145,579       63,037       113,143  

Portfolio accounting and administration fees

        134,639       76,754       93,339  

Custodian fees

        264,436       109,290       52,272  

Transfer and dividend disbursing agent fees and expenses

        38,372       9,675       8,416  

Trustees’ fees

        62,234       62,234       62,234  

Professional fees

        211,170       167,823       158,554  

Distribution services fee—Class A

        7,526       722       2,236  

Shareholder services fee—Class A

        7,526       722       2,236  

Share registration costs

            31,681       28,858       33,842  

Printing and postage

        45,969       25,202       30,225  

Miscellaneous

        49,049       35,435       41,477  
     

 

 

   

 

 

   

 

 

 

TOTAL EXPENSES

        4,865,382       3,116,717       2,630,971  

 

     

 

 

   

 

 

   

 

 

 

WAIVERS AND REIMBURSEMENTS:

             

Waiver/reimbursement by investment advisor

        (601,087     (379,761     (351,284

Waiver by sub-advisor

        (20,360           (18,711

Waiver of shareholder services fee—Class A

        (7,526     (722     (2,236
     

 

 

   

 

 

   

 

 

 

TOTAL WAIVERS AND REIMBURSEMENTS

        (628,973     (380,483     (372,231

 

     

 

 

   

 

 

   

 

 

 

Net expenses

        4,236,409       2,736,234       2,258,740  
     

 

 

   

 

 

   

 

 

 

Net investment income

        10,426,586       2,489,892       10,299,875  
     

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS):

             

Net realized gain (loss) on investments

        24,822,479       7,601,138 (b)      (9,897,511

Net realized gain (loss) on forward foreign currency contracts

        (706     261,373        

Net realized gain (loss) on foreign currency transactions

        (336,861     (137,989     (23,519

Net realized gain (loss) on financial futures contracts

        2,299,246       (13,752,968      
     

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

        26,784,158       (6,028,446     (9,921,030
     

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on investments

        3,689,270 (c)      10,184,000 (c)      6,982,831  

Net change in unrealized appreciation (depreciation) on forward foreign currency contracts

              1,790,172        

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

        (36,209     (19,297     (12,876

Net change in unrealized appreciation (depreciation) on financial futures contracts

        (481,117     5,827,157        
     

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation)

        3,171,944       17,782,032       6,969,955  
     

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

        29,956,102       11,753,586       (2,951,075
     

 

 

   

 

 

   

 

 

 

Change in net assets resulting from operations

      $ 40,382,688     $ 14,243,478     $ 7,348,800  
     

 

 

   

 

 

   

 

 

 

 

(a) 

Net of foreign withholding taxes of $1,611,006, $454,006 and $256,989, respectively.

(b) 

Net of foreign capital gains tax paid of $54.

(c) 

Net of change in deferred foreign capital gains tax accrued of $17,468 and $179, respectively.

See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


41      STATEMENTS OF CHANGES IN NET ASSETS

 

  

     Wilmington
International
Fund
    Wilmington
Global  Alpha
Equities Fund
 
    

Year Ended

April 30,

2024

   

Year Ended

April 30,

2023

   

Year Ended

April 30,

2024

   

Year Ended

April 30,

2023

 

OPERATIONS:

              

Net investment income

   $ 10,426,586     $ 11,339,216     $ 2,489,892     $ 2,327,010  

Net realized gain (loss)

     26,784,158       (46,448,998     (6,028,446     3,508,935  

Net change in unrealized appreciation (depreciation)

     3,171,944       45,978,600       17,782,032       1,667,356  
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in net assets resulting from operations

     40,382,688       10,868,818       14,243,478       7,503,301  
  

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS:

              

Class A

     (62,614 )       (101,891 )       (4,052 )       (8,022 )  

Class I

     (11,608,172     (20,772,925     (2,879,727     (5,525,066
  

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions to shareholders

     (11,670,786     (20,874,816     (2,883,779     (5,533,088
  

 

 

   

 

 

   

 

 

   

 

 

 

SHARE TRANSACTIONS:

              

Proceeds from sale of shares

              

Class A

     371,848       25,393       1,273       850  

Class I

     48,647,028       125,541,950       33,989,909       58,243,535  

Distributions reinvested

              

Class A

     56,356       94,660       4,052       8,022  

Class I

     2,052,008       8,676,649       1,129,722       2,030,500  

Cost of shares redeemed

              

Class A

     (257,268     (210,821     (118,812     (3,418

Class I

     (60,988,455     (223,549,803     (43,535,142     (61,171,203
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in net assets resulting from share transactions

     (10,118,483     (89,421,972     (8,528,998     (891,714
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in net assets

     18,593,419       (99,427,970     2,830,701       1,078,499  

NET ASSETS:

              

Beginning of year

     517,868,120       617,296,090       213,330,407       212,251,908  
  

 

 

   

 

 

   

 

 

   

 

 

 

End of year

   $ 536,461,539     $ 517,868,120     $ 216,161,108     $ 213,330,407  
  

 

 

   

 

 

   

 

 

   

 

 

 

SHARES OF BENEFICIAL INTEREST:

              

Shares sold

              

Class A

     44,067       3,105       106       73  

Class I

     5,784,755       15,579,933       2,758,884       4,928,523  

Distributions reinvested

              

Class A

     6,763       12,174       335       706  

Class I

     243,467       1,098,909       91,550       175,194  

Shares redeemed

              

Class A

     (30,997     (26,747     (9,647     (304

Class I

     (7,211,404     (27,904,440     (3,516,851     (5,189,505
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change resulting from share transactions

     (1,163,349     (11,237,066     (675,623     (85,313
  

 

 

   

 

 

   

 

 

   

 

 

 

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF CHANGES IN NET ASSETS (concluded)      42  

 

     Wilmington
Real  Asset
Fund
 
    

Year Ended

April 30,

2024

   

Year Ended

April 30,

2023

 

OPERATIONS:

      

Net investment income

   $ 10,299,875     $ 22,098,301  

Net realized gain (loss)

     (9,921,030     (6,208,975

Net change in unrealized appreciation (depreciation)

     6,969,955       (85,159,972
  

 

 

   

 

 

 

Change in net assets resulting from operations

     7,348,800       (69,270,646
  

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS:

      

Net investment income and net realized gains

      

Class A

     (18,373     (48,529

Class I

     (8,514,528     (21,016,869

Tax return of capital

      

Class A

           (211

Class I

           (89,490 )  
  

 

 

   

 

 

 

Total distributions to shareholders

     (8,532,901 )       (21,155,099
  

 

 

   

 

 

 

SHARE TRANSACTIONS:

      

Proceeds from sale of shares

      

Class A

     25,938       138,429  

Class I

     61,225,286       82,657,040  

Distributions reinvested

      

Class A

     17,999       47,127  

Class I

     3,694,740       8,786,738  

Cost of shares redeemed

      

Class A

     (109,169     (194,392

Class I

     (93,865,028     (78,861,084
  

 

 

   

 

 

 

Change in net assets resulting from share transactions

     (29,010,234     12,573,858  
  

 

 

   

 

 

 

Change in net assets

     (30,194,335     (77,851,887

NET ASSETS:

      

Beginning of year

     410,275,877       488,127,764  
  

 

 

   

 

 

 

End of year

   $ 380,081,542     $ 410,275,877  
  

 

 

   

 

 

 
 

SHARES OF BENEFICIAL INTEREST:

      

Shares sold

      

Class A

     1,963       9,154  

Class I

     4,587,614       5,724,533  

Distributions reinvested

      

Class A

     1,342       3,487  

Class I

     270,986       639,668  

Shares redeemed

      

Class A

     (8,240     (13,389

Class I

     (7,040,743     (5,437,549
  

 

 

   

 

 

 

Net change resulting from share transactions

     (2,187,078     925,904  
  

 

 

   

 

 

 

See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


43      FINANCIAL HIGHLIGHTS

 

  

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

 

 WILMINGTON INTERNATIONAL FUND

 

                                                                                                                  
    

Year Ended

April 30, 2024

    

Year Ended

April 30, 2023

    

Year Ended

April 30, 2022

    

Year Ended

April 30, 2021

    

Year Ended

April 30, 2020

 
 CLASS A                                                                                                    

Net Asset Value, Beginning of Year

      $ 8.37           $ 8.44           $ 10.47           $ 7.35           $ 8.52    

Income (Loss) From Operations:

                                       

Net Investment Income(a)

        0.15             0.15             0.10             0.10             0.13    

Net Realized and Unrealized Gain (Loss)

        0.49             0.08             (1.75           3.16             (1.17  
                             

Total Income (Loss) From Operations

              0.64                         0.23                         (1.65                       3.26                         (1.04        

Less Distributions From:

                                       

Net Investment Income

        (0.18           (0.13           (0.16           (0.14           (0.13  

Net Realized Gains

                                      (0.17                       (0.22                                                        

Total Distributions

              (0.18                       (0.30                       (0.38                       (0.14                       (0.13        

Net Asset Value, End of Year

            $ 8.83                       $ 8.37                       $ 8.44                       $ 10.47                       $ 7.35          
                                                                                                                                 

Total Return(b)

        7.81           3.01           (16.31 )%            44.67           (12.35 )%   

Net Assets, End of Year (000’s)

      $ 3,166           $ 2,836           $ 2,957           $ 4,015           $ 3,036    

Ratios to Average Net Assets

                                       

Gross Expense(c)

        1.45           1.48           1.48           1.48           1.50  

Net Expense(c),(d)

        1.08           1.09           1.10           1.06           0.98  

Net Investment Income

        1.77           1.87           1.00           1.10           1.57  

Portfolio Turnover Rate

        108           76           71           74           79  

     

                                       
    

Year Ended

April 30, 2024

     Year Ended
April 30, 2023
    

Year Ended

April 30, 2022

    

Year Ended

April 30, 2021

    

Year Ended

April 30, 2020

 
 CLASS I                                                                                                    

Net Asset Value, Beginning of Year

      $ 8.46           $ 8.52           $ 10.56           $ 7.41           $ 8.59    

Income (Loss) From Operations:

                                       

Net Investment Income(a)

        0.17             0.17             0.13             0.12             0.13    

Net Realized and Unrealized Gain (Loss)

        0.50             0.08             (1.77           3.18             (1.17  
                             

Total Income (Loss) From Operations

              0.67                         0.25                         (1.64                       3.30                         (1.04        

Less Distributions From:

                                       

Net Investment Income

        (0.19           (0.14           (0.18           (0.15           (0.14  

Net Realized Gains

                    (0.17           (0.22                          
                             

Total Distributions

              (0.19                       (0.31                       (0.40                       (0.15                       (0.14        
                             

Net Asset Value, End of Year

            $ 8.94                       $ 8.46                       $ 8.52                       $ 10.56                       $ 7.41          
                                                                                                                                 

Total Return(b)

        8.10           3.23           (16.10 )%            44.92           (12.28 )%   

Net Assets, End of Year (000’s)

      $ 533,296           $ 515,032           $ 614,339           $ 713,463           $ 513,640    

Ratios to Average Net Assets

                                       

Gross Expense(c)

        0.95           0.98           0.99           1.16           1.25  

Net Expense(c),(d)

        0.83           0.84           0.85           0.85           0.85  

Net Investment Income

        2.05           2.12           1.27           1.32           1.58  

Portfolio Turnover Rate

        108           76           71           74           79  

 

(a)

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

(b)

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

(c)

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

(d)

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

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS (continued)      44  

 

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

 

 WILMINGTON GLOBAL ALPHA EQUITIES FUND      
           
   

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended

April 30, 2020

   
 CLASS A                        

Net Asset Value, Beginning of Year

    $11.76       $11.68       $11.97       $10.87       $11.28    

Income (Loss) From Operations:

           

Net Investment Income(a)

    0.10       0.10       0.01       0.02       0.07    

Net Realized and Unrealized Gain (Loss)

    0.66       0.30       (0.24     1.31       (0.35  
 

 

 

Total Income (Loss) From Operations

    0.76       0.40       (0.23     1.33       (0.28  
 

 

 

Less Distributions From:

           

Net Investment Income

    (0.16     (0.32     (0.06     (0.06     (0.13  

Net Realized Gains

                      (0.17        
 

 

 

Total Distributions

    (0.16     (0.32     (0.06     (0.23     (0.13  
 

 

 

Net Asset Value, End of Year

    $12.36       $11.76       $11.68       $11.97       $10.87    
 

 

 

Total Return(b)

    6.47     3.51     (1.97 )%      12.27     (2.57 )%   

Net Assets, End of Year (000’s)

    $ 205       $ 303       $ 295       $ 324       $ 208    

Ratios to Average Net Assets

           

Gross Expense(c)

    1.92     2.19     2.30     2.30     2.29  

Net Expense(c),(d)

    1.49     1.49     1.49     1.49     1.49  

Net Investment Income

    0.83     0.87     0.12     0.19     0.63  

Portfolio Turnover Rate

    43     68     44     58     84  

           
   

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended

April 30, 2020

 
 CLASS I                        

Net Asset Value, Beginning of Year

     $   11.99        $   11.88        $   12.14        $   11.01        $   11.40    

Income (Loss) From Operations:

           

Net Investment Income(a)

    0.14       0.13       0.05       0.05       0.09    

Net Realized and Unrealized Gain (Loss)

    0.66       0.30       (0.25     1.31       (0.34  
 

 

 

Total Income (Loss) From Operations

    0.80       0.43       (0.20     1.36       (0.25  
 

 

 

Less Distributions From:

           

Net Investment Income

    (0.16     (0.32     (0.06     (0.06     (0.14  

Net Realized Gains

                      (0.17        
 

 

 

Total Distributions

    (0.16     (0.32     (0.06     (0.23     (0.14  
 

 

 

Net Asset Value, End of Year

     $   12.63        $   11.99        $   11.88        $   12.14        $   11.01    
 

 

 

Total Return(b)

    6.73     3.75     (1.63 )%      12.46     (2.31 )%   

Net Assets, End of Year (000’s)

     $215,956       $213,027       $211,957       $206,232       $211,911    

Ratios to Average Net Assets

           

Gross Expense(c)

    1.41     1.69     1.80     1.99     2.04  

Net Expense(c),(d)

    1.24     1.24     1.24     1.24     1.24  

Net Investment Income

    1.13     1.12     0.38     0.44     0.82  

Portfolio Turnover Rate

    43     68     44     58     84  

 

(a) 

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

 

(b) 

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

 

(c) 

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

 

(d) 

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

See Notes which are an integral part of the Financial Statements

 

  

 

 

ANNUAL REPORT / April 30, 2024


45      FINANCIAL HIGHLIGHTS (concluded)

 

  

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

 

 WILMINGTON REAL ASSET FUND      
           
    Year Ended   Year Ended   Year Ended   Year Ended   Year Ended    
    April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April 30, 2020    
 CLASS A                        

Net Asset Value, Beginning of Year

    $13.26       $16.30       $15.58       $12.33       $14.40    

Income (Loss) From Operations:

           

Net Investment Income(a)

    0.31       0.69       1.64 (b)      0.17       0.45    

Net Realized and Unrealized Gain (Loss)

    (0.08     (3.04     0.82       3.32       (2.03  
 

 

 

Total Income (Loss) From Operations

    0.23       (2.35     2.46       3.49       (1.58  
 

 

 

Less Distributions From:

           

Net Investment Income

    (0.27     (0.69 )(c)      (1.74     (0.24     (0.49  
 

 

 

Total Distributions

    (0.27     (0.69     (1.74     (0.24     (0.49  
 

 

 

Net Asset Value, End of Year

    $13.22       $13.26       $16.30       $15.58       $12.33    
 

 

 

Total Return(d)

    1.73     (14.44 )%      16.34     28.65     (11.35 )%   

Net Assets, End of Year (000’s)

    $  873       $  941       $1,169       $  995       $  932    

Ratios to Average Net Assets

           

Gross Expense(e)

    1.16     1.17     1.17     1.30     1.30  

Net Expense(e),(f)

    0.82     0.85     0.89     0.96     0.96  

Net Investment Income

    2.36     4.78     10.04 %(b)      1.25     3.16  

Portfolio Turnover Rate

    3     20     32     40 %(g)      411  

           
    Year Ended   Year Ended   Year Ended   Year Ended   Year Ended    
    April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April 30, 2020    
 CLASS I                        

Net Asset Value, Beginning of Year

    $  13.48       $  16.54       $  15.77       $  12.47       $  14.56    

Income (Loss) From Operations:

     
53
 
       

Net Investment Income(a)

    0.35       0.74       1.65 (b)      0.17       0.49    

Net Realized and Unrealized Gain (Loss)

    (0.09     (3.09     0.89       3.40       (2.06  
 

 

 

Total Income (Loss) From Operations

    0.26       (2.35     2.54       3.57       (1.57  
 

 

 

Less Distributions From:

           

Net Investment Income

    (0.29     (0.71 )(c)      (1.77     (0.27     (0.52  
 

 

 

Total Distributions

    (0.29     (0.71     (1.77     (0.27     (0.52  
 

 

 

Net Asset Value, End of Year

    $  13.45       $  13.48       $  16.54       $  15.77       $  12.47    
 

 

 

Total Return(d)

    1.94     (14.21 )%      16.66     29.00     (11.13 )%   

Net Assets, End of Year (000’s)

       $379,209       $409,335       $486,959       $463,203       $199,115    

Ratios to Average Net Assets

           

Gross Expense(e)

    0.66     0.67     0.67     0.93     1.05  

Net Expense(e),(f)

    0.57     0.60     0.64     0.71     0.71  

Net Investment Income

    2.60     5.10     9.98 %(b)      1.18     3.41  

Portfolio Turnover Rate

    3     20     32     40 %(g)      411  

 

 

(a) 

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

 

(b) 

The net investment income earned by the Fund increased significantly during the fiscal year ended April 30, 2022 due to larger than usual net investment income distributions from the commodity-related investments in its portfolio.

 

(c) 

A portion of this distribution amounting to less than $0.005 per share was a tax return of capital.

 

(d) 

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

 

(e) 

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

 

(f) 

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

 

(g) 

In 2020, the Fund transitioned to a single sub-advisor strategy. As a result, the portfolio turnover rate for the year ended April 30, 2021 was significantly lower than that of previous fiscal years.

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS      46  

 

Wilmington Funds

April 30, 2024

 

1.

ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.

 

 Fund    Investment Goal

Wilmington International Fund (“International Fund”)(d)

   The Fund seeks to provide long-term capital appreciation, primarily through a diversified portfolio of non-U.S. equity securities.

Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)(d)

   The Fund seeks to achieve long-term growth of capital with lower volatility than broader equity markets.

Wilmington Real Asset Fund (“Real Asset Fund”)(d)

   The Fund seeks to achieve long-term preservation of capital with current income.

(d) Diversified

  

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

   

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

 

  

 

 

ANNUAL REPORT / April 30, 2024


47      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

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

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

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

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

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

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

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

At April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

 

 Fund/Counterparty   

Repurchase

Agreements

    

Fair Value of

Non-Cash Collateral

Received(1)

    

Cash Collateral

Received(1)

     Net Exposure(2)  
       

International Fund

           

Bank of America Securities, Inc.

   $ 930,234       $ 930,234      $      $  

BNP Paribas SA

     2,186,695        2,186,695                

HSBC Securities USA, Inc.

     2,142,961        2,142,961                

Nomura Securities International, Inc.

     2,186,695        2,186,695                

RBC Dominion Securities, Inc.

     2,186,695        2,186,695                

TD Securities, Inc.

     2,186,695        2,186,695                
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  11,819,975       $  11,819,975      $      $  
  

 

 

    

 

 

    

 

 

    

 

 

 
       

Real Asset Fund

           

Bank of America Securities, Inc.

   $ 309,528       $ 309,528      $      $  

BNP Paribas SA

     995,250        995,250                

HSBC Securities USA, Inc.

     975,345        975,345                
 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      48  

 

 Fund/Counterparty   

Repurchase

Agreements

    

Fair Value of

Non-Cash Collateral

Received(1)

    

Cash Collateral

Received(1)

     Net Exposure(2)  
       

Nomura Securities International, Inc.

   $ 995,250       $ 995,250      $      $  

RBC Dominion Securities, Inc.

     995,250        995,250                

TD Securities, Inc.

     995,250        995,250                
  

 

 

    

 

 

    

 

 

    

 

 

 
       
   $  5,265,873        $ 5,265,873      $      $  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

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

(2) 

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

Investment Income, Gains and Losses, Expenses and Distributions – Interest income and expenses are accrued daily. All premiums and discounts on fixed income securities are amortized/accreted for financial reporting purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income. Dividends and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Foreign dividends are recorded on the ex-dividend date or when the Funds are informed of the ex-dividend date. Distributions received from real estate investment trusts (“REITs”) are recorded as dividend income, capital gain, or return of capital as reported by such REITs, or based on management’s estimates to the extent actual information has not been reported. Estimates are adjusted to the actual amounts when the amounts are determined. Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis and includes proceeds from litigation, if any. Withholding taxes and, where appropriate, deferred withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country’s tax rules and rates.

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

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

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

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

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with the Valuation Procedures.

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

 

  

 

 

ANNUAL REPORT / April 30, 2024


49     

NOTES TO FINANCIAL STATEMENTS (continued)

 

  

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

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

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

At April 30, 2024, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

 

   
 Fund  

Value of

Securities

on Loan

 

Cash

Collateral

Received(1)

  Net Exposure(2)
     

International Fund

  $11,031,141   $11,031,141   $—

Real Asset Fund

   5,007,234    5,007,234    —

 

  (1) 

Collateral with a value of $11,819,975 and $5,265,873, respectively, has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

 

  (2) 

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

 

3.

DERIVATIVE FINANCIAL INSTRUMENTS

Disclosures about derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Risk of loss on derivatives, including written options, forward foreign currency contracts, and financial futures contracts, may exceed amounts recognized on the Statements of Assets and Liabilities.

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

The International Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities. The Global Alpha Equities Fund entered into forward foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the portfolio’s securities or as a means to express a view on the direction of a currency’s value as a part of the broader investment strategy.

Financial Futures Contracts – The Funds may invest in financial futures contracts to hedge their existing portfolios, manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, and prior to computing its NAV, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with the changes in the value of the underlying securities.

For the year ended April 30, 2024, the International Fund and Global Alpha Equities Fund used equity index futures contracts to manage equity market exposure.

The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities and the fair value of the Funds’ derivative investments categorized by primary risk exposure as of April 30, 2024.

 

     Location on the Statements of Assets and Liabilities
 Derivative Type    Asset Derivatives    Liability Derivatives

Equity contracts

   Variation margin receivable for financial futures contracts*    Variation margin payable for financial futures contracts*

Foreign exchange contracts

   Unrealized appreciation on forward foreign currency contracts**    Unrealized depreciation on forward foreign currency contracts**

 

*

The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for financial futures contracts. The amount presented below is the cumulative unrealized appreciation (depreciation) from the date the contract was opened until April 30, 2024.

 

**

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

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      50  

 

       Asset Derivatives Fair Value  
                         Foreign  
                Equity        Exchange  
 Fund      Total Value        Contracts        Contracts  
     

Global Alpha Equities Fund

              

Financial Futures Contracts

     $ 2,502,049        $ 2,502,049        $  

Forward Foreign Currency Contracts

       1,109,235                   1,109,235  
    

 

 

      

 

 

      

 

 

 
     

Totals

     $ 3,611,284        $ 2,502,049        $ 1,109,235  
    

 

 

      

 

 

      

 

 

 

              
       Liability Derivatives Fair Value  
                         Foreign  
                Equity        Exchange  
 Fund      Total Value        Contracts        Contracts  
     

International Fund

              

Financial Futures Contracts

     $ (4,480      $ (4,480      $  
    

 

 

      

 

 

      

 

 

 

Totals

     $ (4,480      $ (4,480      $  
    

 

 

      

 

 

      

 

 

 
     

Global Alpha Equities Fund

              

Financial Futures Contracts

     $ (731,372      $ (731,372      $  
    

 

 

      

 

 

      

 

 

 
     

Totals

     $ (731,372      $ (731,372      $  
    

 

 

      

 

 

      

 

 

 

The following is a summary of the location of realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended April 30, 2024.

 

 Derivative Type    Location on the Statements of Operations

Equity contracts

  

Net realized gain (loss) on financial futures contracts.

Net change in unrealized appreciation (depreciation) on financial futures contracts.

Foreign exchange contracts

  

Net realized gain (loss) on forward foreign currency contracts.

Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

 

    

Net Realized Gain (Loss) on Derivatives Recognized in  Results

from Operations

 
                   Foreign  
            Equity      Exchange  
 Fund    Total      Contracts      Contracts  
     

International Fund

        

Financial Futures Contracts

   $ 2,299,246      $ 2,299,246      $  

Forward Foreign Currency Contracts

     (706             (706
  

 

 

    

 

 

    

 

 

 
     

Totals

   $ 2,298,540      $ 2,299,246      $ (706
  

 

 

    

 

 

    

 

 

 
     

Global Alpha Equities Fund

        

Financial Futures Contracts

   $ (13,752,968    $ (13,752,968    $  

Forward Foreign Currency Contracts

     261,373               261,373  
  

 

 

    

 

 

    

 

 

 
     

Totals

   $ (13,491,595 )    $ (13,752,968    $ 261,373  
  

 

 

    

 

 

    

 

 

 

        
    

Net Change in Unrealized Appreciation (Depreciation) on  Derivatives

Recognized in Results from Operations

 
                   Foreign  
            Equity      Exchange  
 Fund    Total      Contracts      Contracts  
     

International Fund

        

Financial Futures Contracts

   $ (481,117    $ (481,117    $  
  

 

 

    

 

 

    

 

 

 
     

Totals

   $ (481,117    $ (481,117    $  
  

 

 

    

 

 

    

 

 

 
     

Global Alpha Equities Fund

        

Financial Futures Contracts

   $ 5,827,157      $ 5,827,157      $  

Forward Foreign Currency Contracts

     1,790,172               1,790,172  
  

 

 

    

 

 

    

 

 

 
     

Totals

   $ 7,617,329      $ 5,827,157      $ 1,790,172  
  

 

 

    

 

 

    

 

 

 

 

  

 

 

ANNUAL REPORT / April 30, 2024


51      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

The average quarterly volume of derivative activities for the year ended April 30, 2024 are as follows.

 

     Asset Derivative Volume  
            Forward  
     Financial      Foreign  
     Futures      Currency  
 Fund    Contracts(1)      Contracts(2)  
   

International Fund

   $ 9,918,554      $  

Global Alpha Equities Fund

     459,966        31,506,571  

 

    Liability Derivative Volume 
 Fund  

Financial 

Futures 

Contracts(1)

 

Global Alpha Equities Fund

  $ 98,997,131

 

  (1) 

Notional Amount.

  (2) 

Contract Amount.

The International Fund had forward foreign currency activity during the period but did not have open positions at any quarter-end.

Certain Funds are parties to International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“MA”) with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to each Fund is held in a segregated account by each Fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the Fund’s Portfolio of Investments or Statements of Assets and Liabilities.

At April 30, 2024, 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:

 

     Derivative      Derivatives      Non-Cash      Cash      Net
Exposure
 
 Fund/Counterparty    Assets Subject to
a MA
     Available for
Offset
     Collateral
Received
(1)
     Collateral
Received
(1)
     of Derivative
Assets
(2)
 
         

Global Alpha Equities Fund

                   

 BNP Paribas

     $   220,850       $      $      $      $ 220,850  

 Citibank N.A.

     141,773                              141,773  

 Morgan Stanley

     746,612                              746,612  
    

 

     

 

 

    

 

 

    

 

 

    

 

 

 
         

  Total Derivative Assets

     $ 1,109,235       $      $      $      $ 1,109,235  
    

 

     

 

 

    

 

 

    

 

 

    

 

 

 

 

  (1) 

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

 

  (2) 

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

 

4.

FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to foreign currency transactions, mark-to-market of futures contracts, passive foreign investment companies, and losses deferred due to wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      52  

 

            Distributable  
     Paid-in      Earnings  
 Fund    Capital      (Loss)  
   

Real Asset Fund

   $ 25,795      $ (25,795

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

 

     2024        2023  
     Ordinary      Long-Term        Ordinary      Long-Term  
 Fund    Income*      Capital Gains        Income*      Capital Gains  
       

International Fund

   $ 11,670,786      $—      $ 9,601,693      $ 11,273,123  

Global Alpha Equities Fund

     2,883,779       —        5,533,088         

Real Asset Fund

     8,532,901       —        21,065,398         

 

  *

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

Certain Funds may also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

As of April 30, 2024, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:

 

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

International Fund

  $461,643,906   $104,599,555   $(23,900,680)   $80,698,875 

Global Alpha Equities Fund

   177,806,728    58,169,725    (15,283,288)    42,886,437 

Real Asset Fund

   420,165,277    20,105,373    (45,402,583)   (25,297,210)

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

 

    Undistributed     Undistributed     Other     Unrealized           Late Year        
    Ordinary     Long-Term     Timing     Appreciation/     Capital Loss     Loss     Distributable  
 Fund   Income     Capital Gains     Differences     (Depreciation)     Carryforwards     Deferrals     Earnings  
             

International Fund

  $ 7,953,736     $     $     $ 80,570,679     $ (25,953,203   $     $ 62,571,212  

Global Alpha Equities Fund

    1,798,817             2       42,876,593       (19,279,132           25,396,280  

Real Asset Fund

    1,080,445             4       (25,318,310     (20,826,272           (45,064,133

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2024, character of capital loss carryforwards were as follows:

 

                   Total Capital  
     Short-Term      Long-Term      Loss  
 Fund    No Expiration      No Expiration      Carryforwards  

International Fund

   $ (25,953,203    $        $(25,953,203

Global Alpha Equities Fund

     (14,866,248      (4,412,884      (19,279,132

Real Asset Fund

     (1,505,286      (19,320,986      (20,826,272

For the year ended April 30, 2024, capital loss carryforwards utilized were as follows:

 

     Capital Loss 
     Carryforwards 
 Fund    Utilized 
 

International Fund

   $19,107,081

 

  

 

 

ANNUAL REPORT / April 30, 2024


53      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

5.

ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

Each of the Funds utilizes a sub-advisor strategy, whereby WFMC allocates all or a portion of the Funds’ assets among one or more sub-advisors and strategies. For their services, the Funds pay each sub-advisor fees, accrued daily and paid monthly, as described below.

 

            Fees Waived/      Current Fee as a % of average net assets
 Fund    Gross Fees      Reimbursed      of the Fund/Allocated Net Assets for Sub-advisors
   

International Fund

          

WFMC

     $2,292,747        $(601,087    0.45%

Sub-advisors:

          

Wellington Management Company LP (effective 10/01/2023)

     982,066             0.33%

AXA Investment Managers, Inc. (terminated 9/15/23)

     70,595             0.43% on the first $150 million; and 0.41% on assets in excess of $150 million.

Berenberg Asset Management LLC (terminated 9/15/23)

     40,308             0.27%

Nikko Asset Management Americas, Inc. (terminated 9/15/23)

     115,685             0.32%

Parametric Portfolio Associates LLC (terminated 9/15/23)

     100,238        (20,360    0.20% of the next $20 million in assets; and 0.15% of assets in excess of $110 million; and 0.10% of assets in excess of $150 million.

Schroder Investment Management North America, Inc. (terminated 9/15/23)

     265,562             0.50%
  

 

 

    

 

 

    

Total(a)

     $3,867,201        $(621,447   
  

 

 

    

 

 

    

Global Alpha Equities Fund

          

WFMC

     $1,323,629        $(379,761    0.60%

Sub-advisors:

          

Wellington Management Company LP

     1,213,336             0.55% on the first $250 million; and 0.50% on assets in excess of $250 million
  

 

 

    

 

 

    

Total(b)

     $2,536,965        $(379,761   
  

 

 

    

 

 

    

Real Asset Fund

          

WFMC

     $1,781,451        $(351,284    0.45% on all Assets except Assets allocated to the inflation-protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets.

Sub-advisors:

          

Parametric Portfolio Associates LLC

     251,546        (18,711    0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; and 0.15% of assets in excess of $110 million; and 0.10% of assets in excess of $150 million.
  

 

 

    

 

 

    

Total(c)

     $2,032,997        $(369,995   
  

 

 

    

 

 

    

 

  (a) 

The total gross advisory and sub-advisory fees during the period were 0.76% for the International Fund.

 

  (b) 

The total gross advisory and sub-advisory fees during the period were 1.15% for the Global Alpha Equities Fund.

 

  (c) 

The total gross advisory and sub-advisory fees during the period were 0.51% for the Real Asset Fund.

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2024 for the Global Alpha Equities Fund and Real Asset Fund and September 30, 2024 for the International Fund so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)      54  

 

The contractual expense limitations are as follows:

 

 
   

Current Contractual

Expense Limitations

 
  Fund   Class A   Class I
 

International Fund

  1.08%   0.83%

Global Alpha Equities Fund

  1.49%   1.24%

Real Asset Fund

  0.82%   0.57%

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

 

 
 Administrator  

Maximum

Fee

  

  Average Aggregate Daily Net  

Assets of the Trust

 

WFMC

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

BNYM

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

 

 
 Fund    Distribution 
Fees 
 

International Fund

   $915

Global Alpha Equities Fund

    14

Real Asset Fund

     2

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

For the year ended April 30, 2024, M&T received sales charges on the sale of Class A shares as follows:

 

 Fund    Sales Charges 
 

Global Alpha Equities Fund

   $27

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

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

 

  

 

 

ANNUAL REPORT / April 30, 2024


55      NOTES TO FINANCIAL STATEMENTS (continued)

 

  

For the year ended April 30, 2024, M&T did not receive any shareholder service fees from the Funds.

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

BNYM provides custody services to the Trust.

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

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

 

6.

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2024 were as follows:

 

 
 Fund   Purchases   Sales
 

International Fund

  $531,507,049   $524,133,562

Global Alpha Equities Fund

   88,656,924    89,773,999

Real Asset Fund

   12,777,535    34,527,503

 

7.

MARKET RISK IN GENERAL

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

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

 

8.

CONTRACTUAL OBLIGATIONS

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

 

9.

LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

 

10.

NEW REGULATORY PRONOUNCEMENTS

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed with the SEC on or after July 24, 2024.

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (concluded)      56  

 

11.

SUBSEQUENT EVENTS

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

 

  

 

 

ANNUAL REPORT / April 30, 2024


57

 

  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington International Fund, Wilmington Global Alpha Equities Fund and Wilmington Real Asset Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

 

April 30, 2024 / ANNUAL REPORT


58

 

FEDERAL TAX INFORMATION (UNAUDITED)

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

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the fiscal year ended April 30, 2024, the Funds designate the following percentages, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections Section 243 and 854(b)(2), as qualifying for the corporate dividends received deduction:

 

 
 Fund     
 

International Fund

   0.51%

Global Alpha Equities Fund

   29.20%

Real Asset Fund

   0.11%

For the fiscal year ended April 30, 2024, the Funds designate the following percentages of the ordinary income dividends, or such greater percentages that constitute the maximum amount allowable pursuant to Code Sections 1(h)(11) and 854(b)(2), as qualified dividend income which may be subject to a maximum rate of federal income tax of 20%:

 

 
 Fund    
 

International Fund

  78.48%

Global Alpha Equities Fund

  95.87%

Real Asset Fund

  22.84%

If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


59

 

  

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

 

  1.

To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

 

 Independent Trustees    Votes For    Votes Withheld    % of Votes For

Gregory P. Chandler

   4,334,311,607    59,399,742    98.65%

Donald E. Foley

   4,331,740,982    61,970,367    98.59%

Valerie J. Sill

   4,336,822,269    56,889,080    98.71%
 Interested Trustees    Votes For    Votes Withheld    % of Votes For

Eric W. Taylor

   4,392,738,859    972,490    99.98%
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


60

 

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

 

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five
Years

Eric W. Taylor*

 Birth year: 1981

 TRUSTEE

 Began serving: October 2022

 PRESIDENT

 Began serving: August 2022

  

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present).

 

Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co.

 

Other Directorships Held: None

 

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

INDEPENDENT TRUSTEES BACKGROUND

 

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five
Years

 Donald E. Foley

 Birth year: 1951

 CHAIRMAN

 Began serving: January 2023

 TRUSTEE

 Began serving: December 2015

  

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).

 

Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).

 

Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


61      BOARD OF TRUSTEES AND TRUST OFFICERS

 

  

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five
Years

Gregory P. Chandler

 Birth year: 1966

 TRUSTEE

 Began serving: July 2017

  

Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).

 

Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019).

 

Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

Valerie J. Sill

 Birth year: 1962

 TRUSTEE

 Began serving: April 2020

  

Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).

 

Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).

 

Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

H. Thomas McMeekin

 Birth year: 1953

 TRUSTEE

 Began serving: April 2024

  

Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present).

 

Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present).

 

Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

OFFICERS   

 Name

 Birth Year

 Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell

 Birth year: 1966

 CHIEF OPERATIONS OFFICER

 Began serving: June 2017

 VICE PRESIDENT

 Began serving: June 2012

  

Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).

 

Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

 Kaushik Goswami

 Birth year: 1973

 CHIEF COMPLIANCE OFFICER

 and AML COMPLIANCE OFFICER

 Began serving: October 2021

  

Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank.

 

Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


BOARD OF TRUSTEES AND TRUST OFFICERS      62  

 

 Name

 Birth Year

 Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

 John J. Kelley

 Birth year: 1959

 VICE PRESIDENT

 Began serving: December 2016

  

Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc.

 

Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).

 Robert L. Tuleya

 Birth year: 1974

 VICE PRESIDENT and ASSISTANT

 SECRETARY

 Began serving: September 2018

  

Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present).

 

Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

Charles S. Todd

 Three Canal Plaza, Suite 100

 Portland, ME 04101

 Birth year: 1971

 CHIEF EXECUTIVE OFFICER

 Began serving: June 2022

  

Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present).

 

Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

Arthur W. Jasion

 Three Canal Plaza, Suite 100

 Portland, ME 04101

 Birth year: 1965

 CHIEF FINANCIAL OFFICER AND

 TREASURER

 Began serving: October 2020

  

Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present).

 

Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

 Lisa R. Grosswirth

 240 Greenwich Street, 22nd Floor

 New York, NY 10286

 Birth year: 1963

 SECRETARY

 Began serving: September 2007

  

Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).

 

Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


63

 

  

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


64

 

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


65

 

  

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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

Information Collected by the Funds

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

 

   

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

   

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

   

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

Information Sharing Practices

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

 

   

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

   

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

   

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

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

Information Security

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

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

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


66

 

Employee Access to Information

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

Visiting the Funds’ Website

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

 

 

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

 

 

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

 

 

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

 

 

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Notice

The effective date of this Notice is March 21, 2024. We reserve the right to modify this Notice at any time. When it is revised, reviewed or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

 

  

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


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LOGO


LOGO


LOGO

 

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”)


LOGO

 

 

President’s Message

     i  

Management’s Discussion of Fund Performance

     1  

Shareholder Expense Example

     3  

Portfolios of Investments

     4  

Statements of Assets and Liabilities

     8  

Statements of Operations

     9  

Statements of Changes in Net Assets

     10  

Financial Highlights

     11  

Notes to Financial Statements

     15  

Report of Independent Registered Public Accounting Firm

     20  

Shareholder Proxy Results

     21  

Board of Trustees and Trust Officers

     22  

Liquidity Risk Management Program

     25  

Other Information

     26  


[This Page Intentionally Left Blank]

 

 


i

 

PRESIDENT’S MESSAGE (unaudited)

Esteemed Shareholder:

I am pleased to present the Annual Report of the U.S. Government Money Market Fund and U.S. Treasury Money Market Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, certain Bloomberg indices performed as follows:2

 

Bloomberg

U.S. Treasury

Bond Index3

 

Bloomberg

U.S. Aggregate

Bond Index4

 

Bloomberg

U.S. Credit

Bond Index5

 

Bloomberg

Municipal Bond

Index6

 

 

Bloomberg

U.S. Corporate

High Yield Bond

Index7

-2.80%

  -1.47%   0.76%   2.08%   9.02%

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index8 advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


ii

 

  

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

 

S&P 500®

Index9

 

 

Russell

2000®

Index10

 

MSCI EAFE

(Net) Index11

 

MSCI Emerging

Markets (Net)

Index12

22.66%

  13.32%   9.28%   9.88%

Past performance is no guarantee of future results.

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

Sincerely,

 

LOGO

Eric W. Taylor, CFA

President

May 15, 2024

 

 

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE


iii

 

Must be preceded or accompanied by a prospectus.

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

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

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

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 money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.

 

1.

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

 

2.

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

 

3.

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

 

4.

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

 

5.

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

 

6.

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

 

7.

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

 

8.

The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

 

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.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

 

11.

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

 

12.

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

 

  

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


1

 

WILMINGTON MONEY MARKET FUNDS

Management’s Discussion of Fund Performance

 

Over the past year, the Federal Reserve (the “Fed”) raised interest rates twice, in May and July of 2023 by 25 basis points at each meeting to a target of 5.25% to 5.5%. This is the highest rate since 2001. The Fed acknowledged the economy continued to expand at a moderate pace, job gains remained robust, and inflation remained elevated.

The U.S. economic growth surprised to the upside over the past year as year-over-year Gross Domestic Product (“GDP”), the broadest measure of economic growth, grew at 3% for the 12-month period ended March 31, 2024, up from 1.7% growth for the prior 12-month period ended March 31, 2023. Economic growth was driven by consumer spending. The consumer was aided by a strong labor market, while the unemployment rate remained at historically low levels. As of April 2024, the unemployment rate was 3.9% after hitting its lowest level since 1969 in May 2023 of 3.4%. Wages continue to grow at a pace that is faster than the pre-pandemic era. Average hourly earnings increased by 3.9% over the past year. The good news from an inflation point of view is that this rate is down from 5.8% a year ago.

Inflation continues to slow. The Consumer Price index (“CPI”) slowed over the past year from the prior year’s stronger pace that was fueled by the service side of the economy as consumers’ demand for travel and leisure remained strong. For the fiscal year ended April 30, 2024, the core CPI which excludes food and energy, increased by 3.6%, compared to 5.5% for fiscal year ended April 30, 2023. However, the progress has slowed over the past several months with the year-over-year rate of CPI just falling 0.3% from the start of the year. The Fed’s goal is to return inflation to a 2% level. At the start of 2024, the market was expecting the Fed to cut interest rates six times in 2024 on expectations of inflation continuing to slow and slower economic growth, while the Fed was less optimistic for rate cuts. The Fed’s forecast is for only 3 rate cuts in 2024. The market has adjusted their expectations for rate cuts to mirror the Fed’s forecast as economic growth has remained strong and inflation progress has slowed.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have continued to move higher. The 2-year Treasury yield rose from 4.01% to 5.04%. The 10-year Treasury yield increased from 3.42% to 4.69%. The 30-year Treasury yield also increased by 1.12% over the fiscal year resulting in -14.7% return over the year. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -1.47% rate of return.

The yield curve remains inverted with short-term rates higher than longer-term rates. The yield curve has been inverted since July 2022. The inverted yield curve has been a precursor to an economic recession. However, while forecasts of a recession were commonplace last year, today there are few signs of an impending recession.

Uncertainties surrounding when and how much the Fed will be easing monetary policy and continued record treasury supply to finance government deficits may put upward pressure on interest rates especially at the longer end of the yield curve. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflation target, while a 2% inflation target may prove more difficult to achieve.

The change in key interest rates over the last twelve months is presented below.

 

     
     04/30/23    10/31/23    04/30/24
     

 Federal Fund Target

   4.75% - 5.00%      5.25% -  5.50%      5.25% - 5.50%  
     

 90-Day SOFR Average

   4.67%      5.34%      5.35%  
     

 2-Year Treasury Note

   4.04%      5.07%      5.04%  
     

 10-Year Treasury Note

   3.44%      4.88%      4.69%  

The following is a comparison of the performance of the Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund versus their respective iMoneyNet and Lipper peer group average returns for the fiscal year ended April 30, 2024:

 

Wilmington U.S. Government Money Market Fund – Administrative Class      4.85
Wilmington U.S. Government Money Market Fund – Institutional Class      5.22

Wilmington U.S. Government Money Market Fund –

Select Class

     5.11

Wilmington U.S. Government Money Market Fund –

Service Class

     4.73
Wilmington U.S. Government Money Market Fund – Preferred Institutional Class*      1.79

iMoneyNet, Inc. Government & Agency Institutional Average

     5.00

Lipper Institutional U.S. Government Money Market Funds Average

     5.09

Wilmington U.S. Treasury Money Market Fund –

Administrative Class

     4.85

Wilmington U.S. Treasury Money Market Fund –

Institutional Class

     5.22

Wilmington U.S. Treasury Money Market Fund –

Select Class

     5.11

Wilmington U.S. Treasury Money Market Fund –

Service Class

     4.73

Wilmington U.S. Treasury Money Market Fund –

Preferred Institutional Class*

     1.79

iMoneyNet, Inc. Treasury and Repo Institutional Average

     4.99

Lipper Institutional U.S. Treasury Money Market Funds Average

     5.06

 

*

Since Inception (December 29, 2023). Return is not annualized.

Source: iMoneyNet, Inc. and Lipper

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


2

 

Performance shown represents past performance and does not guarantee future results. Investment return will fluctuate. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. You should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. A prospectus with this and other information may be obtained by calling 1-800-836-2211 or visiting the Funds’ web site at www.wilmingtonfunds.com. The prospectus should be read before investing.

The Funds’ shares are not bank deposits and are not insured by, guaranteed by, endorsed by or obligations of the Federal Deposit Insurance Corporation, the Federal Reserve Board, any government

agency or any bank. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

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

Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR).

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


3

 

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

 

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

 

 

     Beginning      Ending      Expenses      Annualized  
     Account Value      Account Value      Paid      Net  
     11/01/23      4/30/24      During  Period(1)       Expense Ratio   
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND            

Actual

           

Administrative Class

     $1,000.00        $1,024.20        $  3.02        0.60%  

Institutional Class

     $1,000.00        $1,025.90        $  1.26        0.25%  

Select Class

     $1,000.00        $1,025.40        $  1.76        0.35%  

Service Class

     $1,000.00        $1,023.70        $  3.47        0.69%  

Preferred Institutional Class

     $1,000.00        $1,017.90        $0.55(2)        0.16%  

Hypothetical (assuming a 5% return before expenses)

           

Administrative Class

     $1,000.00        $1,021.88        $  3.02        0.60%  

Institutional Class

     $1,000.00        $1,023.62        $  1.26        0.25%  

Select Class

     $1,000.00        $1,023.12        $  1.76        0.35%  

Service Class

     $1,000.00        $1,021.43        $  3.47        0.69%  

Preferred Institutional Class

     $1,000.00        $1,024.07        $  0.81        0.16%  
WILMINGTON U.S. TREASURY MONEY MARKET FUND            

Actual

           

Administrative Class

     $1,000.00        $1,024.20        $  3.02        0.60%  

Institutional Class

     $1,000.00        $1,025.90        $  1.26        0.25%  

Select Class

     $1,000.00        $1,025.40        $  1.76        0.35%  

Service Class

     $1,000.00        $1,023.70        $  3.47        0.69%  

Preferred Institutional Class

     $1,000.00        $1,017.90        $0.55(2)        0.16%  

Hypothetical (assuming a 5% return before expenses)

           

Administrative Class

     $1,000.00        $1,021.88        $  3.02        0.60%  

Institutional Class

     $1,000.00        $1,023.62        $  1.26        0.25%  

Select Class

     $1,000.00        $1,023.12        $  1.76        0.35%  

Service Class

     $1,000.00        $1,021.43        $  3.47        0.69%  

Preferred Institutional Class

     $1,000.00        $1,024.07        $  0.81        0.16%  

 

(1) 

Unless otherwise noted, expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period).

 

(2) 

Actual expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 124/366 (to reflect the period from December 29, 2023 (commencement of operations) to April 30, 2024).

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


4

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Government Money Market Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
Total Net Assets
U.S. Treasury Obligations        63.6 % 
Repurchase Agreements        27.9 %
U.S. Government Agency Obligations        9.8 %
Money Market Funds        0.5 %
Other Assets and Liabilities - Net(1)        (1.8 )%
    

 

 

 
TOTAL        100.0 %
    

 

 

 

 

(1) 

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Par Value

     Value  

U.S. GOVERNMENT AGENCY OBLIGATIONS – 9.8%

 

  

FEDERAL FARM CREDIT BANK (FFCB) – 1.3%

 

  

(Prime - 3.13%), 5.37%, 05/24/24Δ

   $   50,000,000      $ 50,000,000  

(SOFR + 0.13%), 5.45%, 11/01/24Δ

     80,000,000        80,000,000  
  

 

 

 

TOTAL FEDERAL FARM CREDIT BANK (FFCB)

 

   $ 130,000,000  

FEDERAL HOME LOAN BANK (FHLB) – 8.5%

 

  

5.00%, 02/10/25

     25,000,000        24,057,917  

(SOFR + 0.01%), 5.33%, 08/27/24Δ

     50,000,000        50,000,000  

(SOFR + 0.01%), 5.33%, 09/03/24Δ

      100,000,000        100,000,000  

(SOFR + 0.01%), 5.33%, 09/05/24Δ

     50,000,000        50,000,000  

(SOFR + 0.01%), 5.33%, 09/12/24Δ

     75,000,000        75,000,000  

(SOFR + 0.01%), 5.33%, 09/23/24Δ

     50,000,000        50,000,000  

(SOFR + 0.01%), 5.33%, 09/24/24Δ

     25,000,000        25,000,000  

(SOFR + 0.01%), 5.33%, 10/25/24Δ

     75,000,000        75,000,000  

(SOFR + 0.01%), 5.33%, 11/04/24Δ

     100,000,000        100,000,000  

5.00%, 02/24/25

     25,000,000        25,000,000  

5.15%, 03/17/25

     25,000,000        25,000,000  

5.50%, 05/13/25

     25,000,000        25,000,000  

(SOFR + 0.16%), 5.48%, 09/02/25Δ

     25,000,000        25,000,000  

(SOFR + 0.16%), 5.48%, 09/11/25Δ

     25,000,000        25,000,000  

(SOFR + 0.16%), 5.48%, 10/16/25Δ

     100,000,000        100,000,000  

(SOFR + 0.20%), 5.52%, 11/13/25Δ

     25,000,000        25,000,000  

(SOFR + 0.20%), 5.52%, 01/07/26Δ

     25,000,000        25,000,000  
  

 

 

 

TOTAL FEDERAL HOME LOAN BANK (FHLB)

 

   $ 824,057,917  
  

 

 

 
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $954,057,917)

 

   $   954,057,917  
U.S. TREASURY OBLIGATIONS – 63.6%

 

  

U.S. TREASURY BILLS – 55.4%

 

  

5.47%, 05/02/24

     160,000,000        159,976,355  

5.28%, 05/28/24

     400,000,000        398,444,500  

5.33%, 05/30/24

     345,000,000        343,539,548  

5.27%, 06/04/24

     240,000,000        238,825,224  

5.32%, 06/06/24

     105,380,000        104,823,067  
 Description   

Par Value

     Value  

5.27%, 06/11/24

   $  320,000,000      $ 318,112,177  

5.32%, 06/13/24

     600,000,000        596,237,500  

5.30%, 06/20/24

     485,000,000        481,492,465  

5.31%, 06/25/24

     560,000,000        555,538,278  

5.30%, 07/16/24

     400,000,000        395,600,446  

5.31%, 07/23/24

     175,000,000        172,895,892  

5.33%, 07/25/24

     36,200,000        35,750,844  

5.30%, 07/30/24

     255,000,000        251,681,812  

5.17%, 08/01/24

     305,000,000        301,016,258  

5.29%, 08/06/24

     246,000,000        242,553,267  

5.24%, 08/22/24

     315,000,000        309,957,376  

5.33%, 08/27/24

     340,000,000        334,160,311  

5.24%, 09/12/24

     160,000,000        156,962,667  
  

 

 

 

TOTAL U.S. TREASURY BILLS

 

   $  5,397,567,987  

U.S. TREASURY NOTES – 8.2%

 

  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 07/31/24Δ

     150,000,000        149,990,161  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.46%, 10/31/24Δ

     129,950,000        129,987,780  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.20%), 5.52%, 01/31/25Δ

     160,000,000        159,995,382  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.45%, 07/31/25Δ

     200,000,000        199,905,632  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 5.49%, 10/31/25Δ

     80,000,000        79,963,235  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 5.57%, 01/31/26Δ

     80,000,000        80,057,677  
  

 

 

 

TOTAL U.S. TREASURY NOTES

 

   $ 799,899,867  
  

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS

(COST $6,197,467,854)

 

 

   $  6,197,467,854  
 

 

 

 

ANNUAL REPORT / April 30, 2024


5    PORTFOLIOS OF INVESTMENTS

 

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

 

 Description   

Number of

Shares

     Value  
MONEY MARKET FUNDS – 0.5%      

Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.18%^

     22,131,193      $ 22,131,193  

Goldman Sachs Financial Square Government Fund, Institutional Shares, 5.21%^

     30,000,000        30,000,000  
     

 

 

 

TOTAL MONEY MARKET FUNDS

(COST $52,131,193)

      $ 52,131,193  
     
    

Par Value

        
REPURCHASE AGREEMENTS – 27.9%

 

  

Deutsche Bank Securities, Inc., 5.30%, dated 04/30/24, due 05/01/24, repurchase price $415,061,097, collateralized by U.S. Treasury Securities, 0.50% to 4.00%, maturing 04/30/27 to 02/15/34; total market value $423,300,077.

   $  415,000,000        415,000,000  

Federal Reserve Bank of New York, 5.30%, dated 04/30/24, due 05/01/24, repurchase price $1,075,158,264, collateralized by U.S. Treasury Securities, 0.38% to 2.88%, maturing 08/15/24 to 05/15/32; total market value $1,075,158,318.

     1,075,000,000         1,075,000,000  
 Description    Par Value     

Value

 

FICC Bank of New York, 5.31%, dated 04/30/24, due 05/01/24, repurchase price $425,062,688, collateralized by U.S. Treasury Security, 3.63%, maturing 05/31/28; total market value $433,500,065.

   $  425,000,000      $ 425,000,000  

FICC Mizuho Securities USA, 5.32%, dated 04/30/24, due 05/01/24, repurchase price $450,066,500, collateralized by U.S. Treasury Securities, 0.00% to 4.63%, maturing 07/09/24 to 08/15/42; total market value $459,000,040.

     450,000,000        450,000,000  

TD Securities, Inc., 5.31%, dated 04/30/24, due 05/01/24, repurchase price $350,051,625, collateralized by U.S. Treasury Securities, 0.38% to 5.00%, maturing 04/30/25 to 10/31/25; total market value $357,000,091.

     350,000,000        350,000,000  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS

(COST $2,715,000,000)

      $ 2,715,000,000  
     

 

 

 

TOTAL INVESTMENTS – 101.8%

(COST $9,918,656,964)

      $ 9,918,656,964  
OTHER ASSETS LESS LIABILITIES – (1.8)%

 

     (179,953,256
     

 

 

 
TOTAL NET ASSETS – 100.0%       $  9,738,703,708  
     

 

 

 
 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 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

   $         $ 954,057,917           $—         $ 954,057,917  

 U.S. Treasury Obligations

               6,197,467,854            —           6,197,467,854  

 Money Market Funds

     52,131,193                                    —           52,131,193  

 Repurchase Agreements

               2,715,000,000            —           2,715,000,000  
  

 

 

       

 

 

       

 

 

      

 

 

 

 Total

   $ 52,131,193         $ 9,866,525,771           $—         $ 9,918,656,964  
  

 

 

       

 

 

       

 

 

      

 

 

 

 

 

 

Δ 

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

 

 

The rate shown reflects the effective yield at purchase date.

 

^ 

7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

SOFR Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

 

 

 

 

April 30, 2024 / ANNUAL REPORT


6

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington U.S. Treasury Money Market Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
Total Net Assets
U.S. Treasury Obligations        79.6 %
Repurchase Agreements        20.9 %
Money Market Fund        1.3 %
Other Assets and Liabilities - Net(1)        (1.8 )%
    

 

 

 
TOTAL        100.0 %
    

 

 

 

 

(1) 

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

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description   

Par Value

     Value  
U.S. TREASURY OBLIGATIONS – 79.6%

 

  

U.S. TREASURY BILLS – 67.8%

     

5.47%, 05/02/24

   $ 39,580,000      $ 39,574,151  

5.28%, 05/28/24

     100,000,000        99,611,125  

5.33%, 05/30/24

     84,720,000        84,361,364  

5.27%, 06/04/24

     60,000,000        59,706,306  

5.32%, 06/06/24

     19,000,000        18,899,585  

5.27%, 06/11/24

     80,000,000        79,528,044  

5.32%, 06/13/24

     150,000,000        149,059,375  

5.30%, 06/20/24

     119,950,000        119,082,586  

5.31%, 06/25/24

     140,000,000        138,884,569  

5.30%, 07/16/24

     100,000,000        98,900,111  

5.31%, 07/23/24

     33,890,000        33,482,525  

5.33%, 07/25/24

     10,000,000        9,875,924  

5.30%, 07/30/24

     45,000,000        44,414,437  

5.17%, 08/01/24

     66,000,000        65,140,091  

5.29%, 08/06/24

     52,400,000        51,665,818  

5.24%, 08/22/24

     77,900,000        76,652,951  

5.33%, 08/27/24

     60,000,000        58,969,467  

5.24%, 09/12/24

     40,000,000        39,240,667  
     

 

 

 

TOTAL U.S. TREASURY BILLS

 

   $  1,267,049,096  

U.S. TREASURY NOTES – 11.8%

 

  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.36%, 07/31/24Δ

     50,000,000        49,996,720  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.46%, 10/31/24Δ

     40,000,000        40,009,445  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.20%), 5.52%, 01/31/25Δ

     40,000,000        39,998,846  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.13%), 5.45%, 07/31/25Δ

     50,000,000        49,976,408  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.17%), 5.49%, 10/31/25Δ

     20,000,000        19,990,809  
 Description   

Par Value

     Value  

(U.S. Treasury 3 Month Bill Money Market Yield + 0.25%), 5.57%, 01/31/26Δ

   $ 20,000,000      $ 20,014,419  
     

 

 

 

TOTAL U.S. TREASURY NOTES

 

   $ 219,986,647  
     

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS

(COST $1,487,035,743)

 

 

   $  1,487,035,743  
     Number of
Shares
        
MONEY MARKET FUND – 1.3%

 

  

Blackrock Liquidity Funds T-Fund, Institutional Shares, 5.18%^

     25,011,288        25,011,288  
     

 

 

 

TOTAL MONEY MARKET FUND

(COST $25,011,288)

 

 

   $ 25,011,288  
    

Par Value

        
REPURCHASE AGREEMENTS – 20.9%

 

  

Deutsche Bank Securities, Inc., 5.30%, dated 04/30/24, due 05/01/24, repurchase price $90,013,250, collateralized by U.S. Treasury Securities, 2.75% to 4.88%, maturing 10/15/25 to 10/31/30; total market value $91,800,033.

   $    90,000,000        90,000,000  

FICC Bank of New York, 5.31%, dated 04/30/24, due 05/01/24, repurchase price $75,011,063, collateralized by U.S. Treasury Security, 3.63%, maturing 05/31/28; total market value $76,500,080.

     75,000,000        75,000,000  

FICC Mizuho Securities USA, 5.32%, dated 04/30/24, due 05/01/24, repurchase price $150,022,167, collateralized by U.S. Treasury Securities, 0.00% to 4.88%, maturing 06/04/24 to 05/15/32; total market value $153,000,056.

     150,000,000        150,000,000  
 

 

 

 

ANNUAL REPORT / April 30, 2024


7    PORTFOLIOS OF INVESTMENTS

 

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

 

 Description

   Par Value      Value  

TD Securities, Inc., 5.31%, dated 04/30/24, due 05/01/24, repurchase price $75,011,063, collateralized by U.S. Treasury Securities, 1.50% to 4.38%, maturing 05/15/24 to 11/30/28; total market value $76,500,074.

   $  75,000,000      $ 75,000,000  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS

(COST $390,000,000)

 

 

   $ 390,000,000  
     

 

 

 

TOTAL INVESTMENTS – 101.8%

(COST $1,902,047,031)

 

 

   $ 1,902,047,031  
OTHER ASSETS LESS LIABILITIES – (1.8)%

 

     (34,005,467
     

 

 

 
TOTAL NET ASSETS – 100.0%

 

   $  1,868,041,564  
     

 

 

 
 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

     Level 1        Level 2        Level 3        Total  

 Investments in Securities

                 

 U.S. Treasury Obligations

   $        $ 1,487,035,743          $—         $ 1,487,035,743  

 Money Market Fund

     25,011,288                    —           25,011,288  

 Repurchase Agreements

              390,000,000           —           390,000,000  
  

 

 

      

 

 

      

 

 

      

 

 

 

 Total

   $ 25,011,288        $ 1,877,035,743          $—         $ 1,902,047,031  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

 

 

 

The rate shown reflects the effective yield at purchase date.

 

Δ 

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

 

^ 

7-Day net yield.

See Notes which are an integral part of the Financial Statements

 

 

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF ASSETS AND LIABILITIES     8

 

 

   
 April 30, 2024      

Wilmington
U.S. Government
Money Market

Fund

      

Wilmington

U.S. Treasury
Money Market

Fund

   
ASSETS:                  

Investments, at identified cost

      $ 9,918,656,964           $ 1,902,047,031  
     

 

 

           

 

 

   

Investments in securities, at value (including repurchase agreements of $2,715,000,000 and $390,000,000, respectively)

      $ 9,918,656,964           $ 1,902,047,031  

Cash

        55             17  

Income receivable

        7,216,928             233,271  

Receivable for shares sold

        429,987             22,937  

Prepaid assets

        85,542             43,072  
     

 

 

           

 

 

   
TOTAL ASSETS         9,926,389,476             1,902,346,328  
     

 

 

           

 

 

   
LIABILITIES:                  

Payable for investments purchased

        143,075,730             25,654,958  

Income distribution payable

        40,811,222             7,841,290  

Payable for shares redeemed

        51,478              

Payable for Trustees’ fees

        5,047             5,047  

Payable for administration fees

        234,414             45,919  

Payable for distribution services fees

        251,321             50,118  

Payable for shareholder services fees

        1,323,447             252,361  

Payable for investment advisory fees

        834,384             112,357  

Other accrued expenses

        1,098,725             342,714  
     

 

 

           

 

 

   
TOTAL LIABILITIES         187,685,768             34,304,764  
     

 

 

           

 

 

   
NET ASSETS       $ 9,738,703,708           $ 1,868,041,564  
     

 

 

           

 

 

   
NET ASSETS CONSIST OF:                  

Paid-in capital

      $ 9,738,866,178           $ 1,868,049,756  

Distributable earnings (loss)

        (162,470 )             (8,192 )  
     

 

 

           

 

 

   
TOTAL NET ASSETS       $ 9,738,703,708           $ 1,868,041,564  
     

 

 

           

 

 

   
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:                  

Administrative Class

                 

Net Assets

      $ 819,608,860           $ 243,126,588  
     

 

 

           

 

 

   

Shares outstanding (unlimited shares authorized)

        819,875,505             243,163,348  
     

 

 

           

 

 

   

Net Asset Value and Offering Price per share

      $ 1.000           $ 1.000  
     

 

 

           

 

 

   

Institutional Class

                 

Net Assets

      $ 2,691,292,515           $ 520,749,486  
     

 

 

           

 

 

   

Shares outstanding (unlimited shares authorized)

        2,691,413,086             520,753,136  
     

 

 

           

 

 

   

Net Asset Value and Offering Price per share

      $ 1.000           $ 1.000  
     

 

 

           

 

 

   

Select Class

                 

Net Assets

      $ 5,515,810,917           $ 1,086,463,818  
     

 

 

           

 

 

   

Shares outstanding (unlimited shares authorized)

        5,516,356,570             1,086,486,456  
     

 

 

           

 

 

   

Net Asset Value and Offering Price per share

      $ 1.000           $ 1.000  
     

 

 

           

 

 

   

Service Class

                 

Net Assets

      $ 436,533,592           $ 247,014  
     

 

 

           

 

 

   

Shares outstanding (unlimited shares authorized)

        436,506,666             246,988  
     

 

 

           

 

 

   

Net Asset Value and Offering Price per share

      $ 1.000           $ 1.000  
     

 

 

           

 

 

   

Preferred Institutional Class

                 

Net Assets

      $ 275,457,824           $ 17,454,658  
     

 

 

           

 

 

   

Shares outstanding (unlimited shares authorized)

        275,446,745             17,454,710  
     

 

 

           

 

 

   

Net Asset Value and Offering Price per share

      $ 1.000           $ 1.000  
     

 

 

           

 

 

   

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


9   STATEMENTS OF OPERATIONS

 

   
 Year Ended April 30, 2024       Wilmington
U.S. Government
Money Market
Fund
          Wilmington
U.S. Treasury
Money Market
Fund
   
INVESTMENT INCOME:                    

Dividends

      $ 5,075,025           $ 2,261,686    

Interest

        528,578,009             109,490,649    
     

 

 

           

 

 

     
TOTAL INVESTMENT INCOME         533,653,034             111,752,335    
     

 

 

           

 

 

     
EXPENSES:                    

Investment advisory fees

        24,937,776             5,230,396    

Administration fees

        2,854,286             598,611    

Portfolio accounting and administration fees

        1,764,040               381,867    

Custodian fees

        216,505             60,890    

Transfer and dividend disbursing agent fees and expenses

        154,239             29,562    

Trustees’ fees

        62,234             62,234    

Professional fees

        201,222             144,583    

Distribution services fee—Administrative Class

        2,103,727             726,399    

Distribution services fee—Service Class

        1,337,853             483    

Shareholder services fee—Administrative Class

        2,103,727             726,399    

Shareholder services fee—Institutional Class

        884,480             231,449    

Shareholder services fee—Select Class

        15,096,333             2,949,738    

Shareholder services fee—Service Class

        1,337,853             483    

Share registration costs

        70,192             66,046    

Printing and postage

        79,525             29,672    

Miscellaneous

        376,551             107,548    
     

 

 

           

 

 

     
TOTAL EXPENSES         53,580,543             11,346,360    
     

 

 

           

 

 

     

WAIVERS AND REIMBURSEMENTS:

                   

Waiver/reimbursement by investment advisor

        (8,852,859 )             (2,115,365 )    

Waiver of shareholder services fee—Administrative Class

        (997,072 )             (363,520 )    

Waiver of shareholder services fee—Institutional Class

        (88,448 )             (23,145 )    

Waiver of shareholder services fee—Select Class

        (7,210,111 )             (1,419,433 )    
     

 

 

           

 

 

     
TOTAL WAIVERS AND REIMBURSEMENTS         (17,148,490 )             (3,921,463 )    
     

 

 

           

 

 

     

Net expenses

        36,432,053             7,424,897    
     

 

 

           

 

 

     

Net investment income

        497,220,981             104,327,438    
     

 

 

           

 

 

     
REALIZED GAIN (LOSS):                    

Net realized gain (loss) on investments

        (3,374 )             (1 )    
     

 

 

           

 

 

     

Net realized gain (loss)

        (3,374 )             (1 )    
     

 

 

           

 

 

     

Change in net assets resulting from operations

      $ 497,217,607           $ 104,327,437    
     

 

 

           

 

 

     

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF CHANGES IN NET ASSETS    10

 

 

   
     Wilmington
U.S. Government
Money Market Fund
         Wilmington
U.S. Treasury
Money Market Fund
       
       
    

Year Ended

April 30,

2024

          

Year Ended

April 30,

2023

        

Year Ended

April 30,

2024

         

Year Ended

April 30,

2023

 
OPERATIONS:                   

Net investment income

   $ 497,220,981        $ 237,470,507        $ 104,327,438       $ 50,061,916    

Net realized gain (loss)

     (3,374        (143,767        (1       4,134    
  

 

 

      

 

 

      

 

 

     

 

 

   

Change in net assets resulting from operations

     497,217,607          237,326,740          104,327,437         50,066,050    
  

 

 

      

 

 

      

 

 

     

 

 

   
       
DISTRIBUTIONS TO SHAREHOLDERS:                   

Administrative Class

     (40,012,011        (23,684,619        (13,792,810       (7,575,585  

Institutional Class

     (129,657,330        (67,361,005        (31,517,876       (13,181,142  

Select Class

     (301,841,380        (133,401,248        (58,880,507       (29,245,861  

Service Class

     (24,733,045        (13,029,293        (8,916       (5,385  

Preferred Institutional Class*

     (967,899                 (190,561          
  

 

 

      

 

 

      

 

 

     

 

 

   

Total distributions to shareholders

     (497,211,665        (237,476,165        (104,390,670       (50,007,973  
  

 

 

      

 

 

      

 

 

     

 

 

   
       
SHARE TRANSACTIONS:                   

Proceeds from sale of shares

                  

Administrative Class

     5,367,402,078          4,327,979,078          1,118,921,512         1,037,004,831    

Institutional Class

     5,454,324,251          4,860,190,455          2,117,234,228         1,529,792,034    

Select Class

     12,009,125,854          11,030,810,421          2,159,483,112         3,092,875,204    

Service Class

     1,832,598,086          1,807,227,793          72,192         22,000    

Preferred Institutional Class*

     483,701,302                   40,240,631            

Distributions reinvested

                  

Administrative Class

     4,856          2,486          18,746         11,321    

Institutional Class

     654,629          393,739                  27    

Select Class

     2,629,165          1,275,369          1,869,739         1,113,247    

Service Class

     516,218          396,269          8,916         5,095    

Preferred Institutional Class*

     1,787                   1,787            

Cost of shares redeemed

                  

Administrative Class

     (5,321,131,950        (4,718,367,228        (1,114,178,013       (1,134,788,568  

Institutional Class

     (5,233,343,840        (4,147,644,156        (2,108,291,905       (1,360,810,004  

Select Class

     (12,558,672,087        (8,966,460,438        (2,197,529,154       (2,587,200,392  

Service Class

     (2,042,554,035        (1,662,638,272                (151,512  

Preferred Institutional Class*

     (208,256,344                 (22,787,708          
  

 

 

      

 

 

      

 

 

     

 

 

   

Change in net assets resulting from share transactions

     (213,000,030        2,533,165,516          (4,935,917       577,873,283    
  

 

 

      

 

 

      

 

 

     

 

 

   

Change in net assets

     (212,994,088        2,533,016,091          (4,999,150       577,931,360    
NET ASSETS:                   

Beginning of year

     9,951,697,796          7,418,681,705          1,873,040,714         1,295,109,354    
  

 

 

      

 

 

      

 

 

     

 

 

   

End of year

   $ 9,738,703,708        $ 9,951,697,796        $ 1,868,041,564       $ 1,873,040,714    
  

 

 

      

 

 

      

 

 

     

 

 

   
       
SHARES OF BENEFICIAL INTEREST:                   

Shares sold

                  

Administrative Class

     5,367,402,078          4,327,979,078          1,118,921,512         1,037,004,831    

Institutional Class

     5,454,324,251          4,860,190,455          2,117,234,228         1,529,792,034    

Select Class

     12,009,125,854          11,030,810,421          2,159,483,112         3,092,875,204    

Service Class

     1,832,598,086          1,807,227,793          72,192         22,000    

Preferred Institutional Class*

     483,701,302                   40,240,631            

Distributions reinvested

                  

Administrative Class

     4,856          2,486          18,746         11,321    

Institutional Class

     654,629          393,739                  27    

Select Class

     2,629,165          1,275,369          1,869,739         1,113,247    

Service Class

     516,218          396,269          8,916         5,095    

Preferred Institutional Class*

     1,787                   1,787            

Shares redeemed

                  

Administrative Class

     (5,321,131,950        (4,718,367,228        (1,114,178,013       (1,134,788,568  

Institutional Class

     (5,233,343,840        (4,147,644,156        (2,108,291,905       (1,360,810,004  

Select Class

     (12,558,672,087        (8,966,460,438        (2,197,529,154       (2,587,200,392  

Service Class

     (2,042,554,035        (1,662,638,272                (151,512  

Preferred Institutional Class*

     (208,256,344                 (22,787,708          
  

 

 

      

 

 

      

 

 

     

 

 

   

Net change resulting from share transactions

     (213,000,030        2,533,165,516          (4,935,917       577,873,283    
  

 

 

      

 

 

      

 

 

     

 

 

   

 

*

The Preferred Institutional Class for each Fund commenced operations on December 29, 2023.

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


11   FINANCIAL HIGHLIGHTS

 

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

 

 WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND

 

    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended  

April 30,  2020  

 ADMINISTRATIVE CLASS                     

 Net Asset Value, Beginning of Year

       $  1.000       $  1.000     $ 1.000     $ 1.000       $    1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.047       0.026       0.000 (a)        0.000 (a)        0.013

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 

 Total Income (Loss) From Operations

       0.047       0.026       0.000       0.000       0.013
 Less Distributions From:                     

Net Investment Income

       (0.047 )       (0.026 )       (0.000 )(a)       (0.000 )(a)       (0.013 )
 Net Asset Value, End of Year        $  1.000       $  1.000     $ 1.000     $ 1.000       $    1.000
                                                  
 Total Return        4.85 %       2.59 %       0.02 %       0.01 %       1.21 %
 Net Assets, End of Year (000’s)        $819,609       $773,332     $ 1,163,736     $ 1,728,081       $1,509,322
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.81 %       0.81 %       0.81 %       0.81 %       0.81 %

Net Expense(b),(c)

       0.60 %       0.54 %       0.08 %       0.15 %       0.61 %

Net Investment Income

       4.77 %       2.42 %       0.02 %       0.01 %       1.18 %
    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended  

April 30,  2020  

 INSTITUTIONAL CLASS                     

 Net Asset Value, Beginning of Year

       $    1.000     $ 1.000     $ 1.000     $ 1.000       $    1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.051       0.029       0.000 (a)        0.000 (a)        0.016

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 

 Total Income (Loss) From Operations

       0.051       0.029       0.000       0.000       0.016
 Less Distributions From:                     

Net Investment Income

       (0.051 )       (0.029 )       (0.000 )(a)       (0.000 )(a)       (0.016 )
 Net Asset Value, End of Year        $    1.000     $ 1.000     $ 1.000     $ 1.000       $    1.000
                                                  
 Total Return        5.22 %       2.90 %       0.02 %       0.02 %       1.56 %
 Net Assets, End of Year (000’s)        $2,691,292     $ 2,469,665     $ 1,756,769     $ 1,735,456       $1,745,742
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.34 %       0.31 %       0.31 %       0.31 %       0.31 %

Net Expense(b),(c)

       0.25 %       0.25 %       0.08 %       0.14 %       0.27 %

Net Investment Income

       5.10 %       2.96 %       0.02 %       0.01 %       1.39 %
    

Year Ended

April 30, 2024

 

Year Ended

April 30, 2023

 

Year Ended

April 30, 2022

 

Year Ended

April 30, 2021

 

Year Ended  

April 30,  2020  

 SELECT CLASS                     

 Net Asset Value, Beginning of Year

       $    1.000     $ 1.000     $ 1.000     $ 1.000       $    1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.050       0.028       0.000 (a)        0.000 (a)        0.015

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 

 Total Income (Loss) From Operations

       0.050       0.028       0.000       0.000       0.015
 Less Distributions From:                     

Net Investment Income

       (0.050 )       (0.028 )       (0.000 )(a)       (0.000 )(a)       (0.015 )
 Net Asset Value, End of Year        $    1.000     $ 1.000     $ 1.000     $ 1.000       $    1.000
                                                  
 Total Return        5.11 %       2.81 %       0.02 %       0.02 %       1.46 %
 Net Assets, End of Year (000’s)        $5,515,811     $ 6,062,727     $ 3,997,179     $ 4,168,651       $4,912,640
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.56 %       0.56 %       0.56 %       0.56 %       0.56 %

Net Expense(b),(c)

       0.35 %       0.34 %       0.08 %       0.15 %       0.37 %

Net Investment Income

       5.00 %       2.91 %       0.02 %       0.01 %       1.42 %
 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS (continued)    12

 

 

     Year Ended
April 30, 2024
  Year Ended
April 30, 2023
  Year Ended
April 30, 2022
  Year Ended
April 30, 2021
  Year Ended 
April 30, 2020 
 SERVICE CLASS                     

 Net Asset Value, Beginning of Year

       $  1.000      $ 1.000      $ 1.000      $ 1.000       $ 1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.046       0.024       0.000 (a)        0.000 (a)        0.011

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 

 Total Income (Loss) From Operations

       0.046       0.024       0.000       0.000       0.011
 Less Distributions From:                     

Net Investment Income

       (0.046 )       (0.024 )       (0.000 )(a)       (0.000 )(a)       (0.011 )
 Net Asset Value, End of Year        $  1.000      $ 1.000      $ 1.000      $ 1.000       $ 1.000
                                                  
 Total Return        4.73 %       2.43 %       0.01 %       0.01 %       1.08 %

 Net Assets, End of Year (000’s)

       $436,534      $ 645,974      $ 500,998      $ 1,190,711       $ 1,168,185
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.81 %       0.81 %       0.81 %       0.81 %       0.81 %

Net Expense(b),(c)

       0.72 %       0.72 %       0.08 %       0.15 %       0.74 %

Net Investment Income

       4.62 %       2.49 %       0.01 %       0.01 %       1.07 %
    

For the Period
December  29,
2023*

through
April 30, 2024

               
 PREFERRED INSTITUTIONAL CLASS                     

 Net Asset Value, Beginning of Year

       $  1.000                

 Income (Loss) From Operations:

                    

Net Investment Income

       0.018                

Net Realized Gain (Loss)

       0.000 (a)                 

 Total Income (Loss) From Operations

       0.018                
 Less Distributions From:                     

Net Investment Income

       (0.018 )                
 Net Asset Value, End of Year        $  1.000                
                          
 Total Return        1.79 %(d)                

 Net Assets, End of Year (000’s)

       $275,458                
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.31 %(e)                

Net Expense(b),(c)

       0.16 %(e)                

Net Investment Income

       5.29 %(e)                

 

(a)

Represents less than $0.001.

 

(b)

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

 

(c)

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

 

(d)

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

 

(e)

Annualized for periods less than one year.

 

*

Commencement of operations.

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


13   FINANCIAL HIGHLIGHTS (continued)

 

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

 

 WILMINGTON U.S. TREASURY MONEY MARKET FUND

 

     Year Ended
April 30, 2024
 

Year Ended

April 30, 2023

  Year Ended
April 30, 2022
  Year Ended
April 30, 2021
  Year Ended 
April 30, 2020 
 ADMINISTRATIVE CLASS                   
 Net Asset Value, Beginning of Year        $  1.000       $  1.000       $  1.000       $  1.000       $  1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.047       0.026       0.000 (a)        0.000 (a)        0.013

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 
 Total Income (Loss) From Operations        0.047       0.026       0.000       0.000       0.013
 Less Distributions From:                     

Net Investment Income

       (0.047 )       (0.026 )       (0.000 )(a)       (0.000 )(a)       (0.013 )
 Net Asset Value, End of Year        $  1.000       $  1.000       $  1.000       $  1.000       $  1.000
                                                  
 Total Return        4.85 %       2.59 %       0.02 %       0.01 %       1.20 %
 Net Assets, End of Year (000’s)        $243,127       $238,372       $336,133       $361,438       $360,463
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.82 %       0.83 %       0.82 %       0.82 %       0.83 %

Net Expense(b),(c)

       0.60 %       0.54 %       0.07 %       0.14 %       0.59 %

Net Investment Income

       4.74 %       2.40 %       0.02 %       0.01 %       1.15 %
     Year Ended
April 30, 2024
  Year Ended
April 30, 2023
  Year Ended
April 30, 2022
  Year Ended
April 30, 2021
 

For the Period
 October 16, 2019* 
through

April 30, 2020

 INSTITUTIONAL CLASS                     
 Net Asset Value, Beginning of Year        $  1.000       $  1.000       $  1.000       $  1.000       $ 1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.051       0.029       0.000 (a)        0.000 (a)        0.007

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 
 Total Income (Loss) From Operations        0.051       0.029       0.000       0.000       0.007
 Less Distributions From:                     

Net Investment Income

       (0.051 )       (0.029 )       (0.000 )(a)       (0.000 )(a)       (0.007 )
 Net Asset Value, End of Year        $  1.000       $  1.000       $  1.000       $  1.000       $ 1.000
                                                  
 Total Return        5.22 %       2.90 %       0.02 %       0.02 %       0.61 %(d)
 Net Assets, End of Year (000’s)        $520,749       $511,825       $342,827       $201,157       $50,788
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.36 %       0.33 %       0.32 %       0.32 %       0.32 %(e)

Net Expense(b),(c)

       0.25 %       0.25 %       0.09 %       0.12 %       0.25 %(e)

Net Investment Income

       5.10 %       3.04 %       0.02 %       0.01 %       1.18 %(e)
     Year Ended
April 30, 2024
  Year Ended
April 30, 2023
  Year Ended
April 30, 2022
  Year Ended
April 30, 2021
  Year Ended April 30,
2020
 SELECT CLASS                     
 Net Asset Value, Beginning of Year        $    1.000       $    1.000       $  1.000       $  1.000       $  1.000
 Income (Loss) From Operations:                     

Net Investment Income

       0.050       0.028       0.000 (a)        0.000 (a)        0.015

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a)        0.000 (a) 
 Total Income (Loss) From Operations        0.050       0.028       0.000       0.000       0.015
 Less Distributions From:                     

Net Investment Income

       (0.050 )       (0.028 )       (0.000 )(a)       (0.000 )(a)       (0.015 )
 Net Asset Value, End of Year        $    1.000       $    1.000       $  1.000       $  1.000       $  1.000
                                                  
 Total Return        5.11 %       2.81 %       0.02 %       0.02 %       1.44 %
 Net Assets, End of Year (000’s)        $1,086,464       $1,122,678       $615,858       $816,980       $992,205
 Ratios to Average Net Assets                     

Gross Expense(b)

       0.57 %       0.58 %       0.57 %       0.57 %       0.58 %

Net Expense(b),(c)

       0.35 %       0.34 %       0.08 %       0.15 %       0.35 %

Net Investment Income

       4.99 %       2.95 %       0.02 %       0.02 %       1.45 %
 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS (concluded)   14

 

     Year Ended
April 30, 2024
  Year Ended
April 30, 2023
   Year Ended
April 30, 2022
   Year Ended
April 30, 2021
   Year Ended 
April 30, 2020 
 SERVICE CLASS                        
 Net Asset Value, Beginning of Year      $ 1.000     $ 1.000      $ 1.000      $ 1.000      $ 1.000
 Income (Loss) From Operations:                        

Net Investment Income

       0.046       0.024        0.000 (a)         0.000 (a)         0.011

Net Realized Gain (Loss)

       0.000 (a)        0.000 (a)         0.000 (a)         0.000 (a)         0.000 (a) 
 Total Income (Loss) From Operations        0.046       0.024        0.000        0.000        0.011
 Less Distributions From:                        

Net Investment Income

       (0.046 )       (0.024 )        (0.000 )(a)        (0.000 )(a)        (0.011 )
 Net Asset Value, End of Year      $ 1.000     $ 1.000      $ 1.000      $ 1.000      $ 1.000
                                                     
 Total Return        4.73 %       2.43 %        0.01 %        0.01 %        1.07 %
 Net Assets, End of Year (000’s)      $ 247     $ 166      $ 290      $ 111      $ 188
 Ratios to Average Net Assets                        

Gross Expense(b)

       0.82 %       0.83 %        0.82 %        0.83 %        0.84 %

Net Expense(b),(c)

       0.72 %       0.71 %        0.09 %        0.17 %        0.70 %

Net Investment Income

       4.63 %       2.16 %        0.01 %        0.01 %        0.97 %
    

For the Period
December  29,
2023*

through
April 30, 2024

                  
 PREFERRED INSTITUTIONAL CLASS                        
 Net Asset Value, Beginning of Year      $ 1.000                   
 Income (Loss) From Operations:                        

Net Investment Income

       0.018                   

Net Realized Gain (Loss)

       0.000 (a)                    
 Total Income (Loss) From Operations        0.018                   
 Less Distributions From:                        

Net Investment Income

       (0.018 )                   
 Net Asset Value, End of Year      $ 1.000                   
                             
 Total Return        1.79 %(d)                   
 Net Assets, End of Year (000’s)      $ 17,455                   
 Ratios to Average Net Assets                        

Gross Expense(b)

       0.33 %(e)                   

Net Expense(b),(c)

       0.16 %(e)                   

Net Investment Income

       5.22 %(e)                   

 

(a)

Represents less than $0.001.

 

(b)

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

 

(c)

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

 

(d)

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

 

(e)

Annualized for periods less than one year.

 

*

Commencement of operations.

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


15   NOTES TO FINANCIAL STATEMENTS

 

Wilmington Funds

April 30, 2024

 

1.

ORGANIZATION

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

 

    Fund      Investment Goal

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

    

The Fund seeks to provide current income while maintaining liquidity and stability of principal.

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

    

The Fund seeks to provide current income while maintaining liquidity and stability of principal.

(d) Diversified

The Funds offers Service Class, Select Class, Administrative Class, Institutional Class and Preferred Institutional Class shares. The Preferred Institutional Class for each Fund commenced operations on December 29, 2023. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

 

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)     16

 

the repurchase price. These procedures also allow the counterparty to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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

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

At April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

 

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

U.S. Government Money Market Fund

                                           

Deutsche Bank Securities, Inc.

       $ 415,000,000           $ 415,000,000          $            $  

Federal Reserve Bank of New York

         1,075,000,000            1,075,000,000                          

FICC Bank of New York

         425,000,000            425,000,000                          

FICC Mizuho Securities USA

         450,000,000            450,000,000                          

TD Securities, Inc.

         350,000,000            350,000,000                          
      

 

 

          

 

 

          

 

 

            

 

 

   
       $ 2,715,000,000          $ 2,715,000,000          $            $  
      

 

 

          

 

 

          

 

 

            

 

 

   
       

U.S. Treasury Money Market Fund

                                     

Deutsche Bank Securities, Inc.

       $ 90,000,000           $ 90,000,000          $            $  

FICC Bank of New York

         75,000,000            75,000,000                          

FICC Mizuho Securities USA

         150,000,000            150,000,000                          

TD Securities, Inc.

         75,000,000            75,000,000                          
      

 

 

          

 

 

          

 

 

            

 

 

   
       $ 390,000,000          $ 390,000,000          $    —            $    —  
      

 

 

          

 

 

          

 

 

            

 

 

   

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

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

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

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

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

 

3.

FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to dividend redesignation. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, there were no such reclassifications.

 

 

 

ANNUAL REPORT / April 30, 2024


17   NOTES TO FINANCIAL STATEMENTS (continued)

 

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

 

     2024    2023
  Fund   

Ordinary

Income*

        Long-Term
Capital  Gains
       

Ordinary

Income*

       

Long-Term  

Capital Gains  

       

 U.S. Government Money Market Fund

     $ 497,211,665           $           $ 237,476,165           $ — 

 U.S. Treasury Money Market Fund

       104,390,670                         50,007,973             — 

 

  *

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

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

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

 

  Fund    Undistributed
Ordinary
Income
       

Undistributed
Long-Term

Capital

Gains

       

Other

Timing

Differences

       Unrealized
Appreciation/
(Depreciation)
        Capital Loss
Carryforwards
       Late Year
Loss
Deferrals
        Distributable 
Earnings 
             

 U.S. Government Money Market Fund

     $ 40,795,893           $           $ (40,811,222 )          $           $ (147,141 )          $         $(162,470) 

 U.S. Treasury Money Market Fund

       7,833,099                         (7,841,290 )                        (1 )                     (8,192)

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2024, character of capital loss carryforwards were as follows:

 

  Fund    Short-Term
No  Expiration
          

Total Capital
Loss

Carryforwards

       
   

 U.S. Government Money Market Fund

     $(147,141        $(147,141)    
   

 U.S. Treasury Money Market Fund

     (1        (1)     

 

4.

ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

 

 
  Fund    Advisory Fee 
 Annual Rate  
 

 U.S. Government Money Market Fund

   0.25%

 U.S. Treasury Money Market Fund

   0.25%
  

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2024, so that total annual fund operating expenses paid by the Funds (not including the effects of acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

 

 
   

Current Contractual

Expense Limitations

  Fund    Administrative Class   

 Institutional 

Class 

   Select Class     Service Class*      Preferred Institutional Class  
       

U.S. Government Money Market Fund

  0.60%   0.25%   0.35%   0.66%   0.16%

U.S. Treasury Money Market Fund

  0.60%   0.25%   0.35%   0.66%   0.16%

 

  *

Prior to December 29, 2023, the expense limitation for each Fund’s Service Class was 0.75%.

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)   18

 

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

 

 
      Maximum        Average Aggregate Daily Net   
  Administrator    Fee    Assets of the Trust
 

WFMC

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

BNYM

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

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees, net of waivers, paid by the Funds as follows:

 

 
       Distribution  
 
 Fund     Fees   
 
 U.S. Government Money Market Fund   $3,424,339  
 U.S. Treasury Money Market Fund   727,430 

Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Administrative Class, Select Class and Service Class shares and, effective December 29, 2023, up to 0.10% of the average daily net assets of each Fund’s Institutional Class to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive shareholder servicing fees for each Fund’s shares for whom M&T provides shareholder services. The Funds may reduce the maximum amount of shareholder service fees it pays from time to time at its sole discretion. In addition, a financial intermediary (including M&T) may voluntarily waive or reduce any fees to which they are entitled.

For the year ended April 30, 2024, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

 

 
       Shareholder  
       Services  
Fund     Fees  
 
U.S. Government Money Market Fund    $11,038,944 
U.S. Treasury Money Market Fund    2,052,047

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

BNYM provides custody services to the Trust.

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

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

 

 

 

ANNUAL REPORT / April 30, 2024


19   NOTES TO FINANCIAL STATEMENTS (concluded)

 

5.

MARKET RISK IN GENERAL

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

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

 

6.

CONTRACTUAL OBLIGATIONS

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

 

7.

LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

 

8.

NEW REGULATORY PRONOUNCEMENT

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed on or after July 24, 2024.

 

9.

SUBSEQUENT EVENTS

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

Effective May 1, 2024, each Fund’s advisory fee was reduced to 0.15%. Additionally, effective May 1, 2024, the contractual expense limitation was extended to May 31, 2025 for each Fund and reduced to 0.32% for each Fund’s Select Class.

 

 

April 30, 2024 / ANNUAL REPORT


20

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington U.S. Government Money Market Fund and Wilmington U.S. Treasury Money Market Fund (two of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

 

 

ANNUAL REPORT / April 30, 2024


21

 

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

 

  1.

To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

 

 Independent Trustees    Votes For               Votes Withheld               % of Votes For    

 Gregory P. Chandler

       4,334,311,607             59,399,742              98.65 %    

 Donald E. Foley

       4,331,740,982             61,970,367              98.59 %    

 Valerie J. Sill

       4,336,822,269             56,889,080              98.71 %    
 Interested Trustees    Votes For         Votes Withheld         % of Votes For      

 Eric W. Taylor

       4,392,738,859             972,490              99.98 %    
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


22

 

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

 

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Eric W. Taylor*

Birth year: 1981

TRUSTEE

Began serving: October 2022

PRESIDENT

Began serving: August 2022

  

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present).

 

Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co.

 

Other Directorships Held: None

 

 

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

INDEPENDENT TRUSTEES BACKGROUND

 

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Donald E. Foley

Birth year: 1951

CHAIRMAN

Began serving: January 2023

TRUSTEE

Began serving: December 2015

  

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).

 

  

Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).

 

  

Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


23  

BOARD OF TRUSTEES AND TRUST OFFICERS

 

 Name

 Birth Year

 Position with Trust

 Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Gregory P. Chandler

Birth year: 1966

TRUSTEE

Began serving: July 2017

  

Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).

 

  

Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019).

 

  

Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

 

Valerie J. Sill

Birth year: 1962

TRUSTEE

Began serving: April 2020

  

Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).

 

  

Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).

 

  

Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

 

H. Thomas McMeekin

Birth year: 1953

TRUSTEE

Began serving: April 2024

  

Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present).

 

  

Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present).

 

  

Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

 

OFFICERS

 

 Name

 Birth Year

 Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell

Birth year: 1966

CHIEF OPERATIONS OFFICER

Began serving: June 2017

VICE PRESIDENT

Began serving: June 2012

 

  

Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).

 

Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

Kaushik Goswami

Birth year: 1973

CHIEF COMPLIANCE OFFICER

and AML COMPLIANCE OFFICER

Began serving: October 2021

   Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank.
  

Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

 

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


BOARD OF TRUSTEES AND TRUST OFFICERS   24

 

 Name

 Birth Year

 Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John J. Kelley

Birth year: 1959

VICE PRESIDENT

Began serving: December 2016

  

Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc.

 

  

Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).

 

Robert L. Tuleya

Birth year: 1974

VICE PRESIDENT and ASSISTANT SECRETARY

Began serving: September 2018

  

Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present).

 

  

Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

 

Charles S. Todd

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1971

CHIEF EXECUTIVE OFFICER

Began serving: June 2022

 

  

Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present).

 

  

Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

 

Arthur W. Jasion

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1965

CHIEF FINANCIAL OFFICER AND TREASURER

Began serving: October 2020

 

  

Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present).

 

  

Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

 

Lisa R. Grosswirth

240 Greenwich Street, 22nd Floor

New York, NY 10286

Birth year: 1963

SECRETARY

Began serving: September 2007

  

Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).

 

  

Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


25

 

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


26

 

 

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


27

 

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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

Information Collected by the Funds

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

 

   

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

   

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

   

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

Information Sharing Practices

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

 

   

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

   

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

   

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

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

Information Security

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

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

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


28

 

Employee Access to Information

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

Visiting the Funds’ Website

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

 

 

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

 

 

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

 

 

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

 

 

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Notice

The effective date of this Notice is March 21, 2024. We reserve the right to modify this Notice at any time. When it is revised, reviewed or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


LOGO

Investment Advisor Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Sub-Advisor Wilmington Trust Investment Advisors, Inc. 1100 North Market Street 9th Floor Wilmington, DE 19890 Co-Administrator Wilmington Funds Management Corp. 1100 North Market Street 9th Floor Wilmington, DE 19890 Custodian The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 Distributor ALPS Distributors, Inc. 1290 Broadway, Suite 1100 Denver, CO 80203 Fund Accountant, Co-Administrator, Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103 WT-AR-MM-0424 Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.


LOGO

FUNDS April 30, 2024 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Fixed Income Funds Wilmington Broad Market Bond Fund Wilmington Municipal Bond Fund Wilmington New York Municipal Bond Fund


LOGO

 

 

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)


LOGO

CONTENTS

 

 

President’s Message

     i  

Management’s Discussion of Fund Performance

     1  

Shareholder Expense Example

     9  

Portfolios of Investments

     10  

Statements of Assets and Liabilities

     30  

Statements of Operations

     31  

Statements of Changes in Net Assets

     32  

Financial Highlights

     34  

Notes to Financial Statements

     37  

Report of Independent Registered Public Accounting Firm

     44  

Shareholder Proxy Results

     45  

Board of Trustees and Trust Officers

     46  

Liquidity Risk Management Program

     49  

Other Information

     50  


 

 

[This Page Intentionally Left Blank]


  i

PRESIDENT’S MESSAGE (unaudited)

 

Esteemed Shareholder:

I am pleased to present the Annual Report of the Broad Market Bond Fund, Municipal Bond Fund and New York Municipal Bond Fund (the “Funds”), covering the Funds’ annual fiscal year of May 1, 2023, through April 30, 2024. Inside you will find a comprehensive review of the Funds’ holdings and financial statements.

The economy and financial markets in review

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

The economy

From May 2023 through April 2024, the United States experienced steady economic growth driven by robust consumer spending, strong business investment, and supportive government policies. The labor market showed signs of normalization and unemployment reached historically low levels. However, there were challenges including inflationary pressure which remained sticky (specifically within housing and auto insurance) prompting policymakers to push back on rate cut expectations. In fact, the Federal Reserve (the “Fed”) raised interest rates twice during the period with the Fed Funds upper bound increasing 50 basis points1 to 5.5%. The beleaguered U.S. manufacturing sector finally showed signs of improvement, reaching an expansionary level (as measured by the ISM Manufacturing Index) for the first time in 16 months. The services sector, which accounts for two-thirds of the economy, remained in expansionary territory for the duration of the period, a testament to the U.S. economy’s resilience in navigating a higher interest rate environment and volatile geopolitical landscape.

Bond markets

Rates pushed higher during the fiscal year as uncertainty around inflation persisted and investors became more pessimistic about the degree to which the Fed would be able to ease policy. The benchmark 10-year Treasury yield rose 110 basis points while the two-year yield advanced around 90 basis points during the period. Volatility in the bond market subsided following the banking turmoil in March 2023 as the MOVE index, a common bond market volatility gauge, dropped closer to its five-year average. Corporate credit spreads also continued to compress, to the benefit of high yield issuers, as companies remained on strong financial footing overall. The yield curve remained inverted, most notably at two critical points: the 10y-minus-2y and the 10y-minus-3m portions of the curve. Overall, there was a wide degree of performance dispersion in the bond market, as the Bloomberg U.S. Aggregate Bond Index declined -1.5% while the Bloomberg U.S. Corporate High Yield Bond Index returned +9.0%.

For the 12-month period May 1, 2023 to April 30, 2024, certain Bloomberg indices performed as follows:2

 

Bloomberg
  U.S. Treasury  
Bond Index3
  Bloomberg
U.S. Aggregate
Bond Index4
  Bloomberg
U.S. Credit
Bond Index5
  Bloomberg
Municipal Bond
Index6
 

Bloomberg  
U.S. Corporate  
High Yield Bond  

Index7  

-2.80%   -1.47%   0.76%   2.08%   9.02%  

Past performance is no guarantee of future results.

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

Equity markets

It was a strong year for U.S. large-cap equities as the S&P 500 Index advanced +22.7% while notching several new all-time high levels. The communication services and technology sectors powered the index higher as generative AI remained a major theme for investors and the “Magnificent 7” index8 advanced +60.4%.

Returns in international markets were less robust as the MSCI EAFE Index and MSCI Emerging Markets Index ended the year up +9.3% and +9.9%, respectively. In emerging markets, China weighed heavily on the index as deflationary pressures became increasingly embedded in both the consumer and producer sides of the economy. Concerns around the ailing property sector also led to an exodus of foreign capital out of the country.

Geopolitics also made several headlines during the year, with implications for the commodity market. Notably, in October, the terrorist group, Hamas, attacked Israel, sparking a major conflict in the Gaza Strip. Oil prices surged, with Brent crude reaching nearly $100 a barrel, following fears of a wider escalation across the Middle East and as Houthi rebels (a Yemeni extremist group) attacked ships in the Red Sea.

 

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


ii  

 

Metals, both industrial and precious, were another major storyline during the year as copper (+16.5%) and gold (+15.3%) delivered their best performances in recent history. Copper prices benefitted from the build out of data centers and the United States’ green energy transition. Lastly, cryptocurrencies were one of the best performing asset classes during the year as Bitcoin surged over +100% and notched a new all-time high (of roughly $73,500) after the SEC approved the first spot-Bitcoin ETFs (prices ended the year around $60,000).

For the 12-month period May 1, 2023 to April 30, 2024, certain stock market indices performed as follows:

 

   S&P 500®   

Index9

 

 

Russell

2000®

Index10

 

 

MSCI EAFE

(Net) Index11

 

 

   MSCI Emerging   

Markets (Net)
Index12

 

22.66%   13.32%   9.28%   9.88%

Past performance is no guarantee of future results.

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

Sincerely,

 

LOGO

Eric W. Taylor, CFA

President

May 15, 2024

 

 

April 30, 2024 (unaudited) / PRESIDENT’S MESSAGE


  iii

 

Must be preceded or accompanied by a prospectus.

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

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

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

 

1.

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

 

 

2.

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

 

 

3.

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

 

 

4.

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

 

 

5.

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

 

 

6.

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

 

 

7.

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

 

 

8.

The “Magnificent 7” index refers to the 7 most influential stocks in the S&P 500 index. These stocks, including NVIDIA, Meta Platforms, Tesla, Amazon, Alphabet, Microsoft, and Apple, have dominated the market, driving significant gains in the major indexes.

 

 

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.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 5% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $9.7 million to $11.4 billion.

 

 

11.

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

 

 

12.

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

 

 

 

 

PRESIDENT’S MESSAGE / April 30, 2024 (unaudited)


1  

 

WILMINGTON BROAD MARKET BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -1.46%* for Class A shares and -1.09%* for Class I shares, versus its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which had a total return of -1.47%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -1.77%.

Over the past year the Federal Reserve (the “Fed”) raised interest rates twice, in May and July of 2023 by 25 basis points at each meeting to a target of 5.25% to 5.5%. This is the highest rate since 2001. The Fed acknowledged the economy continued to expand at a moderate pace, job gains remained robust, and inflation remained elevated.

The U.S. economic growth surprised to the upside over the past year as year-over-year Gross Domestic Product (“GDP”), the broadest measure of economic growth, grew at 3% for the 12-month period ended March 31, 2024, up from 1.7% growth for the prior 12-month period ended March 31, 2023. Economic growth was driven by consumer spending. The consumer was aided by a strong labor market, while the unemployment rate remained at historically low levels. As of April 2024, the unemployment rate was 3.9% after hitting its lowest level since 1969 in May 2023 of 3.4%. Wages continue to grow at a pace that is faster than the pre-pandemic era. Average hourly earnings increased by 3.9% over the past year. The good news from an inflation point of view is that this rate is down from 5.8% a year ago.

Inflation continues to slow. The Consumer Price index (“CPI”) slowed over the past year from the prior year’s stronger pace that was fueled by the service side of the economy as consumers’ demand for travel and leisure remained strong. For the fiscal year ended April 30, 2024, the core CPI which excludes food and energy, increased by 3.6%, compared to 5.5% for fiscal year ended April 30, 2023. However, the progress has slowed over the past several months with the year-over-year rate of CPI just falling 0.3% from the start of the year. The Fed’s goal is to return inflation to a 2% level. At the start of 2024, the market was expecting the Fed to cut interest rates by six times in 2024 on expectations of inflation continuing to slow and slower economic growth, while the Fed was less optimistic for rate cuts. The Fed’s forecast is for only 3 rate cuts in 2024. The market has adjusted their expectations for rate cuts to mirror the Fed’s forecast as economic growth has remained strong and inflation progress has slowed.

Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have continued to move higher. The 2-year Treasury yield rose from 4.04% to 5.04%. The 10-year Treasury yield increased from 3.44% to 4.69%. The 30-year Treasury yield also increased by 1.12% over the fiscal year resulting in -14.7% return over the year. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -1.47% rate of return.

The yield curve remains inverted with short-term rates higher than longer-term rates. The yield curve has been inverted since July 2022. The inverted yield curve has been a precursor to an economic recession. However, while forecasts of a recession were commonplace last year, today there are few signs of an impending recession.

The Fund has maintained a shorter overall duration versus the Bloomberg U.S. Aggregate Bond Index which contributed positively to our relative performance as interest rates rose during the fiscal year. We have been less optimistic on the Fed cutting rates by as much as the market

was anticipating. The Fund was also overweight the credit sector, which generated an excess return over the fiscal year of 4.95%. Our credit analysis revealed that corporate profit growth has remained solid. We viewed net corporate supply versus the demand for corporates as also favoring the sector. Relative to its index, the Fund was overweight longer maturing corporate bonds which outperformed shorter maturing corporates. Our overweight and positioning in the credit sector contributed positively to our relative performance. The Fund continued to be underweighted the mortgage-backed sector. Our expectations for a continued inverted yield curve, higher levels of interest rate volatility, and less demand for mortgage-backed securities by the Fed were principal reasons for having a lower allocation to mortgage-backed securities. Having a lower allocation to the sector contributed positively towards our relative performance.

Uncertainties surrounding when and how much the Fed will be easing monetary policy and continued record treasury supply to finance government deficits may put upward pressure on interest rates especially at the longer end of the yield curve. We are also becoming more selective when adding corporate risk to the portfolio given that risk premiums have declined to their lowest levels since 2021. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflation target, while a 2% inflation target may prove more difficult to achieve. As such, we will maintain our shorter duration strategy for now. We will continue to utilize our disciplined relative value investment process in managing the fund.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -5.88%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

  **

The Bloomberg U.S. Aggregate Bond Index is an index measuring both the capital price changes and income provided by the underlying universe of securities, comprised of U.S. Treasury obligations, U.S. investment grade corporate debt and mortgage backed obligations. The index is unmanaged, and it is not possible to invest directly in an index.

 

  ***

Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Excess Return is a security or sector’s return minus the return from a U.S. Treasury of similar maturity or duration.

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  2

 

 

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

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


3  

 

WILMINGTON BROAD MARKET BOND FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington Broad Market Bond Fund; from April 30, 2014 to April 30, 2024, compared to the Bloomberg U.S. Aggregate Bond Index.2

 

LOGO

   LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -5.88%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

 
         Average Annual Total Returns for the Periods Ended 4/30/24    
 
      1 Year     5 Years     10 Years 
   

  Class A^

   -5.88%   -1.21%   0.34%
   

  Class I^

   -1.09%    0.05%   1.15%
   

  Bloomberg U.S. Aggregate Bond Index2

   -1.47%   -0.16%   1.20%

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.08% and 0.79%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.58% and 0.44%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

 

2 

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  4

 

WILMINGTON MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 1.42%* for Class A shares and 1.60%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, and the S&P Municipal Bond Investment Grade Intermediate Index***, which had a total return of 1.70% and 1.53%, respectively, and its peer group, the Lipper Intermediate Municipal Debt Funds Average****, which had a total return of 2.52%.

The fiscal year ended April 30, 2024 was fairly volatile for bonds as investors continued to grapple with “sticky inflation”, a tight employment market and a Federal Reserve (the “Fed”) that continues to hold rates steady until signs of declining inflation close to their target inflation rate of 2.0%. The Fed raised rates twice during the fiscal year ending at 5.50% — which is the highest target rate since 2001. Inflation continued to slow as core Consumer Price Index (“CPI”) increased by 3.6% from an average of 5.5% the year before. While on the downward trend, inflation is still far away from the 2.0% threshold, and the last few months of the fiscal year the pace of inflation has flattened.

Consequently, bond yields increased from the period from April to October as investors believed the Fed would cut rates eventually. Shorter duration, high quality bonds performed better during this period, but as yields peaked in October 2023, the bond market rallied as investors believed rate cuts were imminent. During the 4th Quarter of 2023, the S&P Municipal Bond Investment Grade Intermediate Index return was 6.71%. Longer duration, lower quality municipal bonds performed better during the period.

As we headed into 2024, the bond market was signaling six rate cuts, however, as more data became available the Fed indicated they would continue to hold rates steady until further signs of a downward trend in inflation. In response, bond yields shifted back up again, during the first four months of 2024, as the 10-year U.S. Treasury hit a high of 4.70% in late April.

Municipal yields moved higher — following the same direction as U.S. Treasuries. Bond prices, which move inversely from yields, moved lower and municipal bond returns were negative across the investment grade market. During the first four months of 2024, the S&P Municipal Bond Investment Grade Intermediate Index returned -1.45%.

The Fund outperformed the S&P Municipal Bond Investment Grade Intermediate Index due to its slight overweight to duration and lower quality investment grade bias (A/BBB-rated) versus the index which helped during the late 2023 rally. The Fund also increased its allocation to a municipal ETF (high yield municipal bonds), which invests roughly 70% of its assets in non-investment grade municipal bonds (“high yield”). The allocation was increased from 2% to 5% (the limit set by the prospectus is 10%) during 2024 as municipal high yield significantly outpaced investment grade returns, mostly due to strong inflows (demand) relative to low supply. The high yield municipal market is estimated to be between 5% to 7% of the total municipal market ($4 trillion), so the performance of high yield municipals is very reliant on fund flows since most investors use ETFs/mutual funds to buy the sub asset class.

One of the largest issues facing the municipal market in 2023 was the lack of supply (down 10-15%). However, as interest rates peaked, municipalities needed to finance longer-term capital projects that were delayed during the rising rate period, so supply has increased year-over-year.

Additionally, municipal issuers have increased the pace of new issue deals in the beginning of 2024 due to the uncertainty of the federal election environment in the fall and concerns that inflation could rise. Projects that could be financed later on in the calendar year are being funded earlier than their normal funding schedule.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.16%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

  **

Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

 

  ***

Standard & Poor’s (S&P) Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must have a minimum maturity of 3 years and a maximum maturity of up to but not including 15 years as measured from the Rebalancing Date. Please note that an investor cannot invest directly in an index.

 

  ****

Lipper figures represent the average of the total returns reported by all the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

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

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change. One cannot invest directly into an index.

Income may be subject to the federal alternative minimum tax.

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


5  

 

WILMINGTON MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington Municipal Bond Fund from April 30, 2014 to April 30, 2024 compared to the S&P Municipal Bond Intermediate Index.2

 

LOGO

   LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.16%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

 
         Average Annual Total Returns for the Periods Ended 4/30/24    
 
      1 Year     5 Years     10 Years 
   

  Class A^

   -3.16%   -0.45%   0.95%
   

  Class I^

    1.60%    0.72%   1.68%
   

  S&P Municipal Bond Intermediate Index2

    1.70%    1.39%   2.28%

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.13% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.63% and 0.49%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

 

2 

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  6

 

WILMINGTON NEW YORK MUNICIPAL BOND FUND

Management’s Discussion of Fund Performance (Unaudited)

 

For the fiscal year ended April 30, 2024, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 0.90%* for Class A shares and 1.15%* for Class I shares, versus its benchmark, the S&P Municipal Bond Intermediate Index**, and the S&P Intermediate Term New York AMT-Free Municipal Bond Index***, which had a total return of 1.70% and 2.14%, respectively, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, which had a total return of 1.87%.

The fiscal year ended April 30, 2024 was fairly volatile for bonds as investors continued to grapple with “sticky inflation”, a tight employment market and a Federal Reserve (the “Fed”) that continues to hold rates steady until signs of declining inflation close to their target inflation rate of 2.0%. The Fed raised rates twice during the fiscal year ending at 5.50% — which is the highest target rate since 2001. Inflation continued to slow as core Consumer Price Index (“CPI”) increased by 3.6% from an average of 5.5% the year before. While on the downward trend, inflation is still far away from the 2.0% threshold, and the last few months of the fiscal year the pace of inflation has flattened.

Consequently, bond yields increased from the period from April to October as investors believed the Fed would cut rates eventually. Shorter duration, high quality bonds performed better during this period, but as yields peaked in October 2023, the bond market rallied as investors believed rate cuts were imminent. During the 4th Quarter of 2023, the S&P Municipal Bond Intermediate Index return was 6.63%. Longer duration, lower quality municipal bonds performed better during the period.

As we headed into 2024, the bond market was signaling six rate cuts, however, as more data became available the Fed indicated they would continue to hold rates steady until further signs of a downward trend in inflation. In response, bond yields shifted back up again, during the first four months of 2024, as the 10-year U.S. Treasury hit a high of 4.70% in late April.

Municipal yields moved higher — following the same direction as U.S. Treasuries. Bond prices, which move inversely from yields, moved lower and municipal bond returns were negative across the investment grade market. During the first four months of the 2024, the S&P Municipal Bond Intermediate Index returned -1.32%.

The Fund underperformed the S&P Municipal Bond Intermediate Index due to its slight overweight to duration and investment in NY only municipals. The index contains municipals from across the country and currently holds 12% in NY domiciled bonds. Additionally, the index holds 3.8% in high yield municipals which have significantly outperformed investment grade municipals due to the lack of supply and large fund inflows (increasing demand) over the first 4 months of 2024. The Fund underperformed the S&P Intermediate Term New York AMT-Free Municipal Bond Index due to a slight overweight in duration, an overweight to the higher education and multifamily sectors (which underperformed during the time period), and an underweight to the local GO sector in NY.

One of the largest issues facing the municipal market in 2023 was the lack of supply (down 10-15%). However, as interest rates peaked, municipalities needed to finance longer-term capital projects that were delayed during the rising rate period, so supply has increased year-over-year. Additionally, municipal issuers have increased the pace of new issue

deals in the beginning of 2024 due to the uncertainty of the federal election environment in the fall and concerns that inflation could rise. Projects that could be financed later on in the calendar year are being funded earlier than their normal funding schedule.

The fiscal health of the State of New York continues to be strong relative to other states. Moody’s rating service maintains a healthy Aa1 credit rating while S&P rates the State as a AA+ stable credit. The State’s general fund cash and investments is a very strong 59.4% of general fund revenues (fiscal year 2023) and the employment level is 98% of pre-pandemic levels. One of the challenges facing the State is the outmigration of wealthy taxpayers to Florida, Texas and other tax-friendlier states.

The City of New York also continues to perform well. Moody’s rates the City Aa2 stable, while S&P rates the City AA stable. City unemployment is slightly elevated at 5.4% but employment levels are now close to 95% of pre-pandemic levels. The City’s general fund cash and investments were at 16% of general fund revenues – which is relatively positive when compared to the average State balance.

Continued challenges for the City include the influx of 150,000 immigrants with limited funding attached, a Manhattan primary office vacancy rate of 22.4 %, and a major crime rate still up 33% over the last 3 years. Despite the high office vacancy rates, the market value of the City’s real property tax base increased by over 12% over the last fiscal year – an encouraging sign.

 

  *

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A shares was -3.61%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

  **

Standard & Poor’s (S&P) Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the Rebalancing Date. The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). The indices include general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Indices are unmanaged and it is not possible to invest directly in an index.

 

  ***

Standard & Poor’s (S&P) Intermediate Term New York AMT-Free Municipal Bond Index includes all bonds in the S&P National AMT-Free Municipal Bond Index that have a state code of New York (NY) and an effective maturity as measured from the first business day of the month, that is at least 1 month and less than 20 years. Please note that an investor cannot invest directly in an index.

 

  ****

Lipper figures represent the average of the total returns reported by all

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


7  

 

of the mutual funds designated by Lipper, Inc. as falling into the respective category indicated. These figures do not reflect sales charges.

Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

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

Credit ratings pertain only to the securities in the portfolio and do not protect fund shares against market risk.

Bond prices are sensitive to changes in interest rates and a rise in short-term interest rates could cause a decline in bond prices.

Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change. One cannot invest directly into an index.

Income may be subject to the federal alternative minimum tax.

 
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  8

 

WILMINGTON NEW YORK MUNICIPAL BOND FUND

The graphs below illustrate the hypothetical investment of $10,0001 in Class A and $100,0001 in Class I of the Wilmington New York Municipal Bond Fund from April 30, 2014 to April 30, 2024 compared to the S&P Municipal Bond Intermediate Index.2

 

LOGO

   LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. The total return for Class A was -3.61%, adjusted for the Fund’s maximum sales charge of 4.50%. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For the most recent month-end performance, please visit www.wilmingtonfunds.com or call 1-800-836-2211.

 

 
         Average Annual Total Returns for  the Periods Ended 4/30/24    
 
      1 Year     5 Years     10 Years 
   

  Class A^

   -3.61%   -0.59%   0.76%
   

  Class I^

    1.15%    0.60%   1.48%
   

  S&P Municipal Bond Intermediate Index2

    1.70%    1.39%   2.28%

 

^

Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.54% and 0.82%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.04% and 0.57%, respectively. Expense Ratios Before Waiver represent the operating costs borne by the Fund, expressed as a percentage of the Fund’s average net assets, as shown in the Fees and Expenses table in the Fund’s current prospectus (under “Total Annual Fund Operating Expenses”). Current information regarding the Fund’s Operating Expenses can be found in the Fund’s Financial Highlights. The expense ratios shown above may differ from the expense ratios in the Financial Highlights since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any.

 

1 

Represents a hypothetical investment of $10,000 in Class A of the Fund after deducting the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550) and $100,000 in Class I of the Fund and assumes the reinvestment of all dividends and distributions.

 

2 

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

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


9  

 

SHAREHOLDER EXPENSE EXAMPLE (unaudited)

 

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 to April 30, 2024.

Actual Expenses

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

 

Hypothetical Example for

Comparison Purposes

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

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

The Annualized Net Expense Ratios may be different from the net expense ratios in the Financial Highlights which are for the fiscal year ended April 30, 2024.

 

 

     Beginning
Account Value
11/01/23
     Ending
Account Value
4/30/24
    

Expenses

Paid
During Period
(1)

    

Annualized

Net
Expense Ratio
(2)

   

WILMINGTON BROAD MARKET BOND FUND

                   
 Actual                    
 Class A    $1,000.00      $1,046.60      $3.92      0.77%  
 Class I    $1,000.00      $1,049.00      $2.19      0.43%  
 Hypothetical (assuming a 5% return before expenses)                    
 Class A    $1,000.00      $1,021.03      $3.87      0.77%  
 Class I    $1,000.00      $1,022.73      $2.16      0.43%  

WILMINGTON MUNICIPAL BOND FUND

                   

 Actual

                   

 Class A

   $1,000.00      $1,059.80      $3.69      0.72%  

 Class I

   $1,000.00      $1,060.30      $2.41      0.47%  

 Hypothetical (assuming a 5% return before expenses)

                   

 Class A

   $1,000.00      $1,021.28      $3.62      0.72%  

 Class I

   $1,000.00      $1,022.53      $2.36      0.47%  

WILMINGTON NEW YORK MUNICIPAL BOND FUND

                   

 Actual

                   

 Class A

   $1,000.00      $1,057.20      $4.14      0.81%  

 Class I

   $1,000.00      $1,059.60      $2.87      0.56%  

 Hypothetical (assuming a 5% return before expenses)

                   

 Class A

   $1,000.00      $1,020.84      $4.07      0.81%  

 Class I

   $1,000.00      $1,022.08      $2.82      0.56%  

 

(1) 

Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent one-half year period).

 

(2) 

Expense ratio does not reflect the indirect expenses of the underlying funds in which the Fund invests.

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  10

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Broad Market Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
     Total Net Assets

Corporate Bonds

       38.3 %

U.S. Treasury Obligations

       30.1 %

Mortgage-Backed Securities

       23.6 %

Government Agencies

       1.3 %

Municipal Bond

       0.4 %

Collateralized Mortgage Obligations

       0.0 %(1)

Adjustable Rate Mortgage

       0.0 %(1)

Cash Equivalents(2)

       4.1 %

Cash Collateral Invested for Securities on Loan(3)

       3.9 %

Other Assets and Liabilities - Net(4)

       (1.7 )%
    

 

 

 
TOTAL        100.0 %
    

 

 

 
Credit Quality Diversification(5) Percentage of
Total Net Assets
 

U.S. Government Agency Securities

  24.9 %  

U.S. Treasury Obligations

  30.1 %

AA / Aa

  0.1 %  

A / A

  8.3 %

BBB / Baa

  29.1 %

BB / Ba

  0.8 %

B / B

  0.4 %

Not Rated

  8.0 %

Other Assets and Liabilities - Net(4)

  (1.7 )%

 

 

 

TOTAL

  100.0 %

 

 

 
 
(1) 

Represents less than 0.05%.

 

(2) 

Cash Equivalents include investments in a money market fund.

 

(3) 

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

 

(4) 

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

 

(5) 

For financial reporting purposes, the Credit Quality Diversification table reflects the lowest rating assigned by either Moody’s Investors Service or Standard and Poor’s if the ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated as “Not Rated” are not rated by either rating agency and do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description    Par Value      Value  

ADJUSTABLE RATE MORTGAGE – 0.0%**

 

  

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

 

Pool 612514, (RFUCCT1Y + 1.72%, Cap 9.04%, Floor 1.72%), 5.47%, 05/01/33Δ

   $      5,098      $ 5,228  
     

 

 

 
TOTAL ADJUSTABLE RATE MORTGAGE
(COST $5,091)

 

   $ 5,228  

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%**

 

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%**

 

Series 2005-29, Class WC, 4.75%, 04/25/35

     4,385        4,287  

WHOLE LOAN – 0.0%**

 

Bank of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 5.63%, 02/25/34Δ

     21,585        19,940  

IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 5.35%, 11/25/35Δ

     14,360        14,691  
     

 

 

 

TOTAL WHOLE LOAN

      $ 34,631  
     

 

 

 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(COST $40,137)

 

   $       38,918  
 Description    Par Value      Value  

CORPORATE BONDS – 38.3%

 

  

AEROSPACE & DEFENSE – 1.8%

 

Boeing Co. (The), Sr. Unsecured

     

2.75%, 02/01/26

   $  2,000,000      $ 1,886,261  

3.20%, 03/01/29

     150,000        130,829  

5.81%, 05/01/50

     3,000,000        2,674,766  

L3Harris Technologies, Inc., Sr. Unsecured

     

2.90%, 12/15/29

     835,000        728,196  

5.35%, 06/01/34

     2,900,000        2,808,881  

Northrop Grumman Corp., Sr. Unsecured

     

2.93%, 01/15/25

     1,000,000        980,890  

4.03%, 10/15/47

     1,765,000        1,369,917  
     

 

 

 

TOTAL AEROSPACE & DEFENSE

      $   10,579,740  

AUTOMOTIVE – 1.6%

 

  

Ford Motor Credit Co. LLC, Sr. Unsecured

     

5.13%, 06/16/25

     1,500,000        1,484,924  

5.80%, 03/05/27

     3,000,000        2,980,687  

2.90%, 02/16/28

     250,000        222,632  

General Motors Co., Sr. Unsecured,
6.25%, 10/02/43

     1,000,000        976,714  

General Motors Financial Co., Inc., Sr. Unsecured

     

2.90%, 02/26/25

     230,000        224,732  
 

 

 

 

ANNUAL REPORT / April 30, 2024


11   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

1.25%, 01/08/26

   $  1,000,000      $ 930,296  

1.50%, 06/10/26

     3,000,000        2,751,618  
     

 

 

 

TOTAL AUTOMOTIVE

      $    9,571,603  

BEVERAGES – 1.0%

 

  

Anheuser-Busch Cos. LLC, Company Guaranteed,

     

4.90%, 02/01/46

     1,125,000        1,012,882  

Keurig Dr Pepper, Inc., Company Guaranteed,

     

5.10%, 03/15/27

     4,200,000        4,174,521  

Keurig Dr. Pepper, Inc., Company Guaranteed,

     

3.20%, 05/01/30

     775,000        686,809  
     

 

 

 

TOTAL BEVERAGES

      $ 5,874,212  

BIOTECHNOLOGY – 0.2%

 

  

Amgen, Inc., Sr. Unsecured,

     

5.65%, 03/02/53

     1,280,000        1,228,065  

BUILDING PRODUCTS – 0.2%

 

  

Carrier Global Corp., Sr. Unsecured

     

2.24%, 02/15/25

     418,000        406,648  

2.49%, 02/15/27

     56,000        51,681  

Johnson Controls International PLC, Sr. Unsecured

     

3.63%, 07/02/24ÿ

     373,000        371,721  

4.63%, 07/02/44

     100,000        83,575  
     

 

 

 

TOTAL BUILDING PRODUCTS

      $ 913,625  

CAPITAL MARKETS – 1.1%

 

  

Bank of New York Mellon Corp. (The), Subordinated, MTN,

     

3.00%, 10/30/28

     775,000        699,467  

Goldman Sachs Group, Inc. (The), Sr. Unsecured

     

(3 Month Term SOFR + 1.46%), 3.27%, 09/29/25Δ

     1,010,000        999,257  

(3 Month Term SOFR + 1.77%), 3.69%, 06/05/28Δ

     2,080,000        1,966,880  

(SOFR + 1.25%), 2.38%, 07/21/32Δ

     1,115,000        895,525  

Morgan Stanley, Sr. Unsecured, (SOFR + 0.72%),

     

0.99%, 12/10/26Δ

     175,000        161,720  

Morgan Stanley, Sr. Unsecured, MTN

     

3.13%, 07/27/26

     340,000        323,163  

(SOFR + 3.12%), 3.62%, 04/01/31Δ

     890,000        796,787  

Morgan Stanley, Subordinated, GMTN,

     

4.35%, 09/08/26

     505,000        490,689  
     

 

 

 

TOTAL CAPITAL MARKETS

      $ 6,333,488  

CHEMICALS – 0.2%

 

  

Sherwin-Williams Co. (The), Sr. Unsecured,

     

2.20%, 03/15/32

     1,480,000        1,174,236  

COMMERCIAL SERVICES & SUPPLIES – 0.2%

 

  

Global Payments, Inc., Sr. Unsecured

     

2.65%, 02/15/25

     275,000        268,153  

2.90%, 05/15/30

     1,000,000        853,290  
     

 

 

 

TOTAL COMMERCIAL SERVICES & SUPPLIES

 

   $ 1,121,443  
 Description    Par Value      Value  

COMPUTERS – 0.9%

 

  

Apple, Inc., Sr. Unsecured,

     

0.70%, 02/08/26

   $    110,000      $ 101,782  

Hewlett Packard Enterprise Co., Sr. Unsecured,

     

6.10%, 04/01/26

      5,000,000        4,995,385  
     

 

 

 

TOTAL COMPUTERS

      $    5,097,167  

DIVERSIFIED FINANCIAL SERVICES – 8.2%

 

  

American Express Co., Sr. Unsecured,
3.13%, 05/20/26

     150,000        143,115  

Bank of America Corp., Sr. Unsecured, MTN

     

(SOFR + 1.15%), 1.32%, 06/19/26Δ

     250,000        237,523  

3.25%, 10/21/27

     1,095,000        1,026,203  

(SOFR + 1.88%), 2.83%, 10/24/51Δ

     250,000        153,263  

Bank of America Corp., Subordinated, MTN,
4.25%, 10/22/26

     1,000,000        967,976  

Charles Schwab Corp. (The), Sr. Unsecured,
3.20%, 03/02/27

     2,894,000        2,724,820  

Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%),
1.12%, 01/28/27Δ

     2,750,000        2,540,963  

Citigroup, Inc., Subordinated,
4.13%, 07/25/28

     1,900,000        1,788,505  

Comerica, Inc., Sr. Unsecured, (SOFR + 2.16%),
5.98%, 01/30/30Δ

     2,515,000        2,451,521  

Fifth Third Bancorp, Sr. Unsecured

     

2.55%, 05/05/27

     780,000        712,452  

3.95%, 03/14/28

     3,000,000        2,821,647  

(SOFR + 1.84%), 5.63%, 01/29/32Δ

     1,250,000        1,214,966  

FMR LLC, Sr. Unsecured,
6.45%, 11/15/39W

     1,000,000        1,030,483  

Huntington Bancshares, Inc., Sr. Unsecured,
2.63%, 08/06/24#

     4,325,000        4,287,928  

JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month Term SOFR + 1.26%),
6.57%, 05/15/47Δ

     1,000,000        882,445  

JPMorgan Chase & Co., Sr. Unsecured

     

(SOFR + 0.92%), 2.60%, 02/24/26Δ

     6,000,000        5,843,643  

(3 Month Term SOFR + 1.59%), 2.01%, 03/13/26Δ

     150,000        145,231  

KeyBank NA, Sr. Unsecured,
5.85%, 11/15/27

     2,000,000        1,965,863  

KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%),
3.88%, 05/23/25Δ

     1,980,000        1,968,367  

PNC Bank NA, Subordinated, BKNT,
2.70%, 10/22/29

     1,125,000        956,658  

PNC Financial Services Group, Inc. (The), Sr. Unsecured

     

(SOFR + 1.32%), 5.81%, 06/12/26Δ

     1,125,000        1,123,013  

3.45%, 04/23/29

     100,000        91,358  

(SOFR + 1.90%), 5.68%, 01/22/35Δ

     2,000,000        1,967,403  

Truist Bank, Subordinated, BKNT

     

3.63%, 09/16/25

     250,000        242,096  

3.80%, 10/30/26

     1,000,000        952,793  

2.25%, 03/11/30

     1,850,000        1,500,080  

Truist Financial Corp., Sr. Unsecured, MTN, (SOFR + 2.36%),

     

5.87%, 06/08/34Δ

     1,500,000        1,466,975  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   12

 

Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

U.S. Bancorp, Sr. Unsecured, (SOFR + 2.09%),
5.85%, 10/21/33Δ

   $  4,400,000      $    4,353,967  

Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%),
2.19%, 04/30/26Δ

     1,170,000        1,128,227  

Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month Term SOFR + 1.01%),

     

2.16%, 02/11/26Δ

     140,000        135,936  

Wells Fargo & Co., Subordinated, MTN, 4.40%, 06/14/46

     1,000,000        793,337  
     

 

 

 

TOTAL DIVERSIFIED FINANCIAL SERVICES

 

   $ 47,618,757  

ELECTRIC – 2.4%

 

  

Ameren Corp., Sr. Unsecured,
5.70%, 12/01/26

     1,450,000        1,455,120  

Dominion Energy, Inc., Series A, Sr. Unsecured,

     

1.45%, 04/15/26

     1,950,000        1,802,842  

Entergy Arkansas LLC, 1st Mortgage,
4.95%, 12/15/44

     1,000,000        845,569  

Entergy Corp., Sr. Unsecured,
0.90%, 09/15/25

     1,000,000        936,830  

Exelon Corp., Sr. Unsecured

     

5.15%, 03/15/29

     2,015,000        1,982,054  

4.70%, 04/15/50

     2,000,000        1,667,320  

FirstEnergy Corp., Series B, Sr. Unsecured,
4.15%, 07/15/27

     800,000        755,093  

Southern Co. (The), Series 21-B, Sr. Unsecured,

     

1.75%, 03/15/28

     40,000        34,860  

Southern Power Co., Sr. Unsecured,
0.90%, 01/15/26

     3,000,000        2,769,711  

Union Electric Co., 1st Mortgage,
3.50%, 03/15/29

     220,000        202,968  

WEC Energy Group, Inc., Sr. Unsecured

     

1.38%, 10/15/27

     750,000        655,051  

1.80%, 10/15/30

     1,150,000        924,462  
     

 

 

 

TOTAL ELECTRIC

      $ 14,031,880  

ENTERTAINMENT – 0.7%

 

  

Warnermedia Holdings, Inc., Company Guaranteed,

     

5.14%, 03/15/52

     5,000,000        3,846,163  

FOOD & STAPLES RETAILING – 1.2%

 

  

Campbell Soup Co., Sr. Unsecured,
3.30%, 03/19/25

     2,050,000        2,006,854  

Conagra Brands, Inc., Sr. Unsecured

     

1.38%, 11/01/27

     200,000        172,857  

5.40%, 11/01/48

     665,000        595,011  

Kroger Co. (The), Sr. Unsecured,
3.95%, 01/15/50

     1,000,000        751,396  

McCormick & Co., Inc., Sr. Unsecured,
0.90%, 02/15/26

     3,050,000        2,816,181  

Mondelez International Holdings Netherlands BV, Company Guaranteed,

     

0.75%, 09/24/24W

     860,000        842,895  
     

 

 

 

TOTAL FOOD & STAPLES RETAILING

      $ 7,185,194  
 Description    Par Value      Value  

GAS – 0.2%

 

  

Southern Co. Gas Capital Corp., Company Guaranteed,

     

3.95%, 10/01/46

   $  1,425,000      $    1,062,341  

HEALTHCARE-PRODUCTS – 0.9%

 

  

DH Europe Finance II Sarl, Company Guaranteed,

     

2.20%, 11/15/24

     2,330,000        2,286,421  

Solventum Corp., Company Guaranteed,
5.45%, 02/25/27W

     1,750,000        1,737,231  

Zimmer Biomet Holdings, Inc., Sr. Unsecured,

     

1.45%, 11/22/24

     1,480,000        1,445,091  
     

 

 

 

TOTAL HEALTHCARE-PRODUCTS

      $ 5,468,743  

HEALTHCARE-SERVICES – 2.4%

 

  

Cardinal Health, Inc., Sr. Unsecured,
4.50%, 11/15/44

     650,000        527,938  

Cigna Group (The), Company Guaranteed,
4.80%, 07/15/46

     1,000,000        851,617  

Cigna Group (The), Sr. Unsecured

     

5.69%, 03/15/26

     2,740,000        2,740,960  

2.38%, 03/15/31

     250,000        204,003  

CommonSpirit Health, Sr. Secured

     

2.76%, 10/01/24

     3,140,000        3,096,243  

3.35%, 10/01/29

     150,000        135,093  

Elevance Health, Inc., Sr. Unsecured,
3.65%, 12/01/27

     1,650,000        1,557,909  

McKesson Corp., Sr. Unsecured,
5.25%, 02/15/26

     2,745,000        2,736,168  

NYU Langone Hospitals, Series 2020, Secured,

     

3.38%, 07/01/55

     1,000,000        673,455  

UnitedHealth Group, Inc., Sr. Unsecured

     

2.95%, 10/15/27

     1,350,000        1,256,172  

3.95%, 10/15/42

     290,000     

 

234,171

 

     

 

 

 

TOTAL HEALTHCARE-SERVICES

      $ 14,013,729  

HOME FURNISHINGS – 0.2%

 

  

Whirlpool Corp., Sr. Unsecured,
4.60%, 05/15/50#

     1,405,000        1,078,686  

INSURANCE – 0.9%

 

  

Berkshire Hathaway Finance Corp., Company Guaranteed,

     

4.30%, 05/15/43

     425,000        368,939  

CNA Financial Corp., Sr. Unsecured,
3.95%, 05/15/24

     950,000        949,552  

Lincoln National Corp., Sr. Unsecured,
3.63%, 12/12/26#

     1,380,000        1,312,225  

Principal Life Global Funding II, Secured,
1.63%, 11/19/30W

     250,000        191,841  

W.R. Berkley Corp., Sr. Unsecured

     

4.75%, 08/01/44

     1,715,000        1,445,691  

4.00%, 05/12/50

     1,425,000        1,043,824  
     

 

 

 

TOTAL INSURANCE

      $ 5,312,072  

MEDIA – 0.7%

     

CCO Holdings LLC, Sr. Unsecured,
4.25%, 02/01/31W

     3,000,000        2,358,750  

 

 

 

ANNUAL REPORT / April 30, 2024


13   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

Discovery Communications LLC, Company Guaranteed

     

3.95%, 03/20/28

   $  1,000,000      $ 931,193  

3.63%, 05/15/30

     1,000,000        867,343  
     

 

 

 

TOTAL MEDIA

      $    4,157,286  

MISCELLANEOUS MANUFACTURING – 0.4%

 

Textron, Inc., Sr. Unsecured

     

3.88%, 03/01/25

     750,000        739,079  

2.45%, 03/15/31#

     2,000,000        1,638,481  
     

 

 

 

TOTAL MISCELLANEOUS MANUFACTURING

      $ 2,377,560  

OIL & GAS – 1.4%

 

Diamondback Energy, Inc., Company Guaranteed,

     

5.40%, 04/18/34

     1,245,000        1,212,492  

Marathon Petroleum Corp., Sr. Unsecured,
3.63%, 09/15/24

     745,000        738,044  

Phillips 66, Company Guaranteed,
3.85%, 04/09/25

     575,000        565,032  

Pioneer Natural Resources Co., Sr. Unsecured

     

1.13%, 01/15/26

     1,000,000        929,115  

1.90%, 08/15/30

     1,940,000        1,587,556  

2.15%, 01/15/31

     1,000,000        824,795  

Valero Energy Corp., Sr. Unsecured

     

2.15%, 09/15/27

     1,800,000        1,623,728  

4.90%, 03/15/45

     563,000        493,868  
     

 

 

 

TOTAL OIL & GAS

      $ 7,974,630  

ONLINE RETAILER – 0.1%

 

Amazon.com, Inc., Sr. Unsecured

     

1.20%, 06/03/27

     100,000        89,116  

3.25%, 05/12/61

     1,000,000        653,302  
     

 

 

 

TOTAL ONLINE RETAILER

      $ 742,418  

PHARMACEUTICALS – 1.7%

 

AbbVie, Inc., Sr. Unsecured
2.95%, 11/21/26

     1,875,000        1,770,163  

4.25%, 11/14/28#

     1,235,000        1,189,503  

4.40%, 11/06/42

     460,000        395,673  

4.88%, 11/14/48

     1,000,000        903,178  

4.25%, 11/21/49

     1,000,000        815,821  

AstraZeneca Finance LLC, Company Guaranteed,

     

1.75%, 05/28/28

     500,000        437,154  

AstraZeneca PLC, Sr. Unsecured,
0.70%, 04/08/26

     100,000        91,632  

Becton Dickinson & Co., Sr. Unsecured,
1.96%, 02/11/31

     100,000        79,972  

Bristol-Myers Squibb Co., Sr. Unsecured,
3.40%, 07/26/29

     310,000        284,879  

CVS Health Corp., Sr. Unsecured

     

1.30%, 08/21/27

     145,000        127,033  

5.13%, 02/21/30

     910,000        890,841  

1.88%, 02/28/31

     2,000,000        1,588,441  

Pfizer, Inc., Sr. Unsecured,
2.63%, 04/01/30

     650,000        565,366  

Zoetis, Inc., Sr. Unsecured
3.00%, 09/12/27

     125,000        115,685  
 Description    Par Value      Value  

3.95%, 09/12/47

   $  1,005,000      $ 764,472  
     

 

 

 

TOTAL PHARMACEUTICALS

      $   10,019,813  

PIPELINES – 4.0%

 

Enbridge, Inc., Company Guaranteed,
5.63%, 04/05/34

     5,000,000        4,885,912  

Energy Transfer LP, Sr. Unsecured

     

4.00%, 10/01/27

     3,000,000        2,849,879  

3.75%, 05/15/30

     715,000        643,914  

5.30%, 04/15/47

     1,250,000        1,080,381  

Enterprise Products Operating LLC, Company Guaranteed

     

4.20%, 01/31/50

     1,120,000        886,036  

4.95%, 10/15/54

     500,000        436,696  

Kinder Morgan Energy Partners LP, Company Guaranteed,

     

5.40%, 09/01/44

     1,000,000        897,464  

Kinder Morgan, Inc., Company Guaranteed

     

5.20%, 03/01/48

     2,040,000        1,780,887  

3.60%, 02/15/51

     1,315,000        876,736  

MPLX LP, Sr. Unsecured

     

4.70%, 04/15/48

     1,000,000        819,470  

4.95%, 03/14/52

     1,000,000        838,369  

ONEOK Partners LP, Company Guaranteed,
6.20%, 09/15/43

     1,000,000        993,503  

ONEOK, Inc., Company Guaranteed,
6.10%, 11/15/32

     335,000        339,710  

Spectra Energy Partners LP, Company Guaranteed,

     

3.50%, 03/15/25

     670,000        657,316  

Targa Resources Corp., Company Guaranteed,

     

6.13%, 03/15/33

     2,900,000        2,941,911  

Targa Resources Partners LP, Company Guaranteed,

     

4.88%, 02/01/31

     1,245,000        1,170,300  

Williams Cos., Inc. (The), Sr. Unsecured,
3.50%, 10/15/51

     1,485,000        994,798  
     

 

 

 

TOTAL PIPELINES

      $ 23,093,282  

REAL ESTATE INVESTMENT TRUSTS – 2.1%

 

American Tower Corp., Sr. Unsecured

     

3.13%, 01/15/27#

     1,000,000        936,840  

4.05%, 03/15/32

     1,000,000        891,915  

3.10%, 06/15/50

     1,500,000        934,206  

AvalonBay Communities, Inc., Sr. Unsecured, MTN,

     

3.35%, 05/15/27

     1,420,000        1,341,928  

Healthcare Realty Holdings LP, Company Guaranteed

     

3.88%, 05/01/25

     1,215,000        1,184,914  

3.63%, 01/15/28

     1,100,000        1,000,063  

Healthpeak OP LLC, Company Guaranteed

     

3.25%, 07/15/26

     110,000        104,603  

2.88%, 01/15/31

     2,350,000        1,975,065  

Ventas Realty LP, Company Guaranteed,
4.00%, 03/01/28

     250,000        235,055  

Welltower OP LLC, Company Guaranteed
4.00%, 06/01/25

     3,000,000        2,944,063  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   14

 

Wilmington Broad Market Bond Fund (continued)

 Description

   Par Value      Value  

4.95%, 09/01/48

   $  1,000,000      $ 877,633  
     

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

 

   $ 12,426,285  

RETAIL – 0.2%

     

Lowe’s Cos., Inc., Sr. Unsecured,

     

3.65%, 04/05/29

     200,000        185,667  

Nordstrom, Inc., Sr. Unsecured,

     

5.00%, 01/15/44

     1,000,000        760,000  
     

 

 

 

TOTAL RETAIL

      $ 945,667  

SEMICONDUCTORS – 0.2%

     

Micron Technology, Inc., Sr. Unsecured,

     

2.70%, 04/15/32

     1,500,000        1,211,583  

SOFTWARE – 0.4%

     

Roper Technologies, Inc., Sr. Unsecured,

     

2.00%, 06/30/30

     1,345,000        1,096,916  

Workday, Inc., Sr. Unsecured,

     

3.50%, 04/01/27

     1,385,000        1,317,242  
     

 

 

 

TOTAL SOFTWARE

      $ 2,414,158  

TELECOMMUNICATIONS – 1.1%

     

AT&T, Inc., Sr. Unsecured

     

4.50%, 05/15/35

     845,000        757,476  

3.55%, 09/15/55

     1,423,000        937,395  

T-Mobile USA, Inc., Company Guaranteed,

     

5.75%, 01/15/34

     1,275,000        1,288,526  

Verizon Communications, Inc., Sr. Unsecured

     

2.10%, 03/22/28

     50,000        44,356  

1.75%, 01/20/31

     2,310,000        1,829,161  

2.36%, 03/15/32

     305,000        244,554  

3.40%, 03/22/41

     1,515,000        1,134,477  
     

 

 

 

TOTAL TELECOMMUNICATIONS

      $ 6,235,945  

TRANSPORTATION – 0.9%

     

FedEx Corp., Company Guaranteed,

     

2.40%, 05/15/31#

     2,500,000        2,067,631  

Ryder System, Inc., Sr. Unsecured, MTN,

     

2.85%, 03/01/27

     2,645,000        2,458,979  

Union Pacific Corp., Sr. Unsecured,

     

4.30%, 03/01/49

     675,000        547,578  
     

 

 

 

TOTAL TRANSPORTATION

      $ 5,074,188  

TRUCKING & LEASING – 0.8%

     

GATX Corp., Sr. Unsecured

     

3.25%, 09/15/26

     1,570,000        1,487,340  

3.85%, 03/30/27

     1,500,000        1,432,050  

4.00%, 06/30/30

     1,000,000        908,221  

5.20%, 03/15/44

     640,000        564,012  
     

 

 

 

TOTAL TRUCKING & LEASING

      $ 4,391,623  
     

 

 

 

TOTAL CORPORATE BONDS

(COST $243,442,782)

      $  222,575,582  

GOVERNMENT AGENCIES – 1.3%

     

FEDERAL HOME LOAN BANK (FHLB) – 1.1%

 

  

3.25%, 11/16/28#

     6,960,000        6,540,577  

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.2%

 

6.25%, 05/15/29#

     750,000        797,885  

 Description

   Par Value      Value  

7.25%, 05/15/30

   $    400,000      $ 450,244  
     

 

 

 

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)

 

   $ 1,248,129  
     

 

 

 

TOTAL GOVERNMENT AGENCIES

(COST $8,752,742)

      $    7,788,706  

MORTGAGE-BACKED SECURITIES – 23.6%

 

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 8.1%

 

Pool C00478, 8.50%, 09/01/26

     2,271        2,315  

Pool E09010, 2.50%, 09/01/27

     126,361        119,562  

Pool G18497, 3.00%, 01/01/29

     20,164        18,832  

Pool C01272, 6.00%, 12/01/31

     6,078        5,971  

Pool A13990, 4.50%, 10/01/33

     4,167        3,841  

Pool G01625, 5.00%, 11/01/33

     17,700        17,512  

Pool A18401, 6.00%, 02/01/34

     7,071        7,206  

Pool QN1900, 3.00%, 04/01/35

     598,594        552,137  

Pool G08097, 6.50%, 11/01/35

     10,474        11,278  

Pool G02296, 5.00%, 06/01/36

     46,241        45,013  

Pool G02390, 6.00%, 09/01/36

     4,437        4,630  

Pool G05317, 5.00%, 04/01/37

     183,752        178,869  

Pool G08193, 6.00%, 04/01/37

     8,225        8,466  

Pool G03703, 5.50%, 12/01/37

     5,192        5,267  

Pool G04776, 5.50%, 07/01/38

     17,541        17,126  

Pool G05500, 5.00%, 05/01/39

     167,690        163,860  

Pool A93415, 4.00%, 08/01/40

     232,640        215,680  

Pool A93505, 4.50%, 08/01/40

     288,681        273,748  

Pool A93996, 4.50%, 09/01/40

     218,468        207,166  

Pool G06222, 4.00%, 01/01/41

     347,929        324,226  

Pool A97047, 4.50%, 02/01/41

     223,983        213,459  

Pool G06956, 4.50%, 08/01/41

     223,644        213,135  

Pool C03750, 3.50%, 02/01/42

     97,822        86,777  

Pool C03849, 3.50%, 04/01/42

     53,054        47,487  

Pool Q08305, 3.50%, 05/01/42

     393,464        349,635  

Pool C04305, 3.00%, 11/01/42

     1,054,079        940,970  

Pool C09020, 3.50%, 11/01/42

     763,337        677,360  

Pool G07266, 4.00%, 12/01/42

     658,560        611,705  

Pool C04444, 3.00%, 01/01/43

     33,566        28,798  

Pool C09029, 3.00%, 03/01/43

     144,172        122,228  

Pool G08534, 3.00%, 06/01/43

     177,120        150,163  

Pool Q19476, 3.50%, 06/01/43

     284,737        252,168  

Pool C09044, 3.50%, 07/01/43

     343,701        304,384  

Pool G07889, 3.50%, 08/01/43

     306,298        272,881  

Pool G07624, 4.00%, 12/01/43

     314,560        294,258  

Pool G60038, 3.50%, 01/01/44

     1,656,000        1,475,246  

Pool G07680, 4.00%, 04/01/44

     546,224        501,943  

Pool G07943, 4.50%, 08/01/44

     29,221        27,856  

Pool G08607, 4.50%, 09/01/44

     193,781        185,869  

Pool Q33547, 3.50%, 05/01/45

     266,537        231,645  

Pool Q36970, 4.00%, 10/01/45

     125,934        115,381  

Pool G60384, 4.50%, 12/01/45

     19,289        18,341  

Pool Q39644, 3.50%, 03/01/46

     793,774        696,003  

Pool Q39438, 4.00%, 03/01/46

     781,365        713,944  

Pool G08705, 3.00%, 05/01/46

     72,584        61,633  

Pool G08708, 4.50%, 05/01/46

     125,819        119,167  

Pool ZS4671, 3.00%, 08/01/46

     470,803        399,835  

Pool Q44452, 3.00%, 11/01/46

     686,623        583,025  

Pool ZS4693, 3.00%, 12/01/46

     1,305,424        1,102,702  

Pool SD8037, 2.50%, 01/01/50

     2,620,592        2,103,740  

 

 

 

ANNUAL REPORT / April 30, 2024


15   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

Pool RA2341, 2.50%, 04/01/50

   $  2,239,898      $    1,790,459  

Pool SD8104, 1.50%, 11/01/50

     2,327,697        1,674,754  

Pool RA4349, 2.50%, 01/01/51

     1,156,699        927,791  

Pool SD8141, 2.50%, 04/01/51

     1,077,761        860,231  

Pool SD8190, 3.00%, 01/01/52

     2,081,487        1,732,767  

Pool QE2363, 3.50%, 05/01/52

     3,650,641        3,152,352  

Pool SD3139, 3.50%, 07/01/52

     992,964        857,979  

Pool RA7777, 4.50%, 08/01/52

     3,158,540        2,916,146  

Pool SD2066, 4.00%, 12/01/52

     623,698        560,684  

Pool SD3238, 5.50%, 12/01/52

     2,005,276        1,949,896  

Pool SD2617, 5.00%, 03/01/53

     5,744,085        5,454,234  

Pool RA8647, 4.50%, 05/01/53

     2,305,787        2,129,016  

Pool SD3786, 5.00%, 05/01/53

     1,282,736        1,218,206  

Pool RA9431, 5.50%, 07/01/53

     3,321,897        3,247,581  

Pool SD3745, 6.00%, 09/01/53

     3,633,568        3,601,627  
     

 

 

 

TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)

 

   $ 47,158,166  

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 15.5%

 

Pool AE2520, 3.00%, 01/01/26

     61,130        59,759  

Pool 329794, 7.00%, 02/01/26

     991        996  

Pool 256639, 5.00%, 02/01/27

     6,734        6,756  

Pool 256752, 6.00%, 06/01/27

     7,366        7,338  

Pool 257007, 6.00%, 12/01/27

     7,290        7,260  

Pool 402255, 6.50%, 12/01/27

     23        23  

Pool AB8997, 2.50%, 04/01/28

     36,798        34,426  

Pool AS4480, 2.50%, 02/01/30

     224,155        210,395  

Pool AS7462, 2.50%, 06/01/31

     114,888        103,576  

Pool 254007, 6.50%, 10/01/31

     2,933        3,015  

Pool 254240, 7.00%, 03/01/32

     9,435        9,372  

Pool 638023, 6.50%, 04/01/32

     26,863        27,534  

Pool 642345, 6.50%, 05/01/32

     17,754        18,217  

Pool 651292, 6.50%, 07/01/32

     38,146        38,974  

Pool 686398, 6.00%, 03/01/33

     44,224        45,192  

Pool BP6496, 2.00%, 07/01/35

     705,037        614,258  

Pool MA4095, 2.00%, 08/01/35

     888,497        774,078  

Pool 745412, 5.50%, 12/01/35

     13,247        13,405  

Pool 888789, 5.00%, 07/01/36

     74,742        73,319  

Pool 256515, 6.50%, 12/01/36

     5,249        5,371  

Pool AE0217, 4.50%, 08/01/40

     35,565        33,714  

Pool AB1796, 3.50%, 11/01/40

     217,634        195,933  

Pool AH5583, 4.50%, 02/01/41

     92,486        88,140  

Pool 890551, 4.50%, 08/01/41

     22,774        21,697  

Pool AL0658, 4.50%, 08/01/41

     132,341        126,079  

Pool AL1319, 4.50%, 10/01/41

     162,873        154,962  

Pool AL6302, 4.50%, 10/01/41

     237,919        226,739  

Pool AX5302, 4.00%, 01/01/42

     402,037        367,969  

Pool AK4523, 4.00%, 03/01/42

     458,459        421,457  

Pool AL2034, 4.50%, 04/01/42

     58,865        56,080  

Pool AB7936, 3.00%, 02/01/43

     641,417        544,994  

Pool AL3761, 4.50%, 02/01/43

     67,101        64,335  

Pool MA1458, 3.00%, 06/01/43

     141,495        123,054  

Pool AT7899, 3.50%, 07/01/43

     980,946        873,434  

Pool AS0302, 3.00%, 08/01/43

     1,538,430        1,337,876  

Pool AU4279, 3.00%, 09/01/43

     316,642        275,364  

Pool AL5537, 4.50%, 04/01/44

     108,111        102,997  

Pool AS3155, 4.00%, 08/01/44

     15,402        14,135  

Pool AX0833, 3.50%, 09/01/44

     267,915        238,573  
 Description    Par Value      Value  

Pool AL6325, 3.00%, 10/01/44

   $    976,490      $      845,200  

Pool AS5136, 4.00%, 06/01/45

     92,152        83,916  

Pool AZ7362, 4.00%, 11/01/45

     261,806        239,041  

Pool AZ9565, 3.50%, 12/01/45

     360,600        318,274  

Pool BC0326, 3.50%, 12/01/45

     316,246        279,117  

Pool BC0245, 3.00%, 02/01/46

     195,731        166,228  

Pool BC0830, 3.00%, 04/01/46

     292,597        248,490  

Pool AS7568, 4.50%, 07/01/46

     40,826        38,455  

Pool BC4764, 3.00%, 10/01/46

     401,710        341,151  

Pool MA2771, 3.00%, 10/01/46

     119,805        100,609  

Pool AS8276, 3.00%, 11/01/46

     406,284        345,029  

Pool BC9003, 3.00%, 11/01/46

     417,962        354,948  

Pool BE1899, 3.00%, 11/01/46

     1,626,196        1,380,980  

Pool BE3767, 3.50%, 07/01/47

     364,594        321,039  

Pool BH2618, 3.50%, 08/01/47

     108,133        95,217  

Pool MA3088, 4.00%, 08/01/47

     319,072        290,610  

Pool BH4010, 4.50%, 09/01/47

     312,271        293,593  

Pool BH9215, 3.50%, 01/01/48

     525,332        459,732  

Pool BJ0650, 3.50%, 03/01/48

     2,176,703        1,914,825  

Pool BJ0639, 4.00%, 03/01/48

     123,863        112,170  

Pool BJ9169, 4.00%, 05/01/48

     582,694        527,723  

Pool BK4764, 4.00%, 08/01/48

     535,208        484,652  

Pool BN1628, 4.50%, 11/01/48

     268,533        252,135  

Pool BM5334, 3.50%, 01/01/49

     490,844        431,365  

Pool MA3871, 3.00%, 12/01/49

     1,335,728        1,122,044  

Pool CA5306, 3.00%, 03/01/50

     1,146,010        951,606  

Pool CA5353, 3.50%, 03/01/50

     998,423        866,985  

Pool MA4100, 2.00%, 08/01/50

     1,252,592        956,450  

Pool FM3989, 2.50%, 08/01/50

     814,174        651,339  

Pool CA6983, 2.00%, 09/01/50

     2,215,433        1,696,786  

Pool CA7106, 2.00%, 09/01/50

     1,422,448        1,089,433  

Pool MA4119, 2.00%, 09/01/50

     938,023        716,238  

Pool BQ2999, 2.50%, 10/01/50

     1,869,604        1,488,485  

Pool CA7383, 3.00%, 10/01/50

     1,227,581        1,016,488  

Pool CA7734, 2.50%, 11/01/50

     1,292,591        1,032,027  

Pool FM5297, 3.00%, 11/01/50

     1,707,931        1,433,258  

Pool MA4208, 2.00%, 12/01/50

     968,129        740,120  

Pool CA8021, 2.50%, 12/01/50

     3,803,884        3,029,153  

Pool FM5166, 3.00%, 12/01/50

     865,045        717,079  

Pool BQ4495, 2.00%, 02/01/51

     5,270,455        4,013,260  

Pool CA8929, 2.00%, 02/01/51

     2,490,786        1,894,382  

Pool FM6426, 2.00%, 03/01/51

     2,147,575        1,658,791  

Pool CB0199, 3.00%, 04/01/51

     665,777        555,652  

Pool BR7857, 2.50%, 05/01/51

     3,347,203        2,661,924  

Pool FM7188, 2.50%, 05/01/51

     2,335,802        1,905,293  

Pool CB0727, 2.50%, 06/01/51

     5,887,003        4,721,524  

Pool FM8440, 2.50%, 08/01/51

     1,333,854        1,069,888  

Pool FM9949, 2.00%, 12/01/51

     870,585        667,879  

Pool FM9871, 2.50%, 12/01/51

     5,941,207        4,764,908  

Pool BU1416, 3.00%, 01/01/52

     2,122,036        1,761,319  

Pool FS0982, 3.00%, 03/01/52

     1,770,984        1,477,503  

Pool FS1571, 2.00%, 04/01/52

     3,707,225        2,806,461  

Pool CB3334, 3.50%, 04/01/52

     5,493,902        4,774,899  

Pool BV7245, 4.00%, 05/01/52

     6,322,700        5,658,087  

Pool MA4644, 4.00%, 05/01/52

     1,255,488        1,129,296  

Pool CB4818, 4.00%, 10/01/52

     1,077,019        968,607  

Pool CB4800, 4.50%, 10/01/52

     6,323,992        5,838,214  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   16

 

Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

Pool FS5676, 5.00%, 12/01/52

   $  6,654,131      $    6,318,279  

Pool FS5113, 5.50%, 07/01/53

     667,347        648,090  
     

 

 

 

TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)

 

   $ 90,047,042  

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%**

 

Pool 354827, 7.00%, 05/15/24

     22        22  

Pool 2077, 7.00%, 09/20/25

     575        578  

Pool 780825, 6.50%, 07/15/28

     12,546        12,712  

Pool 2616, 7.00%, 07/20/28

     7,428        7,565  

Pool 2701, 6.50%, 01/20/29

     15,520        15,769  

Pool 426727, 7.00%, 02/15/29

     1,857        1,849  

Pool 503405, 6.50%, 04/15/29

     6,296        6,191  

Pool 781231, 7.00%, 12/15/30

     8,058        8,151  
     

 

 

 

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)

 

   $ 52,837  
     

 

 

 

TOTAL MORTGAGE-BACKED SECURITIES

(COST $161,191,531)

 

 

   $ 137,258,045  

MUNICIPAL BOND – 0.4%

     

GENERAL – 0.4%

     

New Jersey Transportation Trust Fund Authority, Current Refunding Revenue Bonds, (Series B), 4.13%, 06/15/42

     2,500,000        2,024,981  
     

 

 

 

TOTAL MUNICIPAL BOND

(COST $2,500,000)

      $ 2,024,981  

U.S. TREASURY OBLIGATIONS – 30.1%

 

U.S. TREASURY BONDS – 8.7%

 

  

6.38%, 08/15/27#

     450,000        470,126  

5.25%, 02/15/29#

     12,500,000        12,730,121  

6.25%, 05/15/30

     500,000        538,505  

5.38%, 02/15/31

     600,000        623,995  

2.00%, 11/15/41

     985,000        651,080  

2.38%, 02/15/42

     2,000,000        1,403,610  

3.00%, 05/15/42

     500,000        386,551  

3.63%, 08/15/43

     881,000        738,906  

3.75%, 11/15/43

     365,000        311,322  

3.63%, 02/15/44

     2,106,000        1,761,731  

3.13%, 08/15/44

     6,637,000        5,115,105  

3.00%, 11/15/44

     2,000,000        1,506,070  

2.50%, 02/15/45

     2,135,000        1,465,564  

3.00%, 05/15/45

     2,000,000        1,498,580  

2.88%, 08/15/45

     300,000        219,442  

3.00%, 11/15/45

     765,000        571,060  

2.50%, 02/15/46

     280,000        189,933  

3.00%, 02/15/47

     1,098,000        810,903  

3.00%, 05/15/47

     1,695,000        1,249,159  

2.75%, 11/15/47

     2,235,000        1,563,981  

1.25%, 05/15/50

     3,300,000        1,559,650  

1.38%, 08/15/50

     3,000,000        1,464,287  

1.63%, 11/15/50

     2,500,000        1,306,987  

2.00%, 08/15/51

     13,255,000        7,613,379  

3.63%, 05/15/53

     3,035,000        2,481,254  

4.13%, 08/15/53

     3,000,000        2,687,058  
     

 

 

 

TOTAL U.S. TREASURY BONDS

      $ 50,918,359  

U.S. TREASURY NOTES – 21.4%

 

1.63%, 02/15/26

     7,000,000        6,587,274  
 Description    Par Value      Value  

1.63%, 05/15/26

   $  5,470,000      $    5,111,658  

4.50%, 07/15/26

     3,000,000        2,968,510  

2.00%, 11/15/26

     4,180,000        3,889,296  

2.25%, 02/15/27

     5,030,000        4,686,537  

1.13%, 02/28/27

     250,000        225,351  

0.50%, 06/30/27

     450,000        393,193  

3.13%, 08/31/27

     15,000,000        14,215,264  

2.25%, 11/15/27

     300,000        275,120  

2.75%, 02/15/28

     6,750,000        6,271,503  

4.00%, 02/29/28

     10,000,000        9,720,878  

1.25%, 06/30/28

     500,000        433,958  

2.88%, 08/15/28

     5,000,000        4,634,926  

4.38%, 08/31/28

     5,500,000        5,416,415  

1.38%, 10/31/28

     8,000,000        6,915,884  

4.88%, 10/31/28

     3,000,000        3,014,424  

3.13%, 11/15/28

     350,000        326,908  

2.38%, 05/15/29

     7,900,000        7,073,956  

1.63%, 08/15/29

     5,000,000        4,288,137  

1.50%, 02/15/30

     5,000,000        4,192,869  

3.50%, 04/30/30

     3,500,000        3,280,045  

0.63%, 05/15/30

     550,000        433,016  

1.13%, 02/15/31

     4,000,000        3,186,758  

1.63%, 05/15/31

     5,000,000        4,092,069  

1.38%, 11/15/31

     1,880,000        1,487,221  

1.88%, 02/15/32

     6,000,000        4,904,927  

2.75%, 08/15/32

     7,000,000        6,071,409  

4.13%, 11/15/32

     4,000,000        3,840,680  

3.38%, 05/15/33

     7,000,000        6,326,972  
     

 

 

 

TOTAL U.S. TREASURY NOTES

      $ 124,265,158  
     

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS

(COST $199,756,949)

 

 

   $ 175,183,517  

     
     Number of
Shares
        

MONEY MARKET FUND – 4.1%

 

  

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     23,852,153        23,852,153  
     

 

 

 

TOTAL MONEY MARKET FUND

(COST $23,852,153)

 

 

   $ 23,852,153  

 

 

 

ANNUAL REPORT / April 30, 2024


17   PORTFOLIOS OF INVESTMENTS

 

  Wilmington Broad Market Bond Fund (continued)

 Description    Par Value      Value  

CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.9%

 

REPURCHASE AGREEMENTS – 3.9%

 

  

Bank of America Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/17/25 to 8/20/63; total market value of $4,246,213.

   $  4,162,954      $ 4,162,954  

Bank of Montreal, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $1,771,211, collateralized by U.S. Government Agency Securities, 1.50% to 7.60%, maturing 10/01/25 to 5/01/54; total market value of $1,806,368.

     1,770,949        1,770,949  

BNP Paribas SA, 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 11/15/31 to 5/01/54; total market value of $4,246,213.

     4,162,954        4,162,954  

HSBC Securities USA, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $4,080,297, collateralized by U.S. Government Agency Securities, 2.50% to 3.00%, maturing 4/20/43 to 10/20/51; total market value of $4,161,289.

     4,079,695        4,079,695  

Nomura Securities International, Inc., 5.31%, dated 4/30/24, due 5/01/24, repurchase price $4,163,568, collateralized by U.S. Government Agency Securities, 2.00% to 7.50%, maturing 10/01/29 to 3/15/58; total market value of $4,247,781.

     4,162,954        4,162,954  

RBC Dominion Securities, Inc., 5.32%, dated 4/30/24, due 5/01/24, repurchase price $4,163,569, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 5.50%, maturing 5/09/24 to 2/15/54; total market value of $4,246,213.

     4,162,954        4,162,954  
     

 

 

 

TOTAL REPURCHASE AGREEMENTS

 (COST $22,502,460)

 

 

   $ 22,502,460  
     

 

 

 

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN

(COST $22,502,460)

 

 

   $ 22,502,460  
     

 

 

 

TOTAL INVESTMENTS – 101.7%

(COST $662,043,845)

 

 

   $ 591,229,590  

COLLATERAL FOR SECURITIES ON LOAN – (3.9%)

 

     (22,502,460

OTHER ASSETS LESS LIABILITIES – 2.2%

 

     12,589,097  
     

 

 

 

TOTAL NET ASSETS – 100.0%

 

   $  581,316,227  
     

 

 

 

   

 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   18

 

Wilmington Broad Market Bond Fund (concluded)

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

     Level 1        Level 2        Level 3        Total  

Investments in Securities

                 

Adjustable Rate Mortgage

   $        $ 5,228          $—         $ 5,228  

Collateralized Mortgage Obligations

              38,918           —           38,918  

Corporate Bonds

              222,575,582           —           222,575,582  

Government Agencies

              7,788,706           —           7,788,706  

Mortgage-Backed Securities

              137,258,045           —           137,258,045  

Municipal Bond

              2,024,981           —           2,024,981  

U.S. Treasury Obligations

              175,183,517           —           175,183,517  

Money Market Fund

     23,852,153                    —           23,852,153  

Repurchase Agreements

              22,502,460           —           22,502,460  
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ 23,852,153        $ 567,377,437          $—         $ 591,229,590  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

 

 

**

Represents less than 0.05%.

 

Δ 

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

 

ÿ 

Step coupon security. The rate disclosed is the rate in effect on the report 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 April 30, 2024, these liquid restricted securities amounted to $6,161,200, representing 1.06% of total net assets.

 

# 

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

 

^

7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

 

BKNT

  

Bank Notes

GMTN

  

Global Medium Term Note

LLC

  

Limited Liability Corporation

LP

  

Limited Partnership

MTN

  

Medium Term Note

NA

  

National Association

PLC

  

Public Limited Company

RFUCCT1Y

  

Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR

  

Secured Overnight Financing Rate

See Notes which are an integral part of the Financial Statements

 

 

 

 

 

 

ANNUAL REPORT / April 30, 2024


19  

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington Municipal Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
     Total Net Assets
General        19.9 %
General Obligations        13.0 %
Medical        11.4 %
Airport        9.0 %
Higher Education        8.8 %
Transportation        4.9 %
Power        4.2 %
Multifamily Housing        3.6 %
Development        3.5 %
School District        3.2 %
Education        3.0 %
Student Loan        2.7 %
Tobacco Settlement        2.2 %
Water        2.0 %
Utilities        1.1 %
Housing        0.3 %
Exchange-Traded Funds        4.8 %
Cash Equivalents(1)        1.6 %
Other Assets and Liabilities - Net(2)        0.8 %
    

 

 

 
TOTAL        100.0 %
    

 

 

 
     Percentage of
Credit Quality Diversification(3)    Total Net Assets
AAA / Aaa        11.9 %
AA / Aa        26.3 %
A / A        40.2 %
BBB / Baa        9.6 %
Not Rated        11.2 %
Other Assets and Liabilities - Net(2)        0.8 %
    

 

 

 
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.

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description    Number of
Shares
     Value  

EXCHANGE-TRADED FUNDS – 4.8%

 

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

     597,700      $   15,044,109  
     

 

 

 

TOTAL EXCHANGE-TRADED FUNDS

(Cost $15,279,104)

 

 

   $ 15,044,109  
    

Par Value

        

MUNICIPAL BONDS – 92.8%

 

ALABAMA – 1.0%

 

GENERAL – 1.0%

 

Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54

   $ 3,000,000        3,169,908  
     

 

 

 

TOTAL ALABAMA

      $ 3,169,908  

 Description

  

Par Value

    

Value

 

ALASKA – 0.6%

 

HIGHER EDUCATION – 0.6%

 

University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29

   $ 1,810,000      $    1,832,435  
     

 

 

 

TOTAL ALASKA

      $ 1,832,435  

ARIZONA – 3.5%

 

DEVELOPMENT – 0.3%

 

Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corp. Project), 4.10%, 12/01/37

     1,000,000        998,649  

Industrial Development Authority of the City of Phoenix Arizona, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25

     60,000        60,237  
     

 

 

 

TOTAL DEVELOPMENT

 

   $ 1,058,886  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   20

 

Wilmington Municipal Bond Fund (continued)

 Description

  

Par Value

    

Value

 

EDUCATION – 1.3%

 

Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)

     

5.00%, 11/01/26

   $ 1,000,000      $  1,032,695  

5.00%, 11/01/30

     1,000,000        1,071,081  

5.00%, 11/01/32

     865,000        928,431  

La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions - Harmony Public Schools Project), (Series A), 5.00%, 02/15/28

     1,100,000        1,113,912  
     

 

 

 

TOTAL EDUCATION

 

   $ 4,146,119  

MEDICAL – 0.8%

 

Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)

     

5.00%, 09/01/34

     1,000,000        1,078,172  

5.00%, 09/01/35

     725,000        778,819  

5.00%, 09/01/36

     500,000        533,916  
     

 

 

 

TOTAL MEDICAL

 

   $ 2,390,907  

UTILITIES – 1.1%

 

Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C),
5.00%, 07/01/36

     3,000,000        3,501,010  
     

 

 

 

TOTAL ARIZONA

 

   $   11,096,922  

CALIFORNIA – 0.9%

 

AIRPORT – 0.9%

 

City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32

     800,000        840,157  

City of Los Angeles Department of Airports, CA, Revenue Bonds

     

4.00%, 05/15/35

     600,000        603,436  

4.00%, 05/15/36

     800,000        796,079  

4.00%, 05/15/37

     500,000        494,885  
     

 

 

 

TOTAL CALIFORNIA

 

   $ 2,734,557  

COLORADO – 4.1%

 

AIRPORT – 0.8%

 

City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A),
5.00%, 12/01/31

     2,500,000        2,630,539  

HIGHER EDUCATION – 0.7%

 

Colorado Educational & Cultural Facilities Authority, CO, Refunding Revenue Bonds, (University of Denver Project), (NATL), 5.00%, 03/01/35

     2,000,000        2,246,624  

MEDICAL – 1.7%

 

Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62

     3,000,000        3,185,019  

Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49

     2,000,000        2,038,699  
     

 

 

 

TOTAL MEDICAL

 

   $ 5,223,718  

 Description

  

Par Value

    

Value

 

MULTIFAMILY HOUSING – 0.3%

 

Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41

   $ 1,000,000      $ 995,178  

WATER – 0.6%

 

City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33

     1,750,000        1,840,093  
     

 

 

 

TOTAL COLORADO

 

   $   12,936,152  

CONNECTICUT – 2.2%

 

GENERAL OBLIGATIONS – 0.8%

 

State of Connecticut, CT, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series 2021 A), 3.00%, 01/15/35

     2,900,000        2,701,667  

HIGHER EDUCATION – 0.8%

 

Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31

     1,385,000        1,440,712  

University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33

     1,000,000        1,040,049  
     

 

 

 

TOTAL HIGHER EDUCATION

 

   $ 2,480,761  

MEDICAL – 0.6%

 

Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)

     

4.00%, 07/01/28

     685,000        689,490  

4.00%, 07/01/29

     500,000        504,295  

4.00%, 07/01/30

     600,000        606,246  
     

 

 

 

TOTAL MEDICAL

 

   $ 1,800,031  
     

 

 

 

TOTAL CONNECTICUT

 

   $ 6,982,459  

DISTRICT OF COLUMBIA – 1.2%

 

GENERAL – 0.7%

 

Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)

     

5.00%, 10/01/30

     610,000        674,047  

5.00%, 10/01/31

     875,000        963,982  

5.00%, 10/01/32

     500,000        550,762  
     

 

 

 

TOTAL GENERAL

 

   $ 2,188,791  

TRANSPORTATION – 0.5%

 

Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B),
5.00%, 07/01/30

     1,500,000        1,579,185  
     

 

 

 

TOTAL DISTRICT OF COLUMBIA

 

   $ 3,767,976  

FLORIDA – 3.6%

 

AIRPORT – 0.3%

 

Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26

     1,000,000        1,031,523  

GENERAL OBLIGATIONS – 0.7%

 

State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34

     1,975,000        2,036,396  

 

 

 

ANNUAL REPORT / April 30, 2024


21   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Municipal Bond Fund (continued)

 Description    Par Value      Value   

HIGHER EDUCATION – 1.5%

     

Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)

     

5.00%, 04/01/28

   $ 750,000      $ 793,647  

5.00%, 04/01/30

     750,000        794,457  

5.00%, 04/01/31

     750,000        794,097  

5.00%, 04/01/33

     750,000        793,155  

Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28

     1,600,000        1,640,647  
     

 

 

 

TOTAL HIGHER EDUCATION

      $ 4,816,003  

HOUSING – 0.3%

     

Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A)

     

5.00%, 02/01/25

     500,000        503,275  

5.00%, 02/01/26

     500,000        508,573  
     

 

 

 

TOTAL HOUSING

      $ 1,011,848  

MULTIFAMILY HOUSING – 0.8%

     

Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26

     2,500,000        2,536,231  
     

 

 

 

TOTAL FLORIDA

      $   11,432,001  

GEORGIA – 4.0%

     

GENERAL – 3.3%

     

Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28

     3,305,000        3,348,565  

Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53

     1,000,000        1,050,303  

Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)

     

4.00%, 07/01/52

     3,000,000        2,995,928  

5.00%, 06/01/53

     3,000,000        3,117,323  
     

 

 

 

TOTAL GENERAL

      $ 10,512,119  

TRANSPORTATION – 0.7%

     

Georgia Ports Authority, GA, Revenue Bonds

     

4.00%, 07/01/37

     1,000,000        1,030,360  

4.00%, 07/01/39

     1,000,000        1,016,274  
     

 

 

 

TOTAL TRANSPORTATION

      $ 2,046,634  
     

 

 

 

TOTAL GEORGIA

      $ 12,558,753  

IDAHO – 1.0%

     

HIGHER EDUCATION – 1.0%

     

Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project) , 5.00%, 11/01/33

     3,000,000        3,051,996  
     

 

 

 

TOTAL IDAHO

      $ 3,051,996  
 Description    Par Value      Value   

ILLINOIS – 7.3%

     

GENERAL – 2.4%

     

Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26

   $ 4,875,000      $ 5,042,800  

Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31

     1,450,000        1,654,874  

Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28

     1,000,000        1,060,654  
     

 

 

 

TOTAL GENERAL

      $ 7,758,328  

GENERAL OBLIGATIONS – 4.1%

     

Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32

     3,000,000        3,230,555  

State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)

     

5.00%, 10/01/29

     2,000,000        2,120,282  

5.00%, 10/01/33

     1,000,000        1,052,451  

State of Illinois, IL, (Series C), 5.00%, 06/15/41

     3,000,000        3,269,078  

State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28

     3,000,000        3,131,910  
     

 

 

 

TOTAL GENERAL OBLIGATIONS

      $   12,804,276  

MULTIFAMILY HOUSING – 0.3%

     

Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons,
4.00%, 07/01/43

     1,000,000        995,270  

TRANSPORTATION – 0.5%

     

Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33

     1,450,000        1,541,611  
     

 

 

 

TOTAL ILLINOIS

      $ 23,099,485  

INDIANA – 2.1%

     

DEVELOPMENT – 2.1%

     

Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44

     6,500,000        6,611,964  
     

 

 

 

TOTAL INDIANA

      $ 6,611,964  

IOWA – 1.0%

     

EDUCATION – 1.0%

     

Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29

     3,000,000        3,068,156  
     

 

 

 

TOTAL IOWA

      $ 3,068,156  

KENTUCKY – 2.5%

     

GENERAL – 2.5%

     

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A)

     

4.00%, 08/01/52

     3,000,000        2,965,143  

5.00%, 05/01/55

     1,000,000        1,040,177  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   22

 

Wilmington Municipal Bond Fund (continued)

 Description

  

Par Value

    

Value

 

Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50

   $ 4,000,000      $    3,989,970  
     

 

 

 

TOTAL KENTUCKY

 

   $ 7,995,290  

MARYLAND – 0.8%

 

AIRPORT – 0.8%

 

Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)

     

5.00%, 08/01/28

     730,000        765,727  

5.00%, 08/01/29

     500,000        531,188  

5.00%, 08/01/30

     515,000        553,561  

5.00%, 08/01/31

     650,000        705,566  
     

 

 

 

TOTAL MARYLAND

 

   $ 2,556,042  

MASSACHUSETTS – 1.2%

 

MEDICAL – 0.3%

 

Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33

     1,000,000        1,027,093  

STUDENT LOAN – 0.9%

 

Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B)

     

5.00%, 07/01/33

     1,800,000        1,904,274  

4.25%, 07/01/44

     1,000,000        966,895  
     

 

 

 

TOTAL STUDENT LOAN

 

   $ 2,871,169  
     

 

 

 

TOTAL MASSACHUSETTS

 

   $ 3,898,262  

MICHIGAN – 3.1%

 

AIRPORT – 0.1%

 

Gerald R Ford International Airport Authority, MI, Revenue Bonds, (CNTY GTD) , 5.00%, 01/01/41

     500,000        539,260  

MULTIFAMILY HOUSING – 1.4%

 

Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42

     4,300,000        4,326,536  

SCHOOL DISTRICT – 1.1%

 

Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax

     

4.00%, 05/01/33

     1,330,000        1,367,646  

4.00%, 05/01/34

     1,000,000        1,026,594  

Saginaw City School District, MI, GO Unlimited, School Improvements, AD Valorem Property Tax, (Qualified School Bond Loan Fund), 4.00%, 05/01/35

     1,000,000        1,032,529  
     

 

 

 

TOTAL SCHOOL DISTRICT

 

   $ 3,426,769  

WATER – 0.5%

 

Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29

     145,000        150,030  

 Description

  

Par Value

    

Value

 

Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34

   $ 1,450,000      $    1,464,715  
     

 

 

 

TOTAL WATER

 

   $ 1,614,745  
     

 

 

 

TOTAL MICHIGAN

 

   $ 9,907,310  

MINNESOTA – 1.6%

 

GENERAL OBLIGATIONS – 0.6%

 

State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38

     2,000,000        2,044,592  

MEDICAL – 1.0%

 

Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39

     3,000,000        3,095,476  
     

 

 

 

TOTAL MINNESOTA

 

   $ 5,140,068  

NEVADA – 1.4%

 

GENERAL OBLIGATIONS – 1.4%

 

Las Vegas Valley Water District, NV, GO Limited, AD Valorem Property Tax, (Series A), 4.00%, 06/01/46

     1,250,000        1,205,148  

Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37

     3,000,000        3,079,300  
     

 

 

 

TOTAL NEVADA

 

   $ 4,284,448  

NEW JERSEY – 5.0%

 

GENERAL – 2.6%

 

Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28

     3,000,000        3,172,101  

New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24

     225,000        225,209  

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)

     

5.00%, 12/15/28

     1,135,000        1,216,571  

5.00%, 12/15/34

     3,000,000        3,197,175  

New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32

     500,000        543,744  
     

 

 

 

TOTAL GENERAL

 

   $ 8,354,800  

HIGHER EDUCATION – 1.0%

 

Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B), ETM, 5.00%, 07/01/27

     2,000,000        2,028,839  

New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31

     1,000,000        1,041,595  
     

 

 

 

TOTAL HIGHER EDUCATION

 

   $ 3,070,434  

MULTIFAMILY HOUSING – 0.1%

 

New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33

     400,000        385,404  

 

 

 

ANNUAL REPORT / April 30, 2024


23   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Municipal Bond Fund (continued)

 Description

  

Par Value

    

Value

 

SCHOOL DISTRICT – 0.3%

     

Newark Board of Education, NJ, GO Unlimited, AD Valorem Property Tax, (Sustainability Bonds), (BAM)

     

5.00%, 07/15/28

   $   250,000      $      265,788  

5.00%, 07/15/29

     250,000        269,378  

5.00%, 07/15/30

     250,000        272,509  
     

 

 

 

TOTAL SCHOOL DISTRICT

      $ 807,675  

STUDENT LOAN – 1.0%

     

New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B)

     

5.00%, 12/01/26

     2,000,000        2,044,832  

4.00%, 12/01/44

     1,000,000        954,007  
     

 

 

 

TOTAL STUDENT LOAN

      $ 2,998,839  
     

 

 

 

TOTAL NEW JERSEY

      $  15,617,152  

NEW YORK – 6.1%

     

AIRPORT – 1.7%

     

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)

     

4.00%, 03/15/30

     1,000,000        1,009,954  

5.00%, 09/15/31

     2,500,000        2,611,987  

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (222nd Series ), (BAM-TCRS), 4.00%, 07/15/39

     1,840,000        1,858,108  
     

 

 

 

TOTAL AIRPORT

      $ 5,480,049  

DEVELOPMENT – 1.1%

     

New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35

     3,000,000        3,456,437  

GENERAL – 1.5%

     

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38

     2,500,000        2,538,340  

New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38

     2,005,000        2,033,783  
     

 

 

 

TOTAL GENERAL

      $ 4,572,123  

GENERAL OBLIGATIONS – 1.1%

     

New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)

     

5.00%, 09/01/36

     1,600,000        1,798,721  

4.00%, 08/01/37

     1,500,000        1,517,285  
     

 

 

 

TOTAL GENERAL OBLIGATIONS

      $ 3,316,006  

HIGHER EDUCATION – 0.3%

     

Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30

     990,000        1,043,760  

MULTIFAMILY HOUSING – 0.4%

     

New York State Housing Finance Agency, NY,

     

Revenue Bonds, (Series A), (SONYMA HUD SECT 8), 3.75%, 11/01/62

     1,405,000        1,401,524  
     

 

 

 

TOTAL NEW YORK

      $  19,269,899  

 Description

  

Par Value

    

Value

 

NORTH CAROLINA – 1.9%

     

POWER – 1.5%

     

North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32

   $ 4,250,000      $    4,645,890  

TRANSPORTATION – 0.4%

     

North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32

     1,250,000        1,340,632  
     

 

 

 

TOTAL NORTH CAROLINA

      $ 5,986,522  

OHIO – 4.1%

     

GENERAL OBLIGATIONS – 0.7%

     

State of Ohio, OH, GO Unlimited, Public Improvements, (Series A)

     

5.00%, 03/01/34

     1,000,000        1,154,783  

5.00%, 03/01/35

     1,000,000        1,147,762  
     

 

 

 

TOTAL GENERAL OBLIGATIONS

      $ 2,302,545  

HIGHER EDUCATION – 1.0%

     

Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34

     1,000,000        1,083,482  

Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43

     2,000,000        1,966,390  
     

 

 

 

TOTAL HIGHER EDUCATION

      $ 3,049,872  

MEDICAL – 1.4%

     

Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28

     3,035,000        3,158,188  

State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34

     1,250,000        1,276,621  
     

 

 

 

TOTAL MEDICAL

      $ 4,434,809  

POWER – 1.0%

     

American Municipal Power, Inc., OH, Current Refunding Revenue Bonds, (Prairie State Energy Campus Project), (Series A), 5.00%, 02/15/32

     3,000,000        3,269,279  
     

 

 

 

TOTAL OHIO

      $ 13,056,505  

OKLAHOMA – 1.4%

     

GENERAL – 1.4%

     

Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34

     3,000,000        3,388,240  

Oklahoma County Finance Authority, OK, Revenue Bonds, (Midwest City-Del City Public Schools Project), (BAM), 5.00%, 10/01/40

     1,000,000        1,091,653  
     

 

 

 

TOTAL OKLAHOMA

      $ 4,479,893  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   24

 

Wilmington Municipal Bond Fund (continued)

 Description

  

Par Value

    

Value

 

OREGON – 0.4%

     

GENERAL – 0.4%

     

Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG),
5.00%, 04/01/39

   $ 1,000,000      $    1,123,897  
     

 

 

 

TOTAL OREGON

      $ 1,123,897  

PENNSYLVANIA – 8.7%

     

AIRPORT – 1.5%

     

Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)

     

5.00%, 01/01/28

     1,500,000        1,560,945  

4.00%, 01/01/38

     1,500,000        1,471,588  

Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30

     1,500,000        1,552,738  
     

 

 

 

TOTAL AIRPORT

      $ 4,585,271  

GENERAL – 1.9%

     

Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35

     3,000,000        3,058,645  

Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26

     2,930,000        3,005,668  
     

 

 

 

TOTAL GENERAL

      $ 6,064,313  

HIGHER EDUCATION – 1.9%

     

Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University),
5.00%, 11/01/30

     1,000,000        1,048,909  

Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35

     1,130,000        1,149,947  

Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program – Gwynedd Mercy University Project), 5.25%, 05/01/38

     1,000,000        1,008,400  

Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)

     

5.00%, 11/01/25

     700,000        703,022  

5.00%, 11/01/26

     350,000        353,441  

5.00%, 11/01/27

     600,000        609,975  

5.00%, 11/01/28

     1,100,000        1,125,097  
     

 

 

 

TOTAL HIGHER EDUCATION

      $ 5,998,791  

MEDICAL – 0.9%

     

Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35

     2,500,000        2,701,847  

STUDENT LOAN – 0.1%

     

Pennsylvania Higher Education Assistance Agency, PA, Revenue Bonds,
4.13%, 06/01/45

     500,000        481,294  

 Description

  

Par Value

    

Value

 

TOBACCO SETTLEMENT – 0.3%

     

Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34

   $ 1,000,000      $    1,057,065  

TRANSPORTATION – 1.2%

     

Pennsylvania Turnpike Commission, PA, Advance Refunding Revenue Bonds, (2nd Series), Motor License Fund Enhanced, 5.00%, 12/01/32

     2,000,000        2,105,373  

Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B)

     

5.00%, 12/01/35

     500,000        565,574  

5.00%, 12/01/36

     500,000        563,114  

5.00%, 12/01/37

     500,000        557,934  
     

 

 

 

TOTAL TRANSPORTATION

      $ 3,791,995  

WATER – 0.9%

     

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM)

     

5.00%, 09/01/38

     1,250,000        1,394,242  

5.00%, 09/01/39

     1,000,000        1,110,213  

Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33

     340,000        394,042  
     

 

 

 

TOTAL WATER

      $ 2,898,497  
     

 

 

 

TOTAL PENNSYLVANIA

      $ 27,579,073  

SOUTH CAROLINA – 1.9%

     

TOBACCO SETTLEMENT – 1.9%

     

Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30

     5,215,000        6,008,858  
     

 

 

 

TOTAL SOUTH CAROLINA

      $ 6,008,858  

TENNESSEE – 0.4%

     

AIRPORT – 0.4%

     

Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32

     1,100,000        1,186,928  
     

 

 

 

TOTAL TENNESSEE

      $ 1,186,928  

TEXAS – 9.5%

     

AIRPORT – 0.7%

     

Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35

     1,000,000        1,024,792  

Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38

     1,000,000        1,117,780  
     

 

 

 

TOTAL AIRPORT

      $ 2,142,572  

EDUCATION – 0.7%

     

Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD)

     

5.00%, 08/15/39

     500,000        538,907  

5.00%, 08/15/40

     500,000        535,262  

 

 

 

ANNUAL REPORT / April 30, 2024


25   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington Municipal Bond Fund (continued)

 Description

  

Par Value

    

Value

 

Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), 5.00%, 08/15/29

   $ 1,000,000      $    1,066,184  
     

 

 

 

TOTAL EDUCATION

      $ 2,140,353  

GENERAL – 0.6%

     

Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax

     

4.00%, 08/15/31

     1,000,000        1,001,663  

4.00%, 08/15/32

     1,000,000        1,001,087  
     

 

 

 

TOTAL GENERAL

      $ 2,002,750  

GENERAL OBLIGATIONS – 3.6%

     

Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)

     

5.00%, 02/15/40

     1,250,000        1,372,980  

5.00%, 02/15/41

     1,000,000        1,093,222  

Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax

     

4.00%, 04/01/25

     100,000        100,184  

4.00%, 04/01/26

     100,000        100,364  

4.00%, 04/01/27

     100,000        100,935  

4.00%, 04/01/28

     535,000        542,957  

4.00%, 04/01/29

     100,000        101,889  

4.00%, 04/01/30

     100,000        102,420  

4.00%, 04/01/31

     350,000        360,553  

4.00%, 04/01/32

     100,000        102,612  

4.00%, 04/01/33

     495,000        506,084  

4.00%, 04/01/34

     100,000        102,049  

4.00%, 04/01/35

     100,000        101,862  

4.00%, 04/01/36

     380,000        384,085  

State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29

     2,125,000        2,192,936  

State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29

     3,735,000        3,980,820  
     

 

 

 

TOTAL GENERAL OBLIGATIONS

      $ 11,245,952  

MEDICAL – 1.2%

     

Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B)

     

5.75%, 07/01/27

     1,035,000        1,067,307  

6.25%, 07/01/27

     1,100,000        1,140,486  

Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32

     1,465,000        1,562,836  
     

 

 

 

TOTAL MEDICAL

      $ 3,770,629  

MULTIFAMILY HOUSING – 0.3%

     

El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26

     1,000,000        1,000,202  

SCHOOL DISTRICT – 0.8%

     

Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37

     1,000,000        1,031,492  

 Description

  

Par Value

    

Value

 

Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/48

   $ 1,475,000      $    1,410,908  
     

 

 

 

TOTAL SCHOOL DISTRICT

      $ 2,442,400  

STUDENT LOAN – 0.7%

     

Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43

     2,295,000        2,373,974  

TRANSPORTATION – 0.9%

     

Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33

     1,470,000        1,550,508  

Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32

     1,225,000        1,228,131  
     

 

 

 

TOTAL TRANSPORTATION

      $ 2,778,639  
     

 

 

 

TOTAL TEXAS

      $ 29,897,471  

UTAH – 4.4%

     

AIRPORT – 1.8%

     

Salt Lake City, UT, Revenue Bonds, (Series A)

     

5.00%, 07/01/32

     3,000,000        3,139,421  

5.00%, 07/01/33

     2,500,000        2,615,377  
     

 

 

 

TOTAL AIRPORT

      $ 5,754,798  

MEDICAL – 2.6%

     

Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM

     

5.40%, 02/15/28

     2,850,000        2,876,713  

5.13%, 02/15/33

     5,090,000        5,128,640  
     

 

 

 

TOTAL MEDICAL

      $ 8,005,353  
     

 

 

 

TOTAL UTAH

      $ 13,760,151  

WASHINGTON – 5.0%

     

GENERAL – 1.6%

     

Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL),
4.75%, 02/01/28

     5,125,000        5,146,891  

MEDICAL – 0.6%

     

Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33

     1,750,000        1,781,508  

POWER – 1.1%

     

Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station,
5.00%, 07/01/33

     3,000,000        3,433,409  

SCHOOL DISTRICT – 1.0%

     

Clark County School District No. 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33

     3,000,000        3,121,520  

TRANSPORTATION – 0.7%

     

Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29

     2,090,000        2,203,605  
     

 

 

 

TOTAL WASHINGTON

      $ 15,686,933  
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   26

 

Wilmington Municipal Bond Fund (concluded)

 Description

  

Par Value

    

Value

 

WISCONSIN – 0.9%

     

MEDICAL – 0.3%

     

Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)

     

4.00%, 01/01/32

   $   500,000      $ 493,530  

4.00%, 01/01/33

     500,000        492,553  
     

 

 

 

TOTAL MEDICAL

      $ 986,083  

POWER – 0.6%

     

Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46

     1,750,000        1,721,524  
     

 

 

 

TOTAL WISCONSIN

      $ 2,707,607  
     

 

 

 

TOTAL MUNICIPAL BONDS

(Cost $305,440,817)

      $  292,485,073  
 Description   

Number of

Shares

     Value  
MONEY MARKET FUND – 1.6%      

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     5,171,504      $ 5,171,504  
     

 

 

 

TOTAL MONEY MARKET FUND

(Cost $5,171,504)

 

 

   $ 5,171,504  
  

 

 

 

TOTAL INVESTMENTS – 99.2%

(Cost $325,891,425)

 

 

   $ 312,700,686  

OTHER ASSETS LESS LIABILITIES – 0.8%

 

     2,424,866  
  

 

 

 

TOTAL NET ASSETS – 100.0%

 

   $  315,125,552  
     

 

 

 

 

 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

 The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

     Level 1             Level 2             Level 3             Total  
 Investments in Securities                     
 Exchange-Traded Funds    $ 15,044,109         $           $—         $ 15,044,109  
 Municipal Bonds                    292,485,073                —               292,485,073  
 Money Market Fund      5,171,504                      —           5,171,504  
  

 

 

       

 

 

       

 

 

       

 

 

 
 Total    $ 20,215,613         $ 292,485,073           $—         $ 312,700,686  
  

 

 

       

 

 

       

 

 

       

 

 

 

 

 

 

^ 

7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

 

AGC

  

Assured Guaranty Corporation

AGM

  

Assured Guaranty Municipal

AMBAC  

  

American Municipal Bond Assurance Corporation

BAM

  

Build America Mutual Assurance Company

BHAC

  

Berkshire Hathaway Assurance Corporation

CR

  

Custodial Receipts

ETF

  

Exchange-Traded Fund

ETM

  

Escrowed to Maturity

FGIC

  

Financial Guaranty Insurance Corporation

GO

  

General Obligation

ICC

  

Insured Custody Certificates

IDA

  

Industrial Development Authority/Agency

NATL

  

National Public Finance Guarantee Corporation

SCH BD GTY    

School Bond Guaranty

SPDR

  

Standard & Poor’s Depositary Receipt

TCRS

  

Tax Credit Reporting Service

See Notes which are an integral part of the Financial Statements

 

 

 

 

 

ANNUAL REPORT / April 30, 2024


27  

 

PORTFOLIO OF INVESTMENTS SUMMARY TABLE

Wilmington New York Municipal Bond Fund

At April 30, 2024, the Fund’s portfolio composition was as follows:

 

     Percentage of
Total Net Assets
General        26.7 %
Higher Education        17.4 %
Transportation        10.7 %
General Obligations        8.7 %
Multifamily Housing        7.5 %
Medical        6.4 %
Education        6.2 %
Development        4.7 %
Airport        2.8 %
Power        2.7 %
Water        2.2 %
Utilities        2.1 %
Cash Equivalents(1)        0.5 %
Other Assets and Liabilities - Net(2)        1.4 %
    

 

 

 
TOTAL        100.0 %
    

 

 

 
Credit Quality Diversification(3)    Percentage of
Total Net Assets
AAA / Aaa        5.9 %
AA / Aa        49.4 %
A / A        27.9 %
BBB / Baa        14.9 %
Not Rated        0.5 %
Other Assets and Liabilities - Net(2)        1.4 %
    

 

 

 
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.

 

PORTFOLIO OF INVESTMENTS

April 30, 2024

 

 Description

 

  

Par Value

 

    

Value

 

 

MUNICIPAL BONDS – 98.1%

     

NEW YORK – 98.1%

     

AIRPORT – 2.8%

     

Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (Series 231ST), 5.00%, 08/01/31

   $ 1,000,000      $ 1,083,499  

DEVELOPMENT – 4.7%

     

Battery Park City Authority, NY, Revenue Bonds, 5.00%, 11/01/41

     500,000        562,379  

New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35

     1,095,000        1,261,600  
     

 

 

 

TOTAL DEVELOPMENT

      $   1,823,979  

EDUCATION – 6.2%

     

New York State Dormitory Authority, NY, Revenue Bonds, (AMG St. Aid Withhldg), 5.00%, 10/01/32

     1,000,000        1,154,630  

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33

     1,200,000        1,261,133  

 Description

 

  

Par Value

 

    

Value

 

 

New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29

   $ 5,000      $ 5,400  
     

 

 

 

TOTAL EDUCATION

      $   2,421,163  

GENERAL – 26.7%

     

Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33

     1,175,000        1,228,738  

New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, 5.00%, 07/01/31

     565,000        637,114  

New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (Lincoln Center For Performing Arts), (Series A), 4.00%, 12/01/34

     1,600,000        1,667,664  

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Cash Flow Management, (Series A-1), 5.25%, 08/01/42

     800,000        886,083  

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series A-1), 5.00%, 05/01/34

     800,000        821,338  
 
 

 

April 30, 2024 / ANNUAL REPORT


PORTFOLIOS OF INVESTMENTS   28

 

Wilmington New York Municipal Bond Fund (continued)

 Description

 

  

Par Value

 

    

Value

 

 

New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Public Improvements, (Sub-Series E-1), 4.00%, 02/01/38

   $ 655,000      $ 665,045  

New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32

     2,000,000        2,064,280  

New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37

     1,000,000        1,019,290  

Syracuse, NY, IDA, Revenue Bonds, Syracuse City School District Project, School Improvements, (Series B), (State Aid Withholding), 5.00%, 05/01/32

     1,435,000        1,478,304  
     

 

 

 

TOTAL GENERAL

      $ 10,467,856  

GENERAL OBLIGATIONS – 8.7%

     

Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32

     500,000        528,286  

New York, NY, GO Unlimited, Public Improvements, AD Valorem Property Tax, (Series A-1), 5.00%, 09/01/38

     1,000,000        1,107,793  

North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42

     650,000        664,720  

Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM), 5.00%, 05/01/30

     1,000,000        1,094,886  
     

 

 

 

TOTAL GENERAL OBLIGATIONS

      $   3,395,685  

HIGHER EDUCATION – 17.4%

     

Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A), 5.00%, 07/01/29

     1,195,000        1,221,052  

Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32

     1,040,000        1,076,169  

Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33

     725,000        799,459  

New York City Trust for Cultural Resources, NY, Current Refunding Revenue Bonds, (The Juilliard School), (Series A), 5.00%, 01/01/33

     1,025,000        1,115,133  

New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27

     1,685,000        1,751,605  

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30

     800,000        834,796  
     

 

 

 

TOTAL HIGHER EDUCATION

      $ 6,798,214  

MEDICAL – 6.4%

     

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29

     1,000,000        1,022,111  

 Description

 

  

Par Value

 

    

Value

 

 

New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24

   $ 500,000      $ 500,000  

New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27

     1,000,000          1,001,879  
     

 

 

 

TOTAL MEDICAL

      $ 2,523,990  

MULTIFAMILY HOUSING – 7.5%

     

New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33

     1,890,000        1,800,627  

New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A)

     

2.45%, 05/01/31

     390,000        345,391  

3.10%, 11/01/34

     890,000        809,394  
     

 

 

 

TOTAL MULTIFAMILY HOUSING

      $ 2,955,412  

POWER – 2.7%

     

Utility Debt Securitization Authority, NY, Refunding Revenue Bonds, (Series TE), 5.00%, 12/15/38

     950,000        1,074,131  

TRANSPORTATION – 10.7%

     

Metropolitan Transportation Authority, NY, Revenue Green Bonds, (Series C-1), 5.00%, 11/15/29

     1,530,000        1,620,764  

New York State Thruway Authority, NY, Current Refunding Revenue Bonds, (Series P)

     

5.00%, 01/01/27

     500,000        523,430  

4.00%, 01/01/45

     1,000,000        965,466  

Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (Series 242), 5.00%, 12/01/39

     1,000,000        1,076,571  
     

 

 

 

TOTAL TRANSPORTATION

      $ 4,186,231  

UTILITIES – 2.1%

     

Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A), 5.00%, 09/01/34

     750,000        838,453  

WATER – 2.2%

     

New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), 5.00%, 06/15/31

     750,000        851,383  
     

 

 

 

TOTAL NEW YORK

      $ 38,419,996  
     

 

 

 

TOTAL MUNICIPAL BONDS

(Cost $40,168,956)

      $ 38,419,996  

 

 

 

ANNUAL REPORT / April 30, 2024


29   PORTFOLIOS OF INVESTMENTS

 

 

Wilmington New York Municipal Bond Fund (concluded)

 Description    Number of
Shares
     Value  

MONEY MARKET FUND – 0.5%

     

Dreyfus Government Cash Management Fund, Institutional Shares, 5.19%^

     190,111      $ 190,111  
     

 

 

 

TOTAL MONEY MARKET FUND

(Cost $ 190,111)

      $ 190,111  
     

 

 

 

TOTAL INVESTMENTS – 98.6%

(Cost $ 40,359,067)

      $ 38,610,107  

OTHER ASSETS LESS LIABILITIES – 1.4%

 

     544,281  
     

 

 

 

TOTAL NET ASSETS – 100.0%

      $  39,154,388  
     

 

 

 

 

 

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

Level 1 – quoted prices in active markets for identical securities

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

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

The following is a summary of the inputs used as of April 30, 2024 in valuing the Fund’s assets carried at fair value:

 

    

Level 1

 

           

Level 2

 

           

Level 3

 

           

Total

 

 

Investments in Securities

                    

Municipal Bonds

   $         $ 38,419,996           $—          $ 38,419,996  

Money Market Fund

     190,111                      —            190,111  
  

 

 

       

 

 

       

 

 

       

 

 

 

Total

   $ 190,111         $ 38,419,996           $—          $ 38,610,107  
  

 

 

       

 

 

       

 

 

       

 

 

 

 

 

 

^

7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

 

AGM    Assured Guaranty Municipal
BAM    Build America Mutual Assurance Company
GO    General Obligation
IDA    Industrial Development Authority/Agency
NATL    National Public Finance Guarantee Corporation

See Notes which are an integral part of the Financial Statements

 

 

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF ASSETS AND LIABILITIES   30

 

 April 30, 2024          

Wilmington 

Broad Market 
Bond Fund 

    

Wilmington

Municipal Bond

Fund

     Wilmington
New York
Municipal Bond
Fund
 ASSETS:                                

Investments, at identified cost

           $ 662,043,845             $ 325,891,425            $ 40,359,067    
          

 

 

           

 

 

          

 

 

   

Investments in securities, at value

           $ 591,229,590 (a)            $ 312,700,686            $ 38,610,107    

Income receivable

             4,182,719               4,014,729              593,704    

Foreign tax reclaim receivable

             1,561                               

Due from advisor

                                        1,642    

Receivable for shares sold

             9,705,311               2,553,900              26,000    

Prepaid assets

             31,665               28,261              18,761    
          

 

 

           

 

 

          

 

 

   

 TOTAL ASSETS

             605,150,846               319,297,576              39,250,214    

 

          

 

 

           

 

 

          

 

 

   
 LIABILITIES:                                

Collateral for securities on loan

             22,502,460                               

Payable for investments purchased

                           1,027,025                 

Income distribution payable

             908,857               507,783              13,179    

Payable for shares redeemed

             92,124               2,420,966              3,606    

Payable for Trustees’ fees

             4,760               4,862              4,862    

Payable for administration fees

             13,396               7,404              928    

Payable for distribution services fees

             372               3,042              952    

Payable for shareholder services fees

             149                               

Payable for investment advisory fees

             153,084               81,985                 

Other accrued expenses

             159,417               118,957              72,299    
          

 

 

           

 

 

          

 

 

   

 TOTAL LIABILITIES

             23,834,619               4,172,024              95,826    

 

          

 

 

           

 

 

          

 

 

   

 NET ASSETS

           $ 581,316,227             $ 315,125,552            $ 39,154,388    

 

          

 

 

           

 

 

          

 

 

   

 NET ASSETS CONSIST OF:

                               

 

                               

Paid-in capital

           $ 658,773,210             $ 335,957,800            $ 42,010,779    

Distributable earnings (loss)

             (77,456,983             (20,832,248            (2,856,391  
          

 

 

           

 

 

          

 

 

   

 TOTAL NET ASSETS

           $ 581,316,227             $ 315,125,552            $ 39,154,388    

 

          

 

 

           

 

 

          

 

 

   
 COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE:                                

Class A

                               

Net Assets

           $ 1,797,989             $ 14,789,465            $ 4,589,289    
          

 

 

           

 

 

          

 

 

   

Shares outstanding (unlimited shares authorized)

             209,545               1,216,396              471,031    
          

 

 

           

 

 

          

 

 

   

Net Asset Value per share

           $ 8.58             $ 12.16            $ 9.74    
          

 

 

           

 

 

          

 

 

   

Offering Price per share*

           $ 8.98 **            $ 12.73 **           $ 10.20 **   
          

 

 

           

 

 

          

 

 

   

Class I

                               

Net Assets

           $ 579,518,238             $ 300,336,087            $ 34,565,099    
          

 

 

           

 

 

          

 

 

   

Shares outstanding (unlimited shares authorized)

             68,700,845               24,691,589              3,545,332    
          

 

 

           

 

 

          

 

 

   

Net Asset Value and Offering Price per share

           $ 8.44             $ 12.16            $ 9.75    
          

 

 

           

 

 

          

 

 

   

 

(a) 

Including $21,542,679 of securities on loan (Note 2).

*

See “How are Shares Priced?" in the Prospectus.

**

Computation of offering price per share: 100/95.50 of net asset value.

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


31   STATEMENTS OF OPERATIONS

 

 Year Ended April 30, 2024          

Wilmington 
Broad Market 

Bond Fund 

    

Wilmington
Municipal Bond
Fund

    

Wilmington

New York

Municipal Bond

Fund

 INVESTMENT INCOME:                                

Dividends

           $ 272,808             $ 487,536                $ 34,875    

Interest

             19,661,881               8,889,397              1,082,960    

Securities lending income, net

             48,158                               
          

 

 

           

 

 

          

 

 

   

 TOTAL INVESTMENT INCOME

             19,982,847               9,376,933              1,117,835    

 

          

 

 

           

 

 

          

 

 

   
 EXPENSES:                                

Investment advisory fees

             2,508,647               1,466,882              191,847    

Administration fees

             159,299               93,168              11,387    

Portfolio accounting and administration fees

             156,784               104,125              34,645    

Custodian fees

             13,818               5,397              1,897    

Transfer and dividend disbursing agent fees and expenses

             14,532               15,052              2,516    

Trustees’ fees

             62,234               62,234              62,234    

Professional fees

             117,256               114,135              112,196    

Distribution services fee—Class A

             4,773               38,807              12,406    

Shareholder services fee—Class A

             4,773               38,807              12,406    

Share registration costs

             37,068               34,906              12,290    

Printing and postage

             25,935               14,845              9,485    

Miscellaneous

             45,080               40,579              19,574    
          

 

 

           

 

 

          

 

 

   

 TOTAL EXPENSES

             3,150,199               2,028,937              482,883    

 

          

 

 

           

 

 

          

 

 

   
 WAIVERS AND REIMBURSEMENTS:                                

Waiver/reimbursement by investment advisor

             (743,770             (396,812            (217,813  

Waiver of shareholder services fee—Class A

             (2,864             (38,807            (12,406  
          

 

 

           

 

 

          

 

 

   

 TOTAL WAIVERS AND REIMBURSEMENTS

             (746,634             (435,619            (230,219  

 

          

 

 

           

 

 

          

 

 

   

Net expenses

             2,403,565               1,593,318              252,664    
          

 

 

           

 

 

          

 

 

   

Net investment income

             17,579,282               7,783,615              865,171    
          

 

 

           

 

 

          

 

 

   
 REALIZED AND UNREALIZED GAIN (LOSS):                                

Net realized gain (loss) on investments

             (2,523,943             (2,310,318            (817,609  

Net change in unrealized appreciation (depreciation) on investments

             (21,110,292             (505,555            365,622    
          

 

 

           

 

 

          

 

 

   

Net realized and unrealized gain (loss)

             (23,634,235             (2,815,873            (451,987  
          

 

 

           

 

 

          

 

 

   

Change in net assets resulting from operations

           $ (6,054,953           $ 4,967,742            $ 413,184    
          

 

 

           

 

 

          

 

 

   

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


STATEMENTS OF CHANGES IN NET ASSETS   32

 

    Wilmington
Broad Market
Bond Fund
     Wilmington
Municipal Bond
Fund
       
               
         

Year Ended
April 30,

2024

               

Year Ended
April 30,

2023

                

Year Ended
April 30,

2024

                

Year Ended
April 30,

2023

             
       
OPERATIONS:                                

Net investment income

    $ 17,579,282           $ 13,422,643          $ 7,783,615            $ 6,455,599      

Net realized gain (loss)

      (2,523,943           (1,389,476          (2,310,318            (3,507,838    

Net change in unrealized appreciation (depreciation)

      (21,110,292           (13,711,445          (505,555            6,174,791      
   

 

 

         

 

 

        

 

 

          

 

 

     

Change in net assets resulting from operations

      (6,054,953           (1,678,278          4,967,742              9,122,552      
   

 

 

         

 

 

        

 

 

          

 

 

     
DISTRIBUTIONS TO SHAREHOLDERS:                                

Class A

      (54,551           (51,252          (333,396            (307,455    

Class I

      (17,796,340           (13,800,456          (7,450,225            (6,148,073    
   

 

 

         

 

 

        

 

 

          

 

 

     

Total distributions to shareholders

      (17,850,891           (13,851,708          (7,783,621            (6,455,528    
   

 

 

         

 

 

        

 

 

          

 

 

     
SHARE TRANSACTIONS:                                

Proceeds from sale of shares

                               

Class A

      13,466             4,398            120,565              74,402      

Class I

      130,977,839             138,135,255            81,437,324              156,929,028      

Distributions reinvested

                               

Class A

      51,931             48,598            281,011              259,919      

Class I

      8,094,941             6,652,102            1,489,172              1,292,031      

Cost of shares redeemed

                               

Class A

      (202,286           (644,010          (2,202,749            (1,709,134    

Class I

      (85,819,233           (150,077,210          (102,733,901            (141,612,365    
   

 

 

         

 

 

        

 

 

          

 

 

     

Change in net assets resulting from share transactions

      53,116,658             (5,880,867          (21,608,578            15,233,881      
   

 

 

         

 

 

        

 

 

          

 

 

     

Change in net assets

      29,210,814             (21,410,853          (24,424,457            17,900,905      
NET ASSETS:                                

Beginning of year

      552,105,413             573,516,266            339,550,009              321,649,104      
   

 

 

         

 

 

        

 

 

          

 

 

     

End of year

    $ 581,316,227           $ 552,105,413          $ 315,125,552            $ 339,550,009      
   

 

 

         

 

 

        

 

 

          

 

 

     
SHARES OF BENEFICIAL INTEREST:                                

Shares sold

                               

Class A

      1,532             491            9,808              6,166      

Class I

      15,306,672             15,779,027            6,706,119              12,922,540      

Distributions reinvested

                               

Class A

      5,957             5,450            23,177              21,476      

Class I

      944,555             759,267            122,751              106,705      

Shares redeemed

                               

Class A

      (23,135           (72,183          (183,516            (141,071    

Class I

      (9,984,221           (16,980,125          (8,477,952            (11,735,846    
   

 

 

         

 

 

        

 

 

          

 

 

     

Net change resulting from share transactions

      6,251,360             (508,073          (1,799,613            1,179,970      
   

 

 

         

 

 

          

 

 

          

 

 

     

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


33   STATEMENTS OF CHANGES IN NET ASSETS (concluded)

 

 
            Wilmington
New York
Municipal Bond Fund
 
 
            Year Ended
April 30,
2024
                 Year Ended
April 30,
2023
       
OPERATIONS:                 

Net investment income

      $ 865,171            $ 829,574    

Net realized gain (loss)

        (817,609            (280,917  

Net change in unrealized appreciation (depreciation)

        365,622              786,657    
     

 

 

          

 

 

   

Change in net assets resulting from operations

        413,184              1,335,314    
     

 

 

          

 

 

   
DISTRIBUTIONS TO SHAREHOLDERS:                 

Class A

        (89,825            (81,040  

Class I

        (775,417            (748,542  
     

 

 

          

 

 

   

Total distributions to shareholders

        (865,242            (829,582  
     

 

 

          

 

 

   
SHARE TRANSACTIONS:                 

Proceeds from sale of shares

                

Class A

        3,482              8,739    

Class I

        2,743,903              4,392,474    

Distributions reinvested

                

Class A

        81,846              70,051    

Class I

        603,091              544,724    

Cost of shares redeemed

                

Class A

        (664,946            (467,287  

Class I

        (8,792,523            (12,908,995  
     

 

 

          

 

 

   

Change in net assets resulting from share transactions

        (6,025,147            (8,360,294  
     

 

 

          

 

 

   

Change in net assets

        (6,477,205            (7,854,562  
NET ASSETS:                 

Beginning of year

        45,631,593              53,486,155    
     

 

 

          

 

 

   

End of year

      $ 39,154,388            $ 45,631,593    
     

 

 

          

 

 

   
SHARES OF BENEFICIAL INTEREST:                 

Shares sold

                

Class A

        357              901    

Class I

        280,573              448,846    

Distributions reinvested

                

Class A

        8,418              7,213    

Class I

        61,992              56,051    

Shares redeemed

                

Class A

        (67,975            (48,016  

Class I

        (906,631            (1,330,851  
     

 

 

          

 

 

   

Net change resulting from share transactions

        (623,266            (865,856  
     

 

 

          

 

 

   

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS   34

 

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

 

 WILMINGTON BROAD MARKET BOND FUND

 

            

                                            
      Year Ended
April 30, 2024
        Year Ended
April 30, 2023
        Year Ended
April 30, 2022
        Year Ended
April 30, 2021
        Year Ended
April 30, 2020
    

 CLASS A

                                            

 Net Asset Value, Beginning of Year

        $ 8.96             $ 9.23             $10.25             $10.39             $ 9.71    

 Income (Loss) From Operations:

                                            

 Net Investment Income(a)

       0.25            0.19            0.15            0.15            0.21    

 Net Realized and Unrealized Gain (Loss)

       (0.38 )              (0.26 )              (0.99 )              (0.10 )              0.69          

 Total Income (Loss) From Operations

       (0.13 )                  (0.07 )                  (0.84 )                  0.05                  0.90          

 Less Distributions From:

                                            

 Net Investment Income

       (0.25 )            (0.20 )            (0.18 )            (0.18 )            (0.22 )    

 Net Realized Gains

                                                          (0.01 )                           

 Total Distributions

       (0.25 )                  (0.20 )                  (0.18 )                  (0.19 )                  (0.22 )          

 Net Asset Value, End of Year

       $ 8.58                  $ 8.96                  $ 9.23                  $10.25                  $10.39          
                                                                                                        

 Total Return(b)

       (1.46 )%            (0.71 )%            (8.37 )%            0.51 %            9.35 %    

 Net Assets, End of Year (000’s)

        $1,798             $2,018             $2,691             $2,234             $3,242    

 Ratios to Average Net Assets

                                            

 Gross Expense(c)

       1.06 %            1.07 %            1.06 %            1.06 %            1.07 %    

 Net Expense(c),(d)

       0.77 %            0.77 %            0.77 %            0.81 %            0.83 %    

 Net Investment Income

       2.81 %            2.16 %            1.45 %            1.46 %            2.06 %    

 Portfolio Turnover Rate

       18 %            24 %            26 %            34 %            46 %    
                                            
      Year Ended
April 30, 2024
        Year Ended
April 30, 2023
        Year Ended
April 30, 2022
        Year Ended
April 30, 2021
        Year Ended
April 30, 2020
    

 CLASS I

                                            

 Net Asset Value, Beginning of Year

       $   8.81            $   9.08            $  10.08            $  10.22            $   9.55    

 Income (Loss) From Operations:

                                            

 Net Investment Income(a)

       0.27            0.22            0.18            0.18            0.24    

 Net Realized and Unrealized Gain (Loss)

       (0.37 )                  (0.26 )                  (0.97 )                  (0.09 )                  0.68          

 Total Income (Loss) From Operations

       (0.10 )                  (0.04 )                  (0.79 )                  0.09                  0.92          

 Less Distributions From:

                                            

 Net Investment Income

       (0.27 )            (0.23 )            (0.21 )            (0.22 )            (0.25 )    

 Net Realized Gains

                                                          (0.01 )                           

 Total Distributions

       (0.27 )                  (0.23 )                  (0.21 )                  (0.23 )                  (0.25 )          

 Net Asset Value, End of Year

       $   8.44                  $   8.81                  $   9.08                  $  10.08                  $  10.22          
                                                                                                        

 Total Return(b)

       (1.09 )%            (0.42 )%            (8.02 )%            0.83 %            9.74 %    

 Net Assets, End of Year (000’s)

       $579,518            $550,087            $570,825            $623,556            $535,825    

 Ratios to Average Net Assets

                                            

 Gross Expense(c)

       0.56 %            0.57 %            0.56 %            0.75 %            0.82 %    

 Net Expense(c),(d)

       0.43 %            0.43 %            0.43 %            0.47 %            0.49 %    

 Net Investment Income

       3.15 %            2.51 %            1.79 %            1.79 %            2.40 %    

 Portfolio Turnover Rate

       18 %            24 %            26 %            34 %            46 %    

 

(a)

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

 

(b)

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

 

(c)

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

 

(d)

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

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


35   FINANCIAL HIGHLIGHTS (continued)

 

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

 

 WILMINGTON MUNICIPAL BOND FUND

 

         

 

   
     Year Ended
April 30, 2024
       Year Ended
April 30, 2023
       Year Ended
April 30, 2022
       Year Ended
April 30, 2021
       Year Ended
April 30, 2020
   
 CLASS A                                             

 Net Asset Value, Beginning of Year

       $ 12.25            $ 12.12            $ 13.41            $ 12.72            $ 13.22    
 Income (Loss) From Operations:                                             

 Net Investment Income(a)

       0.26            0.22            0.19            0.20            0.25    

 Net Realized and Unrealized Gain (Loss)

       (0.09 )                  0.13                  (1.25 )                  0.70                  (0.28 )          

 Total Income (Loss) From Operations

       0.17                  0.35                  (1.06 )                  0.90                  (0.03 )          
 Less Distributions From:                                             

 Net Investment Income

       (0.26 )            (0.22 )            (0.19 )            (0.21 )            (0.25 )    

 Net Realized Gains

                                         (0.04 )                                   (0.22 )          

 Total Distributions

       (0.26 )                  (0.22 )                  (0.23 )                  (0.21 )                  (0.47 )          
 Net Asset Value, End of Year        $ 12.16            $ 12.25            $ 12.12            $ 13.41            $ 12.72    
                                                                                                        
 Total Return(b)        1.42 %            2.92 %            (8.08 )%            7.05 %            (0.36 )%    
 Net Assets, End of Year (000’s)        $14,790            $16,745            $17,942            $23,716            $24,052    
 Ratios to Average Net Assets                                             

 Gross Expense(c)

       1.10 %            1.11 %            1.08 %            1.10 %            1.09 %    

 Net Expense(c),(d)

       0.73 %            0.74 %            0.74 %            0.74 %            0.74 %    

 Net Investment Income

       2.15 %            1.81 %            1.42 %            1.53 %            1.90 %    
 Portfolio Turnover Rate        19 %            28 %            23 %            24 %            81 %    
     Year Ended
April 30, 2024
       Year Ended
April 30, 2023
       Year Ended
April 30, 2022
       Year Ended
April 30, 2021
       Year Ended
April 30, 2020
   
 CLASS I                                             

 Net Asset Value, Beginning of Year

       $  12.26            $  12.13            $  13.42            $  12.73            $  13.23    
 Income (Loss) From Operations:                                             

 Net Investment Income(a)

       0.29            0.25            0.22            0.24            0.29    

 Net Realized and Unrealized Gain (Loss)

       (0.10 )                  0.13                  (1.25 )                  0.69                  (0.28 )          

 Total Income (Loss) From Operations

       0.19                  0.38                  (1.03 )                  0.93                  0.01          
 Less Distributions From:                                             

 Net Investment Income

       (0.29 )            (0.25 )            (0.22 )            (0.24 )            (0.29 )    

 Net Realized Gains

                                         (0.04 )                                   (0.22 )          

 Total Distributions

       (0.29 )                  (0.25 )                  (0.26 )                  (0.24 )                  (0.51 )          
 Net Asset Value, End of Year        $  12.16            $  12.26            $  12.13            $  13.42            $  12.73    
                                                                                                        
 Total Return(b)        1.60 %            3.18 %            (7.83 )%            7.32 %            (0.10 )%    
 Net Assets, End of Year (000’s)        $300,336            $322,805            $303,707            $338,952            $316,617    
 Ratios to Average Net Assets                                             

 Gross Expense(c)

       0.60 %            0.61 %            0.59 %            0.79 %            0.84 %    

 Net Expense(c),(d)

       0.48 %            0.49 %            0.49 %            0.49 %            0.49 %    

 Net Investment Income

       2.40 %            2.06 %            1.67 %            1.78 %            2.14 %    
 Portfolio Turnover Rate        19 %            28 %            23 %            24 %            81 %    

 

(a)

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

 

(b)

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

 

(c)

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

 

(d)

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

See Notes which are an integral part of the Financial Statements

 

 

April 30, 2024 / ANNUAL REPORT


FINANCIAL HIGHLIGHTS (concluded)   36

 

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

 

 WILMINGTON NEW YORK MUNICIPAL BOND FUND

 

         

 

   
     Year Ended
April 30, 2024
       Year Ended
April 30, 2023
       Year Ended
April 30, 2022
       Year Ended
April 30, 2021
       Year Ended
April 30, 2020
   
 CLASS A                                             

 Net Asset Value, Beginning of Year

       $ 9.83            $ 9.71            $ 10.69            $10.20            $10.43    
 Income (Loss) From Operations:                                             

 Net Investment Income(a)

       0.18            0.15            0.13            0.14            0.15    

 Net Realized and Unrealized Gain (Loss)

       (0.09 )                  0.12                  (0.95 )                  0.51                  (0.16 )          

 Total Income (Loss) From Operations

       0.09                  0.27                  (0.82 )                  0.65                  (0.01 )          
 Less Distributions From:                                             

 Net Investment Income

       (0.18 )            (0.15 )            (0.13 )            (0.14 )            (0.15 )    

 Net Realized Gains

                                         (0.03 )                  (0.02 )                  (0.07 )          

 Total Distributions

       (0.18 )                  (0.15 )                  (0.16 )                  (0.16 )                  (0.22 )          
 Net Asset Value, End of Year        $ 9.74            $ 9.83            $ 9.71            $10.69            $10.20    
                                                                                                        
 Total Return(b)        0.90 %            2.79 %            (7.74 )%            6.38 %            (0.12 )%    
 Net Assets, End of Year (000’s)        $4,589            $5,212            $5,536            $6,789            $7,251    
 Ratios to Average Net Assets                                             

 Gross Expense(c)

       1.57 %            1.53 %            1.37 %            1.34 %            1.34 %    

 Net Expense(c),(d)

       0.81 %            0.82 %            0.82 %            0.82 %            0.82 %    

 Net Investment Income

       1.81 %            1.52 %            1.24 %            1.31 %            1.43 %    
 Portfolio Turnover Rate        29 %            6 %            7 %            14 %            60 %    
   Year Ended
April 30, 2024
       Year Ended
April 30, 2023
       Year Ended
April 30, 2022
       Year Ended
April 30, 2021
       Year Ended
April 30, 2020
   
 CLASS I                                             

 Net Asset Value, Beginning of Year

       $  9.84            $  9.72            $ 10.70            $ 10.20            $ 10.43    
 Income (Loss) From Operations:                                             

 Net Investment Income(a)

       0.20            0.17            0.16            0.16            0.18    

 Net Realized and Unrealized Gain (Loss)

       (0.09 )                  0.12                  (0.95 )                  0.53                  (0.16 )          

 Total Income (Loss) From Operations

       0.11                  0.29                  (0.79 )                  0.69                  0.02          
 Less Distributions From:                                             

 Net Investment Income

       (0.20 )            (0.17 )            (0.16 )            (0.17 )            (0.18 )    

 Net Realized Gains

                                         (0.03 )                  (0.02 )                  (0.07 )          

 Total Distributions

       (0.20 )                  (0.17 )                  (0.19 )                  (0.19 )                  (0.25 )          
 Net Asset Value, End of Year        $  9.75            $  9.84            $  9.72            $ 10.70            $ 10.20    
                                                                                                        
 Total Return(b)        1.15 %            3.04 %            (7.50 )%            6.74 %            0.13 %    
 Net Assets, End of Year (000’s)        $34,565            $40,420            $47,950            $59,887            $54,979    
 Ratios to Average Net Assets                                             

 Gross Expense(c)

       1.07 %            1.03 %            0.87 %            1.03 %            1.09 %    

 Net Expense(c),(d)

       0.56 %            0.57 %            0.57 %            0.57 %            0.57 %    

 Net Investment Income

       2.06 %            1.77 %            1.49 %            1.55 %            1.68 %    
 Portfolio Turnover Rate        29 %            6 %            7 %            14 %            60 %    

 

(a)

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

 

(b)

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

 

(c)

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

 

(d)

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

See Notes which are an integral part of the Financial Statements

 

 

 

ANNUAL REPORT / April 30, 2024


37   NOTES TO FINANCIAL STATEMENTS

 

Wilmington Funds

April 30, 2024

 

1.

 ORGANIZATION

Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 3 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 7 funds are presented in separate reports.

 

  Fund   Investment Goal

Wilmington Broad Market Bond Fund (“Broad Market Bond Fund”)(d)

  The Fund seeks to provide current income and secondarily, capital growth.

Wilmington Municipal Bond Fund (“Municipal Bond Fund”)(d)

  The Fund seeks a high level of income exempt from federal income tax, consistent with the preservation of capital.

Wilmington New York Municipal Bond Fund (“New York Municipal Bond Fund”)(n)

  The Fund seeks to provide current income that is exempt from both federal and New York personal income taxes.

(d) Diversified

(n) Non-diversified

The Funds offer Class A and Class I shares. All shares of the Trust have equal rights with respect to voting, except that in matters affecting only a particular fund or class, only shares of that fund or class are entitled to vote.

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

 

2.

 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

 

   

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

 

   

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

 

   

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

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

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

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

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)   38

 

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

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

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

At April 30, 2024, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:

 

       
 Fund/Counterparty    Repurchase
Agreements
            Fair Value of
Non-Cash Collateral
Received
(1)
            Cash Collateral
Received
(1)
            Net Exposure(2)         
       
 Broad Market Bond Fund                        
 Bank of America Securities, Inc.    $ 4,162,954          $ 4,162,954         $         $     
 Bank of Montreal      1,770,949           1,770,949                         
 BNP Paribas SA      4,162,954           4,162,954                         
 HSBC Securities USA, Inc.      4,079,695           4,079,695                         
 Nomura Securities International, Inc.      4,162,954           4,162,954                         
 RBC Dominion Securities, Inc.      4,162,954           4,162,954                         
  

 

 

       

 

 

       

 

 

       

 

 

    
   $   22,502,460          $   22,502,460         $      —         $      —     
  

 

 

       

 

 

       

 

 

       

 

 

    

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

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

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

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

Each Fund offers multiple classes of shares. Investment income, realized 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.

Restricted Securities – Restricted securities are securities that either (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended, or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. A Fund will not incur any registration costs upon such resales. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in accordance with the Valuation Procedures.

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

 

 

 

ANNUAL REPORT / April 30, 2024


39   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 Funds and any additional required collateral is delivered to the Funds on the next business day.

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

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

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

At April 30, 2024, the securities loaned which are subject to a MSLA on a net payment basis are as follows:

 

     
  Fund    Value of
  Securities  
on Loan
  

Cash

Collateral
  Received
(1)  

     Net  Exposure(2)  
   
  Broad Market Bond Fund    $21,542,679    $21,542,679    $—  

 

  (1) 

Collateral with a value of $22,502,460 has been received in connection with securities lending transactions. The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

 

  (2) 

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

 

3.

 FEDERAL TAX INFORMATION

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

Each Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the for the year ended April 30, 2024.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to paydown gains (losses) on mortgage-backed securities, premium amortization on callable debt securities and wash sales. For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of April 30, 2024, there were no such reclassifications.

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

 

         
  Fund    Ordinary
Income*
     2024
Tax Exempt
Income
     Long-Term
Capital  Gains
   Ordinary
Income*
     2023
Tax Exempt
Income
     Long-Term
Capital Gains
    
           
  Broad Market Bond Fund      $17,850,891         $       —       $—       $13,851,708         $       —       $—     
  Municipal Bond Fund      204,585         7,579,036            292,933         6,162,595       —    
  New York Municipal Bond Fund      30,275         834,967            18,276         811,306       —    

 

  *

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

As of April 30, 2024, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

 

       
  Fund       Tax Cost             Tax Unrealized  
Appreciation
     Tax Unrealized  
Depreciation
         Net Tax  
Unrealized  
Appreciation/  
(Depreciation)  
    
       
  Broad Market Bond Fund        $662,049,607             $355,636        $(71,175,653 )              $(70,820,017)         
  Municipal Bond Fund        325,924,464             903,958        (14,127,736 )              (13,223,778)         
  New York Municipal Bond Fund        40,359,070             52,985        (1,801,948 )              (1,748,963)         
 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)   40

 

As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:

 

 Fund  

 Undistributed 
Ordinary

Income

   Undistributed 
Tax-Exempt
Income
 

 Undistributed 
Long-Term
Capital

Gains

  Other Timing
Differences*
  Unrealized
Appreciation/
(Depreciation)
 

Capital

Loss
Carryforwards

   Late Year 
Loss
Deferrals
  Distributable
Earnings
               
 Broad Market Bond Fund       $1,116,605          $    —       $—       $(908,857)          $(70,820,017)          $(6,844,714)          $—         $(77,456,983)   
 Municipal Bond Fund       —        496,970             (507,783)          (13,223,778)          (7,597,657)                  (20,832,248)   
 New York Municipal Bond Fund       —        12,907             (13,179)          (1,748,963)          (1,107,156)                  (2,856,391)   

 

  *

Other timing differences are comprised primarily of dividends payable to Fund shareholders, which for tax reporting purposes are not recognized until paid.

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of April 30, 2024, character of capital loss carryforwards were as follows:

 

 Fund    Short-Term 
No Expiration 
     Long-Term 
No Expiration 
     Total Capital 
Loss 
Carryforwards 
 
     
 Broad Market Bond Fund      $(2,029,235)         $(4,815,479)         $(6,844,714)   
 Municipal Bond Fund      (1,239,101)         (6,358,556)         (7,597,657)   
 New York Municipal Bond Fund      (91,419)         (1,015,737)         (1,107,156)   

For the year ended April 30, 2024, the Funds did not utilize any capital loss carryforwards.

 

4.

 ADVISORY FEES, SERVICING FEES, AND OTHER SERVICE PROVIDERS

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

 

 
 Fund    Advisory Fee 
Annual Rate
 
 Broad Market Bond Fund   0.45% 
 Municipal Bond Fund   0.45% 
 New York Municipal Bond Fund   0.45% 

WFMC and the Funds’ distributor and shareholder service provider have contractually agreed to waive their fees and/or reimburse expenses through August 31, 2024 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.

The contractual expense limitations are as follows:

 

 
      Current Contractual 
 Expense Limitations 
 
 
 Fund    Class A      Class I  
 

Broad Market Bond Fund

     0.78%         0.43%   

Municipal Bond Fund*

     0.72%         0.47%   

New York Municipal Bond Fund**

     0.81%         0.56%   

 

  *

Prior to August 31, 2023, the Municipal Bond Fund’s contractual expense limitation was 0.74% and 0.49% for Class A and Class I, respectively.

 

  **

Prior to August 31, 2023, the New York Municipal Bond Fund’s contractual expense limitation was 0.82% and 0.57% for Class A and Class I, respectively.

 

 

 

ANNUAL REPORT / April 30, 2024


41   NOTES TO FINANCIAL STATEMENTS (continued)

 

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

 

   
 Administrator    Maximum 
Fee 
    

   Average Aggregate Daily  Net    

 Assets of the Trust 

   

WFMC

     0.040%      

on the first $5 billion

     0.030%      

on the next $2 billion

     0.025%      

on the next $3 billion

     0.018%      

on assets in excess of $10 billion

   

BNYM

     0.0175%      

on the first $15 billion

     0.0150%      

on the next $10 billion

     0.0125%      

on assets in excess of $25 billion

WFMC and BNYM may voluntarily choose to waive any portion of their fee and can add, modify or terminate a voluntary wavier at any time at their sole discretion. Neither WFMC nor BNYM will recoup previously waived fees/expenses in subsequent years. For the year ended April 30, 2024, neither WFMC nor BNYM waived any administrative fees.

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

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

For the year ended April 30, 2024, M&T Securities, Inc., Manufacturers and Traders Trust Company, and Wilmington Trust, NA (together “M&T”), affiliates of the Advisor, received distribution services fees paid by the Funds as follows:

 

 
 Fund    Distribution 
Fees  
 
 
 Broad Market Bond Fund      $  57    
 Municipal Bond Fund      4,737    
 New York Municipal Bond Fund      57    

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

For the year ended April 30, 2024, M&T received sales charges on the sale of Class A shares as follows:

 

 
 Fund     Sales Charges 
 
 Municipal Bond Fund    $23
 New York Municipal Bond Fund    22

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

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

For the year ended April 30, 2024, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:

 

 
 Fund    Shareholder 
Services 
Fees 
 
 Broad Market Bond Fund    $23

During the year ended April 30, 2024, unaffliated financial intermediaries waived $269 of shareholder servicing fees to which they were entitled.

 

 

April 30, 2024 / ANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (continued)   42

 

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

BNYM provides custody services to the Trust.

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

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

 

5.

 INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2024 were as follows:

 

  Fund      Purchases          Sales    
 
  Broad Market Bond Fund        $44,490,683           $53,181,688   
  Municipal Bond Fund        62,346,288           77,800,103   
  New York Municipal Bond Fund        12,006,075           16,296,661   

Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2024 were as follows:

 

 
  Fund     Purchases         Sales    
 
  Broad Market Bond Fund        $90,808,214           $45,712,830   

 

6.

 MARKET RISK IN GENERAL

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

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

 

7.

 CONTRACTUAL OBLIGATIONS

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

 

8.

 LINE OF CREDIT

The Trust participates in a $10,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with BNYM, which was renewed and became effective March 28, 2024. The LOC is available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the highest of (a) the federal funds effective rate for such day, (b) the Daily Simple Secured Overnight Financing Rate (SOFR) for such day plus 0.10%, or (c) zero percent. The LOC includes a commitment fee of 0.20% per annum on the daily unused portion. Commitment fees allocated to the Funds are included in Miscellaneous expenses on the statement of operations. The LOC expires on March 26, 2025.

The Funds did not utilize the LOC during the year ended April 30, 2024.

 

 

 

ANNUAL REPORT / April 30, 2024


43   NOTES TO FINANCIAL STATEMENTS (concluded)

 

9.

 NEW REGULATORY PRONOUNCEMENTS

In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds. The rule and form amendments will require mutual funds to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The compliance date for the amendments is for shareholder reports filed with the SEC on or after July 24, 2024.

 

10.

 SUBSEQUENT EVENTS

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

 

 

April 30, 2024 / ANNUAL REPORT


  44

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Wilmington Funds and Shareholders of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wilmington Broad Market Bond Fund, Wilmington Municipal Bond Fund and Wilmington New York Municipal Bond Fund (three of the funds constituting Wilmington Funds, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 28, 2024

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

 

 

 

ANNUAL REPORT / April 30, 2024


45  

 

SHAREHOLDER PROXY RESULTS

A special meeting of the shareholders (the “Meeting”) of the Funds of the Wilmington Funds (the “Trust”) was held at 2:00 p.m. Eastern Time on February 15, 2024, at the principal executive offices of Wilmington Funds Management Corporation, the investment advisor to the Trust, at 1100 North Market Street, 9th Floor, Wilmington, DE 19890. The purpose of the Meeting was to vote on the following proposal:

 

  1.

To elect Gregory P. Chandler, Donald E. Foley, and Valerie J. Sill as Independent Trustees of the Trust; and Eric W. Taylor as an Interested Trustee of the Trust (together, the “Trustees”).

All shareholders of record at the close of business on December 13, 2023 were entitled to attend or submit proxies. As of the record date the Trust had 12,602,869,323 shares outstanding and 4,393,711,349 shares were voted by shareholders in person or represented by proxy entitled to vote at the Meeting. A quorum for the Meeting was met with approximately 34.9% of the shares voted at the Meeting.

At the Meeting, shareholders of the Trust approved the election of the following Trustees. The results of the voting for the proposal were as follows:

 

 Independent Trustees    Votes For    Votes Withheld       % of Votes  For   

 Gregory P. Chandler

   4,334,311,607    59,399,742    98.65%

 Donald E. Foley

   4,331,740,982    61,970,367    98.59%

 Valerie J. Sill

   4,336,822,269    56,889,080    98.71%
        
 Interested Trustees    Votes For    Votes Withheld       % of Votes  For   

 Eric W. Taylor

   4,392,738,859    972,490    99.98%
 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  46

 

BOARD OF TRUSTEES AND TRUST OFFICERS

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

INTERESTED TRUSTEES BACKGROUND

 

  Name

  Birth Year

  Position with Trust

  Date Service Began

 

  

Principal Occupations and Other Directorships Held for Past Five Years

 

 

Eric W. Taylor*

Birth year: 1981

TRUSTEE

Began serving: October 2022

PRESIDENT

Began serving: August 2022

  

 

Principal Occupations: Executive Vice President, Head of Investment Implementation and Investment Advisor Services, Manufactures and Traders Trust Co. (August 2018—present).

 

Previous Positions: Director of Investment Planning and Portfolio Implementation (2017-2018); Regional Investment Advisory Lead and Regional Investment Implementation Officer (2013-2017); Senior Investment Advisory (2009-2013), Manufactures and Traders Trust Co.

 

Other Directorships Held: None

 

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

INDEPENDENT TRUSTEES BACKGROUND

 

  Name

  Birth Year

  Position with Trust

  Date Service Began

 

  

Principal Occupations and Other Directorships Held for Past Five Years

 

 

Donald E. Foley

Birth year: 1951

CHAIRMAN

Began serving: January 2023

TRUSTEE

Began serving: December 2015

  

 

Principal Occupations: Director, BioSig Technologies (2015 to present); Trustee, AXA Premier VIP Trust (2017 to present); Trustee, EQ Advisors Trust (111 Funds) (2014 to present); Trustee, 1290 Funds (15 portfolios) (2017 to present); Chairman and Director, Burke Rehabilitation Hospital Foundation (private hospital, research institute) (2005 to present); Trustee and Chairman of the President’s Council, Union College (private college) (2011 to present); Chairman and Trustee, New Beginning Family Academy (elementary charter school) (2016 to present).

  

 

Other Directorships Held: Director, M&T Bank Corporation (commercial bank) (2011 to 2012); Chairman and Director, Wilmington Trust Corporation (commercial and trust bank) (2007 to 2011).

  

 

Previous Positions: Advisory Member, Trust and Investment Committee, M&T Bank, Wilmington Trust, National Association, and Wilmington Trust Company (2012 to 2016); Chairman and Chief Executive Officer of Wilmington Trust Corporation (2010 to 2011).

 

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


47   BOARD OF TRUSTEES AND TRUST OFFICERS

 

  Name

  Birth Year

  Position with Trust

  Date Service Began

   Principal Occupations and Other Directorships Held for Past Five Years

Gregory P. Chandler

Birth year: 1966

TRUSTEE

Began serving: July 2017

  

Principal Occupations: Chief Financial Officer, Herspiegel Consulting LLC (pharmaceutical consulting) (2020 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).

 

Other Directorships Held: Trustee, RBB Fund Series Trust (34 portfolios) (registered investment companies) (2012 to present); Trustee, FS Energy Partners (business development company) (2009 to present); Director, Emtec, Inc. (2005 to 2019); Director, FS Investment Corporation (business development company) (2007 to 2019).

 

Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (March 2020 to November 2020); Chief Financial Officer, Emtec, Inc. (information technology services) (2009 to 2020); Managing Director, Janney Montgomery Scott LLC (investment banking) (1999 to 2009); Consulting Manager, PwC (1997 to 1999); Manager, Business Assurance, Coopers & Lybrand (audit services) (1995 – 1997).

Valerie J. Sill

Birth year: 1962

TRUSTEE

Began serving: April 2020

  

Principal Occupations: President, Chief Executive Officer and Chief Investment Officer, DuPont Capital Management (asset management) (2004 to present).

 

Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to 2021); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).

 

Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).

H. Thomas McMeekin

Birth year: 1953

TRUSTEE

Began serving: April 2024

  

Principal Occupations: Managing Partner and Founder, Griffin Investments, LLC (asset management) (2000 to present); CEO of Blue Key Services, LLC, (2015 to present).

 

Other Directorships Held: Trustee, EQ Advisors Trust (III Funds), 1290 Funds (15 portfolios) (registered investment companies) (2014 to present).

 

Previous Positions: Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation; and Senior Managing Director of AIG Asset Management (2009 to 2012).

OFFICERS

 

  Name

  Birth Year

  Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John C. McDonnell

Birth year: 1966

CHIEF OPERATIONS OFFICER

Began serving: June 2017

VICE PRESIDENT

Began serving: June 2012

  

Principal Occupations: Chief Operations Officer, Wilmington Funds; Senior Vice President, Wilmington Funds Management Corporation (2005 to present); Senior Vice President, Wilmington Trust Investment Advisors, Inc. (2012 to present).

 

Previous Positions: Vice President, Wilmington Trust Investment Management, LLC (2005 to 2012).

Kaushik Goswami

Birth year: 1973

CHIEF COMPLIANCE OFFICER

and AML COMPLIANCE OFFICER

Began serving: October 2021

  

Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer, Wilmington Funds; Senior Vice President, M&T Bank.

 

Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


BOARD OF TRUSTEES AND TRUST OFFICERS   48

 

  Name

  Birth Year

  Positions with Trust

   Principal Occupations for Past Five Years and Previous Positions

John J. Kelley

Birth year: 1959

VICE PRESIDENT

Began serving: December 2016

  

Principal Occupations: President of Wilmington Funds Management Corporation; Senior Vice President and Chief Administrative Officer, Wilmington Trust Investment Advisors, Inc.

 

Previous Positions: Vice President, BNY Mellon Investment Servicing (formerly, PNC Global Investment Servicing) from (1/05 to 7/05); Vice President of Administration, 1838 Investment Advisors, LP (1999 to 2005); Chief Compliance Officer, 1838 Investment Advisors, LP (2004 to 2005).

Robert L. Tuleya

Birth year: 1974

VICE PRESIDENT and ASSISTANT SECRETARY

Began serving: September 2018

  

Principal Occupations: Senior Vice President and Assistant Secretary, Wilmington Funds; Wilmington Funds Management Corporation (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Advisors, Inc. (2018 to present); Senior Vice President and Assistant Secretary, Wilmington Trust Investment Management, LLC (2018 to present); Senior Vice President and Assistant General Counsel, M&T Bank (2018 to present).

 

Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).

Charles S. Todd

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1971

CHIEF EXECUTIVE OFFICER

Began serving: June 2022

  

Principal Occupation: Managing Director, Fund Officers, ACA Group, previously Foreside Financial Group (2008 to present).

 

Previous Positions: Vice President, Co-Director, Financial Reporting, J.P. Morgan (2000 to 2008).

Arthur W. Jasion

Three Canal Plaza, Suite 100

Portland, ME 04101

Birth year: 1965

CHIEF FINANCIAL OFFICER AND TREASURER

Began serving: October 2020

  

Principal Occupation: Senior Principal Consultant and Fund Principal Financial Officer, ACA Group, previously Foreside Financial Group (2020 to present).

 

Previous Positions: Partner, Ernst &Young LLP (2012 to 2020).

Lisa R. Grosswirth

240 Greenwich Street, 22nd Floor

New York, NY 10286

Birth year: 1963

SECRETARY

Began serving: September 2007

  

Principal Occupation: Vice President, BNY Mellon Asset Servicing (2004 to present).

 

Previous Positions: Supervisory Paralegal, The Dreyfus Corporation (1998 to 2004).

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


49  

 

Liquidity Risk Management Program

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

The Wilmington Funds Board of Trustees (the “Board”) approved the appointment of the Funds’ Liquidity Risk Management Committee (“Liquidity Committee”) as the administrator of the liquidity risk management program (the “LRMP”) for the Funds on September 6, 2018 and the Funds’ final LRMP on March 5, 2019. At the regular meeting of the Board on March 21, 2024, the Trust’s Chief Operations Officer, as a member of the Liquidity Committee, provided a report to the Board on the operation and effectiveness of the LRMP for the year of operation ending December 31, 2023. The Liquidity Committee managed liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying each investment of a Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Liquidity Committee utilized a third-party provider of liquidity monitoring services. The Liquidity Committee supplied portfolio-level data and certain assumptions to the provider which then used the information to determine the liquidity classification of each security position held by the Funds. The liquidity classifications as of each month end were reviewed by the Liquidity Committee on at least a quarterly basis and would be reviewed more often if market conditions warranted. For assets managed by a third-party sub-adviser the Liquidity Committee would take sub-adviser input into account where appropriate in determining the liquidity classifications.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended April 30, 2024. During this period, each Fund held more than 50% of its total net assets in highly liquid investments and due to the fact that each Fund is deemed to consist primarily of highly liquid investments, no highly liquid investment minimum was required to be established for any Fund. All Funds holding assets deemed to be illiquid were well under the illiquid investment limitation. Additionally, no events occurred that required the filing of Form N-LIQUID.

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  50

 

 

 

 

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

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

QUARTERLY PORTFOLIO SCHEDULE

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

Important information about the access and delivery of shareholder reports

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

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

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

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


51  

 

PRIVACY POLICY AND NOTICE

OF THE FUNDS AND THEIR DISTRIBUTOR

March 21, 2024

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

Information Collected by the Funds

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

 

   

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

   

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

   

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

Information Sharing Practices

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

 

   

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

   

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

   

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

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

Information Security

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

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

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

 

 

April 30, 2024 (unaudited) / ANNUAL REPORT


  52

 

Employee Access to Information

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

Visiting the Funds’ Website

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

 

 

Information or data entered into a website will be retained only as long as needed to fulfill the business purpose(s).

 

 

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

 

 

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

 

 

You can find additional information in the Wilmington Trust Digital Privacy Notice.

E-mail

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

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

What You Can Do

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

Surveys/Aggregate Data

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

Changes to Our Privacy Notice

The effective date of this Notice is March 21, 2024. We reserve the right to modify this Notice at any time. When it is revised, reviewed or materially changed, we will update the effective date. You can determine whether there have been changes since the last time you reviewed by simply checking the effective date.

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

 

 

 

ANNUAL REPORT / April 30, 2024 (unaudited)


LOGO

Investment Advisor Distributor Wilmington Funds Management Corp. ALPS Distributors, Inc. 1100 North Market Street 1290 Broadway, Suite 1100 9th Floor Denver, CO 80203 Wilmington, DE 19890 Fund Accountant, Co-Administrator, Transfer Agent Sub-Advisor and Dividend Disbursing Agent Wilmington Trust Investment Advisors, Inc. BNY Mellon Investment Servicing (U.S.) Inc. 1100 North Market Street 301 Bellevue Parkway 9th Floor Wilmington, DE 19809 Wilmington, DE 19890 Independent Registered Public Accounting Firm Co-Administrator PricewaterhouseCoopers LLP Wilmington Funds Management Corp. Two Commerce Square 1100 North Market Street 2001 Market Street, Suite 1800 9th Floor Philadelphia, PA 19103 Wilmington, DE 19890 Custodian The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 WT-AR-FI-0424 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.


  (b)

Not applicable

Item 2. Code of Ethics.

 

  (a)

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

 

  (b)

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

 

  (c)

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

 

  (d)

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

 

  (e)

Not Applicable

 

  (f)(3)

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

 

  (a)

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

Fiscal year ended 2024 - $433,285

Fiscal year ended 2023 - $408,843


  (b)

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

Fiscal year ended 2024 - $0

Fiscal year ended 2023 - $0

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

 

  (c)

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

Fiscal year ended 2024 - $208,485

Fiscal year ended 2023 - $90,778

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

 

  (d)

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

Fiscal year ended 2024 - $0

Fiscal year ended 2023 - $0

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

(e)(1) Audit Committee Policies regarding Pre-approval of Services.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre- approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit


Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

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

AUDIT SERVICES

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

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

AUDIT-RELATED SERVICES

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

TAX SERVICES

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

ALL OTHER SERVICES

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

 

  (1)

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


  (2)

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

 

  (3)

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

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

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

PRE-APPROVAL FEE LEVELS

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

PROCEDURES

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

 

(e)(2)

No services identified in items 4(b) through 4(d) were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for the fiscal years ended April 30, 2024 and 2023.

 

(f)

Not Applicable.

 

(g)

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

Fiscal year ended 2024 – $208,485

Fiscal year ended 2023 – $90,778

 

(h)

Not applicable.

 

(i)

Not applicable.


(j)

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.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

 

  (a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

 

  (b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant):  Wilmington Funds  

 

By (Signature and Title)*

 

/s/ Charles S. Todd 

 

Charles S. Todd

 

(Principal Executive Officer)

Date:   July 8, 2024  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*

 

/s/ Charles S. Todd 

 

Charles S. Todd

 

(Principal Executive Officer)

Date:   July 8, 2024  

 

By (Signature and Title)*

 

/s/ Arthur W. Jasion 

 

Arthur W. Jasion

 

(Principal Financial Officer)

Date:   July 8, 2024  

* Print the name and title of each signing officer under his or her signature.