NPORT-EX 2 WI30001WIL093023.htm HTML
  1   

Wilmington Real Asset Fund

PORTFOLIO OF INVESTMENTS

July 31, 2023 (unaudited)

 

 Description   

Number of

Shares

      Value  

REAL ESTATE RELATED SECURITIES – 49.7%

      

COMMON STOCKS – 6.4%

      

CONSTRUCTION & ENGINEERING – 0.0%**

      

Ashtrom Group Ltd.0

     —      $ 2  

DIVERSIFIED – 0.0%**

      

Argosy Property Ltd.

      78,356        59,374  

Centuria Capital Group

      52,289        59,708  

Star Holdings*

      1,373        21,405  
     

 

 

  

TOTAL DIVERSIFIED

       $ 140,487  

DIVERSIFIED REAL ESTATE ACTIVITIES – 2.8%

 

   

Airport City Ltd.*

      6,600        99,449  

Allreal Holding AG

      1,360        249,527  

City Developments Ltd.

      45,500        252,863  

Daito Trust Construction Co. Ltd.

      6,100        655,600  

Daiwa House Industry Co. Ltd.

      58,600        1,590,786  

DIC Asset AG

      5,757        28,326  

Gemdale Properties & Investment Corp. Ltd.

      358,000        21,116  

Heiwa Real Estate Co. Ltd.

      4,300        119,994  

Isras Investment Co. Ltd.

      124        25,440  

JINUSHI Co. Ltd.

      1,900        25,455  

Kerry Properties Ltd.

      65,000        140,020  

Lendlease Corp. Ltd.

      58,795        340,821  

Mitsubishi Estate Co. Ltd.

      119,600        1,460,269  

Mitsui Fudosan Co. Ltd.

      84,000        1,723,221  

New World Development Co. Ltd.

      124,000        304,956  

Nomura Real Estate Holdings, Inc.

      11,500        284,782  

Property & Building Corp. Ltd.*

      345        14,066  

SAMTY Co. Ltd.

      3,100        49,464  

Shun Tak Holdings Ltd.*

      224,000        37,339  

SRE Holdings Corp.*

      300        7,729  

St. Joe Co. (The)

      2,746        174,316  

Starts Corp., Inc.

      3,100        64,172  

Sumitomo Realty & Development Co. Ltd.

      42,100        1,126,297  

Sun Frontier Fudousan Co. Ltd.

      3,900        41,340  

Sun Hung Kai Properties Ltd.

      133,000        1,663,587  

Tokyo Tatemono Co. Ltd.

      17,900        238,746  

Tokyu Fudosan Holdings Corp.

      53,600        318,100  

UOL Group Ltd.

      40,500        214,112  

Wharf Holdings Ltd. (The)

      122,000        285,645  

YH Dimri Construction & Development Ltd.

      637        45,012  
     

 

 

  

TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES

 

    $  11,602,550  

OFFICE – 0.0%**

      

Precinct Properties Group

      110,972        92,704  

REAL ESTATE DEVELOPMENT – 0.6%

      

Aedas Homes SA

      1,862        33,289  

Cedar Woods Properties Ltd.

      7,515        25,391  

CK Asset Holdings Ltd.

      172,000        992,448  

DREAM Unlimited Corp., Class A

      1,602        25,136  

Far East Consortium International Ltd.

      85,800        20,243  

Forestar Group, Inc.*

      1,558        45,930  
 Description   

Number of

Shares

      Value  

Goldcrest Co. Ltd.

      1,500      $ 20,349  

Greenland Hong Kong Holdings Ltd.

      101,000        6,022  

Henderson Land Development Co. Ltd.

      114,735        353,081  

Howard Hughes Corp. (The)*

      3,529        297,953  

Immobel SA

      315        12,468  

Instone Real Estate Group SE

      5,505        38,314  

K Wah International Holdings Ltd.

      135,000        44,141  

Katitas Co. Ltd.

      4,100        75,276  

Lifestyle Communities Ltd.

      11,047        128,816  

Mirarth Holdings, Inc.

      11,700        39,722  

Nexity SA

      5,723        96,966  

Sino Land Co. Ltd.

      274,000        335,522  

Tosei Corp.

      2,300        28,470  
     

 

 

  

TOTAL REAL ESTATE DEVELOPMENT

       $  2,619,537  

REAL ESTATE OPERATING COMPANIES – 3.0%

 

   

ADLER Group SA*

      15,042        11,097  

Aeon Mall Co. Ltd.

      10,600        130,875  

AFI Properties Ltd.*

      503        20,398  

Akelius Residential Property AB, Class D

      21,145        41,988  

Alony Hetz Properties & Investments Ltd.

      15,256        128,217  

Amot Investments Ltd.

      22,738        121,957  

Aroundtown SA*

      93,245        144,660  

Atrium Ljungberg AB, Class B

      6,191        121,392  

Azrieli Group Ltd.

      3,773        214,682  

Big Shopping Centers Ltd.*

      1,300        122,304  

Blue Square Real Estate Ltd.

      878        53,659  

CA Immobilien Anlagen AG

      4,455        142,295  

Capitaland India Trust

      86,834        74,443  

Capitaland Investment Ltd.

      232,400        594,217  

Castellum AB

      30,487        347,404  

Catena AB

      3,309        127,061  

Cibus Nordic Real Estate AB

      6,754        75,904  

Citycon OYJ*

      7,281        45,191  

CTP NV

      8,799        120,738  

Deutsche Wohnen SE

      5,914        148,256  

DigitalBridge Group, Inc.#

     12,599        201,836  

Dios Fastigheter AB

      11,065        75,474  

Electra Real Estate Ltd.

      2,021        25,395  

Entra ASA

      15,547        151,941  

Fabege AB

      23,153        200,596  

Fastighets AB Balder, Class B*

      53,856        251,414  

FRP Holdings, Inc.*

      573        32,873  

G City, Ltd.

      8,975        31,148  

Gav-Yam Lands Corp. Ltd.

      5,012        35,988  

Grainger PLC

      65,116        210,421  

Grand City Properties SA*

      10,219        84,268  

Hang Lung Group Ltd.

      79,000        123,176  

Hang Lung Properties Ltd.

      157,000        243,586  

Hongkong Land Holdings Ltd.

      99,700        354,932  

Hufvudstaden AB, Class A

      11,486        140,651  

Hulic Co. Ltd.

      52,200        443,791  

Hysan Development Co. Ltd.

      56,001        132,124  

 

 

 

 

July 31, 2023 (unaudited)  

2   PORTFOLIO OF INVESTMENTS
  Wilmington Real Asset Fund (continued)

 

 

 Description   

Number of

Shares

      Value  

Ichigo, Inc.

      19,800      $ 37,578  

Intershop Holding AG

      171        118,046  

Israel Canada T.R Ltd.

      9,850        24,433  

Keihanshin Building Co. Ltd.

      4,900        43,501  

Kennedy-Wilson Holdings, Inc.

      10,343        170,660  

Kojamo OYJ

      12,869        125,647  

LEG Immobilien SE*

      6,371        450,836  

Leopalace21 Corp.*

      25,000        53,773  

Mega Or Holdings Ltd.

      1,802        39,714  

Melisron Ltd.

      2,063        136,349  

Mivne Real Estate KD Ltd.

      54,842        144,642  

Mobimo Holding AG

      620        183,074  

Neobo Fastigheter AB*

      6,805        7,344  

Norstar Holdings, Inc.*

      2,349        6,185  

NP3 Fastigheter AB

      3,018        50,690  

Nyfosa AB

      13,690        86,811  

Pandox AB

      7,020        82,695  

Phoenix Spree Deutschland Ltd.

      8,227        20,430  

Platzer Fastigheter Holding AB, Class B

      4,270        32,452  

PSP Swiss Property AG

      3,995        470,943  

Sagax AB, Class D

      19,966        50,169  

Sagax AB, Class B

      15,745        349,859  

Samhallsbyggnadsbolaget i Norden AB, Class D

      21,008        8,676  

Samhallsbyggnadsbolaget i Norden AB

      95,179        41,096  

Sirius Real Estate Ltd.

      80,598        85,386  

Summit Real Estate Holdings Ltd.

      2,479        34,306  

Swire Properties Ltd.

      93,400        233,533  

Swiss Prime Site AG

      6,660        644,578  

TAG Immobilien AG*

      16,504        185,544  

TKP Corp.*

      1,700        33,937  

TOC Co. Ltd.

      5,500        23,660  

Tricon Residential, Inc.

      24,106        225,220  

VGP NV

      1,068        114,374  

Vonovia SE

      67,984        1,587,656  

Wallenstam AB, Class B

      35,212        137,350  

WeWork, Inc., Class A*

      29,746        6,440  

Wharf Real Estate Investment Co. Ltd.

      140,000        749,465  

Wihlborgs Fastigheter AB

      22,830        178,495  
     

 

 

  

TOTAL REAL ESTATE OPERATING COMPANIES

       $ 12,501,899  

RETAIL – 0.0%**

      

Kiwi Property Group Ltd.

      181,673        107,195  

SINGLE-FAMILY RESIDENTIAL – 0.0%**

 

   

Bluerock Homes Trust, Inc.*

      675        10,942  
     

 

 

  

TOTAL COMMON STOCKS
(COST $32,687,073)

       $ 27,075,316  

EXCHANGE-TRADED FUNDS – 11.6%

      

REAL ESTATE – 11.6%

      

Balanced Commercial Property Trust Ltd.

      64,435        57,471  

Schwab U.S. REIT ETF#

     1,423,000        28,331,930  

Vanguard Global ex-U.S. Real Estate ETF

      480,700        20,420,136  
     

 

 

  

TOTAL REAL ESTATE

       $ 48,809,537  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(COST $48,797,261)

       $  48,809,537  
 Description   

Number of

Shares

      Value  

INVESTMENT COMPANY – 2.0%

      

EQUITY FUNDS – 2.0%

      

Tortoise Energy Infrastructure Total Return Fund, Institutional Class

      595,523      $ 8,331,370  
     

 

 

  

TOTAL INVESTMENT COMPANY
(COST $7,217,166)

       $  8,331,370  

REAL ESTATE INVESTMENT TRUSTS – 29.7%

 

   

DATA CENTER – 2.4%

      

Digital Realty Trust, Inc.

      25,335        3,157,248  

Equinix, Inc.

      8,220        6,657,542  

Keppel DC REIT

      117,495        193,506  
     

 

 

  

TOTAL DATA CENTER

       $ 10,008,296  

DIVERSIFIED – 2.3%

      

Abacus Property Group

      34,498        61,638  

ABRDN PROPERTY INCOME TRUST, LTD.

      30,168        19,784  

Activia Properties, Inc.

      64        186,244  

AEW UK REIT PLC

      21,753        27,805  

Alexander & Baldwin, Inc.

      7,229        138,797  

American Assets Trust, Inc.

      4,901        110,273  

Armada Hoffler Properties, Inc.

      5,648        70,148  

Artis REIT

      4,368        23,022  

British Land Co. PLC (The)

      81,828        354,947  

Broadstone Net Lease, Inc.

      16,554        269,830  

Charter Hall Group

      44,505        341,689  

Charter Hall Long Wale REIT

      56,185        155,109  

Cromwell European REIT

      48,300        85,500  

CTO Realty Growth, Inc.

      1,616        28,280  

Custodian Property Income REIT PLC

      42,620        47,586  

Daiwa House REIT Investment Corp.

      186        366,077  

Empire State Realty Trust, Inc., Class A#

     16,562        148,230  

ESCON Japan REIT Investment Corp.

      25        20,420  

Essential Properties Realty Trust, Inc.

      13,082        321,163  

Gladstone Commercial Corp.

      2,455        32,652  

Global Net Lease, Inc.

      11,392        121,780  

GPT Group (The)

      166,819        486,307  

Growthpoint Properties Australia Ltd.

      26,398        50,890  

H&R REIT

      12,857        100,329  

Hankyu Hanshin REIT, Inc.

      53        52,939  

Heiwa REIT, Inc.

      110        112,192  

Hulic REIT, Inc.

      120        139,177  

ICADE

      3,089        125,937  

Land Securities Group PLC

      65,429        543,611  

Lar Espana Real Estate Socimi SA

      4,971        32,192  

LXI REIT PLC

      162,828        198,831  

Merlin Properties Socimi SA

      28,879        268,943  

Mirvac Group

      349,883        549,938  

Mori Trust REIT, Inc.

      256        131,900  

NIPPON REIT Investment Corp.

      49        116,589  

Nomura Real Estate Master Fund, Inc.

      412        490,004  

NTT UD REIT Investment Corp.

      141        133,700  

One Liberty Properties, Inc.

      890        18,183  

Picton Property Income Ltd.

      63,920        57,914  

REIT 1 Ltd.

      15,048        65,486  

Schroder REIT Ltd.

      45,679        25,295  

Sekisui House REIT, Inc.

      383        227,218  

 

 
 

 

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS   3   
Wilmington Real Asset Fund (continued)  

 

 Description    Number of
Shares		      Value  

Sella Capital Real Estate Ltd.

      19,590      $ 40,793  

Star Asia Investment Corp.

      162        65,476  

Stockland

      211,405        599,243  

Sunlight REIT

      139,000        51,687  

Suntec REIT

      186,000        180,440  

Takara Leben Real Estate Investment Corp.

      43        29,439  

Tokyu REIT, Inc.

      96        126,929  

Tosei REIT Investment Corp.

      34        32,479  

UK Commercial Property REIT Ltd.

      66,143        44,395  

United Urban Investment Corp.

      276        297,796  

WP Carey, Inc.

      18,801        1,269,632  

Yuexiu REIT

      325,000        66,676  
     

 

 

  

TOTAL DIVERSIFIED

       $  9,663,534  

HEALTH CARE – 2.5%

      

Aedifica SA

      4,112        282,571  

Assura PLC

      251,668        152,962  

CareTrust REIT, Inc.

      8,743        181,767  

Cofinimmo SA

      2,626        205,575  

Community Healthcare Trust, Inc.

      1,841        64,877  

Diversified Healthcare Trust

      35,676        74,563  

Global Medical REIT, Inc.

      5,565        55,093  

Health Care & Medical Investment Corp.

      33        35,537  

Healthcare Realty Trust, Inc.

      33,319        650,720  

Healthpeak Properties, Inc.

      48,382        1,056,179  

Impact Healthcare REIT PLC

      38,181        45,570  

LTC Properties, Inc.

      4,111        137,965  

Medical Properties Trust, Inc.#

     51,540        520,039  

National Health Investors, Inc.

      3,914        214,918  

NorthWest Healthcare Properties REIT

      10,602        56,200  

Omega Healthcare Investors, Inc.

      20,398        650,696  

Parkway Life REIT

      42,700        124,592  

Physicians Realty Trust

      20,954        308,862  

Primary Health Properties PLC

      117,554        142,565  

Sabra Health Care REIT, Inc.

      19,520        253,565  

Universal Health Realty Income Trust

      1,459        69,638  

Ventas, Inc.

      35,433        1,719,209  

Vital Healthcare Property Trust

      72,039        106,042  

Welltower, Inc.

      44,320        3,640,888  
     

 

 

  

TOTAL HEALTH CARE

       $  10,750,593  

HOTEL & RESORT – 1.0%

      

Apple Hospitality REIT, Inc.

      18,758        290,749  

Ashford Hospitality Trust, Inc.*,#

     5,580        22,320  

Braemar Hotels & Resorts, Inc.

      5,100        18,870  

CapitaLand Ascott Trust

      186,749        157,292  

CDL Hospitality Trusts

      59,214        52,991  

Chatham Lodging Trust

      5,931        56,938  

DiamondRock Hospitality Co.

      18,163        154,385  

Far East Hospitality Trust

      94,900        46,032  

Hersha Hospitality Trust, Class A

      6,231        39,006  

Hoshino Resorts REIT, Inc.

      27        118,237  

Host Hotels & Resorts, Inc.

      60,949        1,121,462  

Hotel Property Investments Ltd., REIT

      17,262        35,017  

Invincible Investment Corp.

      520        215,288  

Japan Hotel REIT Investment Corp.

      382        189,570  

Park Hotels & Resorts, Inc.

      20,186        275,135  

Pebblebrook Hotel Trust#

     10,735        165,856  
 Description   

Number of

Shares

      Value  

RLJ Lodging Trust

      14,219      $ 146,456  

Ryman Hospitality Properties, Inc.

      4,700        447,863  

Service Properties Trust

      15,958        135,483  

Summit Hotel Properties, Inc.

      9,200        59,248  

Sunstone Hotel Investors, Inc.

      18,168        185,132  

Xenia Hotels & Resorts, Inc.

      9,642        122,453  
     

 

 

  

TOTAL HOTEL & RESORT

       $ 4,055,783  

INDUSTRIAL – 5.5%

      

Advance Logistics Investment Corp.

      45        41,753  

AIMS APAC REIT

      43,700        41,079  

Americold Realty Trust, Inc.

      22,771        738,236  

CapitaLand Ascendas REIT

      300,800        635,644  

Centuria Industrial REIT

      60,763        129,790  

CRE Logistics REIT, Inc.

      77        94,988  

Dexus Industria REIT

      20,663        38,862  

Dream Industrial REIT

      12,380        133,221  

EastGroup Properties, Inc.

      3,904        691,711  

ESR-LOGOS REIT

      212,393        55,105  

First Industrial Realty Trust, Inc.

      11,753        607,630  

Frasers Logistics & Commercial Trust

      286,420        262,781  

GLP J-REIT

      420        413,609  

Goodman Group

      151,325        2,087,788  

Goodman Property Trust

      90,440        126,949  

Granite REIT

      2,802        164,552  

Industrial & Infrastructure Fund Investment Corp.

      187        195,590  

Industrial Logistics Properties Trust

      8,189        34,721  

Innovative Industrial Properties, Inc.

      2,424        192,054  

Intervest Offices & Warehouses NV

      2,092        30,776  

Japan Logistics Fund, Inc.

      83        175,317  

LaSalle Logiport REIT

      161        172,130  

LondonMetric Property PLC

      87,894        208,452  

LXP Industrial Trust

      25,717        258,970  

Mapletree Industrial Trust

      188,570        317,651  

Mapletree Logistics Trust

      273,250        347,278  

Mitsubishi Estate Logistics REIT Investment Corp.

      46        131,600  

Mitsui Fudosan Logistics Park, Inc.

      49        174,280  

Montea NV

      1,482        120,091  

Nexus Industrial REIT

      3,140        19,621  

Nippon Prologis REIT, Inc.

      242        494,496  

Plymouth Industrial REIT, Inc.

      2,273        51,756  

Prologis, Inc.

      81,169        10,125,833  

Rexford Industrial Realty, Inc.

      17,663        973,055  

Segro PLC

      105,881        1,036,783  

SOSiLA Logistics REIT, Inc.

      61        55,098  

STAG Industrial, Inc.#

     15,691        569,583  

Terreno Realty Corp.

      6,445        382,446  

Tritax Big Box REIT PLC

      164,924        292,296  

Urban Logistics REIT PLC

      57,207        89,422  

Warehouses De Pauw

      13,501        399,016  
     

 

 

  

TOTAL INDUSTRIAL

       $  23,112,013  

MULTI-FAMILY RESIDENTIAL – 3.2%

      

Advance Residence Investment Corp.

      123        299,578  

Altarea SCA

      322        30,093  

Apartment Income REIT Corp.

      13,631        470,815  
 

 

 

 

 

July 31, 2023 (unaudited)  

4   PORTFOLIO OF INVESTMENTS
  Wilmington Real Asset Fund (continued)

 

 

 Description   

Number of

Shares

      Value  

Apartment Investment & Management Co., Class A

      16,412      $ 136,712  

AvalonBay Communities, Inc.

      12,437        2,346,240  

Boardwalk REIT

      2,414        119,926  

BRT Apartments Corp.

      1,574        30,646  

Camden Property Trust

      9,650        1,052,718  

Canadian Apartment Properties REIT

      7,253        282,772  

Care Property Invest NV

      2,766        39,110  

Centerspace

      1,616        100,402  

Clipper Realty, Inc.

      9,929        63,546  

Comforia Residential REIT, Inc.

      60        143,605  

Daiwa Securities Living Investments Corp.

      192        153,719  

Elme Communities

      8,533        138,661  

Empiric Student Property PLC

      51,684        58,369  

Equity Residential

      30,156        1,988,487  

Essex Property Trust, Inc.

      5,669        1,380,685  

Home REIT PLC

      42,087        16,420  

Independence Realty Trust, Inc.

      19,494        332,178  

Ingenia Communities Group

      45,700        125,242  

InterRent REIT

      6,334        61,531  

Irish Residential Properties REIT PLC

      33,709        35,877  

Kenedix Residential Next Investment Corp.

      94        147,014  

Killam Apartment REIT

      4,993        68,535  

Mid-America Apartment Communities, Inc.

      10,317        1,544,042  

Minto Apartment REIT

      1,676        19,154  

Morguard North American Residential REIT

      1,808        22,459  

NexPoint Residential Trust, Inc.

      2,691        111,838  

Nippon Accommodations Fund, Inc.

      43        203,718  

Samty Residential Investment Corp.

      61        49,952  

Starts Proceed Investment Corp.

      19        30,023  

Triple Point Social Housing REIT PLC

      36,682        29,658  

UDR, Inc.

      27,362        1,118,559  

UNITE Group PLC (The)

      34,895        435,958  

Veris Residential, Inc.*

      9,191        171,688  

Xior Student Housing NV

      1,779        55,453  
     

 

 

  

TOTAL MULTI-FAMILY RESIDENTIAL

       $  13,415,383  

OFFICE – 2.5%

      

Alexandria Real Estate Equities, Inc.

      13,922        1,749,717  

Allied Properties REIT

      6,285        104,571  

Boston Properties, Inc.

      12,246        815,951  

Brandywine Realty Trust

      15,708        79,325  

Centuria Office REIT

      38,286        37,289  

Champion REIT

      160,000        58,880  

City Office REIT, Inc.

      2,823        15,442  

CLS Holdings PLC

      25,558        45,854  

Corporate Office Properties Trust

      9,985        259,610  

Cousins Properties, Inc.

      13,130        320,766  

Covivio SA

      4,040        195,181  

Cromwell Property Group

      136,773        50,529  

Daiwa Office Investment Corp.

      30        132,007  

Derwent London PLC

      9,890        268,570  

Dexus

      93,667        517,171  

Douglas Emmett, Inc.#

     14,979        220,191  

Dream Office REIT

      2,347        24,295  

Easterly Government Properties, Inc.#

     8,883        131,113  

Equity Commonwealth

      9,699        190,003  

Franklin Street Properties Corp.

      9,107        15,300  

 

 Description   

Number of

Shares

      Value  

GDI Property Group Partnership

      37,938      $ 16,946  

Gecina SA

      4,735        512,023  

Global One Real Estate Investment Corp.

      81        66,900  

Great Portland Estates PLC

      24,043        131,938  

Helical PLC

      12,067        41,658  

Highwoods Properties, Inc.

      9,349        236,249  

Hudson Pacific Properties, Inc.

      12,391        72,735  

Ichigo Office REIT Investment Corp.

      168        104,627  

Inmobiliaria Colonial Socimi SA

      26,612        171,756  

Japan Excellent, Inc.

      143        132,581  

Japan Prime Realty Investment Corp.

      89        221,460  

Japan Real Estate Investment Corp.

      125        502,583  

JBG SMITH Properties

      9,549        159,755  

Kenedix Office Investment Corp.

      74        175,813  

Keppel Pacific Oak U.S. REIT

      91,600        30,228  

Keppel REIT

      160,800        110,042  

Kilroy Realty Corp.

      8,967        320,122  

Manulife U.S. REIT

      149,700        15,719  

Mirai Corp.

      131        42,219  

Mori Hills REIT Investment Corp.

      139        141,379  

Nippon Building Fund, Inc.

      150        628,405  

NSI NV

      1,341        28,191  

Office Properties Income Trust

      3,636        27,997  

One REIT, Inc.

      24        43,744  

Orion Office REIT, Inc.

      6,503        42,270  

Orix JREIT, Inc.

      244        310,263  

Paramount Group, Inc.

      17,642        92,444  

Piedmont Office Realty Trust, Inc., Class A

      11,198        83,313  

Prime U.S. REIT

      75,100        13,668  

Prosperity REIT

      87,000        18,853  

Regional REIT Ltd.

      34,529        19,808  

Sankei Real Estate, Inc.

      41        27,321  

SL Green Realty Corp.

      5,693        214,683  

True North Commercial REIT

      3,946        7,840  

Vornado Realty Trust

      13,572        305,099  

Workspace Group PLC

      21,828        139,112  
     

 

 

  

TOTAL OFFICE

       $  10,441,509  

OTHER SPECIALIZED – 1.5%

      

Arena REIT

      35,122        89,647  

Automotive Properties REIT

      3,080        27,421  

Charter Hall Social Infrastructure REIT

      35,768        71,836  

EPR Properties

      6,617        295,383  

Farmland Partners, Inc.#

     2,902        33,344  

Four Corners Property Trust, Inc.

      7,695        202,378  

Gaming and Leisure Properties, Inc.

      23,087        1,095,709  

Gladstone Land Corp.

      3,132        52,430  

Iron Mountain, Inc.

      25,796        1,583,874  

Rural Funds Group

      32,605        43,802  

Safehold, Inc.

      4,115        101,764  

VICI Properties, Inc.

      88,268        2,778,677  
     

 

 

  

TOTAL OTHER SPECIALIZED

       $ 6,376,265  

REAL ESTATE OPERATING COMPANIES – 0.0%**

 

   

Seritage Growth Properties, Class A*,#

     5,575        52,349  

Shurgard Self Storage Ltd.

      2,600        118,894  
     

 

 

  

TOTAL REAL ESTATE OPERATING COMPANIES

       $ 171,243  
 
 

 

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS   5   
Wilmington Real Asset Fund (continued)  

 

 Description   

Number of

Shares

      Value  

RETAIL – 5.6%

      

Acadia Realty Trust

      8,750      $ 137,463  

AEON REIT Investment Corp.

      157        165,205  

Agree Realty Corp.

      8,192        530,678  

Alexander’s, Inc.

      134        25,912  

Brixmor Property Group, Inc.

      26,404        600,427  

BWP Trust

      49,254        121,418  

CapitaLand China Trust

      120,900        94,556  

CapitaLand Integrated Commercial Trust

      447,347        686,285  

Carmila SA*

      7,784        126,152  

CBL & Associates Properties, Inc.

      2,691        58,583  

Charter Hall Retail REIT

      49,743        125,296  

Choice Properties REIT

      15,157        159,886  

Crombie REIT

      4,825        50,971  

CT REIT

      6,101        70,465  

Eurocommercial Properties NV

      4,984        126,038  

Federal Realty Investment Trust

      6,499        659,779  

First Capital REIT

      10,254        114,542  

Fortune REIT

      131,000        94,568  

Frasers Centrepoint Trust

      104,623        170,733  

Frontier Real Estate Investment Corp.

      44        146,136  

Fukuoka REIT Corp.

      64        74,902  

Getty Realty Corp.

      4,149        134,096  

Hamborner REIT AG

      9,415        68,115  

Hammerson PLC

      292,015        99,685  

HMC Capital Ltd.

      32,361        112,597  

HomeCo Daily Needs REIT

      152,785        122,638  

InvenTrust Properties Corp.

      6,157        149,861  

Japan Metropolitan Fund Invest

      610        418,058  

Kenedix Retail REIT Corp.

      64        125,197  

Kimco Realty Corp.

      54,450         1,103,157  

Kite Realty Group Trust

      19,182        438,884  

Klepierre SA

      17,223        457,321  

Lendlease Global Commercial REIT

      145,125        74,213  

Link REIT

      224,800        1,258,193  

Macerich Co. (The)

      18,914        241,154  

Mapletree Pan Asia Commercial Trust

      187,123        232,189  

Mercialys SA

      4,343        37,604  

Necessity Retail REIT, Inc. (The)

      15,917        113,011  

NETSTREIT Corp.

      2,616        46,800  

NewRiver REIT PLC

      17,295        18,422  

NNN REIT, Inc.

      15,976        681,856  

Phillips Edison & Co., Inc.#

     10,352        365,529  

Primaris REIT

      2,451        24,795  

Realty Income Corp.

      58,144        3,545,040  

Regency Centers Corp.

      13,640        893,829  

Region RE Ltd.

      98,776        160,562  

Retail Estates NV

      1,199        76,593  

Retail Opportunity Investments Corp.

      10,776        158,730  

RioCan REIT

      12,827        195,034  

RPT Realty

      7,659        83,253  

Sasseur REIT

      61,100        32,853  

Saul Centers, Inc.

      944        36,391  

Scentre Group

      454,429        857,724  

Shaftesbury Capital PLC

      175,036        269,110  

Simon Property Group, Inc.

      28,916        3,602,934  

SITE Centers Corp.

      16,242        228,200  
 Description   

Number of

Shares

      Value  

Slate Grocery REIT, Class U

      2,915      $ 29,467  

SmartCentres REIT

      7,835        148,007  

Spirit Realty Capital, Inc.

      12,494        503,883  

Starhill Global REIT

      158,600        61,424  

Supermarket Income REIT PLC

      106,288        104,077  

Tanger Factory Outlet Centers, Inc.

      9,051        211,884  

Unibail-Rodamco-Westfield*

      12,168        689,807  

Urban Edge Properties

      10,097        171,750  

Urstadt Biddle Properties, Inc., Class A

      3,106        70,444  

Vastned Retail NV

      2,088        46,604  

Vicinity Ltd.

      330,292        438,168  

Waypoint REIT Ltd.

      71,780        126,322  

Wereldhave NV

      2,996        53,529  

Whitestone REIT

      4,055        41,848  
     

 

 

  

TOTAL RETAIL

       $ 23,500,837  

SELF-STORAGE – 1.9%

      

Big Yellow Group PLC

      15,433        212,518  

CubeSmart

      19,878        861,910  

Extra Space Storage, Inc.

      18,568        2,591,507  

National Storage Affiliates Trust

      7,434        251,195  

National Storage REIT

      108,509        169,094  

Public Storage

      13,908        3,918,579  

Safestore Holdings PLC

      19,154        217,790  
     

 

 

  

TOTAL SELF-STORAGE

       $ 8,222,593  

SINGLE-FAMILY RESIDENTIAL – 1.3%

      

American Homes 4 Rent, Class A

      27,617        1,035,085  

Equity LifeStyle Properties, Inc.

      15,479        1,101,795  

Invitation Homes, Inc.

      52,446        1,861,833  

PRS REIT PLC (The)

      46,884        49,579  

Sun Communities, Inc.

      11,002        1,433,561  

UMH Properties, Inc.

      3,166        52,714  
     

 

 

  

TOTAL SINGLE-FAMILY RESIDENTIAL

       $ 5,534,567  
     

 

 

  

TOTAL REAL ESTATE INVESTMENT TRUSTS
(COST $130,287,784)

 

    $  125,252,616  

RIGHTS – 0.0%**

      

Abacus Property Group*, Expire 08/03/23

      6,160        —  
     

 

 

  

TOTAL RIGHTS
(COST $0)

       $ —  
     

 

 

  

TOTAL REAL ESTATE RELATED SECURITIES

(COST $218,989,284)

       $ 209,468,839  

COMMODITY RELATED SECURITIES – 47.8%

      

EXCHANGE-TRADED FUNDS – 1.7%

      

COMMODITY – 1.7%

      

SPDR S&P Global Natural Resources ETF#

      119,300        6,927,751  
     

 

 

  

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

       $ 6,927,751  

INVESTMENT COMPANIES – 46.1%

      

COMMODITY – 46.1%

      

Vanguard Commodity Strategy Fund, Admiral Shares

      2,385,740        63,532,263  

DFA Commodity Strategy Portfolio, Institutional Class

      25,532,863        121,536,430  
 

 

 

 

 

July 31, 2023 (unaudited)  

6   PORTFOLIO OF INVESTMENTS
  Wilmington Real Asset Fund (continued)

 

 

 Description   

Number of

Shares

      Value  

Parametric Commodity Strategy Fund, Institutional Class

      495,132      $ 3,233,211  

Credit Suisse Commodity Return Strategy Fund, Class I

      250,761        5,995,702  
     

 

 

  

TOTAL COMMODITY

       $ 194,297,606  
     

 

 

  

TOTAL INVESTMENT COMPANIES
(COST $202,787,318)

       $  194,297,606  
     

 

 

  

TOTAL COMMODITY RELATED SECURITIES

(COST $207,890,263)

       $ 201,225,357  

SHORT-TERM INVESTMENTS – 1.5%

      

MONEY MARKET FUND – 1.5%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 5.14%^

     6,257,865        6,257,865  
     

 

 

  

TOTAL SHORT-TERM INVESTMENT

(COST $6,257,865)

       $ 6,257,865  

CASH COLLATERAL INVESTED FOR SECURITIES ON

LOAN – 3.4%

 

 

   
  
     Par Value         

REPURCHASE AGREEMENTS – 3.4%

      

Bank of America Securities, Inc., 5.30%, dated 7/31/23, due 8/01/23, repurchase price $2,717,347, collateralized by U.S. Government Agency Securities, 2.00% to 6.50%, maturing 5/01/36 to 9/01/61; total market value of $2,771,286.

    $  2,716,947        2,716,947  

Citigroup Global Markets Ltd., 5.30%, dated 7/31/23, due 8/01/23, repurchase price $2,717,347, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.50%, maturing 2/15/24 to 8/20/67; total market value of $2,771,286.

      2,716,947        2,716,947  

Daiwa Capital Markets America, 5.30%, dated 7/31/23, due 8/01/23, repurchase price $785,667, collateralized by U.S. Government Agency Securities, 1.50% to 6.50%, maturing 6/01/35 to 8/01/53; total market value of $801,262.

      785,551        785,551  
 Description    Par Value      Value  

Deutsche Bank Securities, Inc., 5.30%, dated 7/31/23, due 8/01/23, repurchase price $2,717,347, collateralized by U.S. Government Agency Securities, 1.00% to 7.00%, maturing 9/01/28 to 8/01/53; total market value of $2,771,286.

    $  2,716,947      $ 2,716,947  

HSBC Securities USA, Inc., 5.29%, dated 7/31/23, due 8/01/23, repurchase price $2,717,346, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 4.08%, maturing 9/05/23 to 11/15/52; total market value of $2,771,286.

      2,716,947        2,716,947  

RBC Dominion Securities, Inc., 5.30%, dated 7/31/23, due 8/01/23, repurchase price $2,717,347, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 10/19/23 to 7/20/53; total market value of $2,771,286.

      2,716,947        2,716,947  
     

 

 

  

TOTAL REPURCHASE AGREEMENTS
(COST $14,370,286)

       $ 14,370,286  
     

 

 

  

TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN

(COST $14,370,286)

 

 

    $ 14,370,286  
     

 

 

  

TOTAL INVESTMENTS – 102.4%

(Cost $447,507,698)

       $ 431,322,347  

COLLATERAL FOR SECURITIES ON LOAN – (3.4%)

 

      (14,370,286 ) 

OTHER ASSETS LESS LIABILITIES – 1.0%

 

      4,257,941  
     

 

 

  

TOTAL NET ASSETS – 100.0%

       $  421,210,002  
     

 

 

  

 

 

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)

 

 

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS   7   
Wilmington Real Asset Fund (continued)  

 

The following is a summary of the inputs used as of July 31, 2023 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

    $ 2      $ —       $—        $ 2  

Diversified

      140,487        —       —         140,487  

Diversified Real Estate Activities

      11,602,550        —       —         11,602,550  

Office

      92,704        —       —         92,704  

Real Estate Development

      2,619,537        —       —         2,619,537  

Real Estate Operating Companies

      12,501,899        —       —         12,501,899  

Retail

      107,195        —       —         107,195  

Single-Family Residential

      10,942        —       —         10,942  

Exchange-Traded Funds

      48,809,537        —       —         48,809,537  

Investment Company

      8,331,370        —       —         8,331,370  

Real Estate Investment Trusts

           

Data Center

      10,008,296        —       —         10,008,296  

Diversified

      9,663,534        —       —         9,663,534  

Health Care

      10,750,593        —       —         10,750,593  

Hotel & Resort

      4,055,783        —       —         4,055,783  

Industrial

      23,112,013        —       —         23,112,013  

Multi-Family Residential

      13,398,963        16,420       —         13,415,383  

Office

      10,441,509        —       —         10,441,509  

Other Specialized

      6,376,265        —       —         6,376,265  

Real Estate Operating Companies

      171,243        —       —         171,243  

Retail

      23,500,837        —       —         23,500,837  

Self-Storage

      8,222,593        —       —         8,222,593  

Single-Family Residential

      5,534,567        —       —         5,534,567  

Rights

      —        — (a)       —         —  

Commodity Related Securities

           

Exchange-Traded Funds

      6,927,751        —       —         6,927,751  

Investment Companies

      194,297,606        —       —         194,297,606  

Money Market Fund

      6,257,865        —       —         6,257,865  

Repurchase Agreements

      —        14,370,286       —         14,370,286  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 416,935,641      $ 14,386,706       $—        $ 431,322,347  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

  (a) 

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

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

 

 

**   Represents less than 0.05%.

0   Rounds to less than 1 share.

*   Non-income producing security.

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

^   7-Day net yield.

 

 

 

 

July 31, 2023 (unaudited)  

8   PORTFOLIO OF INVESTMENTS
  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

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

 

 

 

 

July 31, 2023 (unaudited)