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, 2023
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. |
April 30, 2023 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Equity Funds Wilmington Enhanced Dividend Income Strategy Fund Wilmington Large-Cap Strategy Fund
Wilmington Enhanced Dividend Income Strategy Fund (“Enhanced Dividend Income Strategy Fund”)
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)
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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 annual fiscal period of May 1, 2022, through April 30, 2023. 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 period.
The economy
The fiscal year included significant volatility, headlined by peak inflation and rapid changes to the financial landscape as the Federal Reserve (the “Fed”) remained steadfast in raising interest rates. In June 2022, U.S. Consumer Price Index (“CPI”) inflation posted a new 40-year high of 9.1% year-over-year, raising recession probabilities substantially. The Fed reacted by raising interest rates by 75 basis points1 for three consecutive meetings (the largest such moves in 30 years). The Fed continued to raise interest rates by another 100 basis points during the year bringing the upper bound of the Fed funds rate to 5.0%. As expected, inflation moderated throughout the year, falling to 5.0% year-over-year in April 2023, helped by easing goods prices and resolution of Covid-related supply chain issues. The U.S. labor force continued to grow, and the participation rate returned to its highest level since the onset of the pandemic. For most of the year, the labor market remained very tight by historical standards, with the unemployment rate edging down during the year to 3.5% (at one point touching a five-decade low of 3.4%). Near the end of the period, wage pressures showed signs of receding as hiring slowed and the labor market started to loosen—an encouraging sign for inflation and the Fed.
Tighter monetary policy was not restricted to the U.S. economy. Central banks across the globe were busy during the year, including the Bank of England (BoE) and the European Central Bank (ECB), as inflation remained elevated well above central bank targets. The war in Ukraine intensified after the Nord Stream Pipeline was sabotaged forcing European countries to scramble to fill oil and natural gas reserves before winter. Before the war, Russia supplied 40% of all gas consumed in Europe with a third of that coming from the Nord Stream pipeline. In China, economic data for much of the year remained weak due to stringent “zero-Covid” policies enacted by President Xi Jinping and the Chinese government. In December 2022, the Chinese government dropped its zero-Covid policy, sending Covid-19 infections soaring in its most densely populated cities. However, economic activity in China began to recover in the latter part of the fiscal year, evidenced by composite Purchasing Managers Index (PMI) returning to expansionary territory (54.4) after spending four months in contractionary territory.
Perhaps the biggest story of the year began unfolding on March 9th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.
Bond markets
The sharp increase in interest rates led to higher volatility in bond markets, and the MOVE index, a gauge of volatility in the Treasury market, surged to its highest level since 2008 (198.7). The rate sensitive 2-year Treasury yield ended the fiscal year 129 basis points higher (rising to 4.0%) while the 10-year yield peaked above 4.0% before settling around 3.4%. The yield curve continued to flash warnings signs with the 10y-minus-2y portion of the Treasury slope falling 80 basis points to finish at -58 basis points, and the 10y-minus-3m slope plummeting 372 basis points to end the year at -161 basis points. (All past recessions have been preceded by an inverted yield curve.) The bond market recovered from a challenging start to the year, with investment-grade tax exempt bonds finishing up 2.9%. Investment grade taxable bonds returned a more disappointing -0.4% during the period.
PRESIDENT’S MESSAGE / April 30, 2023 (unaudited)
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For the 12-month period May 1, 2022 to April 30, 2023, 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 | ||||
-0.93% | -0.43% | 0.72% | 2.87% | 1.22% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Equity markets
U.S. large-cap equities started the fiscal year in decline, dropping nearly 13% through October. Large-cap equities then rallied over 17% through the remainder of the year due to several factors. In November, the mid-term elections concluded with congressional gridlock, an outcome typically preferred by financial markets. In March 2023, following the banking crisis, markets began to price in expectations of multiple rate cuts later in 2023, which also supported risky assets. Within equities, the information technology sector recovered from a challenging prior year and advanced 8.1% as investors flocked to higher quality companies and interest rates fell. (Excitement around generative AI also contributed to investor enthusiasm for technology stocks.) Growth stocks outperformed value, and small cap stocks were hit particularly hard (with the Russell 2000 down 3.7%) as the percentage of unprofitable companies in the index climbed to over 42% (above the long-term average of 28%).
In international markets, the MSCI EAFE delivered strong returns of 8.4% after countries across Europe were able to adequately stock up natural gas supplies for the winter and were supported by the reopening in China. Emerging markets fell out of favor, with the MSCI Emerging Markets declining 6.5%. China’s reopening was less robust than expected and geopolitical tensions between the U.S. and China remained elevated.
For the 12-month period May 1, 2022 to April 30, 2023, certain stock market indices performed as follows:
S&P 500® Index8 | Russell 2000® Index9 | MSCI EAFE (Net) Index10 | MSCI Emerging Markets (Net) Index11 | |||
2.66% | -3.65% | 8.42% | -6.51% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Sincerely,
Eric W. Taylor, CFA
President
May 12, 2023
April 30, 2023 (unaudited) / PRESIDENT’S MESSAGE
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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 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. |
9. | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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. |
11. | 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, 2023 (unaudited)
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WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington Enhanced Dividend Income Strategy Fund (the “Fund”) had a total return of 1.69%* for Class A shares and 2.03%* for Class I shares, versus its benchmark, the Russell 1000® Value Index**, which had a total return of 1.21%.
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 was a major headwind for equity markets during the first half of the fiscal year. Inflation peaked in June at 9.1% on a year-over-year basis but remained persistently elevated. The inflation rate has started to improve as goods-based inflation has dramatically declined with supply chains and inventory normalization. However, services-related inflation, in particular shelter related costs, remain above trend and a focal point for equity markets.
The Federal Reserve (the “Fed”) continued on its path to curb inflation as the Federal Open Market Committee (FOMC) increased its target interest rate 400 basis points (from 1% to 5%) during the fiscal year. Commentary from Chairmen Powell, along with other Fed officials, has remained consistent in their commitment to using the various tools available to achieve its target 2% annual inflation rate.
Sector allocation and stock selection results were both additive to the Fund’s relative performance. The financials and consumer staples were the top relative performing sectors. Financials benefited from
strong stock selection within the insurance segment while consumer staples outperformed as recession fears intensified. Conversely, health care lagged as COVID related benefits subsided throughout the fiscal year.
As we navigate the current market volatility, we’ll continue to pursue our goals for your Fund, 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 -3.91%, 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. |
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.
April 30, 2023 (unaudited) / ANNUAL REPORT
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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 Fund3 from April 30, 2013 to April 30, 2023 compared to the Russell 1000® Value Index.2
VALUE OF A HYPOTHETICAL $10,000 INVESTMENT
| VALUE OF A HYPOTHETICAL $100,000 INVESTMENT
| |
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 -3.91%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -3.91% | 4.15% | 4.63% | |||
Class I | 2.03% | 5.60% | 5.51% | |||
Russell 1000® Value Index2 | 1.21% | 7.75% | 9.13% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.73% and 0.75%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.23% 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 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. |
3 | 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. |
ANNUAL REPORT / April 30, 2023 (unaudited)
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WILMINGTON LARGE-CAP STRATEGY FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington Large-Cap Strategy Fund (the “Fund”) had a total return of 1.72%* for Class I Shares, versus its benchmark, the Russell 1000® Index**, which had a total return of 1.82%.
The Fund outperformed by approximately 15 basis points versus the Russell 1000 gross of fees. Over the last year, the Fund has generally had an overweight to cyclical sectors of the market with an over-weighted cyclical position emphasizing industrials, energy, and materials. The slight outperformance was attributable to an overweight to Energy throughout the year and an overweight to financials for most of the year. The underweight to real estate added to relative performance as well.
* | 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. |
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.
April 30, 2023 (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, 2013 to April 30, 2023, compared to the Russell 1000® Index.2
VALUE OF A HYPOTHETICAL $100,000 INVESTMENT
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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class I^ | 1.72% | 10.88% | 11.89% | |||
Russell 1000® Index2 | 1.82% | 11.07% | 11.95% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.36% 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, 2023 (unaudited)
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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, 2022 to April 30, 2023.
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, 2023.
Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period(1) | Annualized Net Expense Ratio | |||||
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND | ||||||||
Actual | ||||||||
Class A | $1,000.00 | $1,023.20 | $3.76 | 0.75% | ||||
Class I | $1,000.00 | $1,024.80 | $2.51 | 0.50% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Class A | $1,000.00 | $1,021.08 | $3.76 | 0.75% | ||||
Class I | $1,000.00 | $1,022.32 | $2.51 | 0.50% | ||||
WILMINGTON LARGE-CAP STRATEGY FUND | ||||||||
Actual | ||||||||
Class I | $1,000.00 | $1,078.50 | $1.29 | 0.25% | ||||
Hypothetical (assuming a 5% return before expenses) | ||||||||
Class I | $1,000.00 | $1,023.55 | $1.25 | 0.25% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
April 30, 2023 (unaudited) / ANNUAL REPORT
6 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Enhanced Dividend Income Strategy Fund
At April 30, 2023, the Fund’s sector classifications were as follows:
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Financials | 15.6 | % | |||
Health Care | 15.3 | % | |||
Information Technology | 11.4 | % | |||
Industrials | 11.2 | % | |||
Consumer Staples | 9.4 | % | |||
Energy | 9.0 | % | |||
Utilities | 6.6 | % | |||
Consumer Discretionary | 5.3 | % | |||
Real Estate | 5.1 | % | |||
Communication Services | 5.0 | % | |||
Materials | 4.4 | % | |||
Cash Equivalents(1) | 1.7 | % | |||
Repurchase Agreements | 0.0 | %(2) | |||
Other Assets and Liabilities - Net(3) | (0.0 | )%(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. |
April 30, 2023
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 98.3% | ||||||||
COMMUNICATION SERVICES – 5.0% |
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 2.9% |
| |||||||
AT&T, Inc. | 31,550 | $ | 557,488 | |||||
Verizon Communications, Inc. | 13,300 | 516,439 | ||||||
|
| |||||||
$ | 1,073,927 | |||||||
ENTERTAINMENT – 0.0%** | ||||||||
Warner Bros Discovery, Inc.* | 1 | 14 | ||||||
MEDIA – 2.1% | ||||||||
Omnicom Group, Inc. | 8,275 | 749,467 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | $ | 1,823,408 | ||||||
CONSUMER DISCRETIONARY – 5.3% |
| |||||||
HOTELS, RESTAURANTS & LEISURE – 3.6% |
| |||||||
McDonald’s Corp. | 1,750 | 517,563 | ||||||
Restaurant Brands International, Inc. | 1 | 70 | ||||||
Starbucks Corp. | 6,850 | 782,886 | ||||||
|
| |||||||
$ | 1,300,519 | |||||||
SPECIALTY RETAIL – 1.7% | ||||||||
Home Depot, Inc. (The) | 2,025 | 608,594 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | $ | 1,909,113 |
Description | Number of Shares | Value | ||||||
CONSUMER STAPLES – 9.4% | ||||||||
BEVERAGES – 2.2% | ||||||||
PepsiCo., Inc. | 4,110 | $ | 784,558 | |||||
HOUSEHOLD PRODUCTS – 2.8% |
| |||||||
Procter & Gamble Co. (The) | 6,450 | 1,008,651 | ||||||
PERSONAL CARE PRODUCTS – 2.3% |
| |||||||
Unilever PLC, ADR | 15,100 | 838,503 | ||||||
TOBACCO – 2.1% | ||||||||
Philip Morris International, Inc. | 7,500 | 749,775 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | $ | 3,381,487 | ||||||
ENERGY – 9.0% | ||||||||
OIL, GAS & CONSUMABLE FUELS – 9.0% |
| |||||||
Chevron Corp. | 7,450 | 1,255,921 | ||||||
ConocoPhillips | 4,050 | 416,705 | ||||||
Exxon Mobil Corp. | 7,500 | 887,550 | ||||||
Valero Energy Corp. | 5,950 | 682,286 | ||||||
|
| |||||||
TOTAL ENERGY | $ | 3,242,462 | ||||||
FINANCIALS – 15.6% | ||||||||
BANKS – 6.9% | ||||||||
JPMorgan Chase & Co. | 10,000 | 1,382,400 |
ANNUAL REPORT / April 30, 2023
7 | PORTFOLIOS OF INVESTMENTS |
Wilmington Enhanced Dividend Income Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Toronto-Dominion Bank (The) | 10,200 | $ | 618,426 | |||||
U.S. Bancorp | 14,675 | 503,059 | ||||||
|
| |||||||
$ | 2,503,885 | |||||||
CAPITAL MARKETS – 4.6% |
| |||||||
BlackRock, Inc. | 1,040 | 698,048 | ||||||
Morgan Stanley | 10,700 | 962,679 | ||||||
|
| |||||||
$ | 1,660,727 | |||||||
INSURANCE – 4.1% |
| |||||||
MetLife, Inc. | 12,800 | 785,024 | ||||||
Old Republic International Corp. | 26,700 | 674,709 | ||||||
|
| |||||||
$ | 1,459,733 | |||||||
|
| |||||||
TOTAL FINANCIALS |
| $ | 5,624,345 | |||||
HEALTH CARE – 15.3% |
| |||||||
BIOTECHNOLOGY – 3.0% |
| |||||||
AbbVie, Inc. | 3,425 | 517,586 | ||||||
Amgen, Inc. | 2,375 | 569,383 | ||||||
|
| |||||||
$ | 1,086,969 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 1.8% |
| |||||||
Medtronic PLC | 7,150 | 650,293 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 2.0% |
| |||||||
CVS Health Corp. | 9,775 | 716,605 | ||||||
PHARMACEUTICALS – 8.5% |
| |||||||
Bristol-Myers Squibb Co. | 9,425 | 629,307 | ||||||
Johnson & Johnson | 6,300 | 1,031,310 | ||||||
Merck & Co., Inc. | 7,325 | 845,818 | ||||||
Pfizer, Inc. | 14,250 | 554,182 | ||||||
|
| |||||||
$ | 3,060,617 | |||||||
|
| |||||||
TOTAL HEALTH CARE |
| $ | 5,514,484 | |||||
INDUSTRIALS – 11.2% |
| |||||||
AEROSPACE & DEFENSE – 3.4% |
| |||||||
Lockheed Martin Corp. | 2,675 | 1,242,404 | ||||||
AIR FREIGHT & LOGISTICS – 2.1% |
| |||||||
United Parcel Service, Inc. | 4,250 | 764,192 | ||||||
BUILDING PRODUCTS – 2.1% |
| |||||||
Johnson Controls International PLC | 12,925 | 773,432 | ||||||
ELECTRICAL EQUIPMENT – 2.0% |
| |||||||
nVent Electric PLC | 16,850 | 706,521 | ||||||
MACHINERY – 1.6% |
| |||||||
Caterpillar, Inc. | 2,550 | 557,940 | ||||||
|
| |||||||
TOTAL INDUSTRIALS |
| $ | 4,044,489 | |||||
INFORMATION TECHNOLOGY – 11.4% |
| |||||||
COMMUNICATIONS EQUIPMENT – 2.5% |
| |||||||
Cisco Systems, Inc. | 19,450 | 919,012 | ||||||
IT SERVICES – 1.6% |
| |||||||
International Business Machines Corp. | 4,650 | 587,807 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 7.3% |
| |||||||
Broadcom, Inc. | 2,650 | 1,660,225 |
Description | Number of Shares | Value | ||||||
QUALCOMM, Inc. | 8,250 | $ | 963,600 | |||||
|
| |||||||
$ | 2,623,825 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| $ | 4,130,644 | |||||
MATERIALS – 4.4% |
| |||||||
CHEMICALS – 4.4% |
| |||||||
Air Products & Chemicals, Inc. | 2,670 | 785,941 | ||||||
Dow, Inc. | 14,900 | 810,560 | ||||||
Nutrien Ltd. | 1 | 69 | ||||||
|
| |||||||
TOTAL MATERIALS |
| $ | 1,596,570 | |||||
REAL ESTATE – 5.1% |
| |||||||
RESIDENTIAL REITS – 1.8% |
| |||||||
AvalonBay Communities, Inc. | 3,525 | 635,804 | ||||||
SPECIALIZED REITS – 3.3% |
| |||||||
Crown Castle, Inc. | 4,250 | 523,133 | ||||||
VICI Properties, Inc. | 19,700 | 668,618 | ||||||
|
| |||||||
$ | 1,191,751 | |||||||
|
| |||||||
TOTAL REAL ESTATE |
| $ | 1,827,555 | |||||
UTILITIES – 6.6% |
| |||||||
ELECTRIC UTILITIES – 6.6% |
| |||||||
American Electric Power Co., Inc. | 7,675 | 709,323 | ||||||
Duke Energy Corp. | 5,625 | 556,200 | ||||||
FirstEnergy Corp. | 13,850 | 551,230 | ||||||
NextEra Energy, Inc. | 7,400 | 567,062 | ||||||
|
| |||||||
TOTAL UTILITIES |
| $ | 2,383,815 | |||||
|
| |||||||
TOTAL COMMON STOCKS (COST $31,440,213) |
| $ | 35,478,372 | |||||
MONEY MARKET FUND – 1.7% |
| |||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 619,162 | 619,162 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $619,162) |
| $ | 619,162 | |||||
Par Value | ||||||||
REPURCHASE AGREEMENTS – 0.0%** |
| |||||||
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $110. | $ | 108 | 108 | |||||
Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $110. | 108 | 108 | ||||||
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $100, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $102. | 100 | 100 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 8 |
Wilmington Enhanced Dividend Income Strategy Fund (concluded)
Description |
Par Value | Value | ||||||
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $110. | $ | 108 | $ | 108 | ||||
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $108, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $110. | 108 | 108 | ||||||
|
|
Description |
Par Value | Value | ||||||
TOTAL REPURCHASE AGREEMENTS (COST $532) |
| $ | 532 | |||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% (COST $32,059,907) | $ | 36,098,066 | ||||||
OTHER ASSETS LESS LIABILITIES – 0.0%** |
| (2,394 | ) | |||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 36,095,672 | ||||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1
|
Level 2
|
Level 3
|
Total
| |||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks | $ | 35,478,372 | $ | — | $ | — | $ | 35,478,372 | ||||||||||||
Money Market Fund | 619,162 | — | — | 619,162 | ||||||||||||||||
Repurchase Agreements | — | 532 | — | 532 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 36,097,534 | $ | 532 | $ | — | $ | 36,098,066 | ||||||||||||
|
|
|
|
|
|
|
|
** | Represents less than 0.05%. |
* | Non-income producing security. |
^ | 7-Day net yield. |
The following acronyms are used throughout this Portfolio of Investments:
ADR | American Depositary Receipt | |
PLC | Public Limited Company |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
9 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Large-Cap Strategy Fund
At April 30, 2023, the Fund’s sector classifications were as follows:
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Information Technology | 24.8 | % | |||
Health Care | 14.0 | % | |||
Financials | 13.3 | % | |||
Consumer Discretionary | 10.0 | % | |||
Industrials | 9.3 | % | |||
Communication Services | 8.0 | % | |||
Consumer Staples | 6.9 | % | |||
Energy | 4.6 | % | |||
Real Estate | 2.9 | % | |||
Materials | 2.7 | % | |||
Utilities | 2.7 | % | |||
Investment Companies | 0.5 | % | |||
Warrants | 0.0 | %(1) | |||
Preferred Stocks | 0.0 | %(1) | |||
Rights | 0.0 | %(1) | |||
Cash Equivalents(2) | 0.0 | %(1) | |||
Cash Collateral Invested for Securities on Loan(3) | 0.3 | % | |||
Other Assets and Liabilities – Net(4) | 0.0 | %(1) | |||
|
| ||||
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. |
PORTFOLIO OF INVESTMENTS
April 30, 2023
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 99.2% | ||||||||
COMMUNICATION SERVICES – 8.0% |
| |||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 0.8% |
| |||||||
AT&T, Inc. | 94,412 | $ | 1,668,260 | |||||
Frontier Communications Parent, Inc.* | 3,350 | 75,509 | ||||||
Lumen Technologies, Inc. | 13,285 | 31,485 | ||||||
Verizon Communications, Inc. | 55,520 | 2,155,842 | ||||||
|
| |||||||
$ | 3,931,096 | |||||||
ENTERTAINMENT – 1.4% |
| |||||||
Activision Blizzard, Inc. | 10,220 | 794,196 | ||||||
AMC Entertainment Holdings, Inc., Class A*,# | 6,550 | 36,025 | ||||||
Electronic Arts, Inc. | 3,610 | 459,481 | ||||||
Liberty Media Corp. – Liberty Formula One, Class A* | 105 | 6,802 |
Description | Number of Shares | Value | ||||||
Liberty Media Corp. – Liberty Formula One, Class C* | 2,685 | $ | 193,830 | |||||
Live Nation Entertainment, Inc.* | 2,070 | 140,305 | ||||||
Madison Square Garden Sports Corp. | 229 | 45,915 | ||||||
Netflix, Inc.* | 5,800 | 1,913,594 | ||||||
Playtika Holding Corp.* | 1,400 | 14,000 | ||||||
ROBLOX Corp., Class A* | 5,950 | 211,820 | ||||||
Roku, Inc.* | 1,600 | 89,936 | ||||||
Spotify Technology SA* | 1,820 | 243,152 | ||||||
Take-Two Interactive Software, Inc.* | 2,118 | 263,246 | ||||||
Walt Disney Co. (The)* | 24,083 | 2,468,507 | ||||||
Warner Bros Discovery, Inc.* | 30,974 | 421,556 | ||||||
World Wrestling Entertainment, Inc., Class A | 600 | 64,302 | ||||||
|
| |||||||
$ | 7,366,667 | |||||||
INTERACTIVE MEDIA & SERVICES – 4.7% |
| |||||||
Alphabet, Inc., Class A* | 79,750 | 8,560,365 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 10 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Alphabet, Inc., Class C* | 70,680 | $ | 7,648,990 | |||||
IAC, Inc.* | 950 | 49,181 | ||||||
Match Group, Inc.* | 3,792 | 139,925 | ||||||
Meta Platforms, Inc., Class A* | 29,780 | 7,156,730 | ||||||
Pinterest, Inc., Class A* | 7,693 | 176,939 | ||||||
TripAdvisor, Inc.* | 1,100 | 19,503 | ||||||
ZoomInfo Technologies, Inc.* | 3,500 | 76,685 | ||||||
|
| |||||||
$ | 23,828,318 | |||||||
MEDIA – 0.9% | ||||||||
Altice USA, Inc., Class A* | 2,700 | 9,450 | ||||||
Cable One, Inc. | 90 | 68,257 | ||||||
Charter Communications, Inc., Class A* | 1,402 | 516,917 | ||||||
Comcast Corp., Class A | 56,850 | 2,351,885 | ||||||
DISH Network Corp., Class A* | 3,596 | 27,006 | ||||||
Fox Corp., Class A | 4,376 | 145,546 | ||||||
Fox Corp., Class B | 1,550 | 47,337 | ||||||
Interpublic Group of Cos., Inc. (The) | 5,168 | 184,653 | ||||||
Liberty Broadband Corp., Class A* | 185 | 15,638 | ||||||
Liberty Broadband Corp., Class C* | 1,618 | 137,174 | ||||||
Liberty Media Corp. – Liberty SiriusXM, Class A* | 1,243 | 34,928 | ||||||
Liberty Media Corp. – Liberty SiriusXM, Class C* | 2,036 | 56,886 | ||||||
Loyalty Ventures, Inc.* | 316 | 2 | ||||||
New York Times Co. (The), Class A | 2,100 | 83,475 | ||||||
News Corp., Class A | 5,007 | 88,173 | ||||||
News Corp., Class B | 1,448 | 25,702 | ||||||
Nexstar Media Group, Inc., Class A | 500 | 86,725 | ||||||
Omnicom Group, Inc. | 2,690 | 243,633 | ||||||
Sirius XM Holdings, Inc.# | 7,240 | 27,512 | ||||||
Trade Desk, Inc. (The), Class A* | 5,750 | 369,955 | ||||||
Paramount Global, Class B# | 7,946 | 185,380 | ||||||
|
| |||||||
$ | 4,706,234 | |||||||
WIRELESS TELECOMMUNICATION SERVICES – 0.2% |
| |||||||
T-Mobile US, Inc.* | 7,869 | 1,132,349 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES |
| $ | 40,964,664 | |||||
CONSUMER DISCRETIONARY – 10.0% |
| |||||||
AUTOMOBILE COMPONENTS – 0.1% |
| |||||||
Aptiv PLC* | 3,500 | 360,010 | ||||||
BorgWarner, Inc. | 3,080 | 148,241 | ||||||
Gentex Corp. | 3,180 | 87,736 | ||||||
Lear Corp. | 800 | 102,128 | ||||||
QuantumScape Corp.*,# | 3,450 | 24,150 | ||||||
|
| |||||||
$ | 722,265 | |||||||
AUTOMOBILES – 1.4% | ||||||||
Ford Motor Co. | 51,850 | 615,978 | ||||||
General Motors Co. | 18,450 | 609,588 | ||||||
Harley-Davidson, Inc. | 1,820 | 67,522 | ||||||
Lucid Group, Inc.*,# | 6,900 | 54,786 | ||||||
Rivian Automotive, Inc., Class A*,# | 6,650 | 85,253 | ||||||
Tesla, Inc.* | 33,870 | 5,565,180 | ||||||
Thor Industries, Inc. | 700 | 55,314 | ||||||
|
| |||||||
$ | 7,053,621 |
Description | Number of Shares | Value | ||||||
BROADLINE RETAIL – 2.6% |
| |||||||
Amazon.com, Inc.* | 118,150 | $ | 12,458,917 | |||||
eBay, Inc. | 7,140 | 331,510 | ||||||
Etsy, Inc.* | 1,650 | 166,700 | ||||||
Kohl’s Corp. | 1,660 | 36,570 | ||||||
Macy’s, Inc. | 3,550 | 58,007 | ||||||
Nordstrom, Inc.# | 1,380 | 21,335 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 873 | 56,963 | ||||||
|
| |||||||
$ | 13,130,002 | |||||||
DISTRIBUTORS – 0.1% | ||||||||
Genuine Parts Co. | 1,770 | 297,909 | ||||||
LKQ Corp. | 3,268 | 188,661 | ||||||
Pool Corp. | 500 | 175,660 | ||||||
|
| |||||||
$ | 662,230 | |||||||
DIVERSIFIED CONSUMER SERVICES – 0.1% |
| |||||||
ADT, Inc. | 2,560 | 17,152 | ||||||
Bright Horizons Family Solutions, Inc.* | 783 | 59,602 | ||||||
Grand Canyon Education, Inc.* | 400 | 47,480 | ||||||
H&R Block, Inc. | 2,100 | 71,211 | ||||||
Mister Car Wash, Inc.*,# | 750 | 6,615 | ||||||
Service Corp. International | 1,970 | 138,274 | ||||||
|
| |||||||
$ | 340,334 | |||||||
HOTELS, RESTAURANTS & LEISURE – 2.3% |
| |||||||
Airbnb, Inc., Class A* | 4,950 | 592,366 | ||||||
Aramark | 2,983 | 103,510 | ||||||
Booking Holdings, Inc.* | 530 | 1,423,744 | ||||||
Boyd Gaming Corp. | 1,000 | 69,400 | ||||||
Caesars Entertainment, Inc.* | 2,610 | 118,207 | ||||||
Carnival Corp.* | 12,300 | 113,283 | ||||||
Chipotle Mexican Grill, Inc.* | 400 | 827,048 | ||||||
Choice Hotels International, Inc. | 460 | 58,659 | ||||||
Churchill Downs, Inc. | 450 | 131,638 | ||||||
Darden Restaurants, Inc. | 1,600 | 243,088 | ||||||
Domino’s Pizza, Inc. | 450 | 142,861 | ||||||
DoorDash, Inc., Class A* | 3,220 | 197,032 | ||||||
DraftKings, Inc., Class A* | 4,770 | 104,511 | ||||||
Expedia Group, Inc.* | 1,902 | 178,712 | ||||||
Hilton Worldwide Holdings, Inc. | 3,453 | 497,301 | ||||||
Hyatt Hotels Corp., Class A* | 650 | 74,295 | ||||||
Las Vegas Sands Corp.* | 4,320 | 275,832 | ||||||
Marriott International, Inc., Class A | 3,486 | 590,319 | ||||||
Marriott Vacations Worldwide Corp. | 500 | 67,280 | ||||||
McDonald’s Corp. | 9,749 | 2,883,267 | ||||||
MGM Resorts International | 4,260 | 191,359 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 5,100 | 68,085 | ||||||
Penn Entertainment, Inc.* | 2,050 | 61,070 | ||||||
Planet Fitness, Inc., Class A* | 1,028 | 85,468 | ||||||
Restaurant Brands International LP | 47 | 3,117 | ||||||
Royal Caribbean Cruises Ltd.* | 2,830 | 185,167 | ||||||
Six Flags Entertainment Corp.* | 1,100 | 26,697 | ||||||
Starbucks Corp. | 15,090 | 1,724,636 | ||||||
Travel + Leisure Co. | 1,110 | 42,480 | ||||||
Vail Resorts, Inc. | 528 | 126,995 | ||||||
Wendy’s Co. (The) | 2,065 | 45,637 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,160 | 79,135 |
ANNUAL REPORT / April 30, 2023
11 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Wynn Resorts Ltd.* | 1,368 | $ | 156,335 | |||||
Yum! Brands, Inc. | 3,650 | 513,117 | ||||||
|
| |||||||
$ | 12,001,651 | |||||||
HOUSEHOLD DURABLES – 0.4% |
| |||||||
DR Horton, Inc. | 4,120 | 452,458 | ||||||
Garmin Ltd. | 1,940 | 190,450 | ||||||
Leggett & Platt, Inc. | 1,770 | 57,189 | ||||||
Lennar Corp., Class A | 3,260 | 367,761 | ||||||
Lennar Corp., Class B | 176 | 17,216 | ||||||
Mohawk Industries, Inc.* | 655 | 69,365 | ||||||
Newell Brands, Inc. | 5,269 | 64,018 | ||||||
NVR, Inc.* | 50 | 292,000 | ||||||
PulteGroup, Inc. | 2,890 | 194,063 | ||||||
Tempur Sealy International, Inc. | 2,100 | 78,687 | ||||||
Toll Brothers, Inc. | 1,350 | 86,279 | ||||||
TopBuild Corp.* | 400 | 90,192 | ||||||
Whirlpool Corp. | 685 | 95,619 | ||||||
|
| |||||||
$ | 2,055,297 | |||||||
LEISURE PRODUCTS – 0.1% | ||||||||
Brunswick Corp. | 950 | 80,550 | ||||||
Hasbro, Inc. | 1,690 | 100,082 | ||||||
Mattel, Inc.* | 4,600 | 82,800 | ||||||
Peloton Interactive, Inc., Class A* | 3,650 | 32,412 | ||||||
Polaris, Inc. | 700 | 76,055 | ||||||
YETI Holdings, Inc.* | 1,050 | 41,423 | ||||||
|
| |||||||
$ | 413,322 | |||||||
SPECIALTY RETAIL – 2.2% | ||||||||
Advance Auto Parts, Inc. | 800 | 100,424 | ||||||
AutoNation, Inc.* | 480 | 63,216 | ||||||
AutoZone, Inc.* | 260 | 692,461 | ||||||
Bath & Body Works, Inc. | 2,960 | 103,896 | ||||||
Best Buy Co., Inc. | 2,630 | 195,988 | ||||||
Burlington Stores, Inc.* | 850 | 163,888 | ||||||
CarMax, Inc.* | 2,000 | 140,060 | ||||||
Carvana Co.*,# | 1,200 | 8,328 | ||||||
Dick’s Sporting Goods, Inc. | 700 | 101,507 | ||||||
Five Below, Inc.* | 728 | 143,678 | ||||||
Floor & Decor Holdings, Inc., Class A* | 1,310 | 130,135 | ||||||
GameStop Corp., Class A*,# | 3,500 | 67,515 | ||||||
Gap, Inc. (The) | 2,800 | 26,880 | ||||||
Home Depot, Inc. (The) | 13,550 | 4,072,317 | ||||||
Leslie’s, Inc.* | 2,150 | 23,328 | ||||||
Lithia Motors, Inc. | 350 | 77,312 | ||||||
Lowe’s Cos., Inc. | 8,150 | 1,693,814 | ||||||
O’Reilly Automotive, Inc.* | 800 | 733,848 | ||||||
Penske Automotive Group, Inc. | 300 | 41,574 | ||||||
Petco Health & Wellness Co., Inc.* | 1,150 | 11,454 | ||||||
RH* | 240 | 61,231 | ||||||
Ross Stores, Inc. | 4,440 | 473,881 | ||||||
TJX Cos., Inc. (The) | 15,230 | 1,200,429 | ||||||
Tractor Supply Co. | 1,450 | 345,680 | ||||||
Ulta Beauty, Inc.* | 650 | 358,429 | ||||||
Valvoline, Inc. | 2,250 | 77,738 | ||||||
Victoria’s Secret & Co.* | 1,003 | 31,103 | ||||||
Wayfair, Inc., Class A* | 898 | 31,277 |
Description | Number of Shares | Value | ||||||
Williams-Sonoma, Inc. | 860 | $ | 104,094 | |||||
|
| |||||||
$ | 11,275,485 | |||||||
TEXTILES, APPAREL & LUXURY GOODS – 0.7% |
| |||||||
Capri Holdings Ltd.* | 1,650 | 68,475 | ||||||
Carter’s, Inc. | 450 | 31,396 | ||||||
Columbia Sportswear Co. | 468 | 39,097 | ||||||
Deckers Outdoor Corp.* | 350 | 167,769 | ||||||
Hanesbrands, Inc. | 4,400 | 23,056 | ||||||
Lululemon Athletica, Inc.* | 1,450 | 550,898 | ||||||
NIKE, Inc., Class B | 16,140 | 2,045,261 | ||||||
PVH Corp. | 820 | 70,364 | ||||||
Ralph Lauren Corp. | 535 | 61,413 | ||||||
Skechers USA, Inc., Class A* | 1,793 | 95,370 | ||||||
Tapestry, Inc. | 3,230 | 131,816 | ||||||
Under Armour, Inc., Class A* | 2,678 | 23,754 | ||||||
Under Armour, Inc., Class C* | 2,150 | 17,286 | ||||||
VF Corp. | 4,300 | 101,093 | ||||||
|
| |||||||
$ | 3,427,048 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY |
| $ | 51,081,255 | |||||
CONSUMER STAPLES – 6.9% |
| |||||||
BEVERAGES – 1.7% | ||||||||
Boston Beer Co., Inc. (The), Class A* | 100 | 31,751 | ||||||
Brown-Forman Corp., Class A | 550 | 36,234 | ||||||
Brown-Forman Corp., Class B | 2,375 | 154,589 | ||||||
Coca-Cola Co. (The) | 51,500 | 3,303,725 | ||||||
Constellation Brands, Inc., Class A | 1,950 | 447,467 | ||||||
Keurig Dr. Pepper, Inc. | 11,300 | 369,510 | ||||||
Molson Coors Beverage Co., Class B | 2,350 | 139,778 | ||||||
Monster Beverage Corp.* | 9,600 | �� | 537,600 | |||||
PepsiCo., Inc. | 18,250 | 3,483,742 | ||||||
|
| |||||||
$ | 8,504,396 | |||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.9% |
| |||||||
Albertsons Cos., Inc., Class A | 2,100 | 43,890 | ||||||
BJ’s Wholesale Club Holdings, Inc.* | 1,700 | 129,829 | ||||||
Casey’s General Stores, Inc. | 485 | 110,978 | ||||||
Costco Wholesale Corp. | 5,850 | 2,943,837 | ||||||
Dollar General Corp. | 2,950 | 653,307 | ||||||
Dollar Tree, Inc.* | 2,762 | 424,547 | ||||||
Grocery Outlet Holding Corp.* | 1,050 | 31,269 | ||||||
Kroger Co. (The) | 8,600 | 418,218 | ||||||
Performance Food Group Co.* | 2,050 | 128,515 | ||||||
Sysco Corp. | 6,700 | 514,158 | ||||||
Target Corp. | 6,060 | 955,965 | ||||||
U.S. Foods Holding Corp.* | 2,750 | 105,600 | ||||||
Walgreens Boots Alliance, Inc. | 9,450 | 333,112 | ||||||
Walmart, Inc. | 18,750 | 2,830,687 | ||||||
|
| |||||||
$ | 9,623,912 | |||||||
FOOD PRODUCTS – 1.2% | ||||||||
Archer-Daniels-Midland Co. | 7,150 | 558,272 | ||||||
Bunge Ltd. | 1,795 | 168,012 | ||||||
Campbell Soup Co. | 2,500 | 135,750 | ||||||
Conagra Brands, Inc. | 6,250 | 237,250 | ||||||
Darling Ingredients, Inc.* | 2,050 | 122,119 | ||||||
Flowers Foods, Inc. | 2,300 | 63,273 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 12 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Freshpet, Inc.*,# | 550 | $ | 37,934 | |||||
General Mills, Inc. | 7,750 | 686,882 | ||||||
Hershey Co. (The) | 1,900 | 518,814 | ||||||
Hormel Foods Corp. | 3,650 | 147,606 | ||||||
Ingredion, Inc. | 800 | 84,936 | ||||||
J.M. Smucker Co. (The) | 1,300 | 200,733 | ||||||
Kellogg Co. | 3,300 | 230,241 | ||||||
Kraft Heinz Co. (The) | 9,200 | 361,284 | ||||||
Lamb Weston Holdings, Inc. | 1,900 | 212,439 | ||||||
McCormick & Co., Inc. | 3,250 | 285,512 | ||||||
Mondelez International, Inc., Class A | 17,850 | 1,369,452 | ||||||
Pilgrim’s Pride Corp.* | 550 | 12,546 | ||||||
Post Holdings, Inc.* | 738 | 66,782 | ||||||
Seaboard Corp. | 50 | 197,053 | ||||||
Tyson Foods, Inc., Class A | 3,750 | 234,337 | ||||||
|
| |||||||
$ | 5,931,227 | |||||||
HOUSEHOLD PRODUCTS – 1.4% |
| |||||||
Church & Dwight Co., Inc. | 3,150 | 305,928 | ||||||
Clorox Co. (The) | 1,600 | 264,992 | ||||||
Colgate-Palmolive Co. | 10,850 | 865,830 | ||||||
Kimberly-Clark Corp. | 4,350 | 630,271 | ||||||
Procter & Gamble Co. (The) | 31,150 | 4,871,237 | ||||||
Reynolds Consumer Products, Inc. | 850 | 23,826 | ||||||
Spectrum Brands Holdings, Inc. | 550 | 36,575 | ||||||
|
| |||||||
$ | 6,998,659 | |||||||
PERSONAL CARE PRODUCTS – 0.1% |
| |||||||
Coty, Inc., Class A* | 4,890 | 58,045 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 3,000 | 740,160 | ||||||
Olaplex Holdings, Inc.* | 1,700 | 6,290 | ||||||
|
| |||||||
$ | 804,495 | |||||||
TOBACCO – 0.6% | ||||||||
Altria Group, Inc. | 23,600 | 1,121,236 | ||||||
Philip Morris International, Inc. | 20,400 | 2,039,388 | ||||||
|
| |||||||
$ | 3,160,624 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES |
| $ | 35,023,313 | |||||
ENERGY – 4.6% | ||||||||
ENERGY EQUIPMENT & SERVICES – 0.3% |
| |||||||
Baker Hughes Co. | 12,600 | 368,424 | ||||||
Halliburton Co. | 11,963 | 391,788 | ||||||
NOV, Inc. | 5,098 | 85,391 | ||||||
Schlumberger NV | 18,796 | 927,583 | ||||||
|
| |||||||
$ | 1,773,186 | |||||||
OIL, GAS & CONSUMABLE FUELS – 4.3% |
| |||||||
Antero Midstream Corp. | 5,000 | 53,800 | ||||||
Antero Resources Corp.* | 3,700 | 85,063 | ||||||
APA Corp. | 4,290 | 158,087 | ||||||
Cheniere Energy, Inc. | 3,330 | 509,490 | ||||||
Chesapeake Energy Corp. | 1,600 | 132,288 | ||||||
Chevron Corp. | 25,664 | 4,326,437 | ||||||
ConocoPhillips | 16,528 | 1,700,566 | ||||||
Coterra Energy, Inc. | 10,274 | 263,014 | ||||||
Devon Energy Corp. | 8,636 | 461,421 | ||||||
Diamondback Energy, Inc. | 2,297 | 326,633 |
Description | Number of Shares | Value | ||||||
DT Midstream, Inc. | 1,425 | $ | 70,210 | |||||
Enviva, Inc.# | 450 | 9,675 | ||||||
EOG Resources, Inc. | 7,780 | 929,477 | ||||||
EQT Corp.# | 4,900 | 170,716 | ||||||
Exxon Mobil Corp. | 54,793 | 6,484,204 | ||||||
Hess Corp. | 3,690 | 535,271 | ||||||
HF Sinclair Corp. | 1,890 | 83,368 | ||||||
Kinder Morgan, Inc. | 26,755 | 458,848 | ||||||
Marathon Oil Corp. | 8,350 | 201,736 | ||||||
Marathon Petroleum Corp. | 6,200 | 756,400 | ||||||
New Fortress Energy, Inc. | 900 | 27,261 | ||||||
Occidental Petroleum Corp. | 10,510 | 646,680 | ||||||
ONEOK, Inc. | 5,910 | 386,573 | ||||||
Ovintiv, Inc. | 3,250 | 117,260 | ||||||
PDC Energy, Inc. | 1,200 | 78,060 | ||||||
Phillips 66 | 6,240 | 617,760 | ||||||
Pioneer Natural Resources Co. | 3,126 | 680,061 | ||||||
Range Resources Corp. | 3,050 | 80,673 | ||||||
Southwestern Energy Co.* | 14,450 | 74,996 | ||||||
Targa Resources Corp. | 3,000 | 226,590 | ||||||
Texas Pacific Land Corp. | 100 | 147,765 | ||||||
Valero Energy Corp. | 5,070 | 581,377 | ||||||
Vitesse Energy, Inc. | 299 | 5,502 | ||||||
Williams Cos., Inc. (The) | 16,370 | 495,356 | ||||||
|
| |||||||
$ | 21,882,618 | |||||||
|
| |||||||
TOTAL ENERGY | $ | 23,655,804 | ||||||
FINANCIALS – 13.3% |
| |||||||
BANKS – 3.1% | ||||||||
Bank of America Corp. | 92,850 | 2,718,648 | ||||||
Bank of Hawaii Corp. | 520 | 25,184 | ||||||
Bank OZK | 1,450 | 51,794 | ||||||
BOK Financial Corp. | 370 | 31,032 | ||||||
Citigroup, Inc. | 25,532 | 1,201,791 | ||||||
Citizens Financial Group, Inc. | 6,350 | 196,469 | ||||||
Columbia Banking System, Inc. | 2,348 | 50,153 | ||||||
Comerica, Inc. | 1,730 | 75,030 | ||||||
Commerce Bancshares, Inc. | 1,358 | 75,844 | ||||||
Cullen/Frost Bankers, Inc. | 740 | 81,585 | ||||||
East West Bancorp, Inc. | 1,873 | 96,815 | ||||||
Fifth Third Bancorp | 8,850 | 231,870 | ||||||
First Citizens BancShares, Inc., Class A | 150 | 151,077 | ||||||
First Hawaiian, Inc. | 1,750 | 33,443 | ||||||
First Horizon Corp. | 7,084 | 124,324 | ||||||
First Republic Bank# | 2,400 | 8,424 | ||||||
FNB Corp. | 4,250 | 48,790 | ||||||
Huntington Bancshares, Inc. | 18,496 | 207,155 | ||||||
JPMorgan Chase & Co. | 38,520 | 5,325,005 | ||||||
KeyCorp. | 12,294 | 138,431 | ||||||
M&T Bank Corp.§ | 2,323 | 292,234 | ||||||
New York Community Bancorp, Inc. | 8,633 | 92,287 | ||||||
PacWest Bancorp | 1,589 | 16,128 | ||||||
Pinnacle Financial Partners, Inc. | 1,000 | 54,230 | ||||||
PNC Financial Services Group, Inc. (The) | 5,360 | 698,140 | ||||||
Popular, Inc. | 938 | 56,289 | ||||||
Prosperity Bancshares, Inc. | 1,123 | 70,322 | ||||||
Regions Financial Corp. | 12,306 | 224,708 |
ANNUAL REPORT / April 30, 2023
13 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Synovus Financial Corp. | 1,744 | $ | 53,715 | |||||
Truist Financial Corp. | 17,407 | 567,120 | ||||||
U.S. Bancorp | 17,670 | 605,728 | ||||||
Webster Financial Corp. | 2,312 | 86,238 | ||||||
Wells Fargo & Co. | 50,075 | 1,990,481 | ||||||
Western Alliance Bancorp | 1,345 | 49,926 | ||||||
Wintrust Financial Corp. | 800 | 54,696 | ||||||
Zions Bancorp NA | 1,840 | 51,262 | ||||||
|
| |||||||
$ | 15,836,368 | |||||||
CAPITAL MARKETS – 3.0% | ||||||||
Affiliated Managers Group, Inc. | 470 | 67,859 | ||||||
Ameriprise Financial, Inc. | 1,390 | 424,117 | ||||||
Ares Management Corp., Class A | 2,000 | 175,180 | ||||||
Bank of New York Mellon Corp. (The) | 9,620 | 409,716 | ||||||
BlackRock, Inc. | 2,010 | 1,349,112 | ||||||
Blackstone, Inc. | 9,220 | 823,623 | ||||||
Blue Owl Capital, Inc. | 5,150 | 57,989 | ||||||
Carlyle Group, Inc. (The) | 2,700 | 81,891 | ||||||
Cboe Global Markets, Inc. | 1,350 | 188,595 | ||||||
Charles Schwab Corp. (The) | 20,055 | 1,047,673 | ||||||
CME Group, Inc. | 4,700 | 873,119 | ||||||
Coinbase Global, Inc., Class A*,# | 2,150 | 115,648 | ||||||
Evercore, Inc., Class A | 450 | 51,331 | ||||||
FactSet Research Systems, Inc. | 490 | 201,728 | ||||||
Franklin Resources, Inc. | 3,770 | 101,338 | ||||||
Goldman Sachs Group, Inc. (The) | 4,340 | 1,490,530 | ||||||
Interactive Brokers Group, Inc., Class A | 1,198 | 93,264 | ||||||
Intercontinental Exchange, Inc. | 7,240 | 788,653 | ||||||
Invesco Ltd. | 4,720 | 80,854 | ||||||
Janus Henderson Group PLC | 1,800 | 46,710 | ||||||
Jefferies Financial Group, Inc. | 2,548 | 81,612 | ||||||
KKR & Co., Inc. | 7,484 | 397,176 | ||||||
Lazard Ltd., Class A | 1,300 | 40,690 | ||||||
LPL Financial Holdings, Inc. | 1,050 | 219,282 | ||||||
MarketAxess Holdings, Inc. | 500 | 159,185 | ||||||
Moody’s Corp. | 2,090 | 654,421 | ||||||
Morgan Stanley | 16,276 | 1,464,352 | ||||||
Morningstar, Inc. | 300 | 53,493 | ||||||
MSCI, Inc. | 1,020 | 492,099 | ||||||
Nasdaq, Inc. | 4,540 | 251,380 | ||||||
Northern Trust Corp. | 2,680 | 209,469 | ||||||
Raymond James Financial, Inc. | 2,565 | 232,209 | ||||||
Robinhood Markets, Inc., Class A* | 7,800 | 69,030 | ||||||
S&P Global, Inc. | 4,339 | 1,573,235 | ||||||
SEI Investments Co. | 1,340 | 78,939 | ||||||
State Street Corp. | 4,820 | 348,293 | ||||||
Stifel Financial Corp. | 1,300 | 77,961 | ||||||
T Rowe Price Group, Inc. | 2,880 | 323,510 | ||||||
Tradeweb Markets, Inc., Class A | 1,450 | 102,094 | ||||||
Virtu Financial, Inc., Class A | 1,350 | 27,068 | ||||||
|
| |||||||
$ | 15,324,428 | |||||||
CONSUMER FINANCE – 0.5% | ||||||||
Ally Financial, Inc. | 3,913 | 103,225 | ||||||
American Express Co. | 7,940 | 1,281,040 | ||||||
Capital One Financial Corp. | 5,000 | 486,500 | ||||||
Credit Acceptance Corp.* | 100 | 48,950 |
Description | Number of Shares | Value | ||||||
Discover Financial Services | 3,580 | $ | 370,423 | |||||
OneMain Holdings, Inc. | 1,550 | 59,473 | ||||||
SLM Corp. | 3,510 | 52,720 | ||||||
SoFi Technologies, Inc.*,# | 11,100 | 69,153 | ||||||
Synchrony Financial | 5,900 | 174,109 | ||||||
Upstart Holdings, Inc.*,# | 800 | 11,120 | ||||||
|
| |||||||
$ | 2,656,713 | |||||||
FINANCIAL SERVICES – 4.3% |
| |||||||
Affirm Holdings, Inc.*,# | 3,050 | 30,073 | ||||||
Apollo Global Management, Inc. | 6,376 | 404,175 | ||||||
Berkshire Hathaway, Inc., Class B* | 23,846 | 7,834,603 | ||||||
Block, Inc.* | 7,000 | 425,530 | ||||||
Corebridge Financial, Inc. | 800 | 13,488 | ||||||
Equitable Holdings, Inc. | 4,843 | 125,870 | ||||||
Euronet Worldwide, Inc.* | 665 | 73,642 | ||||||
Fidelity National Information Services, Inc. | 7,800 | 458,016 | ||||||
Fiserv, Inc.* | 7,760 | 947,651 | ||||||
FleetCor Technologies, Inc.* | 950 | 203,224 | ||||||
Global Payments, Inc. | 3,513 | 395,950 | ||||||
Jack Henry & Associates, Inc. | 1,000 | 163,340 | ||||||
Mastercard, Inc., Class A | 11,220 | 4,263,937 | ||||||
MGIC Investment Corp. | 4,300 | 63,941 | ||||||
PayPal Holdings, Inc.* | 15,015 | 1,141,140 | ||||||
Rocket Cos., Inc., Class A*,# | 1,550 | 13,810 | ||||||
Shift4 Payments, Inc., Class A* | 700 | 47,439 | ||||||
Toast, Inc., Class A* | 3,150 | 57,330 | ||||||
UWM Holdings Corp.# | 1,900 | 11,400 | ||||||
Visa, Inc., Class A | 21,670 | 5,043,259 | ||||||
Voya Financial, Inc. | 1,330 | 101,718 | ||||||
Western Union Co. (The) | 5,190 | 56,727 | ||||||
WEX, Inc.* | 565 | 100,203 | ||||||
|
| |||||||
$ | 21,976,466 | |||||||
INSURANCE – 2.3% |
| |||||||
Aflac, Inc. | 8,100 | 565,785 | ||||||
Allstate Corp. (The) | 3,480 | 402,845 | ||||||
American Financial Group, Inc. | 950 | 116,593 | ||||||
American International Group, Inc. | 9,730 | 516,079 | ||||||
Aon PLC, Class A | 2,700 | 877,986 | ||||||
Arch Capital Group Ltd.* | 4,670 | 350,577 | ||||||
Arthur J. Gallagher & Co. | 2,730 | 568,004 | ||||||
Assurant, Inc. | 730 | 89,885 | ||||||
Assured Guaranty Ltd. | 750 | 40,402 | ||||||
Axis Capital Holdings Ltd. | 930 | 52,582 | ||||||
Brighthouse Financial, Inc.* | 950 | 41,990 | ||||||
Brown & Brown, Inc. | 3,040 | 195,746 | ||||||
Chubb Ltd. | 5,447 | 1,097,897 | ||||||
Cincinnati Financial Corp. | 2,056 | 218,841 | ||||||
CNA Financial Corp. | 150 | 5,836 | ||||||
Erie Indemnity Co., Class A | 320 | 69,546 | ||||||
Everest Re Group Ltd. | 520 | 196,560 | ||||||
F&G Annuities & Life, Inc. | 237 | 4,344 | ||||||
Fidelity National Financial, Inc. | 3,491 | 123,896 | ||||||
First American Financial Corp. | 1,278 | 73,626 | ||||||
Globe Life, Inc. | 1,193 | 129,464 | ||||||
Hanover Insurance Group, Inc. (The) | 450 | 53,802 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,190 | 297,448 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 14 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Kemper Corp. | 778 | $ | 37,850 | |||||
Lincoln National Corp. | 2,458 | 53,412 | ||||||
Loews Corp. | 2,700 | 155,439 | ||||||
Markel Corp.* | 180 | 246,335 | ||||||
Marsh & McLennan Cos., Inc. | 6,540 | 1,178,443 | ||||||
MetLife, Inc. | 8,851 | 542,832 | ||||||
Old Republic International Corp. | 3,468 | 87,636 | ||||||
Primerica, Inc. | 523 | 95,453 | ||||||
Principal Financial Group, Inc. | 3,240 | 241,996 | ||||||
Progressive Corp. (The) | 7,680 | 1,047,552 | ||||||
Prudential Financial, Inc. | 4,880 | 424,560 | ||||||
Reinsurance Group of America, Inc. | 840 | 119,549 | ||||||
RenaissanceRe Holdings Ltd. | 578 | 124,507 | ||||||
Ryan Specialty Holdings, Inc.* | 1,050 | 42,903 | ||||||
Travelers Cos., Inc. (The) | 3,080 | 557,911 | ||||||
Unum Group | 2,660 | 112,252 | ||||||
W.R. Berkley Corp. | 2,730 | 160,852 | ||||||
White Mountains Insurance Group Ltd. | 60 | 85,928 | ||||||
Willis Towers Watson PLC | 1,400 | 324,240 | ||||||
|
| |||||||
$ | 11,729,384 | |||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) – 0.1% |
| |||||||
AGNC Investment Corp. | 7,285 | 72,194 | ||||||
Annaly Capital Management, Inc. | 6,082 | 121,518 | ||||||
Rithm Capital Corp. | 5,650 | 46,104 | ||||||
Starwood Property Trust, Inc. | 3,768 | 67,410 | ||||||
|
| |||||||
$ | 307,226 | |||||||
|
| |||||||
TOTAL FINANCIALS | $ | 67,830,585 | ||||||
HEALTH CARE – 14.0% | ||||||||
BIOTECHNOLOGY – 2.4% |
| |||||||
2seventy bio, Inc.* | 16 | 152 | ||||||
AbbVie, Inc. | 23,411 | 3,537,870 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,600 | 318,720 | ||||||
Amgen, Inc. | 7,014 | 1,681,536 | ||||||
Biogen, Inc.* | 1,900 | 578,037 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,400 | 230,496 | ||||||
Exact Sciences Corp.* | 2,300 | 147,361 | ||||||
Exelixis, Inc.* | 4,200 | 76,860 | ||||||
Gilead Sciences, Inc. | 16,594 | 1,364,193 | ||||||
Horizon Therapeutics PLC* | 2,950 | 327,922 | ||||||
Incyte Corp.* | 2,410 | 179,328 | ||||||
Ionis Pharmaceuticals, Inc.* | 1,800 | 63,666 | ||||||
Mirati Therapeutics, Inc.* | 550 | 24,371 | ||||||
Moderna, Inc.* | 4,350 | 578,071 | ||||||
Natera, Inc.* | 1,350 | 68,472 | ||||||
Neurocrine Biosciences, Inc.* | 1,250 | 126,300 | ||||||
Novavax, Inc.*,# | 880 | 6,750 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,400 | 1,122,506 | ||||||
Sarepta Therapeutics, Inc.* | 1,115 | 136,889 | ||||||
Seagen, Inc.* | 1,800 | 360,000 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 950 | 41,486 | ||||||
United Therapeutics Corp.* | 590 | 135,777 | ||||||
Vertex Pharmaceuticals, Inc.* | 3,343 | 1,139,060 | ||||||
|
| |||||||
$ | 12,245,823 | |||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 2.9% |
| |||||||
Abbott Laboratories | 22,745 | 2,512,640 |
Description | Number of Shares | Value | ||||||
Align Technology, Inc.* | 1,060 | $ | 344,818 | |||||
Baxter International, Inc. | 6,580 | 313,734 | ||||||
Becton Dickinson & Co. | 3,734 | 986,934 | ||||||
Boston Scientific Corp.* | 18,750 | 977,250 | ||||||
Cooper Cos., Inc. (The) | 650 | 247,942 | ||||||
DENTSPLY SIRONA, Inc. | 2,729 | 114,427 | ||||||
DexCom, Inc.* | 5,050 | 612,767 | ||||||
Edwards Lifesciences Corp.* | 8,116 | 714,046 | ||||||
Enovis Corp.* | 650 | 37,863 | ||||||
Envista Holdings Corp.* | 2,250 | 86,603 | ||||||
GE HealthCare Technologies, Inc.* | 4,805 | 390,839 | ||||||
Globus Medical, Inc., Class A* | 1,050 | 61,047 | ||||||
Hologic, Inc.* | 3,190 | 274,372 | ||||||
ICU Medical, Inc.* | 250 | 47,285 | ||||||
IDEXX Laboratories, Inc.* | 1,080 | 531,533 | ||||||
Insulet Corp.* | 900 | 286,236 | ||||||
Integra LifeSciences Holdings Corp.* | 848 | 46,911 | ||||||
Intuitive Surgical, Inc.* | 4,650 | 1,400,673 | ||||||
Masimo Corp.* | 650 | 122,941 | ||||||
Medtronic PLC | 17,576 | 1,598,537 | ||||||
Novocure Ltd.* | 1,350 | 88,965 | ||||||
Penumbra, Inc.* | 450 | 127,854 | ||||||
QuidelOrtho Corp.* | 668 | 60,087 | ||||||
ResMed, Inc. | 1,920 | 462,643 | ||||||
STERIS PLC | 1,300 | 245,115 | ||||||
Stryker Corp. | 4,650 | 1,393,372 | ||||||
Tandem Diabetes Care, Inc.* | 900 | 35,622 | ||||||
Teleflex, Inc. | 610 | 166,237 | ||||||
Zimmer Biomet Holdings, Inc. | 2,760 | 382,094 | ||||||
|
| |||||||
$ | 14,671,387 | |||||||
HEALTH CARE PROVIDERS & SERVICES – 2.9% |
| |||||||
Acadia Healthcare Co., Inc.* | 1,150 | 83,134 | ||||||
agilon health, Inc.*,# | 2,400 | 58,248 | ||||||
Amedisys, Inc.* | 400 | 32,120 | ||||||
AmerisourceBergen Corp. | 2,070 | 345,379 | ||||||
Cardinal Health, Inc. | 3,570 | 293,097 | ||||||
Centene Corp.* | 7,530 | 519,043 | ||||||
Chemed Corp. | 200 | 110,250 | ||||||
Cigna Group (The) | 3,942 | 998,469 | ||||||
CVS Health Corp. | 17,271 | 1,266,137 | ||||||
DaVita, Inc.* | 738 | 66,686 | ||||||
Elevance Health, Inc. | 3,210 | 1,504,366 | ||||||
Encompass Health Corp. | 1,230 | 78,905 | ||||||
Enhabit, Inc.* | 740 | 9,065 | ||||||
Guardant Health, Inc.* | 1,435 | 32,374 | ||||||
HCA Healthcare, Inc. | 2,850 | 818,890 | ||||||
Henry Schein, Inc.* | 1,720 | 138,993 | ||||||
Humana, Inc. | 1,680 | 891,223 | ||||||
Laboratory Corp. of America Holdings | 1,157 | 262,303 | ||||||
McKesson Corp. | 1,850 | 673,844 | ||||||
Molina Healthcare, Inc.* | 750 | 223,418 | ||||||
Oak Street Health, Inc.* | 1,500 | 58,455 | ||||||
Premier, Inc., Class A | 1,500 | 49,995 | ||||||
Quest Diagnostics, Inc. | 1,500 | 208,215 | ||||||
Tenet Healthcare Corp.* | 1,450 | 106,314 | ||||||
UnitedHealth Group, Inc. | 12,370 | 6,087,153 |
ANNUAL REPORT / April 30, 2023
15 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Universal Health Services, Inc., Class B | 830 | $ | 124,791 | |||||
|
| |||||||
$ | 15,040,867 | |||||||
HEALTH CARE TECHNOLOGY – 0.1% |
| |||||||
Certara, Inc.* | 1,450 | 35,047 | ||||||
Definitive Healthcare Corp.* | 450 | 4,815 | ||||||
Doximity, Inc., Class A*,# | 1,550 | 56,962 | ||||||
Teladoc Health, Inc.* | 2,087 | 55,368 | ||||||
Veeva Systems, Inc., Class A* | 1,820 | 325,926 | ||||||
|
| |||||||
$ | 478,118 | |||||||
LIFE SCIENCES TOOLS & SERVICES – 1.7% |
| |||||||
10X Genomics, Inc., Class A* | 1,240 | 65,013 | ||||||
Agilent Technologies, Inc. | 3,940 | 533,594 | ||||||
Avantor, Inc.* | 7,945 | 154,769 | ||||||
Azenta, Inc.* | 1,050 | 45,665 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 290 | 130,729 | ||||||
Bio-Techne Corp. | 2,000 | 159,760 | ||||||
Bruker Corp. | 1,400 | 110,782 | ||||||
Charles River Laboratories International, Inc.* | 670 | 127,380 | ||||||
Danaher Corp. | 8,580 | 2,032,688 | ||||||
Illumina, Inc.* | 2,040 | 419,342 | ||||||
IQVIA Holdings, Inc.* | 2,430 | 457,399 | ||||||
Maravai LifeSciences Holdings, Inc., Class A* | 1,500 | 20,685 | ||||||
Mettler-Toledo International, Inc.* | 320 | 477,280 | ||||||
PerkinElmer, Inc. | 1,670 | 217,918 | ||||||
QIAGEN NV* | 3,000 | 133,830 | ||||||
Repligen Corp.* | 750 | 113,723 | ||||||
Sotera Health Co.* | 1,100 | 18,447 | ||||||
Syneos Health, Inc.* | 1,350 | 53,001 | ||||||
Thermo Fisher Scientific, Inc. | 5,170 | 2,868,833 | ||||||
Waters Corp.* | 760 | 228,274 | ||||||
West Pharmaceutical Services, Inc. | 950 | 343,178 | ||||||
|
| |||||||
$ | 8,712,290 | |||||||
PHARMACEUTICALS – 4.0% |
| |||||||
AstraZeneca PLC, ADR | 1 | 73 | ||||||
Bristol-Myers Squibb Co. | 28,126 | 1,877,973 | ||||||
Catalent, Inc.* | 2,400 | 120,288 | ||||||
Elanco Animal Health, Inc.* | 5,800 | 54,926 | ||||||
Eli Lilly & Co. | 11,130 | 4,405,922 | ||||||
Jazz Pharmaceuticals PLC* | 810 | 113,781 | ||||||
Johnson & Johnson | 34,800 | 5,696,760 | ||||||
Merck & Co., Inc. | 33,466 | 3,864,319 | ||||||
Organon & Co. | 3,266 | 80,442 | ||||||
Perrigo Co. PLC | 1,808 | 67,239 | ||||||
Pfizer, Inc. | 74,753 | 2,907,144 | ||||||
Royalty Pharma PLC, Class A | 4,950 | 173,992 | ||||||
Viatris, Inc. | 16,405 | 153,059 | ||||||
Zoetis, Inc. | 6,181 | 1,086,496 | ||||||
|
| |||||||
$ | 20,602,414 | |||||||
|
| |||||||
TOTAL HEALTH CARE |
| $ | 71,750,899 | |||||
INDUSTRIALS – 9.3% |
| |||||||
AEROSPACE & DEFENSE – 1.7% |
| |||||||
Axon Enterprise, Inc.* | 850 | 179,103 | ||||||
Boeing Co. (The)* | 7,190 | 1,486,748 | ||||||
BWX Technologies, Inc. | 1,255 | 81,048 |
Description | Number of Shares | Value | ||||||
Curtiss-Wright Corp. | 465 | $ | 78,971 | |||||
General Dynamics Corp. | 3,180 | 694,321 | ||||||
HEICO Corp.# | 550 | 92,752 | ||||||
HEICO Corp., Class A | 1,052 | 141,210 | ||||||
Hexcel Corp. | 1,150 | 82,892 | ||||||
Howmet Aerospace, Inc. | 4,766 | 211,086 | ||||||
Huntington Ingalls Industries, Inc. | 495 | 99,822 | ||||||
L3Harris Technologies, Inc. | 2,482 | 484,362 | ||||||
Lockheed Martin Corp. | 3,090 | 1,435,150 | ||||||
Mercury Systems, Inc.* | 650 | 30,986 | ||||||
Northrop Grumman Corp. | 1,920 | 885,638 | ||||||
Raytheon Technologies Corp. | 19,404 | 1,938,460 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 1,240 | 36,902 | ||||||
Textron, Inc. | 2,753 | 184,286 | ||||||
TransDigm Group, Inc. | 690 | 527,850 | ||||||
Woodward, Inc. | 775 | 74,416 | ||||||
|
| |||||||
$ | 8,746,003 | |||||||
AIR FREIGHT & LOGISTICS – 0.6% |
| |||||||
C.H. Robinson Worldwide, Inc. | 1,584 | 159,778 | ||||||
Expeditors International of Washington, Inc. | 2,130 | 242,479 | ||||||
FedEx Corp. | 3,160 | 719,785 | ||||||
GXO Logistics, Inc.* | 1,450 | 77,038 | ||||||
United Parcel Service, Inc., Class B | 9,680 | 1,740,561 | ||||||
|
| |||||||
$ | 2,939,641 | |||||||
BUILDING PRODUCTS – 0.6% |
| |||||||
A.O. Smith Corp. | 1,700 | 116,093 | ||||||
Advanced Drainage Systems, Inc. | 850 | 72,862 | ||||||
Allegion PLC | 1,133 | 125,174 | ||||||
Armstrong World Industries, Inc. | 628 | 43,118 | ||||||
AZEK Co., Inc. (The)* | 1,500 | 40,710 | ||||||
Builders FirstSource, Inc.* | 1,900 | 180,063 | ||||||
Carlisle Cos., Inc. | 690 | 148,937 | ||||||
Carrier Global Corp. | 11,050 | 462,111 | ||||||
Fortune Brands Innovations, Inc. | 1,710 | 110,620 | ||||||
Hayward Holdings, Inc.* | 650 | 7,826 | ||||||
Johnson Controls International PLC | 9,081 | 543,407 | ||||||
Lennox International, Inc. | 400 | 112,764 | ||||||
Masco Corp. | 2,930 | 156,784 | ||||||
Masterbrand, Inc.* | 1,710 | 13,800 | ||||||
Owens Corning | 1,248 | 133,299 | ||||||
Trane Technologies PLC | 3,000 | 557,430 | ||||||
Trex Co., Inc.* | 1,344 | 73,463 | ||||||
|
| |||||||
$ | 2,898,461 | |||||||
COMMERCIAL SERVICES & SUPPLIES – 0.5% |
| |||||||
Cintas Corp. | 1,120 | 510,462 | ||||||
Clean Harbors, Inc.* | 650 | 94,354 | ||||||
Copart, Inc.* | 5,500 | 434,775 | ||||||
Driven Brands Holdings, Inc.* | 750 | 23,025 | ||||||
MSA Safety, Inc. | 450 | 58,388 | ||||||
Rentokil Initial PLC, ADR | 35 | 1,387 | ||||||
Republic Services, Inc. | 2,740 | 396,259 | ||||||
Ritchie Bros Auctioneers, Inc. | 876 | 50,098 | ||||||
Rollins, Inc. | 3,050 | 128,863 | ||||||
Stericycle, Inc.* | 1,235 | 56,378 | ||||||
Tetra Tech, Inc. | 700 | 96,859 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 16 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Waste Management, Inc. | 5,390 | $ | 895,009 | |||||
|
| |||||||
$ | 2,745,857 | |||||||
CONSTRUCTION & ENGINEERING – 0.2% |
| |||||||
AECOM | 1,725 | 143,261 | ||||||
MasTec, Inc.* | 750 | 66,608 | ||||||
MDU Resources Group, Inc. | 2,650 | 77,433 | ||||||
Quanta Services, Inc. | 1,888 | 320,280 | ||||||
Valmont Industries, Inc. | 260 | 75,546 | ||||||
WillScot Mobile Mini Holdings Corp.* | 2,700 | 122,580 | ||||||
|
| |||||||
$ | 805,708 | |||||||
ELECTRICAL EQUIPMENT – 0.6% |
| |||||||
Acuity Brands, Inc. | 400 | 62,952 | ||||||
AMETEK, Inc. | 3,010 | 415,169 | ||||||
ChargePoint Holdings, Inc.*,# | 3,350 | 29,045 | ||||||
Eaton Corp. PLC | 5,228 | 873,703 | ||||||
Emerson Electric Co. | 7,790 | 648,595 | ||||||
Generac Holdings, Inc.* | 847 | 86,580 | ||||||
Hubbell, Inc. | 690 | 185,831 | ||||||
nVent Electric PLC | 2,216 | 92,917 | ||||||
Plug Power, Inc.*,# | 6,950 | 62,759 | ||||||
Regal Rexnord Corp. | 900 | 117,144 | ||||||
Rockwell Automation, Inc. | 1,520 | 430,783 | ||||||
Sensata Technologies Holding PLC | 2,098 | 91,158 | ||||||
Sunrun, Inc.* | 2,600 | 54,704 | ||||||
Vertiv Holdings Co. | 4,050 | 60,426 | ||||||
|
| |||||||
$ | 3,211,766 | |||||||
GROUND TRANSPORTATION – 1.0% |
| |||||||
Avis Budget Group, Inc.* | 350 | 61,834 | ||||||
CSX Corp. | 27,800 | 851,792 | ||||||
Hertz Global Holdings, Inc.* | 2,600 | 43,368 | ||||||
JB Hunt Transport Services, Inc. | 1,030 | 180,549 | ||||||
Knight-Swift Transportation Holdings, Inc. | 2,085 | 117,427 | ||||||
Landstar System, Inc. | 490 | 86,255 | ||||||
Lyft, Inc., Class A* | 4,300 | 44,075 | ||||||
Norfolk Southern Corp. | 3,010 | 611,120 | ||||||
Old Dominion Freight Line, Inc. | 1,300 | 416,507 | ||||||
RXO, Inc.* | 1,450 | 26,231 | ||||||
Ryder System, Inc. | 640 | 50,662 | ||||||
Schneider National, Inc., Class B | 723 | 18,921 | ||||||
Uber Technologies, Inc.* | 25,400 | 788,670 | ||||||
U-Haul Holding Co. | 113 | 6,900 | ||||||
U-Haul Holding Co. | 17 | 920 | ||||||
Union Pacific Corp. | 8,120 | 1,589,084 | ||||||
XPO, Inc.* | 1,450 | 64,061 | ||||||
|
| |||||||
$ | 4,958,376 | |||||||
INDUSTRIAL CONGLOMERATES – 0.8% |
| |||||||
3M Co. | 7,280 | 773,282 | ||||||
General Electric Co. | 14,415 | 1,426,652 | ||||||
Honeywell International, Inc. | 8,900 | 1,778,576 | ||||||
|
| |||||||
$ | 3,978,510 | |||||||
MACHINERY – 1.8% | ||||||||
AGCO Corp. | 845 | 104,729 | ||||||
Allison Transmission Holdings, Inc. | 1,200 | 58,548 | ||||||
Caterpillar, Inc. | 6,850 | 1,498,780 |
Description | Number of Shares | Value | ||||||
Crane Co.* | 650 | $ | 46,846 | |||||
Crane NXT Co. | 650 | 30,784 | ||||||
Cummins, Inc. | 1,830 | 430,123 | ||||||
Deere & Co. | 3,640 | 1,375,993 | ||||||
Donaldson Co., Inc. | 1,560 | 99,138 | ||||||
Dover Corp. | 1,860 | 271,858 | ||||||
Esab Corp. | 649 | 37,876 | ||||||
Flowserve Corp. | 1,798 | 60,035 | ||||||
Fortive Corp. | 4,640 | 292,738 | ||||||
Gates Industrial Corp. PLC* | 1,200 | 16,164 | ||||||
Graco, Inc. | 2,320 | 183,953 | ||||||
IDEX Corp. | 1,020 | 210,446 | ||||||
Illinois Tool Works, Inc. | 4,000 | 967,760 | ||||||
Ingersoll Rand, Inc. | 5,394 | 307,566 | ||||||
ITT, Inc. | 1,035 | 87,395 | ||||||
Lincoln Electric Holdings, Inc. | 750 | 125,850 | ||||||
Middleby Corp. (The)* | 700 | 98,616 | ||||||
Nordson Corp. | 750 | 162,232 | ||||||
Oshkosh Corp. | 790 | 60,451 | ||||||
Otis Worldwide Corp. | 5,625 | 479,812 | ||||||
PACCAR, Inc. | 6,660 | 497,435 | ||||||
Parker-Hannifin Corp. | 1,660 | 539,301 | ||||||
Pentair PLC | 2,164 | 125,685 | ||||||
Snap-on, Inc. | 680 | 176,399 | ||||||
Stanley Black & Decker, Inc. | 1,920 | 165,773 | ||||||
Timken Co. (The) | 800 | 61,480 | ||||||
Toro Co. (The) | 1,380 | 143,879 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,365 | 230,990 | ||||||
Xylem, Inc. | 2,310 | 239,870 | ||||||
|
| |||||||
$ | 9,188,505 | |||||||
MARINE TRANSPORTATION – 0.0%** |
| |||||||
Kirby Corp.* | 800 | 57,472 | ||||||
PASSENGER AIRLINES – 0.2% |
| |||||||
Alaska Air Group, Inc.* | 1,625 | 70,623 | ||||||
American Airlines Group, Inc.* | 8,293 | 113,117 | ||||||
Copa Holdings SA, Class A | 400 | 36,128 | ||||||
Delta Air Lines, Inc.* | 8,340 | 286,145 | ||||||
JetBlue Airways Corp.* | 3,750 | 26,775 | ||||||
Southwest Airlines Co. | 7,680 | 232,627 | ||||||
United Airlines Holdings, Inc.* | 4,283 | 187,595 | ||||||
|
| |||||||
$ | 953,010 | |||||||
PROFESSIONAL SERVICES – 1.0% |
| |||||||
Automatic Data Processing, Inc. | 5,530 | 1,216,600 | ||||||
Booz Allen Hamilton Holding Corp. | 1,750 | 167,510 | ||||||
Broadridge Financial Solutions, Inc. | 1,530 | 222,477 | ||||||
CACI International, Inc., Class A* | 303 | 94,936 | ||||||
Ceridian HCM Holding, Inc.* | 1,875 | 119,025 | ||||||
Clarivate PLC* | 6,400 | 56,704 | ||||||
Concentrix Corp. | 543 | 52,405 | ||||||
CoStar Group, Inc.* | 5,250 | 403,987 | ||||||
Dun & Bradstreet Holdings, Inc. | 3,100 | 34,627 | ||||||
Equifax, Inc. | 1,560 | 325,073 | ||||||
FTI Consulting, Inc.* | 450 | 81,225 | ||||||
Genpact Ltd. | 2,545 | 113,380 | ||||||
Jacobs Solutions, Inc. | 1,650 | 190,509 | ||||||
KBR, Inc. | 1,900 | 107,787 |
ANNUAL REPORT / April 30, 2023
17 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Leidos Holdings, Inc. | 1,800 | $ | 167,868 | |||||
ManpowerGroup, Inc. | 710 | 53,754 | ||||||
Paychex, Inc. | 4,270 | 469,102 | ||||||
Paycom Software, Inc.* | 650 | 188,741 | ||||||
Paycor HCM, Inc.* | 450 | 10,575 | ||||||
Paylocity Holding Corp.* | 525 | 101,477 | ||||||
Robert Half International, Inc. | 1,398 | 102,054 | ||||||
Science Applications International Corp. | 700 | 71,421 | ||||||
SS&C Technologies Holdings, Inc. | 3,000 | 175,620 | ||||||
TransUnion | 2,600 | 178,906 | ||||||
Verisk Analytics, Inc. | 2,050 | 397,926 | ||||||
|
| |||||||
$ | 5,103,689 | |||||||
TRADING COMPANIES & DISTRIBUTORS – 0.3% |
| |||||||
Air Lease Corp. | 1,450 | 58,319 | ||||||
Core & Main, Inc., Class A*,# | 1,000 | 26,060 | ||||||
Fastenal Co. | 7,490 | 403,262 | ||||||
MSC Industrial Direct Co., Inc., Class A | 590 | 53,531 | ||||||
SiteOne Landscape Supply, Inc.* | 550 | 81,257 | ||||||
United Rentals, Inc. | 920 | 332,221 | ||||||
Univar Solutions, Inc.* | 2,200 | 78,100 | ||||||
Watsco, Inc. | 400 | 138,552 | ||||||
WESCO International, Inc. | 600 | 86,400 | ||||||
WW Grainger, Inc. | 590 | 410,386 | ||||||
|
| |||||||
$ | 1,668,088 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | $ | 47,255,086 | ||||||
INFORMATION TECHNOLOGY – 24.8% |
| |||||||
COMMUNICATIONS EQUIPMENT – 0.8% |
| |||||||
Arista Networks, Inc.* | 3,250 | 520,520 | ||||||
Ciena Corp.* | 1,973 | 90,837 | ||||||
Cisco Systems, Inc. | 54,250 | 2,563,312 | ||||||
F5, Inc.* | 763 | 102,517 | ||||||
Juniper Networks, Inc. | 4,240 | 127,836 | ||||||
Lumentum Holdings, Inc.* | 900 | 43,425 | ||||||
Motorola Solutions, Inc. | 2,180 | 635,252 | ||||||
Ubiquiti, Inc. | 50 | 11,628 | ||||||
Viasat, Inc.* | 950 | 33,278 | ||||||
|
| |||||||
$ | 4,128,605 | |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.6% |
| |||||||
Amphenol Corp., Class A | 7,650 | 577,345 | ||||||
Arrow Electronics, Inc.* | 785 | 89,828 | ||||||
Avnet, Inc. | 1,150 | 47,449 | ||||||
CDW Corp. | 1,790 | 303,566 | ||||||
Cognex Corp. | 2,250 | 107,303 | ||||||
Coherent Corp.* | 1,418 | 48,411 | ||||||
Corning, Inc. | 9,970 | 331,203 | ||||||
IPG Photonics Corp.* | 400 | 45,992 | ||||||
Jabil, Inc. | 1,758 | 137,388 | ||||||
Keysight Technologies, Inc.* | 2,350 | 339,904 | ||||||
Littelfuse, Inc. | 293 | 70,976 | ||||||
National Instruments Corp. | 1,720 | 100,156 | ||||||
TD SYNNEX Corp. | 543 | 48,349 | ||||||
Teledyne Technologies, Inc.* | 593 | 245,739 | ||||||
Trimble, Inc.* | 3,180 | 149,778 | ||||||
Vontier Corp. | 1,956 | 53,066 |
Description | Number of Shares | Value | ||||||
Zebra Technologies Corp., Class A* | 700 | $ | 201,621 | |||||
|
| |||||||
$ | 2,898,074 | |||||||
IT SERVICES – 1.4% | ||||||||
Accenture PLC, Class A | 8,450 | 2,368,450 | ||||||
Akamai Technologies, Inc.* | 2,000 | 163,940 | ||||||
Amdocs Ltd. | 1,620 | 147,825 | ||||||
Cloudflare, Inc., Class A* | 3,650 | 171,732 | ||||||
Cognizant Technology Solutions Corp., Class A | 6,660 | 397,669 | ||||||
DXC Technology Co.* | 2,826 | 67,400 | ||||||
EPAM Systems, Inc.* | 700 | 197,708 | ||||||
Gartner, Inc.* | 1,000 | 302,460 | ||||||
Globant SA* | 550 | 86,279 | ||||||
GoDaddy, Inc., Class A* | 2,050 | 155,144 | ||||||
International Business Machines Corp. | 11,910 | 1,505,543 | ||||||
Kyndryl Holdings, Inc.* | 2,412 | 34,878 | ||||||
MongoDB, Inc.* | 865 | 207,565 | ||||||
Okta, Inc.* | 1,950 | 133,633 | ||||||
Snowflake, Inc., Class A* | 4,030 | 596,762 | ||||||
Thoughtworks Holding, Inc.* | 1,150 | 7,165 | ||||||
Twilio, Inc., Class A* | 2,300 | 121,003 | ||||||
VeriSign, Inc.* | 1,250 | 277,250 | ||||||
Wix.com Ltd.* | 690 | 60,189 | ||||||
|
| |||||||
$ | 7,002,595 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.5% |
| |||||||
Advanced Micro Devices, Inc.* | 21,318 | 1,905,190 | ||||||
Allegro MicroSystems, Inc.* | 750 | 26,828 | ||||||
Analog Devices, Inc. | 6,742 | 1,212,751 | ||||||
Applied Materials, Inc. | 11,280 | 1,274,978 | ||||||
Broadcom, Inc. | 5,233 | 3,278,475 | ||||||
Cirrus Logic, Inc.* | 700 | 60,053 | ||||||
Enphase Energy, Inc.* | 1,700 | 279,140 | ||||||
Entegris, Inc. | 1,950 | 146,094 | ||||||
First Solar, Inc.* | 1,400 | 255,612 | ||||||
GLOBALFOUNDRIES, Inc.*,# | 900 | 52,920 | ||||||
Intel Corp. | 54,170 | 1,682,520 | ||||||
KLA Corp. | 1,850 | 715,099 | ||||||
Lam Research Corp. | 1,780 | 932,862 | ||||||
Lattice Semiconductor Corp.* | 1,850 | 147,445 | ||||||
Marvell Technology, Inc. | 11,111 | 438,662 | ||||||
Microchip Technology, Inc. | 6,978 | 509,324 | ||||||
Micron Technology, Inc. | 14,300 | 920,348 | ||||||
MKS Instruments, Inc. | 783 | 65,670 | ||||||
Monolithic Power Systems, Inc. | 580 | 267,943 | ||||||
NVIDIA Corp. | 32,745 | 9,086,410 | ||||||
ON Semiconductor Corp.* | 5,678 | 408,589 | ||||||
Qorvo, Inc.* | 1,400 | 128,912 | ||||||
QUALCOMM, Inc. | 14,780 | 1,726,304 | ||||||
Skyworks Solutions, Inc. | 2,150 | 227,685 | ||||||
Teradyne, Inc. | 2,050 | 187,329 | ||||||
Texas Instruments, Inc. | 12,000 | 2,006,400 | ||||||
Universal Display Corp. | 600 | 80,076 | ||||||
Wolfspeed, Inc.* | 1,575 | 73,316 | ||||||
|
| |||||||
$ | 28,096,935 | |||||||
SOFTWARE – 9.7% | ||||||||
Adobe, Inc.* | 6,160 | 2,325,770 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 18 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Alteryx, Inc., Class A* | 850 | $ | 34,961 | |||||
ANSYS, Inc.* | 1,130 | 354,730 | ||||||
AppLovin Corp., Class A* | 2,850 | 48,450 | ||||||
Aspen Technology, Inc.* | 367 | 64,959 | ||||||
Atlassian Corp., Class A* | 1,900 | 280,554 | ||||||
Autodesk, Inc.* | 2,880 | 560,995 | ||||||
Bentley Systems, Inc., Class B | 2,100 | 89,376 | ||||||
BILL Holdings, Inc.* | 1,300 | 99,853 | ||||||
Black Knight, Inc.* | 2,087 | 114,034 | ||||||
Cadence Design Systems, Inc.* | 3,560 | 745,642 | ||||||
CCC Intelligent Solutions Holdings, Inc.* | 2,300 | 19,964 | ||||||
Confluent, Inc., Class A* | 1,750 | 38,500 | ||||||
Crowdstrike Holdings, Inc., Class A* | 2,769 | 332,418 | ||||||
Datadog, Inc., Class A* | 3,498 | 235,695 | ||||||
DocuSign, Inc.* | 2,550 | 126,072 | ||||||
Dolby Laboratories, Inc., Class A | 840 | 70,300 | ||||||
DoubleVerify Holdings, Inc.* | 1,050 | 30,891 | ||||||
Dropbox, Inc., Class A* | 3,700 | 75,258 | ||||||
Dynatrace, Inc.* | 2,723 | 115,128 | ||||||
Elastic NV* | 1,050 | 60,113 | ||||||
Fair Isaac Corp.* | 350 | 254,782 | ||||||
Five9, Inc.* | 893 | 57,902 | ||||||
Fortinet, Inc.* | 8,550 | 539,077 | ||||||
Gen Digital, Inc. | 7,520 | 132,878 | ||||||
Guidewire Software, Inc.* | 1,150 | 87,619 | ||||||
HubSpot, Inc.* | 603 | 253,833 | ||||||
Informatica, Inc., Class A* | 500 | 7,730 | ||||||
Intuit, Inc. | 3,650 | 1,620,417 | ||||||
Jamf Holding Corp.* | 700 | 13,244 | ||||||
Manhattan Associates, Inc.* | 773 | 128,071 | ||||||
Microsoft Corp. | 99,849 | 30,679,604 | ||||||
N-Able, Inc.* | 436 | 5,559 | ||||||
nCino, Inc.* | 800 | 19,784 | ||||||
NCR Corp.* | 1,620 | 36,110 | ||||||
New Relic, Inc.* | 750 | 53,603 | ||||||
Nutanix, Inc., Class A* | 2,950 | 70,741 | ||||||
Oracle Corp. | 20,160 | 1,909,555 | ||||||
Palantir Technologies, Inc., Class A* | 23,770 | 184,217 | ||||||
Palo Alto Networks, Inc.* | 3,870 | 706,120 | ||||||
Pegasystems, Inc. | 620 | 28,284 | ||||||
Procore Technologies, Inc.* | 1,000 | 53,410 | ||||||
PTC, Inc.* | 1,350 | 169,816 | ||||||
RingCentral, Inc., Class A* | 1,050 | 28,938 | ||||||
Roper Technologies, Inc. | 1,400 | 636,692 | ||||||
Salesforce, Inc.* | 12,666 | 2,512,554 | ||||||
SentinelOne, Inc., Class A* | 2,350 | 37,765 | ||||||
ServiceNow, Inc.* | 2,650 | 1,217,463 | ||||||
Smartsheet, Inc., Class A* | 1,705 | 69,683 | ||||||
Splunk, Inc.* | 2,150 | 185,416 | ||||||
Synopsys, Inc.* | 2,000 | 742,640 | ||||||
Teradata Corp.* | 1,370 | 53,033 | ||||||
Tyler Technologies, Inc.* | 550 | 208,466 | ||||||
UiPath, Inc., Class A* | 4,700 | 66,176 | ||||||
Unity Software, Inc.*,# | 3,310 | 89,271 | ||||||
VMware, Inc., Class A* | 2,719 | 339,957 | ||||||
Workday, Inc., Class A* | 2,600 | 483,964 | ||||||
Zoom Video Communications, Inc., Class A* | 3,278 | 201,368 |
Description | Number of Shares | Value | ||||||
Zscaler, Inc.* | 1,100 | $ | 99,110 | |||||
|
| |||||||
$ | 49,808,515 | |||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.8% |
| |||||||
Apple, Inc. | 199,290 | 33,815,527 | ||||||
Dell Technologies, Inc., Class C | 3,419 | 148,692 | ||||||
Hewlett Packard Enterprise Co. | 16,790 | 240,433 | ||||||
HP, Inc. | 13,240 | 393,360 | ||||||
NetApp, Inc. | 2,903 | 182,570 | ||||||
Pure Storage, Inc., Class A* | 3,845 | 87,781 | ||||||
Western Digital Corp.* | 4,233 | 145,785 | ||||||
|
| |||||||
$ | 35,014,148 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY |
| $ | 126,948,872 | |||||
MATERIALS – 2.7% | ||||||||
CHEMICALS – 1.7% | ||||||||
Air Products & Chemicals, Inc. | 2,850 | 838,926 | ||||||
Albemarle Corp. | 1,500 | 278,190 | ||||||
Ashland, Inc. | 600 | 60,966 | ||||||
Axalta Coating Systems Ltd.* | 2,710 | 85,555 | ||||||
Celanese Corp. | 1,400 | 148,736 | ||||||
CF Industries Holdings, Inc. | 2,550 | 182,529 | ||||||
Chemours Co. (The) | 1,850 | 53,780 | ||||||
Corteva, Inc. | 9,112 | 556,925 | ||||||
Dow, Inc. | 9,029 | 491,178 | ||||||
DuPont de Nemours, Inc. | 6,412 | 447,045 | ||||||
Eastman Chemical Co. | 1,600 | 134,832 | ||||||
Ecolab, Inc. | 3,150 | 528,696 | ||||||
Element Solutions, Inc. | 3,100 | 56,265 | ||||||
FMC Corp. | 1,600 | 197,728 | ||||||
Ginkgo Bioworks Holdings, Inc.*,# | 11,000 | 13,420 | ||||||
Huntsman Corp. | 2,600 | 69,654 | ||||||
International Flavors & Fragrances, Inc. | 3,190 | 309,302 | ||||||
Linde PLC | 6,380 | 2,357,091 | ||||||
LyondellBasell Industries NV, Class A | 3,350 | 316,943 | ||||||
Mosaic Co. (The) | 4,465 | 191,325 | ||||||
NewMarket Corp. | 50 | 19,980 | ||||||
Olin Corp. | 1,700 | 94,180 | ||||||
PPG Industries, Inc. | 3,000 | 420,780 | ||||||
RPM International, Inc. | 1,700 | 139,451 | ||||||
Scotts Miracle-Gro Co. (The)# | 495 | 33,071 | ||||||
Sherwin-Williams Co. (The) | 3,100 | 736,374 | ||||||
Westlake Corp. | 450 | 51,201 | ||||||
|
| |||||||
$ | 8,814,123 | |||||||
CONSTRUCTION MATERIALS – 0.1% |
| |||||||
Eagle Materials, Inc. | 500 | 74,105 | ||||||
Martin Marietta Materials, Inc. | 800 | 290,560 | ||||||
Vulcan Materials Co. | 1,700 | 297,704 | ||||||
|
| |||||||
$ | 662,369 | |||||||
CONTAINERS & PACKAGING – 0.4% |
| |||||||
Amcor PLC | 19,151 | 210,087 | ||||||
AptarGroup, Inc. | 865 | 102,511 | ||||||
Ardagh Metal Packaging SA | 1,850 | 7,548 | ||||||
Avery Dennison Corp. | 1,050 | 183,204 | ||||||
Ball Corp. | 4,050 | 215,379 | ||||||
Berry Global Group, Inc. | 1,693 | 97,872 |
ANNUAL REPORT / April 30, 2023
19 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description | Number of Shares | Value | ||||||
Crown Holdings, Inc. | 1,468 | $ | 125,925 | |||||
Graphic Packaging Holding Co. | 4,055 | 99,996 | ||||||
International Paper Co. | 4,700 | 155,617 | ||||||
Packaging Corp. of America | 1,200 | 162,312 | ||||||
Sealed Air Corp. | 2,000 | 95,980 | ||||||
Silgan Holdings, Inc. | 1,155 | 56,895 | ||||||
Sonoco Products Co. | 1,180 | 71,532 | ||||||
Westrock Co. | 3,400 | 101,762 | ||||||
|
| |||||||
$ | 1,686,620 | |||||||
METALS & MINING – 0.5% |
| |||||||
Alcoa Corp. | 2,250 | 83,565 | ||||||
Cleveland-Cliffs, Inc.* | 6,700 | 103,046 | ||||||
Freeport-McMoRan, Inc. | 18,350 | 695,648 | ||||||
MP Materials Corp.* | 1,150 | 24,921 | ||||||
Newmont Corp. | 10,100 | 478,740 | ||||||
Nucor Corp. | 3,300 | 488,994 | ||||||
Reliance Steel & Aluminum Co. | 750 | 185,850 | ||||||
Royal Gold, Inc. | 858 | 113,634 | ||||||
Southern Copper Corp. | 1,150 | 88,354 | ||||||
SSR Mining, Inc. | 2,450 | 35,084 | ||||||
Steel Dynamics, Inc. | 2,100 | 218,295 | ||||||
United States Steel Corp. | 2,850 | 65,208 | ||||||
|
| |||||||
$ | 2,581,339 | |||||||
PAPER & FOREST PRODUCTS – 0.0%** |
| |||||||
Louisiana-Pacific Corp. | 950 | 56,753 | ||||||
|
| |||||||
TOTAL MATERIALS | $ | 13,801,204 | ||||||
REAL ESTATE – 2.9% | ||||||||
DIVERSIFIED REITS – 0.1% |
| |||||||
WP Carey, Inc. | 2,700 | 200,340 | ||||||
HEALTH CARE REITS – 0.2% |
| |||||||
Healthcare Realty Trust, Inc. | 5,030 | 99,493 | ||||||
Healthpeak Properties, Inc. | 7,130 | 156,646 | ||||||
Medical Properties Trust, Inc.# | 8,500 | 74,545 | ||||||
Omega Healthcare Investors, Inc. | 3,200 | 85,632 | ||||||
Ventas, Inc. | 5,286 | 253,992 | ||||||
Welltower, Inc. | 6,270 | 496,710 | ||||||
|
| |||||||
$ | 1,167,018 | |||||||
HOTEL & RESORT REITS – 0.0%** |
| |||||||
Host Hotels & Resorts, Inc. | 9,330 | 150,866 | ||||||
Park Hotels & Resorts, Inc. | 3,150 | 37,958 | ||||||
|
| |||||||
$ | 188,824 | |||||||
INDUSTRIAL REITS – 0.4% |
| |||||||
Americold Realty Trust, Inc. | 3,440 | 101,790 | ||||||
EastGroup Properties, Inc. | 500 | 83,280 | ||||||
First Industrial Realty Trust, Inc. | 1,750 | 91,822 | ||||||
Prologis, Inc. | 12,228 | 1,531,557 | ||||||
Rexford Industrial Realty, Inc. | 2,400 | 133,848 | ||||||
|
| |||||||
$ | 1,942,297 | |||||||
OFFICE REITS – 0.1% | ||||||||
Alexandria Real Estate Equities, Inc. | 2,165 | 268,850 | ||||||
Boston Properties, Inc. | 2,150 | 114,724 | ||||||
Cousins Properties, Inc.# | 1,833 | 39,978 | ||||||
Douglas Emmett, Inc. | 2,210 | 28,465 |
Description | Number of Shares | Value | ||||||
Highwoods Properties, Inc. | 1,290 | $ | 29,567 | |||||
Hudson Pacific Properties, Inc. | 1,303 | 7,244 | ||||||
JBG SMITH Properties | 1,071 | 15,283 | ||||||
Kilroy Realty Corp. | 1,525 | 44,591 | ||||||
SL Green Realty Corp. | 760 | 17,989 | ||||||
Vornado Realty Trust | 2,526 | 37,915 | ||||||
|
| |||||||
$ | 604,606 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 4,160 | 318,906 | ||||||
Howard Hughes Corp. (The)* | 508 | 39,304 | ||||||
Jones Lang LaSalle, Inc.* | 628 | 87,317 | ||||||
Opendoor Technologies, Inc.* | 5,850 | 8,073 | ||||||
WeWork, Inc., Class A* | 1,650 | 696 | ||||||
Zillow Group, Inc., Class A* | 500 | 21,390 | ||||||
Zillow Group, Inc., Class C*,# | 2,295 | 99,924 | ||||||
|
| |||||||
$ | 575,610 | |||||||
RESIDENTIAL REITS – 0.5% |
| |||||||
American Homes 4 Rent, Class A | 4,040 | 134,370 | ||||||
Apartment Income REIT Corp. | 1,904 | 70,410 | ||||||
Apartment Investment & Management Co., Class A | 2,854 | 22,347 | ||||||
AvalonBay Communities, Inc. | 1,872 | 337,653 | ||||||
Camden Property Trust | 1,320 | 145,266 | ||||||
Equity LifeStyle Properties, Inc. | 2,300 | 158,470 | ||||||
Equity Residential | 4,900 | 309,925 | ||||||
Essex Property Trust, Inc. | 823 | 180,838 | ||||||
Invitation Homes, Inc. | 8,050 | 268,628 | ||||||
Mid-America Apartment Communities, Inc. | 1,471 | 226,240 | ||||||
Sun Communities, Inc. | 1,600 | 222,288 | ||||||
UDR, Inc. | 4,280 | 176,892 | ||||||
|
| |||||||
$ | 2,253,327 | |||||||
RETAIL REITS – 0.3% | ||||||||
Brixmor Property Group, Inc. | 4,200 | 89,586 | ||||||
Federal Realty Investment Trust | 1,048 | 103,637 | ||||||
Kimco Realty Corp. | 8,056 | 154,595 | ||||||
National Retail Properties, Inc. | 2,315 | 100,702 | ||||||
Realty Income Corp. | 8,340 | 524,086 | ||||||
Regency Centers Corp. | 2,233 | 137,173 | ||||||
Simon Property Group, Inc. | 4,343 | 492,149 | ||||||
Spirit Realty Capital, Inc. | 1,850 | 71,151 | ||||||
|
| |||||||
$ | 1,673,079 | |||||||
SPECIALIZED REITS – 1.2% |
| |||||||
American Tower Corp. | 6,210 | 1,269,262 | ||||||
Crown Castle, Inc. | 5,690 | 700,382 | ||||||
CubeSmart | 2,933 | 133,422 | ||||||
Digital Realty Trust, Inc. | 3,810 | 377,762 | ||||||
EPR Properties | 1,000 | 41,960 | ||||||
Equinix, Inc. | 1,231 | 891,342 | ||||||
Extra Space Storage, Inc. | 1,750 | 266,070 | ||||||
Gaming and Leisure Properties, Inc. | 3,209 | 166,868 | ||||||
Iron Mountain, Inc. | 3,756 | 207,481 | ||||||
Lamar Advertising Co., Class A | 1,150 | 121,532 | ||||||
Life Storage, Inc. | 1,075 | 144,459 | ||||||
National Storage Affiliates Trust | 1,100 | 42,405 | ||||||
Public Storage | 2,060 | 607,350 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 20 |
Wilmington Large-Cap Strategy Fund (continued)
Description | Number of Shares | Value | ||||||
Rayonier, Inc. | 1,965 | $ | 61,622 | |||||
SBA Communications Corp. | 1,400 | 365,246 | ||||||
VICI Properties, Inc. | 12,788 | 434,025 | ||||||
Weyerhaeuser Co. | 9,842 | 294,374 | ||||||
|
| |||||||
$ | 6,125,562 | |||||||
|
| |||||||
TOTAL REAL ESTATE | $ | 14,730,663 | ||||||
UTILITIES – 2.7% | ||||||||
ELECTRIC UTILITIES – 1.7% |
| |||||||
Alliant Energy Corp. | 3,150 | 173,691 | ||||||
American Electric Power Co., Inc. | 6,650 | 614,593 | ||||||
Avangrid, Inc. | 850 | 34,221 | ||||||
Constellation Energy Corp. | 4,233 | 327,634 | ||||||
Duke Energy Corp. | 10,000 | 988,800 | ||||||
Edison International | 4,950 | 364,320 | ||||||
Entergy Corp. | 2,650 | 285,087 | ||||||
Evergy, Inc. | 2,850 | 177,013 | ||||||
Eversource Energy | 4,500 | 349,245 | ||||||
Exelon Corp. | 13,050 | 553,842 | ||||||
FirstEnergy Corp. | 7,100 | 282,580 | ||||||
Hawaiian Electric Industries, Inc. | 1,450 | 56,855 | ||||||
IDACORP, Inc. | 600 | 66,672 | ||||||
NextEra Energy, Inc. | 26,000 | 1,992,380 | ||||||
NRG Energy, Inc. | 3,150 | 107,636 | ||||||
OGE Energy Corp. | 2,563 | 96,215 | ||||||
PG&E Corp.* | 21,700 | 371,287 | ||||||
Pinnacle West Capital Corp. | 1,400 | 109,844 | ||||||
PPL Corp. | 9,600 | 275,712 | ||||||
Southern Co. (The) | 14,200 | 1,044,410 | ||||||
Xcel Energy, Inc. | 7,100 | 496,361 | ||||||
|
| |||||||
$ | 8,768,398 | |||||||
GAS UTILITIES – 0.1% | ||||||||
Atmos Energy Corp. | 1,800 | 205,452 | ||||||
National Fuel Gas Co. | 1,150 | 64,285 | ||||||
UGI Corp. | 2,700 | 91,476 | ||||||
|
| |||||||
$ | 361,213 | |||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS – 0.1% |
| |||||||
AES Corp. (The) | 9,000 | 212,940 | ||||||
Brookfield Renewable Corp., Class A | 1,750 | 58,467 | ||||||
Vistra Corp. | 5,200 | 124,072 | ||||||
|
| |||||||
$ | 395,479 | |||||||
MULTI-UTILITIES – 0.7% | ||||||||
Ameren Corp. | 3,350 | 298,050 | ||||||
CenterPoint Energy, Inc. | 8,350 | 254,425 | ||||||
CMS Energy Corp. | 3,700 | 230,362 | ||||||
Consolidated Edison, Inc. | 4,550 | 448,038 | ||||||
Dominion Energy, Inc. | 10,893 | 622,426 | ||||||
DTE Energy Co. | 2,500 | 281,025 | ||||||
NiSource, Inc. | 5,450 | 155,107 | ||||||
Public Service Enterprise Group, Inc. | 6,400 | 404,480 | ||||||
Sempra Energy | 4,100 | 637,509 | ||||||
WEC Energy Group, Inc. | 4,050 | 389,488 | ||||||
|
| |||||||
$ | 3,720,910 |
Description | Number of Shares | Value | ||||||
WATER UTILITIES – 0.1% | ||||||||
American Water Works Co., Inc. | 2,500 | $ | 370,625 | |||||
Essential Utilities, Inc. | 3,000 | 128,100 | ||||||
|
| |||||||
$ | 498,725 | |||||||
|
| |||||||
TOTAL UTILITIES | $ | 13,744,725 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (COST $167,391,794) |
| $ | 506,787,070 | |||||
PREFERRED STOCKS – 0.0%** |
| |||||||
REAL ESTATE – 0.0%** | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0%** |
| |||||||
Brookfield Property Preferred LP 6.25%* | 400 | 6,008 | ||||||
|
| |||||||
TOTAL REAL ESTATE | $ | 6,008 | ||||||
COMMUNICATION SERVICES – 0.0%** |
| |||||||
ENTERTAINMENT – 0.0%** | ||||||||
AMC Entertainment Holdings, Inc. Preferred Equity Units 0.00%* | 950 | 1,425 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES |
| $ | 1,425 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS (COST $15,283) |
| $ | 7,433 | |||||
RIGHTS – 0.0%** | ||||||||
ABIOMED, Inc. CVR, Expire 12/31/23*,(1) | 150 | – | ||||||
Bristol-Myers Squibb Co. CVR, Expire 12/31/30* | 89 | 10 | ||||||
|
| |||||||
TOTAL RIGHTS (COST $0) | $ | 10 | ||||||
WARRANTS – 0.0%** | ||||||||
Occidental Petroleum Corp. CW27, Expire 08/03/27* | 1,645 | 66,129 | ||||||
|
| |||||||
TOTAL WARRANTS (COST $0) | $ | 66,129 | ||||||
INVESTMENT COMPANIES – 0.5% |
| |||||||
EQUITY FUNDS – 0.5% | ||||||||
iShares Russell 1000 ETF | 5,050 | 1,151,350 | ||||||
iShares Russell 1000 Growth ETF | 2,365 | 583,753 | ||||||
iShares Russell 1000 Value ETF | 3,765 | 582,182 | ||||||
|
| |||||||
TOTAL EQUITY FUNDS | $ | 2,317,285 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES (COST $2,204,266) |
| $ | 2,317,285 | |||||
MONEY MARKET FUND – 0.0%** |
| |||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 148,705 | 148,705 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $148,705) | $ | 148,705 |
ANNUAL REPORT / April 30, 2023
21 | PORTFOLIOS OF INVESTMENTS |
Wilmington Large-Cap Strategy Fund (continued) |
Description
|
Par Value
| Value
| ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON |
| |||||||
REPURCHASE AGREEMENTS – 0.3% |
| |||||||
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $314,465. | $ | 308,299 | $ | 308,299 | ||||
Bank of Montreal, 4.80%, dated 4/28/23, due 5/01/23, repurchase price $89,506, collateralized by U.S. Government Agency Securities, 4.00% to 5.00%, maturing 5/01/52 to 5/01/53; total market value of $91,259. | 89,470 | 89,470 | ||||||
Daiwa Capital Markets America, 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.00%, maturing 3/31/24 to 5/01/53; total market value of $314,465. | 308,299 | 308,299 | ||||||
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $314,465. | 308,299 | 308,299 |
Description
|
Par Value
| Value
| ||||||
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $308,422, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $314,465. | $ | 308,299 | $ | 308,299 | ||||
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $308,423, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $314,465. | 308,299 | 308,299 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS |
| $ | 1,630,965 | |||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $1,630,965) |
| $ | 1,630,965 | |||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% (COST $171,391,013) |
| $ | 510,957,597 | |||||
COLLATERAL FOR SECURITIES ON LOAN – (0.3%) |
| (1,630,965 | ) | |||||
OTHER ASSETS LESS LIABILITIES – 0.3% |
| 1,639,983 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 510,966,615 | |||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1
|
Level 2
|
Level 3
|
Total
| |||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks | $ | 506,787,070 | $ | — | $ | — | $ | 506,787,070 | ||||||||||||
Preferred Stocks | 7,433 | — | — | 7,433 | ||||||||||||||||
Rights | 10 | — | — | (a) | 10 | |||||||||||||||
Warrants | 66,129 | — | — | 66,129 | ||||||||||||||||
Investment Companies | 2,317,285 | — | — | 2,317,285 | ||||||||||||||||
Money Market Fund | 148,705 | — | — | 148,705 | ||||||||||||||||
Repurchase Agreements | — | 1,630,965 | — | 1,630,965 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 509,326,632 | $ | 1,630,965 | $ | — | $ | 510,957,597 | ||||||||||||
|
|
|
|
|
|
|
|
(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%. |
^ | 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, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 22 |
Wilmington Large-Cap Strategy Fund (concluded)
The following acronyms are used throughout this Portfolio of Investments:
ADR | American Depositary Receipt | |
CVR | Contingent Value Rights | |
ETF | Exchange-Traded Fund | |
LP | Limited Partnership | |
NA | National Association | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
23 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2023 | Wilmington Fund | Wilmington Large-Cap Strategy Fund | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at identified cost | $ | 32,059,907 | $ | 171,391,013 | (a) | |||||||||||||||
|
|
|
| |||||||||||||||||
Investments in securities, at value | $ | 36,098,066 | $ | 510,957,597 | (b),(c) | |||||||||||||||
Cash | 10,000 | 42,112 | ||||||||||||||||||
Income receivable | 68,066 | 353,203 | ||||||||||||||||||
Due from advisor | 5,840 | — | ||||||||||||||||||
Receivable for shares sold | 285 | 1,541,212 | ||||||||||||||||||
Prepaid assets | 9,579 | 6,217 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
TOTAL ASSETS | 36,191,836 | 512,900,341 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Collateral for securities on loan | — | 1,630,965 | ||||||||||||||||||
Payable for shares redeemed | 846 | 69,390 | ||||||||||||||||||
Payable for Trustees’ fees | 3,828 | 3,828 | ||||||||||||||||||
Payable for administration fees | 863 | 11,951 | ||||||||||||||||||
Payable for distribution services fees | 6,858 | — | ||||||||||||||||||
Payable for investment advisory fees | — | 54,847 | ||||||||||||||||||
Other accrued expenses | 83,769 | 162,745 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
TOTAL LIABILITIES | 96,164 | 1,933,726 | ||||||||||||||||||
|
|
|
|
| ||||||||||||||||
NET ASSETS | $ | 36,095,672 | $ | 510,966,615 | ||||||||||||||||
|
|
|
|
| ||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
| ||||||||||||||||||||
Paid-in capital | $ | 31,867,712 | $ | 170,150,638 | ||||||||||||||||
Distributable earnings (loss) | 4,227,960 | 340,815,977 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
TOTAL NET ASSETS | $ | 36,095,672 | $ | 510,966,615 | ||||||||||||||||
|
|
|
|
| ||||||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Net Assets | $ | 33,150,752 | $ | — | ||||||||||||||||
|
|
|
| |||||||||||||||||
Shares outstanding (unlimited shares authorized) | 2,884,114 | — | ||||||||||||||||||
|
|
|
| |||||||||||||||||
Net Asset Value per share | $ | 11.49 | $ | — | ||||||||||||||||
|
|
|
| |||||||||||||||||
Offering Price per share* | $ | 12.16 | ** | $ | — | |||||||||||||||
|
|
|
| |||||||||||||||||
Class I | ||||||||||||||||||||
Net Assets | $ | 2,944,920 | $ | 510,966,615 | ||||||||||||||||
|
|
|
| |||||||||||||||||
Shares outstanding (unlimited shares authorized) | 255,471 | 20,259,244 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
Net Asset Value and Offering Price per share | $ | 11.53 | $ | 25.22 | ||||||||||||||||
|
|
|
|
(a) | Includes $197,846 of investments in affiliated issuers. |
(b) | Includes $292,234 of investments in affiliated issuers. |
(c) | Including $1,589,503 of securities on loan (Note 2). |
* | See “How are Shares Priced?” in the Prospectus. |
** | Computation of offering price per share: 100/94.50 of net asset value. |
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 24 |
Year Ended April 30, 2023 | Wilmington Enhanced Dividend Income Strategy Fund | Wilmington Large-Cap Strategy Fund | |||||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||
Dividends | $ | 1,202,964 | (a) | $ | 8,291,876 | (a),(b) | |||||||||||||||||
Securities lending income, net | 422 | 54,959 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
TOTAL INVESTMENT INCOME | 1,203,386 | 8,346,835 | |||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||
Investment advisory fees | 144,492 | 1,250,897 | |||||||||||||||||||||
Administration fees | 10,919 | 151,346 | |||||||||||||||||||||
Portfolio accounting and administration fees | 19,964 | 123,283 | |||||||||||||||||||||
Custodian fees | 581 | 32,292 | |||||||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 37,095 | 33,279 | |||||||||||||||||||||
Trustees’ fees | 65,311 | 65,311 | |||||||||||||||||||||
Professional fees | 106,543 | 102,620 | |||||||||||||||||||||
Distribution services fee—Class A | 85,257 | — | |||||||||||||||||||||
Shareholder services fee—Class A | 85,257 | — | |||||||||||||||||||||
Share registration costs | 19,205 | 20,383 | |||||||||||||||||||||
Printing and postage | 13,830 | 17,435 | |||||||||||||||||||||
Miscellaneous | 38,200 | 69,427 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
TOTAL EXPENSES | 626,654 | 1,866,273 | |||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | |||||||||||||||||||||||
Waiver/reimbursement by investment advisor | (275,525 | ) | (615,376 | ) | |||||||||||||||||||
Waiver of shareholder services fee—Class A | (85,257 | ) | — | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (360,782 | ) | (615,376 | ) | |||||||||||||||||||
|
|
|
|
| |||||||||||||||||||
Net expenses | 265,872 | 1,250,897 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Net investment income | 937,514 | 7,095,938 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | |||||||||||||||||||||||
Net realized gain (loss) on unaffiliated investments | 50,001 | 31,396,351 | |||||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (28 | ) | — | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Net realized gain (loss) | 49,973 | 31,396,351 | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (393,924 | ) | (30,269,566 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on affiliated investments | — | (94,871 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency transactions | 103 | — | |||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (393,821 | ) | (30,364,437 | ) | |||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Net realized and unrealized gain (loss) | (343,848 | ) | 1,031,914 | ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||
Change in net assets resulting from operations | $ | 593,666 | $ | 8,127,852 | |||||||||||||||||||
|
|
|
|
(a) | Net of foreign withholding taxes withheld of $6,198 and $1,272, respectively. |
(b) | Includes $11,383 received from affiliated issuers. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
25 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington Enhanced Dividend Income Strategy Fund | Wilmington Large-Cap Strategy Fund | |||||||||||||||||||||||||||||||||
Year Ended 2023 | Year Ended 2022 | Year Ended 2023 | Year Ended April 30, 2022 | |||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||||
Net investment income | $ | 937,514 | $ | 980,587 | $ | 7,095,938 | $ | 6,753,988 | ||||||||||||||||||||||||||
Net realized gain (loss) | 49,973 | 951,778 | 31,396,351 | 40,473,302 | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (393,821 | ) | (401,458 | ) | (30,364,437 | ) | (56,305,199 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Change in net assets resulting from operations | 593,666 | 1,530,907 | 8,127,852 | (9,077,909 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||||
Class A | (1,080,484 | ) | (1,062,214 | ) | — | — | ||||||||||||||||||||||||||||
Class I | (66,758 | ) | (17,047 | ) | (54,830,455 | ) | (35,623,835 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total distributions to shareholders | (1,147,242 | ) | (1,079,261 | ) | (54,830,455 | ) | (35,623,835 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||
Class A | 304,275 | 340,978 | — | — | ||||||||||||||||||||||||||||||
Class I | 2,726,284 | 102,687 | 51,269,312 | 33,603,420 | ||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||
Class A | 1,067,482 | 1,019,563 | — | — | ||||||||||||||||||||||||||||||
Class I | 34,696 | 15,888 | 41,005,261 | 25,436,502 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||||||||||
Class A | (2,865,099 | ) | (4,070,108 | ) | — | — | ||||||||||||||||||||||||||||
Class I | (375,061 | ) | (121,455 | ) | (88,254,437 | ) | (84,227,517 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Change in net assets resulting from share transactions | 892,577 | (2,712,447 | ) | 4,020,136 | (25,187,595 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Change in net assets | 339,001 | (2,260,801 | ) | (42,682,467 | ) | (69,889,339 | ) | |||||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||
Beginning of year | 35,756,671 | 38,017,472 | 553,649,082 | 623,538,421 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
End of year | $ | 36,095,672 | $ | 35,756,671 | $ | 510,966,615 | $ | 553,649,082 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||
Class A | 26,182 | 28,643 | — | — | ||||||||||||||||||||||||||||||
Class I | 230,262 | 8,620 | 2,044,488 | 1,083,160 | ||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||
Class A | 94,571 | 86,229 | — | — | ||||||||||||||||||||||||||||||
Class I | 3,023 | 1,341 | 1,689,136 | 797,216 | ||||||||||||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||||||||||||
Class A | (247,041 | ) | (342,889 | ) | — | — | ||||||||||||||||||||||||||||
Class I | (31,967 | ) | (10,257 | ) | (3,361,913 | ) | (2,723,466 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net change resulting from share transactions | 75,030 | (228,313 | ) | 371,711 | (843,090 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS | 26 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON ENHANCED DIVIDEND INCOME STRATEGY FUND |
CLASS A | Year Ended April 30, 2023
| Year Ended April 30, 2022
| Year Ended April 30, 2021
| Year Ended April 30, 2020
| Year Ended April 30, 2019
| ||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 11.67 | $ | 11.55 | $ | 9.54 | $ | 10.54 | $ | 10.47 | |||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||||
Net Investment Income(a) | 0.30 | 0.31 | 0.29 | 0.40 | 0.36 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | (0.12 | ) | 0.15 | 2.04 | (1.02 | ) | 0.11 | ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.18 | 0.46 | 2.33 | (0.62 | ) | 0.47 | |||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||||
Net Investment Income | (0.29 | ) | (0.34 | ) | (0.32 | ) | (0.38 | ) | (0.36 | ) | |||||||||||||||||
Net Realized Gains | (0.07 | ) | — | — | — | (0.04 | ) | ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Distributions | (0.36 | ) | (0.34 | ) | (0.32 | ) | (0.38 | ) | (0.40 | ) | |||||||||||||||||
|
|
| |||||||||||||||||||||||||
Net Asset Value, End of Year | $ | 11.49 | $ | 11.67 | $ | 11.55 | $ | 9.54 | $ | 10.54 | |||||||||||||||||
|
|
| |||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Return(b) | 1.69 | % | 3.99 | % | 24.86 | % | (6.17 | )% | 4.66 | % | |||||||||||||||||
Net Assets, End of Year (000’s) | $ | 33,151 | $ | 35,124 | $ | 37,388 | $ | 32,708 | $ | 38,943 | |||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||||
Gross Expense(c) | 1.76 | % | 1.85 | % | 1.69 | % | 1.68 | % | 1.67 | % | |||||||||||||||||
Net Expense(c),(d) | 0.75 | % | 0.67 | % | 0.60 | % | 0.60 | % | 0.60 | % | |||||||||||||||||
Net Investment Income | 2.58 | % | 2.61 | % | 2.81 | % | 3.86 | % | 3.45 | % | |||||||||||||||||
Portfolio Turnover Rate | 10 | % | 66 | %(e) | 12 | % | 14 | % | 14 | % | |||||||||||||||||
| |||||||||||||||||||||||||||
CLASS I | Year Ended April 30, 2023
| Year Ended
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 11.69 | $ | 11.56 | $ | 9.55 | $ | 10.54 | $ | 10.48 | |||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||||
Net Investment Income(a) | 0.32 | 0.34 | 0.32 | 0.44 | 0.39 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | (0.10 | ) | 0.15 | 2.03 | (1.02 | ) | 0.10 | ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.22 | 0.49 | 2.35 | (0.58 | ) | 0.49 | |||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||||
Net Investment Income | (0.31 | ) | (0.36 | ) | (0.34 | ) | (0.41 | ) | (0.39 | ) | |||||||||||||||||
Net Realized Gains | (0.07 | ) | — | — | — | (0.04 | ) | ||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Distributions | (0.38 | ) | (0.36 | ) | (0.34 | ) | (0.41 | ) | (0.43 | ) | |||||||||||||||||
|
|
| |||||||||||||||||||||||||
Net Asset Value, End of Year | $ | 11.53 | $ | 11.69 | $ | 11.56 | $ | 9.55 | $ | 10.54 | |||||||||||||||||
|
|
| |||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||
Total Return(b) | 2.03 | % | 4.25 | % | 25.09 | % | (5.83 | )% | 4.82 | % | |||||||||||||||||
Net Assets, End of Year (000’s) | $ | 2,945 | $ | 633 | $ | 629 | $ | 498 | $ | 637 | |||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||||
Gross Expense(c) | 1.25 | % | 1.37 | % | 1.38 | % | 1.44 | % | 1.40 | % | |||||||||||||||||
Net Expense(c),(d) | 0.50 | % | 0.42 | % | 0.35 | % | 0.35 | % | 0.35 | % | |||||||||||||||||
Net Investment Income | 2.78 | % | 2.82 | % | 3.06 | % | 4.20 | % | 3.72 | % | |||||||||||||||||
Portfolio Turnover Rate | 10 | % | 66 | %(e) | 12 | % | 14 | % | 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
ANNUAL REPORT / April 30, 2023
27 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON LARGE-CAP STRATEGY FUND |
CLASS I | Year Ended
| Year Ended
| Year Ended
| Year Ended
| Year Ended
| ||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 27.84 | $ | 30.08 | $ | 22.08 | $ | 23.36 | $ | 21.98 | |||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||||
Net Investment Income(a) | 0.36 | 0.33 | 0.35 | 0.39 | 0.37 | ||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | (0.04 | ) | (0.80 | ) | 10.11 | (0.32 | ) | 2.32 | |||||||||||||||||||
|
| ||||||||||||||||||||||||||
Total Income (Loss) From Operations | 0.32 | (0.47 | ) | 10.46 | 0.07 | 2.69 | |||||||||||||||||||||
|
| ||||||||||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||||
Net Investment Income | (0.34 | ) | (0.33 | ) | (0.37 | ) | (0.41 | ) | (0.38 | ) | |||||||||||||||||
Net Realized Gains | (2.60 | ) | (1.44 | ) | (2.09 | ) | (0.94 | ) | (0.93 | ) | |||||||||||||||||
|
| ||||||||||||||||||||||||||
Total Distributions | (2.94 | ) | (1.77 | ) | (2.46 | ) | (1.35 | ) | (1.31 | ) | |||||||||||||||||
|
| ||||||||||||||||||||||||||
Net Asset Value, End of Year | $ | 25.22 | $ | 27.84 | $ | 30.08 | $ | 22.08 | $ | 23.36 | |||||||||||||||||
|
| ||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||
Total Return | 1.72 | % | (2.24 | )% | 49.12 | % | 0.09 | % | 12.93 | % | |||||||||||||||||
Net Assets, End of Year (000’s) | $ | 510,967 | $ | 553,649 | $ | 623,538 | $ | 467,392 | $ | 527,818 | |||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||||
Gross Expense(b) | 0.37 | % | 0.53 | % | 0.80 | % | 0.86 | % | 0.89 | % | |||||||||||||||||
Net Expense(b), (c) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | |||||||||||||||||
Net Investment Income | 1.42 | % | 1.07 | % | 1.34 | % | 1.69 | % | 1.65 | % | |||||||||||||||||
Portfolio Turnover Rate | 13 | % | 9 | % | 14 | % | 26 | % | 13 | % |
(a) | Per share amounts have been calculated using the average shares method. |
(b) | The Fund may invest in other underlying funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying funds. This ratio does not include these indirect fees and expenses. |
(c) | Net expenses reflect fee waivers/expense reimbursements by the advisor and/or other service providers. |
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS | 28 |
Wilmington Funds
April 30, 2023
1. | ORGANIZATION |
Wilmington Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 10 funds, 2 of which are presented herein (individually referred to as a “Fund” or collectively as the “Funds”). The remaining 8 funds are presented in separate reports.
Fund
| Investment Goal
| |
Wilmington Enhanced Dividend Income Strategy Fund (“Enhanced Dividend Income Strategy Fund”)(d) | The Fund seeks a high level of total return consistent with a moderate level of risk. | |
Wilmington Large-Cap Strategy Fund (“Large-Cap Strategy Fund”)(d) | The Fund seeks to achieve long-term capital appreciation. |
(d) Diversified
The Enhanced Dividend Income Strategy Fund offers Class A and Class I shares, and the Large-Cap Strategy Fund offers Class I shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
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 Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. 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
ANNUAL REPORT / April 30, 2023
29 | NOTES TO FINANCIAL STATEMENTS (continued) |
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, 2023, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows:
Fund/Counterparty | Repurchase
| Fair Value of Non-Cash Collateral Received(1)
| Cash Collateral
| Net Exposure(2)
| ||||||||||||
Enhanced Dividend Income Strategy Fund | ||||||||||||||||
Bank of America Securities, Inc. | $ | 108 | $ | 108 | $ | — | $ | — | ||||||||
Citigroup Global Markets Ltd. | 108 | 108 | — | — | ||||||||||||
Deutsche Bank Securities, Inc. | 100 | 100 | — | — | ||||||||||||
HSBC Securities USA, Inc. | 108 | 108 | — | — | ||||||||||||
RBC Dominion Securities, Inc. | 108 | 108 | — | — | ||||||||||||
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$ | 532 | $ | 532 | $ | — | $ | — | |||||||||
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Large-Cap Strategy Fund | ||||||||||||||||
Bank of America Securities, Inc. | $ | 308,299 | $ | 308,299 | $ | — | $ | — | ||||||||
Bank of Montreal | 89,470 | 89,470 | — | — | ||||||||||||
Daiwa Capital Markets America | 308,299 | 308,299 | — | — | ||||||||||||
Deutsche Bank Securities, Inc. | 308,299 | 308,299 | — | — | ||||||||||||
HSBC Securities USA, Inc. | 308,299 | 308,299 | — | — | ||||||||||||
RBC Dominion Securities, Inc. | 308,299 | 308,299 | — | — | ||||||||||||
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$ | 1,630,965 | $ | 1,630,965 | $ | — | $ | — | |||||||||
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(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
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 30 |
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.
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, 2023, the securities loaned which are subject to a MSLA on a net payment basis are as follows:
Fund |
Value of on Loan
| Cash
| Net Exposure(2)
| |||||||||
Large-Cap Strategy Fund | $1,589,503 | $1,589,503 | $— | |||||||||
(1) | Collateral with a value of $1,630,965 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, 2023.
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, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:
ANNUAL REPORT / April 30, 2023
31 | NOTES TO FINANCIAL STATEMENTS (continued) |
Fund | Paid-in Capital | Distributable Earnings (Loss) | ||
Enhanced Dividend Income Strategy Fund | $595 | $(595) |
The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:
2023 | 2022 | |||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | ||||
Enhanced Dividend Income Strategy Fund | $ 918,836 | $ 228,406 | $1,079,261 | $ — | ||||
Large-Cap Strategy Fund | 7,025,237 | 47,805,218 | 8,971,414 | 26,652,421 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
As of April 30, 2023, 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 | $ 32,058,356 | $ 5,269,127 | $ (1,229,417) | $ 4,039,710 | ||||
Large-Cap Strategy Fund | 180,963,097 | 348,210,981 | (18,216,481) | 329,994,500 |
As of April 30, 2023, 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 | $ 139,126 | $ 49,168 | $ 1 | $ 4,039,665 | $— | $— | $ 4,227,960 | |||||||||||||||||||||
Large-Cap Strategy Fund | 970,050 | 9,851,427 | — | 329,994,500 | — | — | 340,815,977 |
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, 2023 so that total annual fund operating expenses paid by the Funds (not including the effects of dividends or interest on short positions, acquired fund fees and expenses, taxes, extraordinary expenses, brokerage commissions and interest expressed as an annualized percentage of average daily net assets), will not exceed the expense limitations set forth below. Neither WFMC nor the Funds’ distributor and shareholder service provider will recoup previously waived fees/expenses in subsequent years.
The contractual expense limitations are as follows:
Current Contractual Expense Limitations | ||||||
Fund | Class A | Class I | ||||
Enhanced Dividend Income Strategy Fund | 0.75% | 0.50% | ||||
Large-Cap Strategy Fund | — | 0.25% |
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 32 |
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 | ||||
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, 2023, 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, 2023, 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 from Class A | |
Enhanced Dividend Income Strategy Fund | $742 |
Sales Charges – The Funds’ Class A shares, as applicable, bear front-end sales charges.
For the year ended April 30, 2023, M&T did not receive any sales charges on the sale of Class A shares.
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable, to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.
M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares, as applicable. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2023, 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.
ANNUAL REPORT / April 30, 2023
33 | NOTES TO FINANCIAL STATEMENTS (continued) |
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, 2023 are as follows:
Fund/ Affiliated Investment Name | Value 4/30/22 | Purchases | Sales | Net Realized Gain/(Loss) | Net Change in Unrealized Depreciation | Value 4/30/23 | Number of 4/30/23 | Dividend Income | Capital Gain | |||||||||||||||||||||||||
Large-Cap Strategy Fund | ||||||||||||||||||||||||||||||||||
Common Stock - 0.0%* | ||||||||||||||||||||||||||||||||||
M&T Bank Corp. | $387,105 | $— | $— | $— | $(94,871) | $292,234 | 2,323 | $11,383 | $— | |||||||||||||||||||||||||
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* | As a percentage of Net Assets as of April 30, 2023. |
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, 2023 were as follows:
Fund | Commissions | |||||
Large-Cap Strategy Fund | $10,589 |
5. | INVESTMENT TRANSACTIONS |
Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the year ended April 30, 2023 were as follows:
Fund | Purchases | Sales | ||||||
Enhanced Dividend Income Strategy Fund | $ 4,233,866 | $ 3,602,189 | ||||||
Large-Cap Strategy Fund | 67,379,345 | 112,429,298 |
6. | 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.
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 29, 2023. 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. The LOC expires on March 27, 2024.
The Funds did not utilize the LOC during the year ended April 30, 2023.
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (concluded) | 34 |
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.
ANNUAL REPORT / April 30, 2023
35 |
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, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for the year ended April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.
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, 2023 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 22, 2023
We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.
April 30, 2023 / ANNUAL REPORT
36 |
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, 2023, 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 | 95.71% | |
Large-Cap Strategy Fund | 99.22% |
For the fiscal year ended April 30, 2023, 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 | 98.56% | |
Large-Cap Strategy Fund | 99.55% |
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, 2023 (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
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* 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 (2014 to present); Trustee, 1290 Funds (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).
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Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
|
April 30, 2023 (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) (12/20 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) (3/2020 to 11/2020); 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).
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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 present); 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).
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OFFICERS
Name Birth Year Positions with Trust | Principal Occupations for Past Five Years and Previous Positions
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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).
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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).
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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).
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ANNUAL REPORT / April 30, 2023 (unaudited)
39 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Birth Year Positions with Trust
| Principal Occupations for Past Five Years and Previous Positions
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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).
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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).
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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).
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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).
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April 30, 2023 (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 22, 2023, 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, 2022. 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, 2023. 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, 2023 (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, 2023 (unaudited) / ANNUAL REPORT
42 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
March 1, 2023
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; insure 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 Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
● | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
● | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
● | We may disclose some or all 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, 2023 (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. |
● | 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. |
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, username, or password 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 Statement
The effective date of this Notice is March 1, 2023. 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, 2023 (unaudited) / ANNUAL REPORT
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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 19890
| Wilmington, DE 19809
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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-EQ-0423 | ||
Wilmington Funds | 1-800-836-2211 | www.wilmingtonfunds.com |
We are pleased to send you this shareholder report for the Wilmington Funds. This report contains important information about your investments in the funds.
Wilmington International Fund (“International Fund”)
Wilmington Global Alpha Equities Fund (“Global Alpha Equities Fund”)
Wilmington Real Asset Fund (“Real Asset Fund”)
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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 annual fiscal period of May 1, 2022, through April 30, 2023. 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 period.
The economy
The fiscal year included significant volatility, headlined by peak inflation and rapid changes to the financial landscape as the Federal Reserve (the “Fed”) remained steadfast in raising interest rates. In June 2022, U.S. Consumer Price Index (“CPI”) inflation posted a new 40-year high of 9.1% year-over-year, raising recession probabilities substantially. The Fed reacted by raising interest rates by 75 basis points1 for three consecutive meetings (the largest such moves in 30 years). The Fed continued to raise interest rates by another 100 basis points during the year bringing the upper bound of the Fed funds rate to 5.0%. As expected, inflation moderated throughout the year, falling to 5.0% year-over-year in April 2023, helped by easing goods prices and resolution of Covid-related supply chain issues. The U.S. labor force continued to grow, and the participation rate returned to its highest level since the onset of the pandemic. For most of the year, the labor market remained very tight by historical standards, with the unemployment rate edging down during the year to 3.5% (at one point touching a five-decade low of 3.4%). Near the end of the period, wage pressures showed signs of receding as hiring slowed and the labor market started to loosen—an encouraging sign for inflation and the Fed.
Tighter monetary policy was not restricted to the U.S. economy. Central banks across the globe were busy during the year, including the Bank of England (BoE) and the European Central Bank (ECB), as inflation remained elevated well above central bank targets. The war in Ukraine intensified after the Nord Stream Pipeline was sabotaged forcing European countries to scramble to fill oil and natural gas reserves before winter. Before the war, Russia supplied 40% of all gas consumed in Europe with a third of that coming from the Nord Stream pipeline. In China, economic data for much of the year remained weak due to stringent “zero-Covid” policies enacted by President Xi Jinping and the Chinese government. In December 2022, the Chinese government dropped its zero-Covid policy, sending Covid-19 infections soaring in its most densely populated cities. However, economic activity in China began to recover in the latter part of the fiscal year, evidenced by composite Purchasing Managers Index (PMI) returning to expansionary territory (54.4) after spending four months in contractionary territory.
Perhaps the biggest story of the year began unfolding on March 9th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.
Bond markets
The sharp increase in interest rates led to higher volatility in bond markets, and the MOVE index, a gauge of volatility in the Treasury market, surged to its highest level since 2008 (198.7). The rate sensitive 2-year Treasury yield ended the fiscal year 129 basis points higher (rising to 4.0%) while the 10-year yield peaked above 4.0% before settling around 3.4%. The yield curve continued to flash warnings signs with the 10y-minus-2y portion of the Treasury slope falling 80 basis points to finish at -58 basis points, and the 10y-minus-3m slope plummeting 372 basis points to end the year at -161 basis points. (All past recessions have been preceded by an inverted yield curve.) The bond market recovered from a challenging start to the year, with investment-grade tax exempt bonds finishing up 2.9%. Investment grade taxable bonds returned a more disappointing -0.4% during the period.
PRESIDENT’S MESSAGE / April 30, 2023 (unaudited)
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For the 12-month period May 1, 2022 to April 30, 2023, 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 | ||||
-0.93% | -0.43% | 0.72% | 2.87% | 1.22% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Equity markets
U.S. large-cap equities started the fiscal year in decline, dropping nearly 13% through October. Large-cap equities then rallied over 17% through the remainder of the year due to several factors. In November, the mid-term elections concluded with congressional gridlock, an outcome typically preferred by financial markets. In March 2023, following the banking crisis, markets began to price in expectations of multiple rate cuts later in 2023, which also supported risky assets. Within equities, the information technology sector recovered from a challenging prior year and advanced 8.1% as investors flocked to higher quality companies and interest rates fell. (Excitement around generative AI also contributed to investor enthusiasm for technology stocks.) Growth stocks outperformed value, and small cap stocks were hit particularly hard (with the Russell 2000 down 3.7%) as the percentage of unprofitable companies in the index climbed to over 42% (above the long-term average of 28%).
In international markets, the MSCI EAFE delivered strong returns of 8.4% after countries across Europe were able to adequately stock up natural gas supplies for the winter and were supported by the reopening in China. Emerging markets fell out of favor, with the MSCI Emerging Markets declining 6.5%. China’s reopening was less robust than expected and geopolitical tensions between the U.S. and China remained elevated.
For the 12-month period May 1, 2022 to April 30, 2023, certain stock market indices performed as follows:
S&P 500® Index8 | Russell 2000® Index9 | MSCI EAFE (Net) Index10 | MSCI Emerging Markets (Net) Index11 | |||
2.66% | -3.65% | 8.42% | -6.51% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Sincerely,
Eric W. Taylor, CFA
President
May 12, 2023
April 30, 2023 (unaudited) / PRESIDENT’S MESSAGE
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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 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. |
9. | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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. |
11. | 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, 2023 (unaudited)
1
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington International Fund (the “Fund”) had a total return of 3.01%* for Class A and 3.23%* for Class I, versus its benchmark, the MSCI – All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US)** which had a total return of 3.05%.
The Fund’s near flat performance versus the benchmark masks activity in a market that was characterized by considerable volatility during the fiscal year. A confluence of events impacted global markets simultaneously beginning with the Federal Reserve’s (the “Fed”) efforts to bring inflation under control by rapidly hiking rates from 0.1% entering 2022 to 4.5% exiting the calendar year. The magnitude and rapid pace of the Fed activity when compared to a more measured pace of rate activity in other economies precipitated a surge in the U.S. dollar versus foreign currencies, providing a headwind for U.S. investors seeking diversification benefits in international markets. Not surprisingly, emerging markets trailed in this environment.
Russia’s invasion of Ukraine in February 2022 was also a major source of volatility, driving a spike in energy prices and disrupting the flow of goods and services across Europe and the world. This situation was exacerbated by the multitude of sanctions that were levied on Russia in the months that followed. Probably the greatest fear was for the energy needs of Europe entering the winter season, with concerns over the adequacy of supply. Fortunately, nature came to the aid of Europe, delivering a mild winter that released the pressure of this concern.
China provided a third element of impact by rigidly enforcing their Covid-0 policy for the majority of 2022. While other countries relaxed controls as the virus subsided, China became a victim of their own policy, as progress on population immunity was impeded by this lockdown approach. The Covid-0 policy was a major disruption to supply chains globally, adding to an already mushrooming global inflation problem. In a somewhat surprising move, exiting the 20th Party Congress held in October, the Chinese government decided to move aggressively to end the Covid-0 policy. This about face helped to unclog supply chains, and also reopened a Chinese economy that had been shackled by the policy.
Against this backdrop of macro-driven volatility, the Fund finished the fiscal year approximately even with the benchmark. Performance of the subadvisors that contribute to the Fund was mixed – in general our European advisors underperformed their regional benchmarks, while our Japan and Asia ex-Japan allocations outperformed. Our decision to allocate a sizable portion of our European allocation to a tax-managed strategy early in the fiscal year proved effective. This type of strategy feeds off volatility, and the tax advantages achieved by that allocation over the fiscal year were material.
As we enter the new fiscal year, the environment has settled somewhat. European interest rates have narrowed the gap with Fed rates, leading to an easing of the dollar and, at least in the near-term, a more stable currency environment. Concerns related to supply chain issues in China have abated, but geopolitical tensions remain along with some questions as to the real strength of China’s economic rebound. With rates now elevated, forecasters have turned to handicapping the potential for recessions in various economies. Unfortunately, the tragic war in Ukraine continues, but the economic process of adaptation to this negative conflict seems to be in place.
* | 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 -2.64%, 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, 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.
April 30, 2023 (unaudited) / ANNUAL REPORT
2
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, 2013 to April 30, 2023, compared to the MSCI ACWI ex-US Net Index2.
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 -2.64%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -2.64% | -0.18% | 2.90% | |||
Class I^ | 3.23% | 1.13% | 3.64% | |||
MSCI ACWI ex-US Net Index2 | 3.05% | 2.50% | 3.97% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.53% and 1.12%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 1.03% and 0.87%, 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. |
ANNUAL REPORT / April 30, 2023 (unaudited)
3
WILMINGTON GLOBAL ALPHA EQUITIES FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, the Wilmington Global Alpha Equities Fund (the “Fund”) had a total return of 3.51%* for Class A shares and 3.75%* for Class I shares, versus its benchmark, the HFRX Equity Hedge Fund Index**, which had a total return of 0.22%.
During the fiscal year ended April 30, 2023, the Fund had positive returns and outperformed its benchmark. Additionally, it outperformed the MSCI-All Country World ex-US Index (Net, USD) (MSCI ACWI ex-US) *** in an up year, dramatically outperforming what would be expected given the Fund’s target beta of 0.4.
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 outperformed Global Equities as represented by the MSCI ACWI ex-US. From an underlying strategy perspective, seven Portfolio Managers (“PM”) outperformed the MSCI ACWI ex US, while two underperformed. The top performer was the Fund’s international value, 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. Equity index futures performance was beneficial, underperforming long book exposure and the MSCI ACWI improving fund risk/return measures.
* | 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 -2.18%, 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. |
Beta is a measure of a portfolio’s sensitivity to market movements, or systematic risk. The larger the Beta, the more volatile the historical performance. Beta compares the portfolio’s excess return over the risk free rate, typically represented by the return of 3-month Treasury Bills, to the benchmark’s excess return over the risk free rate. A Beta of 0.85 indicates that the portfolio performed 15% worse than the market’s excess return during up markets and 15% better during down markets.
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-Advisers, and the Underlying Strategies may use aggressive investment strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers 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
April 30, 2023 (unaudited) / ANNUAL REPORT
4
Sub-Advisers 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.
The Fund is also subject to risks associated with investments in foreign markets, emerging market securities, small cap companies, debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, and Collateralized Mortgage Obligations (“CMO”). Please see the prospectus and summary prospectus for information on these as well as other risk considerations.
ANNUAL REPORT / April 30, 2023 (unaudited)
5
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, 2013 to April 30, 2023, compared to the HFRX Equity Hedge Fund Index2.
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 -2.18%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -2.18% | 1.73% | 1.89% | |||
Class I^ | 3.75% | 3.16% | 2.74% | |||
HFRX Equity Hedge Fund Index2 | 0.22% | 2.80% | 2.85% |
^ | 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. |
April 30, 2023 (unaudited) / ANNUAL REPORT
6
WILMINGTON REAL ASSET FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington Real Asset Fund (the “Fund”) had a total return of -14.44%* for Class A shares and -14.21%* 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 -15.53%, -4.00%, -16.60% and -14.07%, respectively.
The Real Asset 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 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 may be less compelling going forward. During the year, the Fund (Class I shares) slightly underperformed the blended index. Selection added, but was not enough to make up for fees.
U.S. ILB markets posted negative returns during the fiscal year as inflation was offset by dramatically increasing yields. During the year, the Consumer Price Index (“CPI”) hit 9%, a level not seen for 40 years, before rapidly dropping below 5%. Inflation expectations also fell dramatically, with 2-year expectations going from nearly 4.5% in June 2022 down to the feds 2% target by the end of year. Given the muted forward inflation expectations, the Fund reduced its exposure before eliminating it altogether early in 2023.
Global real estate securities, as measured by the S&P Developed Property Index, were down -15.5% for the fiscal year, underperforming broad equities. Higher interest rates were the 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. U.S. and international real estate were both hit in equal measures while Emerging Markets (“EM”) did slightly better. The Fund’s real estate allocation slightly outperformed due to some exposure to EM property.
Commodities lost 16.6% during the fiscal year, after more than doubling during the prior 2 fiscal years. The early part of the year saw some strength in commodities, largely due to the war in Ukraine, but prices
soon fell due to economic slowdown fears as well as warmer than expected weather. 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 -19.16%, 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.
ANNUAL REPORT / April 30, 2023 (unaudited)
7
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, 2013 to April 30, 2023, compared to the S&P Developed Property Index2, the Bloomberg Commodity Index2, Bloomberg U.S. TIPS Index2, and the Real Asset Blended Index3.
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 -19.16%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -19.16% | 1.83% | 1.22% | |||
Class I^ | -14.21% | 3.25% | 2.06% | |||
S&P Developed Property Index2 | -15.53% | 0.88% | 2.22% | |||
Bloomberg Commodity Index2 | -16.60% | 4.67% | -1.51% | |||
Bloomberg U.S. TIPS Index2 | -4.00% | 2.98% | 1.42% | |||
Real Asset Blended Index3 | -14.07% | 3.82% | 2.61% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.43% and 1.08%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.93% and 0.83%, 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. |
April 30, 2023 (unaudited) / ANNUAL REPORT
8
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, 2022 to April 30, 2023.
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, 2023.
Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid During Period(1) | Annualized Net Expense Ratio(2) | |||||||||||
WILMINGTON INTERNATIONAL FUND | ||||||||||||||
Actual | ||||||||||||||
Class A | $1,000.00 | $1,210.70 | $5.92 | 1.08% | ||||||||||
Class I | $1,000.00 | $1,211.90 | $4.55 | 0.83% | ||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,019.44 | $5.41 | 1.08% | ||||||||||
Class I | $1,000.00 | $1,020.68 | $4.16 | 0.83% | ||||||||||
WILMINGTON GLOBAL ALPHA EQUITIES FUND | ||||||||||||||
Actual | ||||||||||||||
Class A | $1,000.00 | $1,056.80 | $7.60 | 1.49% | ||||||||||
Class I | $1,000.00 | $1,058.90 | $6.33 | 1.24% | ||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,017.41 | $7.45 | 1.49% | ||||||||||
Class I | $1,000.00 | $1,018.65 | $6.21 | 1.24% | ||||||||||
WILMINGTON REAL ASSET FUND | ||||||||||||||
Actual | ||||||||||||||
Class A | $1,000.00 | $1,005.70 | $4.08 | 0.82% | ||||||||||
Class I | $1,000.00 | $1,007.20 | $2.84 | 0.57% | ||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||
Class A | $1,000.00 | $1,020.73 | $4.11 | 0.82% | ||||||||||
Class I | $1,000.00 | $1,021.97 | $2.86 | 0.57% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which the Funds invest. |
ANNUAL REPORT / April 30, 2023 (unaudited)
9
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington International Fund
At April 30, 2023, the Fund’s sector classifications and country allocations were as follows:
Percentage of Total Net Assets | |||||
Common Stocks | |||||
Financials | 15.5 | % | |||
Industrials | 13.4 | % | |||
Consumer Discretionary | 11.7 | % | |||
Information Technology | 10.1 | % | |||
Health Care | 10.0 | % | |||
Consumer Staples | 7.8 | % | |||
Materials | 7.2 | % | |||
Communication Services | 4.4 | % | |||
Energy | 3.1 | % | |||
Real Estate | 2.1 | % | |||
Utilities | 2.1 | % | |||
Exchange-Traded Funds | 3.4 | % | |||
Equity-Linked Warrants | 1.4 | % | |||
Preferred Stocks | 0.4 | % | |||
Cash Equivalents(1) | 5.9 | % | |||
Cash Collateral Invested for Securities on Loan(2) | 3.1 | % | |||
Other Assets and Liabilities - Net(3) | (1.6 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Country Allocation | Percentage of Total Net Assets | ||||
Common Stocks | |||||
Japan | 16.6 | % | |||
United Kingdom | 9.2 | % | |||
France | 8.2 | % | |||
China | 7.6 | % | |||
United States | 6.2 | % | |||
Germany | 4.8 | % | |||
Switzerland | 4.0 | % | |||
Netherlands | 3.9 | % | |||
Hong Kong | 3.0 | % | |||
Taiwan | 3.0 | % | |||
Australia | 2.8 | % | |||
Denmark | 2.5 | % | |||
Sweden | 2.5 | % | |||
South Korea | 2.4 | % | |||
Italy | 2.2 | % | |||
Spain | 1.5 | % | |||
Belgium | 1.4 | % | |||
Singapore | 1.2 | % | |||
India | 1.0 | % | |||
All other countries less than 1.0% | 3.4 | % | |||
Exchange-Traded Funds | 3.4 | % | |||
Equity-Linked Warrants | 1.4 | % | |||
Preferred Stocks | 0.4 | % | |||
Cash Equivalents(1) | 5.9 | % | |||
Cash Collateral Invested for Securities on Loan(2) | 3.1 | % | |||
Other Assets and Liabilities - Net(3) | (1.6 | )% | |||
|
| ||||
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. |
April 30, 2023
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 87.4% | ||||||||
AUSTRALIA – 2.8% | ||||||||
ANZ Group Holdings Ltd. | 144,733 | $ | 2,350,210 | |||||
BHP Group Ltd. | 118,792 | 3,525,449 | ||||||
Cochlear Ltd. | 10,092 | 1,654,761 | ||||||
Flutter Entertainment PLC* | 2,480 | 495,548 | ||||||
Glencore PLC | 173,201 | 1,022,342 | ||||||
Incitec Pivot Ltd. | 691,295 | 1,472,884 | ||||||
Rio Tinto Ltd. | 23,239 | 1,743,034 | ||||||
Rio Tinto PLC | 17,192 | 1,092,937 |
Description | Number of Shares | Value | ||||||
Woodside Energy Group Ltd. | 43,408 | $ | 984,942 | |||||
|
| |||||||
TOTAL AUSTRALIA | $ | 14,342,107 | ||||||
AUSTRIA – 0.1% | ||||||||
Erste Group Bank AG | 9,625 | 349,957 | ||||||
voestalpine AG | 9,611 | 333,230 | ||||||
|
| |||||||
TOTAL AUSTRIA | $ | 683,187 | ||||||
BELGIUM – 1.4% | ||||||||
Ageas SA | 4,060 | 180,896 | ||||||
Anheuser-Busch InBev SA | 24,971 | 1,623,601 | ||||||
D’ieteren Group | 478 | 90,002 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 10 |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
Elia Group SA | 385 | $ | 52,791 | |||||
Groupe Bruxelles Lambert NV | 4,425 | 397,150 | ||||||
KBC Group NV | 14,186 | 1,014,135 | ||||||
Lotus Bakeries NV | 119 | 821,694 | ||||||
Montea NV | 8,410 | 736,826 | ||||||
Solvay SA | 3,446 | 413,584 | ||||||
UCB SA# | 12,157 | 1,130,085 | ||||||
Umicore SA | 10,011 | 328,616 | ||||||
Warehouses De Pauw | 2,385 | 71,315 | ||||||
Xior Student Housing NV | 19,287 | 612,530 | ||||||
|
| |||||||
TOTAL BELGIUM | $ | 7,473,225 | ||||||
CHINA – 7.6% | ||||||||
Alibaba Group Holding Ltd.* | 205,228 | 2,170,004 | ||||||
Alibaba Group Holding Ltd., ADR* | 17,565 | 1,487,580 | ||||||
Baozun, Inc., Class A*,# | 463,100 | 706,531 | ||||||
Budweiser Brewing Co. APAC Ltd.# | 577,900 | 1,669,675 | ||||||
China Mengniu Dairy Co. Ltd.* | 432,000 | 1,743,800 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 1,055,200 | 3,151,917 | ||||||
China Petroleum & Chemical Corp., Class H | 3,800,000 | 2,490,580 | ||||||
China Resources Land Ltd. | 324,000 | 1,508,789 | ||||||
China Resources Medical Holdings Co. Ltd. | 21,000 | 19,610 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H*,# | 27,100 | 579,706 | ||||||
Great Wall Motor Co. Ltd., Class H# | 708,000 | 859,212 | ||||||
H World Group Ltd., ADR* | 55,826 | 2,618,239 | ||||||
H World Group Ltd.* | 47,300 | 221,257 | ||||||
Haitian International Holdings Ltd. | 696,000 | 1,808,404 | ||||||
Hollysys Automation Technologies Ltd.* | 91,280 | 1,456,829 | ||||||
Hutchmed China Ltd., ADR*,# | 90,280 | 1,375,867 | ||||||
JD.com, Inc., Class A | 94,391 | 1,684,676 | ||||||
Meituan, Class B* | 83,960 | 1,434,915 | ||||||
Prosus NV* | 22,877 | 1,711,967 | ||||||
Shenzhou International Group Holdings Ltd.# | 128,800 | 1,237,145 | ||||||
Tencent Holdings Ltd. | 132,200 | 5,871,810 | ||||||
Wuxi Biologics Cayman, Inc.* | 213,500 | 1,273,066 | ||||||
Yum China Holdings, Inc. | 19,183 | 1,173,616 | ||||||
Yum China Holdings, Inc. | 17,800 | 1,089,333 | ||||||
|
| |||||||
TOTAL CHINA | $ | 39,344,528 | ||||||
DENMARK – 2.5% | ||||||||
AP Moller - Maersk A/S, Class B | 122 | 220,521 | ||||||
Carlsberg AS, Class B | 6,829 | 1,130,178 | ||||||
Chr Hansen Holding A/S | 5,023 | 390,938 | ||||||
Coloplast A/S, Class B | 3,252 | 468,551 | ||||||
Danske Bank A/S* | 46,700 | 986,994 | ||||||
Demant A/S* | 20,980 | 899,118 | ||||||
DSV A/S | 5,533 | 1,041,324 | ||||||
Genmab A/S* | 1,212 | 498,089 | ||||||
Netcompany Group A/S* | 14,373 | 556,265 | ||||||
Novo Nordisk A/S, Class B | 34,174 | 5,684,999 | ||||||
ROCKWOOL A/S, Class B | 931 | 225,491 | ||||||
Royal Unibrew A/S | 9,309 | 832,077 | ||||||
Vestas Wind Systems A/S* | 3,927 | 108,662 | ||||||
|
| |||||||
TOTAL DENMARK | $ | 13,043,207 |
Description | Number of Shares | Value | ||||||
FINLAND – 0.5% | ||||||||
Elisa OYJ | 4,732 | $ | 293,863 | |||||
Fortum OYJ | 21,840 | 326,202 | ||||||
Kesko OYJ, Class B | 10,725 | 223,593 | ||||||
Kone OYJ, Class B | 782 | 44,614 | ||||||
Neste OYJ | 9,423 | 456,680 | ||||||
Nokia OYJ | 88,626 | 374,990 | ||||||
Nordea Bank Abp | 49,116 | 545,643 | ||||||
Orion OYJ, Class B | 2,637 | 123,868 | ||||||
Sampo OYJ, Class A | 3,311 | 167,917 | ||||||
UPM-Kymmene OYJ | 9,008 | 287,269 | ||||||
|
| |||||||
TOTAL FINLAND | $ | 2,844,639 | ||||||
FRANCE – 8.2% | ||||||||
Accor SA* | 8,048 | 285,520 | ||||||
Adevinta ASA* | 15,666 | 120,674 | ||||||
Aeroports de Paris* | 1,580 | 251,071 | ||||||
Air Liquide SA | 5,948 | 1,069,987 | ||||||
Airbus SE | 9,805 | 1,373,039 | ||||||
Alstom SA | 13,359 | 335,773 | ||||||
AXA SA# | 67,235 | 2,194,562 | ||||||
BNP Paribas SA | 17,010 | 1,099,074 | ||||||
Bollore SE | 10,661 | 72,019 | ||||||
Bouygues SA | 2,526 | 92,500 | ||||||
Capgemini SE | 873 | 159,198 | ||||||
Carrefour SA | 1,947 | 40,499 | ||||||
Cie de Saint-Gobain | 11,886 | 688,137 | ||||||
Cie Generale des Etablissements Michelin SCA | 18,073 | 575,582 | ||||||
Danone SA | 18,288 | 1,210,367 | ||||||
Dassault Systemes SE | 14,902 | 604,956 | ||||||
Edenred | 21,551 | 1,400,247 | ||||||
Electricite de France SA | 11,318 | 148,843 | ||||||
Engie SA | 42,010 | 672,340 | ||||||
Esker SA | 3,980 | 605,916 | ||||||
EssilorLuxottica SA | 5,566 | 1,101,957 | ||||||
Eurazeo SE | 10,431 | 744,814 | ||||||
Faurecia SE* | 46,699 | 969,650 | ||||||
Hermes International | 616 | 1,337,383 | ||||||
ID Logistics Group* | 2,393 | 703,386 | ||||||
Ipsen SA | 1,018 | 123,448 | ||||||
IPSOS | 8,792 | 476,707 | ||||||
Kering SA | 247 | 158,171 | ||||||
Legrand SA | 6,377 | 603,608 | ||||||
L’Oreal SA | 4,254 | 2,033,060 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 6,292 | 6,052,157 | ||||||
Neoen SA# | 26,842 | 805,891 | ||||||
Orange SA | 133,035 | 1,731,573 | ||||||
Pernod Ricard SA | 2,337 | 539,728 | ||||||
Publicis Groupe SA | 2,950 | 241,183 | ||||||
Remy Cointreau SA | 529 | 91,532 | ||||||
Renault SA* | 8,859 | 329,050 | ||||||
Safran SA | 6,825 | 1,061,422 | ||||||
Sartorius Stedim Biotech | 307 | 82,245 | ||||||
Societe Generale SA | 21,316 | 517,729 | ||||||
Sodexo SA | 1,772 | 189,902 | ||||||
SPIE SA | 30,420 | 949,500 | ||||||
Technip Energies NV | 66,438 | 1,473,981 |
ANNUAL REPORT / April 30, 2023
11 | PORTFOLIOS OF INVESTMENTS |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
Thales SA | 6,700 | $ | 1,022,443 | |||||
TotalEnergies SE | 41,531 | 2,653,829 | ||||||
Veolia Environnement SA | 21,025 | 665,755 | ||||||
Vinci SA# | 13,329 | 1,648,680 | ||||||
Virbac SA | 2,704 | 923,628 | ||||||
Vivendi SA | 9,487 | 104,209 | ||||||
Worldline SA* | 8,631 | 375,472 | ||||||
|
| |||||||
TOTAL FRANCE | $ | 42,712,397 | ||||||
GERMANY – 4.8% | ||||||||
adidas AG | 1,566 | 275,782 | ||||||
Allianz SE | 6,711 | 1,685,178 | ||||||
BASF SE | 18,268 | 944,897 | ||||||
Bayer AG | 7,497 | 494,774 | ||||||
Bayerische Motoren Werke AG | 15,068 | 1,688,888 | ||||||
Beiersdorf AG | 1,552 | 216,705 | ||||||
Commerzbank AG* | 27,413 | 304,644 | ||||||
Continental AG | 4,365 | 306,280 | ||||||
Covestro AG* | 5,498 | 241,200 | ||||||
Deutsche Boerse AG | 2,909 | 554,771 | ||||||
Deutsche Lufthansa AG* | 26,698 | 287,001 | ||||||
Deutsche Post AG | 8,870 | 426,643 | ||||||
Deutsche Telekom AG | 102,236 | 2,465,091 | ||||||
E.ON SE | 56,424 | 746,362 | ||||||
Evotec SE* | 30,561 | 561,295 | ||||||
Fresenius Medical Care AG & Co. KGaA | 9,912 | 480,969 | ||||||
Fresenius SE & Co. KGaA | 12,326 | 357,133 | ||||||
GEA Group AG | 3,347 | 157,419 | ||||||
Hannover Rueck SE | 1,004 | 214,514 | ||||||
HeidelbergCement AG | 3,986 | 301,906 | ||||||
HelloFresh SE* | 12,237 | 328,590 | ||||||
Henkel AG & Co. KGaA | 2,366 | 174,976 | ||||||
Infineon Technologies AG | 26,417 | 962,022 | ||||||
Krones AG | 5,682 | 746,586 | ||||||
Mercedes-Benz Group AG | 7,713 | 601,506 | ||||||
Merck KGaA | 3,102 | 556,402 | ||||||
Muenchener Rueckversicherungs AG | 3,950 | 1,484,519 | ||||||
Nemetschek SE | 3,772 | 294,832 | ||||||
New Work SE | 3,074 | 560,543 | ||||||
Puma SE | 614 | 35,979 | ||||||
Rheinmetall AG | 1,040 | 304,609 | ||||||
RWE AG | 14,608 | 684,915 | ||||||
SAP SE | 17,902 | 2,422,431 | ||||||
Siemens AG | 13,183 | 2,172,983 | ||||||
Symrise AG | 1,762 | 212,889 | ||||||
Telefonica Deutschland Holding AG | 76,883 | 259,786 | ||||||
Vonovia SE | 23,571 | 511,220 | ||||||
Zalando SE* | 1,097 | 45,119 | ||||||
|
| |||||||
TOTAL GERMANY | $ | 25,071,359 | ||||||
HONG KONG – 3.0% | ||||||||
AIA Group Ltd. | 521,400 | 5,676,521 | ||||||
ASM Pacific Technology Ltd. | 168,200 | 1,322,415 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 40,200 | 1,668,980 | ||||||
Johnson Electric Holdings Ltd.# | 837,600 | 936,490 | ||||||
Prudential PLC | 57,927 | 886,343 | ||||||
Swire Properties Ltd. | 731,000 | 1,964,734 |
Description | Number of Shares | Value | ||||||
Techtronic Industries Co. Ltd. | 271,000 | $ | 2,931,811 | |||||
|
| |||||||
TOTAL HONG KONG | $ | 15,387,294 | ||||||
INDIA – 1.0% | ||||||||
HDFC Bank Ltd., ADR | 76,512 | 5,340,538 | ||||||
INDONESIA – 0.4% | ||||||||
Bank Mandiri Persero Tbk PT | 6,348,600 | 2,244,231 | ||||||
IRELAND – 0.6% | ||||||||
AerCap Holdings NV* | 4,905 | 276,446 | ||||||
Bank of Ireland Group PLC | 41,657 | 430,855 | ||||||
CRH PLC | 34,609 | 1,670,022 | ||||||
Kerry Group PLC, Class A | 4,750 | 500,292 | ||||||
Kingspan Group PLC | 5,765 | 399,513 | ||||||
|
| |||||||
TOTAL IRELAND | $ | 3,277,128 | ||||||
ITALY – 2.2% | ||||||||
Amplifon SpA | 6,445 | 236,595 | ||||||
Assicurazioni Generali SpA | 12,425 | 258,789 | ||||||
Coca-Cola HBC AG* | 3,316 | 101,227 | ||||||
Enel SpA | 63,047 | 430,744 | ||||||
Eni SpA | 21,268 | 321,304 | ||||||
ERG SpA | 28,563 | 862,551 | ||||||
Ferrari NV | 2,895 | 806,687 | ||||||
FinecoBank Banca Fineco SpA | 62,275 | 943,945 | ||||||
Infrastrutture Wireless Italiane SpA | 106,451 | 1,477,489 | ||||||
Intesa Sanpaolo SpA | 330,856 | 869,950 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 31,442 | 337,661 | ||||||
Moncler SpA | 3,636 | 269,723 | ||||||
Nexi SpA* | 32,422 | 268,836 | ||||||
Poste Italiane SpA | 17,786 | 185,098 | ||||||
Prysmian SpA | 20,239 | 828,294 | ||||||
Salvatore Ferragamo SpA# | 44,588 | 783,983 | ||||||
Technoprobe SpA* | 87,488 | 622,464 | ||||||
UniCredit SpA# | 92,951 | 1,841,869 | ||||||
|
| |||||||
TOTAL ITALY | $ | 11,447,209 | ||||||
JAPAN – 16.6% | ||||||||
ADEKA Corp. | 65,300 | 1,102,752 | ||||||
AEON Financial Service Co. Ltd. | 76,100 | 677,870 | ||||||
AGC, Inc. | 26,200 | 976,864 | ||||||
Air Water, Inc. | 74,700 | 943,893 | ||||||
Amano Corp. | 71,400 | 1,453,772 | ||||||
Ariake Japan Co. Ltd. | 15,000 | 608,349 | ||||||
Asahi Group Holdings Ltd. | 22,400 | 865,404 | ||||||
BIPROGY Inc | 37,500 | 904,109 | ||||||
Chubu Electric Power Co., Inc. | 111,000 | 1,237,912 | ||||||
Dai-ichi Life Holdings, Inc. | 36,800 | 684,509 | ||||||
Daikin Industries Ltd. | 1,700 | 308,773 | ||||||
Daiseki Co. Ltd. | 26,720 | 764,469 | ||||||
Daiwa House Industry Co. Ltd. | 48,900 | 1,246,387 | ||||||
Denso Corp. | 7,300 | 440,654 | ||||||
East Japan Railway Co. | 22,500 | 1,287,487 | ||||||
ENEOS Holdings, Inc. | 347,000 | 1,234,461 | ||||||
Fuji Electric Co. Ltd. | 20,600 | 831,530 | ||||||
FUJIFILM Holdings Corp. | 23,000 | 1,198,759 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 9,700 | 268,298 | ||||||
Hitachi Ltd. | 37,600 | 2,079,830 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 12 |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
Honda Motor Co. Ltd. | 86,200 | $ | 2,286,285 | |||||
Ichikoh Industries Ltd. | 151,600 | 613,588 | ||||||
IHI Corp. | 45,100 | 1,136,435 | ||||||
I-PEX, Inc. | 8,100 | 83,177 | ||||||
ITOCHU Corp. | 42,500 | 1,409,932 | ||||||
Iwatani Corp. | 7,500 | 355,071 | ||||||
J Front Retailing Co. Ltd. | 43,300 | 455,397 | ||||||
JAC Recruitment Co. Ltd. | 46,700 | 872,555 | ||||||
JAFCO Group Co. Ltd. | 30,700 | 391,183 | ||||||
Japan Airlines Co. Ltd. | 28,200 | 537,960 | ||||||
JGC Holdings Corp. | 52,600 | 658,040 | ||||||
JSP Corp. | 21,400 | 246,383 | ||||||
Kamigumi Co. Ltd. | 49,000 | 1,073,877 | ||||||
KH Neochem Co. Ltd. | 69,300 | 1,194,872 | ||||||
Kinden Corp. | 33,700 | 459,489 | ||||||
Komatsu Ltd. | 1,500 | 37,305 | ||||||
Kumagai Gumi Co. Ltd. | 47,500 | 1,009,889 | ||||||
Kureha Corp. | 7,500 | 465,629 | ||||||
Kyocera Corp. | 18,600 | 976,268 | ||||||
Life Corp. | 35,400 | 750,929 | ||||||
Lion Corp. | 97,900 | 1,067,289 | ||||||
Mabuchi Motor Co. Ltd. | 22,600 | 637,822 | ||||||
Makita Corp. | 43,100 | 1,215,882 | ||||||
MISUMI Group, Inc. | 21,300 | 537,340 | ||||||
Mitsubishi Corp. | 43,100 | 1,597,970 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 56,300 | 819,642 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 382,900 | 2,396,776 | ||||||
Mitsui Fudosan Co. Ltd. | 25,300 | 502,509 | ||||||
Murata Manufacturing Co. Ltd. | 16,900 | 958,841 | ||||||
Nabtesco Corp. | 41,300 | 995,475 | ||||||
NEC Networks & System Integration Corp. | 118,400 | 1,475,918 | ||||||
Nippon Telegraph & Telephone Corp. | 70,700 | 2,157,338 | ||||||
Nitto Boseki Co. Ltd. | 106,900 | 1,493,314 | ||||||
Nittoku Co. Ltd.# | 43,100 | 829,576 | ||||||
NOK Corp. | 12,900 | 173,841 | ||||||
Olympus Corp. | 108,900 | 1,906,449 | ||||||
Pacific Industrial Co. Ltd. | 68,500 | 618,943 | ||||||
Pan Pacific International Holdings Corp. | 42,600 | 796,063 | ||||||
Penta-Ocean Construction Co. Ltd. | 121,400 | 590,208 | ||||||
Recruit Holdings Co. Ltd. | 2,000 | 56,107 | ||||||
Rengo Co. Ltd. | 273,700 | 1,785,011 | ||||||
Resonac Holdings Corp. | 15,100 | 239,112 | ||||||
Santen Pharmaceutical Co. Ltd. | 44,900 | 377,772 | ||||||
SB Technology Corp. | 48,700 | 832,198 | ||||||
SBI Holdings, Inc. | 7,200 | 140,621 | ||||||
SCREEN Holdings Co. Ltd. | 7,200 | 585,643 | ||||||
Seino Holdings Co. Ltd. | 39,300 | 436,309 | ||||||
Septeni Holdings Co. Ltd.# | 397,500 | 1,094,728 | ||||||
Shibaura Machine Co. Ltd. | 35,500 | 826,453 | ||||||
SoftBank Group Corp. | 39,400 | 1,477,595 | ||||||
Sohgo Security Services Co. Ltd. | 17,100 | 477,590 | ||||||
Sompo Holdings, Inc. | 35,600 | 1,485,574 | ||||||
Sony Group Corp. | 30,500 | 2,759,449 | ||||||
SUMCO Corp. | 31,100 | 428,299 | ||||||
Sumitomo Electric Industries Ltd. | 67,000 | 855,072 | ||||||
Sumitomo Metal Mining Co. Ltd. | 17,000 | 627,448 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 63,800 | 2,607,738 |
Description | Number of Shares | Value | ||||||
Tadano Ltd. | 68,100 | $ | 533,054 | |||||
TDK Corp. | 45,100 | 1,550,490 | ||||||
Terumo Corp. | 22,500 | 673,780 | ||||||
Tess Holdings Co. Ltd.# | 88,200 | 778,074 | ||||||
THK Co. Ltd. | 41,800 | 937,781 | ||||||
Tokyo Century Corp. | 17,800 | 612,359 | ||||||
Tokyu Fudosan Holdings Corp. | 214,900 | 1,090,573 | ||||||
Tomy Co. Ltd. | 28,400 | 320,899 | ||||||
Torii Pharmaceutical Co. Ltd. | 16,100 | 408,744 | ||||||
Towa Corp. | 41,600 | 626,016 | ||||||
Toyo Tanso Co. Ltd. | 16,200 | 470,990 | ||||||
Toyoda Gosei Co. Ltd. | 67,500 | 1,157,617 | ||||||
Toyota Motor Corp. | 133,200 | 1,828,841 | ||||||
Tsumura & Co. | 40,700 | 825,862 | ||||||
Ulvac, Inc. | 13,100 | 520,050 | ||||||
WingArc1st, Inc. | 50,200 | 819,421 | ||||||
Yamato Holdings Co. Ltd. | 38,100 | 654,466 | ||||||
|
| |||||||
TOTAL JAPAN | $ | 85,803,278 | ||||||
JORDAN – 0.1% | ||||||||
Hikma Pharmaceuticals PLC | 14,123 | 327,100 | ||||||
LUXEMBOURG – 0.1% | ||||||||
Eurofins Scientific SE | 4,619 | 322,636 | ||||||
MACAO – 0.4% | ||||||||
Galaxy Entertainment Group Ltd.*,# | 293,000 | 2,085,368 | ||||||
NETHERLANDS – 3.9% | ||||||||
Aalberts NV | 16,599 | 766,635 | ||||||
ABN AMRO Bank NV | 18,397 | 294,853 | ||||||
Aegon NV | 65,543 | 299,055 | ||||||
Akzo Nobel NV | 2,531 | 209,967 | ||||||
Arcadis NV | 20,403 | 842,826 | ||||||
Argenx SE* | 2,806 | 1,082,410 | ||||||
ASM International NV | 100 | 36,305 | ||||||
ASML Holding NV | 6,546 | 4,154,175 | ||||||
ASR Nederland NV | 26,979 | 1,186,608 | ||||||
EXOR NV* | 4,080 | 335,780 | ||||||
Heineken Holding NV | 1,960 | 188,123 | ||||||
Heineken NV# | 12,663 | 1,454,031 | ||||||
IMCD NV | 7,057 | 1,062,356 | ||||||
ING Groep NV | 63,790 | 791,142 | ||||||
JDE Peet’s NV | 4,656 | 141,624 | ||||||
Koninklijke Ahold Delhaize NV | 50,560 | 1,738,489 | ||||||
Koninklijke Philips NV | 23,028 | 486,167 | ||||||
NN Group NV | 10,420 | 388,566 | ||||||
OCI NV | 2,729 | 71,910 | ||||||
Shell PLC | 118,322 | 3,635,819 | ||||||
Universal Music Group NV | 11,460 | 250,371 | ||||||
Wolters Kluwer NV | 4,417 | 585,225 | ||||||
|
| |||||||
TOTAL NETHERLANDS | $ | 20,002,437 | ||||||
NORWAY – 0.4% | ||||||||
Aker BP ASA | 2,051 | 49,031 | ||||||
DNB Bank ASA | 17,651 | 310,482 | ||||||
Equinor ASA | 11,150 | 321,020 | ||||||
NEL ASA*,# | 316,544 | 435,006 | ||||||
Norsk Hydro ASA | 15,183 | 111,733 | ||||||
Orkla ASA | 4,530 | 32,561 |
ANNUAL REPORT / April 30, 2023
13 | PORTFOLIOS OF INVESTMENTS |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
Salmar ASA | 2,739 | $ | 121,690 | |||||
Telenor ASA | 32,988 | 411,629 | ||||||
TOMRA Systems ASA | 27,492 | 421,570 | ||||||
|
| |||||||
TOTAL NORWAY | $ | 2,214,722 | ||||||
PHILIPPINES – 0.3% | ||||||||
Ayala Land, Inc. | 2,006,000 | 969,502 | ||||||
Converge Information and Communications Technology Solutions, Inc.* | 2,982,000 | 636,772 | ||||||
|
| |||||||
TOTAL PHILIPPINES | $ | 1,606,274 | ||||||
PORTUGAL – 0.1% | ||||||||
EDP-Energias de Portugal SA | 70,399 | 387,898 | ||||||
SINGAPORE – 1.2% | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 368,161 | 3,483,132 | ||||||
Sea Ltd., ADR* | 16,729 | 1,274,248 | ||||||
STMicroelectronics NV | 7,586 | 324,507 | ||||||
STMicroelectronics NV | 20,800 | 889,117 | ||||||
|
| |||||||
TOTAL SINGAPORE | $ | 5,971,004 | ||||||
SOUTH AFRICA – 0.1% | ||||||||
Anglo American PLC | 21,860 | 673,598 | ||||||
SOUTH KOREA – 2.4% | ||||||||
Delivery Hero SE* | 940 | 37,573 | ||||||
LG Chem Ltd. | 6,108 | 3,392,893 | ||||||
Samsung Electronics Co. Ltd. | 167,698 | 8,251,429 | ||||||
SK Hynix, Inc. | 9,966 | 670,547 | ||||||
|
| |||||||
TOTAL SOUTH KOREA | $ | 12,352,442 | ||||||
SPAIN – 1.5% | ||||||||
Acciona SA | 1,540 | 285,345 | ||||||
ACS Actividades de Construccion y Servicios SA | 10,630 | 365,491 | ||||||
Aena SME SA* | 300 | 50,525 | ||||||
Amadeus IT Group SA* | 750 | 52,714 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 129,307 | 946,655 | ||||||
Banco Santander SA | 329,088 | 1,156,112 | ||||||
Bankinter SA# | 177,711 | 1,050,844 | ||||||
Befesa SA | 10,593 | 476,927 | ||||||
CaixaBank SA | 51,716 | 191,432 | ||||||
Cellnex Telecom SA | 2,436 | 102,565 | ||||||
EDP Renovaveis SA | 10,525 | 233,947 | ||||||
Ferrovial SA | 15,376 | 482,090 | ||||||
Grifols SA* | 24,567 | 252,883 | ||||||
Iberdrola SA | 66,184 | 857,619 | ||||||
Industria de Diseno Textil SA | 24,953 | 857,803 | ||||||
Red Electrica Corp. SA | 4,982 | 90,579 | ||||||
Repsol SA | 20,679 | 303,769 | ||||||
Telefonica SA | 20,763 | 94,310 | ||||||
|
| |||||||
TOTAL SPAIN | $ | 7,851,610 | ||||||
SWEDEN – 2.5% | ||||||||
Alfa Laval AB | 3,564 | 130,754 | ||||||
Alleima AB* | 3,640 | 18,686 | ||||||
Assa Abloy AB, Class B | 23,431 | 558,267 | ||||||
Atlas Copco AB, Class A | 79,427 | 1,148,842 | ||||||
Avanza Bank Holding AB# | 25,024 | 532,444 | ||||||
Axfood AB | 31,827 | 789,856 |
Description | Number of Shares | Value | ||||||
Boliden AB | 4,830 | $ | 172,609 | |||||
Epiroc AB, Class A | 25,577 | 512,386 | ||||||
EQT AB | 7,675 | 165,305 | ||||||
Essity AB, Class B | 38,978 | 1,181,240 | ||||||
Evolution AB | 2,115 | 282,582 | ||||||
Fastighets AB Balder, Class B* | 9,777 | 45,520 | ||||||
Fortnox AB | 89,174 | 614,671 | ||||||
GARO AB | 44,977 | 357,298 | ||||||
Getinge AB, Class B | 5,114 | 129,798 | ||||||
H & M Hennes & Mauritz AB, Class B | 15,844 | 232,286 | ||||||
Hexagon AB, Class B | 45,972 | 526,366 | ||||||
Holmen AB, Class B | 4,433 | 167,700 | ||||||
Industrivarden AB, Class C | 7,754 | 221,427 | ||||||
Investment AB Latour, Class B | 1,529 | 33,105 | ||||||
Investor AB, Class B | 23,976 | 515,080 | ||||||
L E Lundbergforetagen AB, Class B | 5,211 | 250,030 | ||||||
Nibe Industrier AB, Class B | 22,525 | 252,210 | ||||||
Securitas AB, Class B | 15,037 | 134,781 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 32,592 | 370,596 | ||||||
SKF AB, Class B | 5,282 | 95,666 | ||||||
Svenska Handelsbanken AB, Class A | 43,874 | 387,837 | ||||||
Swedbank AB, Class A# | 83,402 | 1,449,230 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 15,434 | 84,975 | ||||||
Telia Co. AB | 17,216 | 47,932 | ||||||
Thule Group AB# | 22,510 | 651,070 | ||||||
Volvo AB, Class B | 22,499 | 462,595 | ||||||
Volvo Car AB, Class B* | 53,064 | 219,034 | ||||||
|
| |||||||
TOTAL SWEDEN | $ | 12,742,178 | ||||||
SWITZERLAND – 4.0% | ||||||||
ABB Ltd. | 26,057 | 939,971 | ||||||
Barry Callebaut AG | 32 | 68,323 | ||||||
Bossard Holding AG, Class A | 3,620 | 887,781 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 51 | 629,703 | ||||||
Cie Financiere Richemont SA, Class A | 9,580 | 1,583,582 | ||||||
Clariant AG*,# | 46,772 | 780,167 | ||||||
Emmi AG# | 1,040 | 1,082,332 | ||||||
EMS-Chemie Holding AG | 156 | 128,123 | ||||||
Geberit AG | 226 | 128,721 | ||||||
Givaudan SA | 43 | 150,413 | ||||||
Julius Baer Group Ltd. | 3,374 | 241,768 | ||||||
Lonza Group AG | 1,573 | 980,986 | ||||||
Novartis AG | 42,665 | 4,364,369 | ||||||
Partners Group Holding AG | 534 | 518,372 | ||||||
Schindler Holding AG | 815 | 174,103 | ||||||
SGS SA | 1,150 | 104,070 | ||||||
Siegfried Holding AG* | 1,322 | 1,018,877 | ||||||
SIG Group AG* | 3,952 | 105,778 | ||||||
Sika AG | 3,065 | 846,623 | ||||||
Sonova Holding AG | 981 | 311,101 | ||||||
Swatch Group AG - BR (The) | 902 | 309,442 | ||||||
Swatch Group AG (The) | 2,251 | 142,011 | ||||||
Swiss Life Holding AG | 820 | 541,247 | ||||||
Swiss Prime Site AG | 768 | 69,519 | ||||||
Swisscom AG | 786 | 539,629 | ||||||
UBS Group AG | 62,727 | 1,276,655 | ||||||
VAT Group AG | 1,042 | 367,607 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 14 |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
Zurich Insurance Group AG | 4,747 | $ | 2,302,068 | |||||
|
| |||||||
TOTAL SWITZERLAND | $ | 20,593,341 | ||||||
TAIWAN – 3.0% | ||||||||
MediaTek, Inc. | 107,000 | 2,326,592 | ||||||
Merida Industry Co. Ltd. | 308,000 | 1,724,787 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 692,000 | 11,331,911 | ||||||
|
| |||||||
TOTAL TAIWAN | $ | 15,383,290 | ||||||
THAILAND – 0.3% | ||||||||
Kasikornbank PCL | 474,100 | 1,740,600 | ||||||
UNITED KINGDOM – 9.2% | ||||||||
3i Group PLC | 63,400 | 1,410,589 | ||||||
Allfunds Group PLC* | 56,394 | 374,119 | ||||||
Ashtead Group PLC | 10,282 | 592,820 | ||||||
Associated British Foods PLC | 16,101 | 396,706 | ||||||
AstraZeneca PLC | 29,853 | 4,393,257 | ||||||
Aviva PLC | 6,772 | 36,056 | ||||||
BAE Systems PLC | 117,360 | 1,495,164 | ||||||
Barclays PLC | 84,828 | 170,879 | ||||||
Berkeley Group Holdings PLC | 6,256 | 350,100 | ||||||
BP PLC | 258,494 | 1,734,235 | ||||||
British American Tobacco PLC | 32,166 | 1,188,398 | ||||||
British Land Co. PLC (The) | 57,527 | 289,835 | ||||||
BT Group PLC | 28,410 | 56,743 | ||||||
Bunzl PLC | 4,830 | 192,268 | ||||||
Burberry Group PLC | 12,036 | 392,879 | ||||||
CNH Industrial NV | 26,797 | 377,083 | ||||||
Compass Group PLC | 36,018 | 950,189 | ||||||
Croda International PLC | 14,901 | 1,309,194 | ||||||
DCC PLC | 5,647 | 351,339 | ||||||
Diageo PLC | 40,427 | 1,844,122 | ||||||
Future PLC | 33,900 | 481,036 | ||||||
GB Group PLC | 155,215 | 634,594 | ||||||
Great Portland Estates PLC | 103,729 | 695,783 | ||||||
Halma PLC | 10,161 | 295,516 | ||||||
Hargreaves Lansdown PLC | 8,587 | 86,937 | ||||||
Hill & Smith PLC | 61,521 | 1,064,288 | ||||||
Hiscox Ltd. | 57,844 | 860,902 | ||||||
HSBC Holdings PLC | 296,527 | 2,137,174 | ||||||
Imperial Brands PLC | 60,603 | 1,500,173 | ||||||
InterContinental Hotels Group PLC | 4,999 | 343,715 | ||||||
Intertek Group PLC | 24,218 | 1,266,945 | ||||||
J Sainsbury PLC | 104,057 | 361,599 | ||||||
Just Eat Takeaway.com NV* | 3,600 | 63,130 | ||||||
Kingfisher PLC | 102,385 | 331,840 | ||||||
Lloyds Banking Group PLC | 269,269 | 163,587 | ||||||
London Stock Exchange Group PLC | 2,312 | 242,744 | ||||||
Marshalls PLC | 112,069 | 423,114 | ||||||
National Grid PLC | 31,932 | 457,839 | ||||||
Pearson PLC | 25,663 | 285,521 | ||||||
Persimmon PLC | 20,147 | 333,427 | ||||||
Reckitt Benckiser Group PLC | 5,111 | 413,019 | ||||||
RELX PLC | 36,756 | 1,224,662 | ||||||
Rentokil Initial PLC | 42,708 | 340,009 | ||||||
Rolls-Royce Holdings PLC* | 518,200 | 992,700 |
Description | Number of Shares | Value | ||||||
Sage Group PLC (The) | 17,967 | $ | 185,292 | |||||
Schroders PLC | 30,689 | 187,967 | ||||||
Segro PLC | 13,898 | 146,317 | ||||||
Severn Trent PLC | 11,772 | 433,605 | ||||||
Smith & Nephew PLC | 97,596 | 1,607,383 | ||||||
Smiths Group PLC | 7,456 | 157,655 | ||||||
Spirax-Sarco Engineering PLC | 7,537 | 1,053,221 | ||||||
SSE PLC | 58,353 | 1,346,389 | ||||||
SSP Group PLC* | 341,475 | 1,106,326 | ||||||
St. James’s Place PLC | 19,374 | 294,642 | ||||||
Standard Chartered PLC | 357,100 | 2,817,531 | ||||||
Tate & Lyle PLC | 1 | 10 | ||||||
Trustpilot Group PLC* | 215,702 | 239,507 | ||||||
Unilever PLC | 62,017 | 3,453,239 | ||||||
UNITE Group PLC (The) | 53,950 | 650,976 | ||||||
Victrex PLC | 28,810 | 608,786 | ||||||
WPP PLC | 36,037 | 419,990 | ||||||
|
| |||||||
TOTAL UNITED KINGDOM | $ | 47,615,065 | ||||||
UNITED STATES – 6.2% | ||||||||
CSL Ltd. | 16,490 | 3,292,010 | ||||||
Experian PLC | 20,068 | 710,505 | ||||||
GSK PLC | 130,425 | 2,351,975 | ||||||
Haleon PLC | 370,084 | 1,627,148 | ||||||
Holcim AG* | 26,875 | 1,775,704 | ||||||
James Hardie Industries PLC, CDI | 113,780 | 2,539,014 | ||||||
Nestle SA | 44,500 | 5,708,886 | ||||||
QIAGEN NV* | 2,804 | 125,397 | ||||||
ResMed, Inc., CDI | 70,686 | 1,587,912 | ||||||
Roche Holding AG | 12,497 | 3,913,313 | ||||||
Samsonite International SA* | 761,386 | 2,412,714 | ||||||
Sanofi# | 27,186 | 2,929,788 | ||||||
Schneider Electric SE | 9,740 | 1,698,577 | ||||||
Stellantis NV | 21,208 | 351,768 | ||||||
Swiss Re AG | 6,900 | 694,857 | ||||||
Tenaris SA | 9,413 | 134,656 | ||||||
|
| |||||||
TOTAL UNITED STATES | $ | 31,854,224 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $368,975,576) | $ | 452,738,114 | ||||||
EXCHANGE-TRADED FUNDS – 3.4% | ||||||||
iShares MSCI China ETF | 253,000 | 12,073,160 | ||||||
iShares Core MSCI Europe ETF# | 100,000 | 5,456,000 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $19,274,881) | $ | 17,529,160 | ||||||
PREFERRED STOCKS – 0.4% | ||||||||
GERMANY – 0.4% | ||||||||
Henkel AG & Co. KGaA, 2.53% | 17,300 | 1,398,680 | ||||||
Porsche Automobil Holding SE, 4.97% | 3,205 | 178,510 | ||||||
Sartorius AG, 0.39% | 488 | 189,680 | ||||||
Volkswagen AG, 7.31% | 1,181 | 161,265 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $1,722,543) | $ | 1,928,135 |
ANNUAL REPORT / April 30, 2023
15 | PORTFOLIOS OF INVESTMENTS |
Wilmington International Fund (continued)
Description | Number of Shares | Value | ||||||
EQUITY-LINKED WARRANTS – 1.4% | ||||||||
CHINA – 1.4% | ||||||||
(Issuer UBS AG) China Tourism Group Duty Free Corp. Ltd. Strike price $0, Expire 10/23/23* | 42,000 | $ | 979,895 | |||||
(Issuer UBS AG) Gongniu Group Co. Ltd., Strike price $0, Expire 06/21/23* | 70,100 | 1,501,374 | ||||||
(Issuer UBS AG) LONGi Green Energy Technology Co. Ltd. Strike price $0, Expire 05/20/24* | 226,200 | 1,139,890 | ||||||
(Issuer UBS AG) Midea Group Co. Ltd., Strike price $0, Expire 06/21/23* | 220,845 | 1,812,645 | ||||||
(Issuer UBS AG) Shanghai Kelai Mechatronics Engineering Co. Ltd. Strike price $0, Expire 03/06/24* | 215,186 | 551,995 | ||||||
(Issuer UBS AG) Zhejiang Sanhua Intelligent Controls Co. Ltd. Strike price $0, Expire 10/23/23* | 464,900 | 1,569,401 | ||||||
|
| |||||||
TOTAL EQUITY-LINKED WARRANTS (Cost $7,822,357) | $ | 7,555,200 | ||||||
MONEY MARKET FUND – 5.9% | ||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 30,463,060 | 30,463,060 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (Cost $30,463,060) | $ | 30,463,060 | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 3.1% |
| |||||||
Par Value | ||||||||
REPURCHASE AGREEMENTS – 3.1% | ||||||||
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $3,187,526, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $3,249,971. | $ | 3,186,246 | 3,186,246 |
Description |
Par Value | Value | ||||||
Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,187,523, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $3,249,971. | $ | 3,186,246 | $ | 3,186,246 | ||||
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,184,959, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $3,247,357. | 3,183,683 | 3,183,683 | ||||||
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $3,187,520, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $3,249,971. | 3,186,246 | 3,186,246 | ||||||
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,187,523, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $3,249,971. | 3,186,246 | 3,186,246 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS | $ | 15,928,667 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (Cost $15,928,667) |
| $ | 15,928,667 | |||||
|
| |||||||
TOTAL INVESTMENTS – 101.6% (Cost $444,187,084) | $ | 526,142,336 | ||||||
COLLATERAL FOR SECURITIES ON LOAN – (3.1%) |
| (15,928,667 | ) | |||||
OTHER ASSETS LESS LIABILITIES – 1.5% | 7,654,451 | |||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 517,868,120 | ||||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks | ||||||||||||||||||||
Australia | $ | — | $ | 14,342,107 | $ | — | $ | 14,342,107 | ||||||||||||
Austria | — | 683,187 | — | 683,187 | ||||||||||||||||
Belgium | — | 7,473,225 | — | 7,473,225 | ||||||||||||||||
China | 8,112,131 | 31,232,397 | — | 39,344,528 | ||||||||||||||||
Denmark | — | 13,043,207 | — | 13,043,207 | ||||||||||||||||
Finland | — | 2,844,639 | — | 2,844,639 | ||||||||||||||||
France | — | 42,712,397 | — | 42,712,397 | ||||||||||||||||
Germany | — | 25,071,359 | — | 25,071,359 | ||||||||||||||||
Hong Kong | — | 15,387,294 | — | 15,387,294 | ||||||||||||||||
India | 5,340,538 | — | — | 5,340,538 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 16 |
Wilmington International Fund (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Indonesia | $ | — | $ | 2,244,231 | $ | — | $ | 2,244,231 | ||||||||||||
Ireland | 276,446 | 3,000,682 | — | 3,277,128 | ||||||||||||||||
Italy | — | 11,447,209 | — | 11,447,209 | ||||||||||||||||
Japan | — | 85,803,278 | — | 85,803,278 | ||||||||||||||||
Jordan | — | 327,100 | — | 327,100 | ||||||||||||||||
Luxembourg | — | 322,636 | — | 322,636 | ||||||||||||||||
Macao | — | 2,085,368 | — | 2,085,368 | ||||||||||||||||
Netherlands | — | 20,002,437 | — | 20,002,437 | ||||||||||||||||
Norway | — | 2,214,722 | — | 2,214,722 | ||||||||||||||||
Philippines | — | 1,606,274 | — | 1,606,274 | ||||||||||||||||
Portugal | — | 387,898 | — | 387,898 | ||||||||||||||||
Singapore | 1,274,248 | 4,696,756 | — | 5,971,004 | ||||||||||||||||
South Africa | — | 673,598 | — | 673,598 | ||||||||||||||||
South Korea | — | 12,352,442 | — | 12,352,442 | ||||||||||||||||
Spain | — | 7,851,610 | — | 7,851,610 | ||||||||||||||||
Sweden | — | 12,742,178 | — | 12,742,178 | ||||||||||||||||
Switzerland | — | 20,593,341 | — | 20,593,341 | ||||||||||||||||
Taiwan | — | 15,383,290 | — | 15,383,290 | ||||||||||||||||
Thailand | — | 1,740,600 | — | 1,740,600 | ||||||||||||||||
United Kingdom | — | 47,615,065 | — | 47,615,065 | ||||||||||||||||
United States | — | 31,854,224 | — | 31,854,224 | ||||||||||||||||
Exchange-Traded Funds | 17,529,160 | — | — | 17,529,160 | ||||||||||||||||
Preferred Stocks | ||||||||||||||||||||
Germany | — | 1,928,135 | — | 1,928,135 | ||||||||||||||||
Equity-Linked Warrants | ||||||||||||||||||||
China | — | 7,555,200 | — | 7,555,200 | ||||||||||||||||
Money Market Fund | 30,463,060 | — | — | 30,463,060 | ||||||||||||||||
Repurchase Agreements | — | 15,928,667 | — | 15,928,667 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments in Securities | $ | 62,995,583 | $ | 463,146,753 | $ | — | $ | 526,142,336 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Other Financial Instruments! | ||||||||||||||||||||
Financial Futures Contracts | $ | 476,637 | $ | — | $ | — | $ | 476,637 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Assets - Other Financial Instruments | $ | 476,637 | $ | — | $ | — | $ | 476,637 | ||||||||||||
|
|
|
|
|
|
|
|
! | Other financial instruments are derivative instruments, such as financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
¢ | Country classifications are based on primary country of risk. |
* | Non-income producing security. |
# | Security, or a portion thereof, is on loan. See Note 2 in Notes to Financial Statements. |
^ | 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 | |
SCA | Limited Partnership With Share Capital | |
SpA | Societa per Azioni |
ANNUAL REPORT / April 30, 2023
17 | PORTFOLIOS OF INVESTMENTS |
Wilmington International Fund (continued)
At April 30, 2023, 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: | ||||||||||||||||||||||||
MSCI India Index | June 2023 | 96 | $ | 8,353,443 | $ | 8,830,080 | $476,637 | $— | ||||||||||||||||
UNREALIZED APPRECIATION (DEPRECIATION) ON FINANCIAL FUTURES CONTRACTS | $476,637 | $— |
(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, 2023. 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, 2023 / ANNUAL REPORT
18
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Global Alpha Equities Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Common Stocks | Percentage of Total Net Assets | ||||
Insurance | 7.6 | % | |||
Pharmaceuticals | 7.2 | % | |||
Banks | 5.4 | % | |||
Oil, Gas & Consumable Fuels | 4.1 | % | |||
Software | 4.1 | % | |||
Health Care Providers & Services | 2.7 | % | |||
Interactive Media & Services | 2.7 | % | |||
Aerospace & Defense | 2.6 | % | |||
Machinery | 2.5 | % | |||
Health Care Equipment & Supplies | 2.5 | % | |||
Hotels, Restaurants & Leisure | 2.4 | % | |||
Semiconductors & Semiconductor Equipment | 2.2 | % | |||
Professional Services | 2.1 | % | |||
Financial Services | 2.1 | % | |||
Capital Markets | 2.0 | % | |||
IT Services | 1.8 | % | |||
Food Products | 1.7 | % | |||
Trading Companies & Distributors | 1.7 | % | |||
Beverages | 1.6 | % | |||
Commercial Services & Supplies | 1.6 | % | |||
Broadline Retail | 1.5 | % | |||
Specialty Retail | 1.5 | % | |||
Chemicals | 1.4 | % | |||
Technology Hardware, Storage & Peripherals | 1.4 | % | |||
Media | 1.4 | % | |||
Household Products | 1.3 | % | |||
Multi-Utilities | 1.3 | % | |||
Metals & Mining | 1.1 | % | |||
Ground Transportation | 1.1 | % | |||
Diversified Telecommunication Services | 1.1 | % | |||
Electric Utilities | 1.1 | % | |||
Automobiles | 1.1 | % | |||
Specialized REITs | 1.1 | % | |||
Communications Equipment | 1.1 | % | |||
Consumer Staples Distribution & Retail | 1.1 | % | |||
Building Products | 1.0 | % | |||
Textiles, Apparel & Luxury Goods | 0.9 | % | |||
Wireless Telecommunication Services | 0.9 | % | |||
Household Durables | 0.8 | % | |||
Electronic Equipment, Instruments & Components | 0.8 | % | |||
Tobacco | 0.7 | % | |||
Consumer Finance | 0.7 | % | |||
Air Freight & Logistics | 0.6 | % | |||
Construction & Engineering | 0.6 | % | |||
Life Sciences Tools & Services | 0.6 | % | |||
Gas Utilities | 0.6 | % | |||
Distributors | 0.6 | % | |||
Automobile Components | 0.6 | % | |||
Biotechnology | 0.5 | % | |||
Entertainment | 0.4 | % | |||
Personal Care Products | 0.4 | % | |||
Passenger Airlines | 0.4 | % |
Common Stocks | Percentage of Total Net Assets | ||||
Energy Equipment & Services | 0.3 | % | |||
Construction Materials | 0.3 | % | |||
Real Estate Management & Development | 0.3 | % | |||
Electrical Equipment | 0.2 | % | |||
Industrial Conglomerates | 0.2 | % | |||
Health Care Technology | 0.1 | % | |||
Diversified REITs | 0.1 | % | |||
Containers & Packaging | 0.1 | % | |||
Leisure Products | 0.1 | % | |||
Paper & Forest Products | 0.1 | % | |||
Transportation Infrastructure | 0.1 | % | |||
Industrial REITs | 0.1 | % | |||
Water Utilities | 0.1 | % | |||
Office REITs | 0.0 | %(1) | |||
Retail REITs | 0.0 | %(1) | |||
Diversified Consumer Services | 0.0 | %(1) | |||
Marine Transportation | 0.0 | %(1) | |||
Preferred Stock | 0.2 | % | |||
Exchange-Traded Funds | 0.0 | %(1) | |||
Cash Equivalents(2) | 4.9 | % | |||
Other Assets and Liabilities - Net(3) | 2.5 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
ANNUAL REPORT / April 30, 2023
19 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Country Allocation | Percentage of Total Net Assets | ||||
Common Stocks | |||||
United States | 46.1 | % | |||
Japan | 9.8 | % | |||
France | 6.2 | % | |||
United Kingdom | 5.9 | % | |||
Canada | 4.5 | % | |||
China | 3.9 | % | |||
Switzerland | 2.7 | % | |||
Germany | 1.7 | % | |||
Hong Kong | 1.6 | % | |||
Netherlands | 1.6 | % | |||
Italy | 1.3 | % | |||
All other countries less than 1.0% | 7.1 | % | |||
Preferred Stocks | 0.2 | % | |||
Exchange-Traded Funds | 0.0 | %(1) | |||
Cash Equivalents(2) | 4.9 | % | |||
Other Assets and Liabilities - Net(3) | 2.5 | % | |||
|
| ||||
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, 2023
Description | Number of Shares | Value | ||||||
COMMON STOCKS – 92.4% | ||||||||
AEROSPACE & DEFENSE – 2.6% | ||||||||
Airbus SE | 3,736 | $ | 523,169 | |||||
Austal Ltd. | 43,562 | 47,809 | ||||||
Babcock International Group PLC* | 23,917 | 95,606 | ||||||
BAE Systems PLC | 125,968 | 1,604,830 | ||||||
BWX Technologies, Inc. | 12,286 | 793,430 | ||||||
CAE, Inc.* | 13,487 | 303,516 | ||||||
Curtiss-Wright Corp. | 2,948 | 500,659 | ||||||
Dassault Aviation SA | 278 | 54,326 | ||||||
General Dynamics Corp. | 418 | 91,266 | ||||||
Lockheed Martin Corp. | 1,171 | 543,871 | ||||||
Northrop Grumman Corp. | 1,110 | 512,010 | ||||||
Raytheon Technologies Corp. | 5,366 | 536,064 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE | $ | 5,606,556 | ||||||
AIR FREIGHT & LOGISTICS – 0.6% | ||||||||
Bpost SA | 6,361 | 31,296 | ||||||
Expeditors International of Washington, Inc. | 4,114 | 468,338 | ||||||
SG Holdings Co. Ltd. | 2,037 | 29,312 | ||||||
United Parcel Service, Inc., Class B | 2,543 | 457,257 | ||||||
Yamato Holdings Co. Ltd. | 9,155 | 157,261 | ||||||
ZTO Express Cayman, Inc., ADR | 4,071 | 112,685 | ||||||
ZTO Express Cayman, Inc. | 4,728 | 130,174 | ||||||
|
| |||||||
TOTAL AIR FREIGHT & LOGISTICS | $ | 1,386,323 | ||||||
AUTOMOBILE COMPONENTS – 0.6% | ||||||||
Continental AG | 1,476 | 103,567 |
Description | Number of Shares | Value | ||||||
Hankook Tire & Technology Co. Ltd. | 3,677 | $ | 94,965 | |||||
Hyundai Mobis Co. Ltd. | 812 | 132,243 | ||||||
NOK Corp. | 9,053 | 121,999 | ||||||
Stanley Electric Co. Ltd. | 6,637 | 149,717 | ||||||
Sumitomo Electric Industries Ltd. | 12,307 | 157,065 | ||||||
Sumitomo Rubber Industries Ltd. | 9,561 | 87,693 | ||||||
Tachi-S Co. Ltd. | 4,551 | 40,765 | ||||||
Tokai Rika Co. Ltd. | 6,480 | 89,515 | ||||||
Toyoda Gosei Co. Ltd. | 4,098 | 70,280 | ||||||
Toyota Boshoku Corp. | 3,430 | 54,293 | ||||||
TS Tech Co. Ltd. | 7,136 | 96,225 | ||||||
Unipres Corp. | 6,981 | 48,629 | ||||||
|
| |||||||
TOTAL AUTOMOBILE COMPONENTS | $ | 1,246,956 | ||||||
AUTOMOBILES – 1.1% | ||||||||
Dongfeng Motor Group Co. Ltd., Class H | 159,344 | 76,238 | ||||||
Honda Motor Co. Ltd. | 22,244 | 589,978 | ||||||
Isuzu Motors Ltd. | 74,026 | 874,175 | ||||||
Mercedes-Benz Group AG | 1,946 | 151,761 | ||||||
Nissan Motor Co. Ltd. | 41,618 | 151,757 | ||||||
Renault SA* | 3,236 | 120,195 | ||||||
Subaru Corp. | 11,484 | 187,440 | ||||||
Suzuki Motor Corp. | 5,228 | 182,292 | ||||||
Yamaha Motor Co. Ltd. | 2,518 | 65,295 | ||||||
|
| |||||||
TOTAL AUTOMOBILES | $ | 2,399,131 | ||||||
BANKS – 5.4% | ||||||||
ABN AMRO Bank NV | 13,156 | 210,855 | ||||||
AIB Group PLC | 28,061 | 120,678 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 20 |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
Banco Bradesco SA, ADR | 61,657 | $ | 172,640 | |||||
Bank Mandiri Persero Tbk PT | 246,439 | 87,116 | ||||||
Bank of America Corp. | 19,042 | 557,550 | ||||||
Bank of Ireland Group PLC | 13,476 | 139,381 | ||||||
Bank of Nova Scotia (The) | 13,118 | 654,811 | ||||||
Bank of Nova Scotia (The) | 17,022 | 849,568 | ||||||
BNP Paribas SA | 4,068 | 262,847 | ||||||
BPER Banca | 47,020 | 132,065 | ||||||
CaixaBank SA | 18,927 | 70,060 | ||||||
Dah Sing Financial Holdings Ltd. | 16,488 | 42,241 | ||||||
DGB Financial Group, Inc. | 11,894 | 60,994 | ||||||
DNB Bank ASA | 28,809 | 506,753 | ||||||
Erste Group Bank AG | 5,105 | 185,614 | ||||||
FinecoBank Banca Fineco SpA | 86,602 | 1,312,687 | ||||||
First Citizens BancShares, Inc., Class A | 219 | 220,572 | ||||||
HSBC Holdings PLC | 72,611 | 523,333 | ||||||
ING Groep NV | 17,161 | 212,836 | ||||||
JPMorgan Chase & Co. | 3,189 | 440,847 | ||||||
Kasikornbank PCL | 22,367 | 82,153 | ||||||
Kasikornbank PCL, NVDR | 20,214 | 74,213 | ||||||
KB Financial Group, Inc., ADR | 5,228 | 194,952 | ||||||
KBC Group NV | 3,915 | 279,877 | ||||||
Mebuki Financial Group, Inc. | 23,543 | 60,309 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 117,590 | 736,059 | ||||||
Mizuho Financial Group, Inc. | 7,027 | 101,862 | ||||||
PNC Financial Services Group, Inc. (The) | 2,689 | 350,242 | ||||||
Resona Holdings, Inc. | 30,231 | 150,670 | ||||||
Royal Bank of Canada | 5,775 | 573,344 | ||||||
San-In Godo Bank Ltd. (The) | 15,063 | 84,643 | ||||||
Sberbank of Russia PJSC, ADR*,(1) | 3,982 | — | ||||||
Security Bank Corp. | 37,728 | 62,936 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 6,450 | 169,377 | ||||||
Societe Generale SA | 7,073 | 171,791 | ||||||
Standard Chartered PLC | 32,996 | 261,432 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,560 | 186,384 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 9,908 | 357,161 | ||||||
Tochigi Bank Ltd. (The) | 9,980 | 20,378 | ||||||
U.S. Bancorp | 3,371 | 115,558 | ||||||
Unicaja Banco SA | 73,950 | 75,050 | ||||||
UniCredit SpA | 29,385 | 582,278 | ||||||
|
| |||||||
TOTAL BANKS | $ | 11,454,117 | ||||||
BEVERAGES – 1.6% | ||||||||
Asahi Group Holdings Ltd. | 2,904 | 112,193 | ||||||
Cia Cervecerias Unidas SA | 7,219 | 58,932 | ||||||
Coca-Cola Co. (The) | 8,319 | 533,664 | ||||||
Coca-Cola Icecek AS | 7,419 | 89,863 | ||||||
Diageo PLC | 11,731 | 535,123 | ||||||
Embotelladora Andina SA, Class B, ADR | 7,355 | 111,208 | ||||||
Heineken NV | 5,598 | 642,791 | ||||||
Kirin Holdings Co. Ltd. | 21,982 | 357,105 | ||||||
PepsiCo., Inc. | 3,012 | 574,961 | ||||||
Pernod Ricard SA | 1,056 | 243,882 | ||||||
Suntory Beverage & Food Ltd. | 1,286 | 48,412 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 10,813 | 115,760 | ||||||
|
| |||||||
TOTAL BEVERAGES | $ | 3,423,894 |
Description | Number of Shares | Value | ||||||
BIOTECHNOLOGY – 0.5% | ||||||||
Genmab A/S* | 710 | $ | 291,785 | |||||
United Therapeutics Corp.* | 1,167 | 268,562 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,329 | 452,830 | ||||||
|
| |||||||
TOTAL BIOTECHNOLOGY | $ | 1,013,177 | ||||||
BROADLINE RETAIL – 1.5% | ||||||||
Alibaba Group Holding Ltd.* | 16,745 | 177,055 | ||||||
Alibaba Group Holding Ltd., ADR* | 4,442 | 376,193 | ||||||
Amazon.com, Inc.* | 16,437 | 1,733,282 | ||||||
ASKUL Corp. | 16,571 | 220,839 | ||||||
Etsy, Inc.* | 3,097 | 312,890 | ||||||
JD.com, Inc., ADR | 9,445 | 337,375 | ||||||
JD.com, Inc., Class A | 3,116 | 55,614 | ||||||
Ryohin Keikaku Co. Ltd. | 5,104 | 53,711 | ||||||
|
| |||||||
TOTAL BROADLINE RETAIL | $ | 3,266,959 | ||||||
BUILDING PRODUCTS – 1.0% | ||||||||
AGC, Inc. | 944 | 35,197 | ||||||
Assa Abloy AB, Class B | 17,837 | 424,984 | ||||||
Builders FirstSource, Inc.* | 4,976 | 471,576 | ||||||
Cie de Saint-Gobain | 3,943 | 228,279 | ||||||
Johnson Controls International PLC | 11,031 | 660,095 | ||||||
Lennox International, Inc. | 1,144 | 322,505 | ||||||
|
| |||||||
TOTAL BUILDING PRODUCTS | $ | 2,142,636 | ||||||
CAPITAL MARKETS – 2.0% | ||||||||
Ares Management Corp., Class A | 10,610 | 929,330 | ||||||
Cboe Global Markets, Inc. | 166 | 23,190 | ||||||
Charles Schwab Corp. (The) | 6,509 | 340,030 | ||||||
CME Group, Inc. | 803 | 149,173 | ||||||
CSC Financial Co. Ltd., Class H | 141,500 | 144,048 | ||||||
Deutsche Boerse AG | 672 | 128,156 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 5,517 | 229,049 | ||||||
Ichiyoshi Securities Co. Ltd. | 5,862 | 25,475 | ||||||
Intercontinental Exchange, Inc. | 1,332 | 145,095 | ||||||
Japan Exchange Group, Inc. | 695 | 11,285 | ||||||
London Stock Exchange Group PLC | 3,392 | 356,137 | ||||||
MarketAxess Holdings, Inc. | 85 | 27,062 | ||||||
Moody’s Corp. | 419 | 131,197 | ||||||
Morgan Stanley | 3,828 | 344,405 | ||||||
Nomura Holdings, Inc. | 13,999 | 50,185 | ||||||
S&P Global, Inc. | 372 | 134,880 | ||||||
SEI Investments Co. | 272 | 16,024 | ||||||
UBS Group AG | 49,829 | 1,014,148 | ||||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 4,198,869 | ||||||
CHEMICALS – 1.4% | ||||||||
ADEKA Corp. | 7,156 | 120,847 | ||||||
Air Liquide SA | 563 | 101,278 | ||||||
Celanese Corp. | 2,826 | 300,234 | ||||||
China BlueChemical Ltd., Class H | 131,112 | 34,657 | ||||||
Croda International PLC | 706 | 62,029 | ||||||
Element Solutions, Inc. | 10,928 | 198,343 | ||||||
Evonik Industries AG | 4,949 | 108,019 | ||||||
FMC Corp. | 2,220 | 274,348 | ||||||
Fuso Chemical Co. Ltd. | 2,312 | 64,338 | ||||||
Givaudan SA | 24 | 83,951 |
ANNUAL REPORT / April 30, 2023
21 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
Linde PLC | 2,065 | $ | 762,914 | |||||
Lintec Corp. | 4,483 | 74,970 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 10,431 | 151,860 | ||||||
Nissan Chemical Corp. | 274 | 12,177 | ||||||
Sherwin-Williams Co. (The) | 1,125 | 267,233 | ||||||
Shin-Etsu Chemical Co. Ltd. | 9,515 | 271,518 | ||||||
Sumitomo Bakelite Co. Ltd. | 2,030 | 77,633 | ||||||
Symrise AG | 676 | 81,676 | ||||||
Tosoh Corp. | 831 | 11,102 | ||||||
|
| |||||||
TOTAL CHEMICALS | $ | 3,059,127 | ||||||
COMMERCIAL SERVICES & SUPPLIES – 1.6% |
| |||||||
Aeon Delight Co. Ltd. | 2,994 | 66,350 | ||||||
Cintas Corp. | 856 | 390,139 | ||||||
Clean Harbors, Inc.* | 4,771 | 692,558 | ||||||
Copart, Inc.* | 15,510 | 1,226,066 | ||||||
Kokuyo Co. Ltd. | 3,969 | 56,720 | ||||||
Prosegur Cia de Seguridad SA | 28,150 | 54,005 | ||||||
Rollins, Inc. | 531 | 22,435 | ||||||
Secom Co. Ltd. | 1,012 | 64,802 | ||||||
Waste Connections, Inc. | 5,782 | 804,565 | ||||||
|
| |||||||
TOTAL COMMERCIAL SERVICES & SUPPLIES | $ | 3,377,640 | ||||||
COMMUNICATIONS EQUIPMENT – 1.1% | ||||||||
Arista Networks, Inc.* | 3,412 | 546,466 | ||||||
Cisco Systems, Inc. | 14,437 | 682,148 | ||||||
Motorola Solutions, Inc. | 2,687 | 782,992 | ||||||
Nokia OYJ | 36,914 | 156,189 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 29,099 | 160,210 | ||||||
|
| |||||||
TOTAL COMMUNICATIONS EQUIPMENT | $ | 2,328,005 | ||||||
CONSTRUCTION & ENGINEERING – 0.6% | ||||||||
Bouygues SA | 1,176 | 43,064 | ||||||
Chiyoda Corp.* | 9,211 | 27,174 | ||||||
Fugro NV* | 4,229 | 59,964 | ||||||
Implenia AG | 813 | 36,689 | ||||||
JGC Holdings Corp. | 15,588 | 195,010 | ||||||
Obayashi Corp. | 609 | 5,077 | ||||||
Taisei Corp. | 1,782 | 60,608 | ||||||
Vinci SA | 7,751 | 958,730 | ||||||
|
| |||||||
TOTAL CONSTRUCTION & ENGINEERING | $ | 1,386,316 | ||||||
CONSTRUCTION MATERIALS – 0.3% | ||||||||
HeidelbergCement AG | 3,152 | 238,738 | ||||||
Holcim AG* | 2,765 | 182,691 | ||||||
Imerys SA | 1,943 | 79,874 | ||||||
Taiheiyo Cement Corp. | 5,006 | 89,763 | ||||||
Vicat SA | 1,702 | 49,654 | ||||||
|
| |||||||
TOTAL CONSTRUCTION MATERIALS | $ | 640,720 | ||||||
CONSUMER FINANCE – 0.7% | ||||||||
American Express Co. | 5,187 | 836,871 | ||||||
Credit Acceptance Corp.* | 869 | 425,375 | ||||||
Marui Group Co. Ltd. | 7,779 | 123,940 | ||||||
Vanquis Banking Group PLC | 18,114 | 51,236 | ||||||
|
| |||||||
TOTAL CONSUMER FINANCE | $ | 1,437,422 |
Description | Number of Shares | Value | ||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.1% |
| |||||||
Alimentation Couche-Tard, Inc. | 4,952 | $ | 247,152 | |||||
Atacadao SA | 53,557 | 114,892 | ||||||
Carrefour SA | 7,705 | 160,269 | ||||||
Costco Wholesale Corp. | 149 | 74,980 | ||||||
Dollar General Corp. | 508 | 112,502 | ||||||
J Sainsbury PLC | 31,536 | 109,588 | ||||||
Jeronimo Martins SGPS SA | 1,454 | 36,692 | ||||||
Koninklijke Ahold Delhaize NV | 4,063 | 139,705 | ||||||
Marks & Spencer Group PLC* | 12,627 | 26,126 | ||||||
Performance Food Group Co.* | 12,709 | 796,727 | ||||||
Sundrug Co. Ltd. | 2,569 | 70,808 | ||||||
Tesco PLC | 36,091 | 127,598 | ||||||
Tsuruha Holdings, Inc. | 1,722 | 112,784 | ||||||
Walmart, Inc. | 1,058 | 159,726 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |
| $ | 2,289,549 | |||||
CONTAINERS & PACKAGING – 0.1% |
| |||||||
Ball Corp. | 3,498 | 186,023 | ||||||
Nampak Ltd.* | 56,917 | 2,804 | ||||||
|
| |||||||
TOTAL CONTAINERS & PACKAGING | $ | 188,827 | ||||||
DISTRIBUTORS – 0.6% |
| |||||||
Genuine Parts Co. | 334 | 56,216 | ||||||
LKQ Corp. | 20,710 | 1,195,588 | ||||||
|
| |||||||
TOTAL DISTRIBUTORS |
| $ | 1,251,804 | |||||
DIVERSIFIED CONSUMER SERVICES – 0.0%** |
| |||||||
Benesse Holdings, Inc. | 592 | 8,497 | ||||||
DIVERSIFIED REITS – 0.1% |
| |||||||
British Land Co. PLC (The) | 14,231 | 71,699 | ||||||
Daiwa House REIT Investment Corp. | 20 | 42,554 | ||||||
Land Securities Group PLC | 9,751 | 82,745 | ||||||
Nomura Real Estate Master Fund, Inc. | 37 | 43,294 | ||||||
|
| |||||||
DIVERSIFIED REITS | $ | 240,292 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES – 1.1% |
| |||||||
AT&T, Inc. | 5,413 | 95,648 | ||||||
BT Group PLC | 70,120 | 140,050 | ||||||
Deutsche Telekom AG | 2,956 | 71,274 | ||||||
Elisa OYJ | 738 | 45,831 | ||||||
Koninklijke KPN NV | 120,918 | 440,974 | ||||||
KT Corp., ADR | 11,882 | 134,267 | ||||||
Magyar Telekom Telecommunications PLC, ADR | 6,004 | 36,624 | ||||||
Nippon Telegraph & Telephone Corp. | 12,294 | 375,139 | ||||||
Orange Polska SA | 48,512 | 84,522 | ||||||
Orange SA | 27,958 | 363,899 | ||||||
Proximus SADP | 11,321 | 96,507 | ||||||
Swisscom AG | 135 | 92,684 | ||||||
Telefonica Brasil SA | 16,978 | 140,003 | ||||||
Telenor ASA | 3,707 | 46,256 | ||||||
Telia Co. AB | 13,680 | 38,087 | ||||||
Verizon Communications, Inc. | 5,438 | 211,158 | ||||||
|
| |||||||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES |
| $ | 2,412,923 | |||||
ELECTRIC UTILITIES – 1.1% |
| |||||||
American Electric Power Co., Inc. | 2,523 | 233,176 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 22 |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
Chubu Electric Power Co., Inc. | 301 | $ | 3,357 | |||||
Duke Energy Corp. | 5,738 | 567,373 | ||||||
Edison International | 6,921 | 509,385 | ||||||
Eversource Energy | 4,204 | 326,272 | ||||||
Exelon Corp. | 13,205 | 560,420 | ||||||
Iberdrola SA | 12,109 | 156,910 | ||||||
Kansai Electric Power Co., Inc. (The) | 1,180 | 12,738 | ||||||
Red Electrica Corp. SA | 2,088 | 37,963 | ||||||
|
| |||||||
TOTAL ELECTRIC UTILITIES | $ | 2,407,594 | ||||||
ELECTRICAL EQUIPMENT – 0.2% |
| |||||||
Cosel Co. Ltd. | 5,774 | 46,197 | ||||||
Nippon Carbon Co. Ltd. | 2,094 | 64,168 | ||||||
Ushio, Inc. | 17,458 | 217,170 | ||||||
Zumtobel Group AG | 2,522 | 19,810 | ||||||
|
| |||||||
TOTAL ELECTRICAL EQUIPMENT | $ | 347,345 | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.8% |
| |||||||
Ai Holdings Corp. | 3,571 | 62,517 | ||||||
Alps Alpine Co. Ltd. | 8,175 | 74,638 | ||||||
Amano Corp. | 6,410 | 130,514 | ||||||
Amphenol Corp., Class A | 1,422 | 107,318 | ||||||
Canon Marketing Japan, Inc. | 3,712 | 92,811 | ||||||
Foxconn Technology Co. Ltd. | 37,581 | 66,081 | ||||||
Halma PLC | 1,926 | 56,015 | ||||||
Hon Hai Precision Industry Co. Ltd. | 29,136 | 99,282 | ||||||
Jabil, Inc. | 4,602 | 359,646 | ||||||
Keyence Corp. | 129 | 58,173 | ||||||
Kyocera Corp. | 2,380 | 124,920 | ||||||
Maruwa Co. Ltd. | 400 | 51,010 | ||||||
Maxell Ltd. | 6,351 | 69,948 | ||||||
Nippon Chemi-Con Corp.* | 4,751 | 70,907 | ||||||
PAX Global Technology Ltd. | 23,334 | 19,221 | ||||||
Shimadzu Corp. | 1,675 | 52,389 | ||||||
Sunny Optical Technology Group Co. Ltd. | 17,811 | 188,214 | ||||||
|
| |||||||
TOTAL ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS | $ | 1,683,604 | ||||||
ENERGY EQUIPMENT & SERVICES – 0.3% |
| |||||||
China Oilfield Services Ltd., Class H | 320,500 | 376,980 | ||||||
Schlumberger NV | 6,838 | 337,455 | ||||||
Trican Well Service Ltd. | 13,737 | 32,141 | ||||||
|
| |||||||
TOTAL ENERGY EQUIPMENT & SERVICES | $ | 746,576 | ||||||
ENTERTAINMENT – 0.4% |
| |||||||
Bilibili, Inc., ADR* | 8,626 | 175,625 | ||||||
Capcom Co. Ltd. | 513 | 19,277 | ||||||
DeNA Co. Ltd.* | 6,468 | 90,842 | ||||||
NetEase, Inc., ADR | 3,072 | 273,807 | ||||||
NetEase, Inc. | 13,323 | 237,181 | ||||||
Nexon Co. Ltd. | 138 | 3,118 | ||||||
Nintendo Co. Ltd. | 1,565 | 66,164 | ||||||
Square Enix Holdings Co. Ltd. | 1,606 | 79,030 | ||||||
|
| |||||||
TOTAL ENTERTAINMENT | $ | 945,044 | ||||||
FINANCIAL SERVICES – 2.1% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 2,134 | 701,126 | ||||||
Block, Inc.* | 4,312 | 262,126 |
Description | Number of Shares | Value | ||||||
Edenred | 17,742 | $ | 1,152,763 | |||||
FleetCor Technologies, Inc.* | 1,405 | 300,558 | ||||||
Investor AB, Class B | 5,189 | 111,476 | ||||||
Jack Henry & Associates, Inc. | 172 | 28,094 | ||||||
Mastercard, Inc., Class A | 2,113 | 803,003 | ||||||
Mitsubishi HC Capital, Inc. | 6,106 | 31,695 | ||||||
Visa, Inc., Class A | 4,546 | 1,057,991 | ||||||
|
| |||||||
TOTAL FINANCIAL SERVICES | $ | 4,448,832 | ||||||
FOOD PRODUCTS – 1.7% |
| |||||||
Astral Foods Ltd. | 4,766 | 43,807 | ||||||
Barry Callebaut AG | 18 | 38,432 | ||||||
Campbell Soup Co. | 502 | 27,259 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 5 | 61,736 | ||||||
Conagra Brands, Inc. | 1,100 | 41,756 | ||||||
General Mills, Inc. | 1,419 | 125,766 | ||||||
Hershey Co. (The) | 351 | 95,844 | ||||||
Hormel Foods Corp. | 714 | 28,874 | ||||||
J.M. Smucker Co. (The) | 253 | 39,066 | ||||||
Kellogg Co. | 6,637 | 463,064 | ||||||
Lamb Weston Holdings, Inc. | 3,459 | 386,751 | ||||||
McCormick & Co., Inc. | 591 | 51,919 | ||||||
MEIJI Holdings Co. Ltd. | 1,482 | 35,760 | ||||||
Nestle SA | 5,641 | 723,682 | ||||||
Nisshin Seifun Group, Inc. | 1,804 | 21,867 | ||||||
Nissin Foods Holdings Co. Ltd. | 578 | 55,726 | ||||||
Nomad Foods Ltd.* | 33,987 | 638,956 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 366,830 | 25,401 | ||||||
Thai Union Group PCL, Class F | 128,133 | 51,852 | ||||||
Toyo Suisan Kaisha Ltd. | 2,364 | 105,545 | ||||||
Tyson Foods, Inc., Class A | 4,503 | 281,392 | ||||||
Ulker Biskuvi Sanayi AS* | 31,482 | 48,592 | ||||||
WH Group Ltd. | 235,038 | 130,855 | ||||||
Yihai International Holding Ltd.* | 39,229 | 104,117 | ||||||
|
| |||||||
TOTAL FOOD PRODUCTS | $ | 3,628,019 | ||||||
GAS UTILITIES – 0.6% |
| |||||||
Atmos Energy Corp. | 1,682 | 191,983 | ||||||
China Gas Holdings Ltd. | 39,259 | 50,506 | ||||||
Enagas SA | 1,284 | 25,707 | ||||||
ENN Energy Holdings Ltd. | 57,469 | 787,992 | ||||||
Kunlun Energy Co. Ltd. | 122,000 | 113,095 | ||||||
Osaka Gas Co. Ltd. | 1,694 | 28,021 | ||||||
Snam SpA | 10,214 | 56,766 | ||||||
Tokyo Gas Co. Ltd. | 382 | 7,824 | ||||||
|
| |||||||
TOTAL GAS UTILITIES | $ | 1,261,894 | ||||||
GROUND TRANSPORTATION – 1.1% |
| |||||||
Canadian National Railway Co. | 13,646 | 1,626,622 | ||||||
Central Japan Railway Co. | 278 | 34,416 | ||||||
East Japan Railway Co. | 488 | 27,924 | ||||||
Tobu Railway Co. Ltd. | 158 | 4,033 | ||||||
Uber Technologies, Inc.* | 14,936 | 463,763 | ||||||
U-Haul Holding Co. | 4,713 | 254,973 | ||||||
West Japan Railway Co. | 128 | 5,548 | ||||||
|
| |||||||
TOTAL GROUND TRANSPORTATION | $ | 2,417,279 |
ANNUAL REPORT / April 30, 2023
23 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES – 2.5% |
| |||||||
Abbott Laboratories | 4,973 | $ | 549,367 | |||||
Asahi Intecc Co. Ltd. | 179 | 3,239 | ||||||
Becton Dickinson & Co. | 141 | 37,268 | ||||||
Coloplast A/S, Class B | 611 | 88,033 | ||||||
DexCom, Inc.* | 2,914 | 353,585 | ||||||
DiaSorin SpA | 129 | 14,011 | ||||||
Hologic, Inc.* | 5,481 | 471,421 | ||||||
Hoya Corp. | 479 | 50,226 | ||||||
ICU Medical, Inc.* | 3,111 | 588,415 | ||||||
Insulet Corp.* | 1,866 | 593,463 | ||||||
Koninklijke Philips NV | 10,679 | 225,455 | ||||||
Medtronic PLC | 11,417 | 1,038,376 | ||||||
Microport Scientific Corp.* | 36,600 | 81,211 | ||||||
Paramount Bed Holdings Co. Ltd. | 1,931 | 34,242 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 109,191 | 186,323 | ||||||
Siemens Healthineers AG | 1,349 | 84,077 | ||||||
Stryker Corp. | 2,907 | 871,083 | ||||||
Sysmex Corp. | 385 | 24,764 | ||||||
|
| |||||||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | $ | 5,294,559 | ||||||
HEALTH CARE PROVIDERS & SERVICES – 2.7% |
| |||||||
Alfresa Holdings Corp. | 6,385 | 92,451 | ||||||
BML, Inc. | 2,916 | 65,489 | ||||||
Chemed Corp. | 1,131 | 623,464 | ||||||
Elevance Health, Inc. | 957 | 448,498 | ||||||
Fresenius SE & Co. KGaA | 6,209 | 179,899 | ||||||
HCA Healthcare, Inc. | 2,995 | 860,553 | ||||||
Humana, Inc. | 830 | 440,307 | ||||||
McKesson Corp. | 1,082 | 394,108 | ||||||
Molina Healthcare, Inc.* | 1,822 | 542,755 | ||||||
Netcare Ltd. | 77,868 | 68,004 | ||||||
UnitedHealth Group, Inc. | 4,140 | 2,037,253 | ||||||
|
| |||||||
TOTAL HEALTH CARE PROVIDERS & SERVICES | $ | 5,752,781 | ||||||
HEALTH CARE TECHNOLOGY – 0.1% |
| |||||||
Veeva Systems, Inc., Class A* | 1,714 | 306,943 | ||||||
HOTELS, RESTAURANTS & LEISURE – 2.4% |
| |||||||
Airbnb, Inc., Class A* | 3,481 | 416,571 | ||||||
Aramark | 5,100 | 176,970 | ||||||
Choice Hotels International, Inc. | 2,688 | 342,774 | ||||||
Compass Group PLC | 22,202 | 585,710 | ||||||
Evolution AB | 40 | 5,344 | ||||||
Flutter Entertainment PLC* | 2,493 | 499,592 | ||||||
H World Group Ltd., ADR* | 5,562 | 260,858 | ||||||
La Francaise des Jeux SAEM | 538 | 22,995 | ||||||
McDonald’s Corp. | 3,598 | 1,064,108 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 799 | 33,287 | ||||||
Meituan, Class B* | 42,160 | 720,534 | ||||||
Sands China Ltd.* | 264,200 | 946,211 | ||||||
|
| |||||||
TOTAL HOTELS, RESTAURANTS & LEISURE | $ | 5,074,954 | ||||||
HOUSEHOLD DURABLES – 0.8% |
| |||||||
Casio Computer Co. Ltd. | 9,172 | 87,270 | ||||||
Coway Co. Ltd. | 2,568 | 94,288 | ||||||
De’ Longhi SpA | 3,481 | 80,884 | ||||||
Garmin Ltd. | 367 | 36,029 |
Description | Number of Shares | Value | ||||||
Lennar Corp., Class A | 2,763 | $ | 311,694 | |||||
Nikon Corp. | 9,055 | 93,602 | ||||||
NVR, Inc.* | 117 | 683,280 | ||||||
Persimmon PLC | 1,655 | 27,390 | ||||||
Sekisui Chemical Co. Ltd. | 3,073 | 43,736 | ||||||
Sekisui House Ltd. | 7,772 | 159,782 | ||||||
Sony Group Corp. | 2,158 | 195,242 | ||||||
|
| |||||||
TOTAL HOUSEHOLD DURABLES | $ | 1,813,197 | ||||||
HOUSEHOLD PRODUCTS – 1.3% |
| |||||||
Church & Dwight Co., Inc. | 373 | 36,226 | ||||||
Clorox Co. (The) | 167 | 27,659 | ||||||
Colgate-Palmolive Co. | 10,321 | 823,616 | ||||||
Henkel AG & Co. KGaA | 1,484 | 109,748 | ||||||
Procter & Gamble Co. (The) | 5,866 | 917,325 | ||||||
Reckitt Benckiser Group PLC | 11,183 | 903,696 | ||||||
Unicharm Corp. | 969 | 39,118 | ||||||
|
| |||||||
TOTAL HOUSEHOLD PRODUCTS | $ | 2,857,388 | ||||||
INDUSTRIAL CONGLOMERATES – 0.2% |
| |||||||
3M Co. | 1,323 | 140,529 | ||||||
Hikari Tsushin, Inc. | 794 | 108,337 | ||||||
Honeywell International, Inc. | 381 | 76,139 | ||||||
|
| |||||||
TOTAL INDUSTRIAL CONGLOMERATES | $ | 325,005 | ||||||
INDUSTRIAL REITS – 0.1% |
| |||||||
LaSalle Logiport REIT | 103 | 122,364 | ||||||
INSURANCE – 7.6% |
| |||||||
Admiral Group PLC | 916 | 26,623 | ||||||
Ageas SA | 3,946 | 175,816 | ||||||
AIA Group Ltd. | 245,674 | 2,674,671 | ||||||
Arch Capital Group Ltd.* | 6,327 | 474,968 | ||||||
Arthur J. Gallagher & Co. | 6,223 | 1,294,757 | ||||||
Assicurazioni Generali SpA | 8,788 | 183,037 | ||||||
AXA SA | 50,891 | 1,661,091 | ||||||
Baloise Holding AG | 205 | 34,316 | ||||||
Brown & Brown, Inc. | 571 | 36,767 | ||||||
Caixa Seguridade Participacoes S/A | 59,909 | 113,265 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 192,502 | 575,010 | ||||||
China Reinsurance Group Corp., Class H | 966,716 | 74,061 | ||||||
Chubb Ltd. | 5,448 | 1,098,099 | ||||||
Dai-ichi Life Holdings, Inc. | 16,303 | 303,248 | ||||||
Enstar Group Ltd.* | 2,061 | 495,876 | ||||||
Gjensidige Forsikring ASA | 596 | 10,382 | ||||||
Globe Life, Inc. | 6,635 | 720,030 | ||||||
Intact Financial Corp. | 10,962 | 1,658,156 | ||||||
Markel Corp.* | 407 | 556,992 | ||||||
Marsh & McLennan Cos., Inc. | 3,604 | 649,405 | ||||||
MS&AD Insurance Group Holdings, Inc. | 11,651 | 382,413 | ||||||
Muenchener Rueckversicherungs AG | 19 | 7,141 | ||||||
Old Mutual Ltd. | 130,180 | 82,808 | ||||||
Phoenix Group Holdings PLC | 680 | 5,066 | ||||||
Principal Financial Group, Inc. | 3,398 | 253,797 | ||||||
Progressive Corp. (The) | 2,887 | 393,787 | ||||||
Sampo OYJ, Class A | 2,235 | 113,348 | ||||||
Sompo Holdings, Inc. | 2,677 | 111,710 | ||||||
Swiss Life Holding AG | 31 | 20,462 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 24 |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
T&D Holdings, Inc. | 75,487 | $ | 924,440 | |||||
Tokio Marine Holdings, Inc. | 35,382 | 711,427 | ||||||
Tongyang Life Insurance Co. Ltd.* | 7,848 | 23,205 | ||||||
Travelers Cos., Inc. (The) | 439 | 79,520 | ||||||
Tryg A/S | 1,828 | 43,201 | ||||||
Willis Towers Watson PLC | 257 | 59,521 | ||||||
Zurich Insurance Group AG | 279 | 135,302 | ||||||
|
| |||||||
TOTAL INSURANCE | $ | 16,163,718 | ||||||
INTERACTIVE MEDIA & SERVICES – 2.7% | ||||||||
Alphabet, Inc., Class A* | 21,739 | 2,333,464 | ||||||
Alphabet, Inc., Class C* | 4,757 | 514,802 | ||||||
Baidu, Inc., Class A* | 1,342 | 20,200 | ||||||
Kanzhun Ltd., ADR* | 10,344 | 191,261 | ||||||
Meta Platforms, Inc., Class A* | 4,201 | 1,009,584 | ||||||
Tencent Holdings Ltd. | 36,297 | 1,612,172 | ||||||
|
| |||||||
TOTAL INTERACTIVE MEDIA & SERVICES | $ | 5,681,483 | ||||||
IT SERVICES – 1.8% | ||||||||
Accenture PLC, Class A | 2,533 | 709,974 | ||||||
BIPROGY Inc | 4,342 | 104,684 | ||||||
Capgemini SE | 3,081 | 561,843 | ||||||
Cognizant Technology Solutions Corp., Class A | 9,437 | 563,483 | ||||||
EPAM Systems, Inc.* | 70 | 19,771 | ||||||
Gartner, Inc.* | 1,976 | 597,661 | ||||||
GoDaddy, Inc., Class A* | 12,657 | 957,882 | ||||||
International Business Machines Corp. | 655 | 82,798 | ||||||
Itochu Techno-Solutions Corp. | 185 | 4,791 | ||||||
Nomura Research Institute Ltd. | 454 | 11,422 | ||||||
NS Solutions Corp. | 4,483 | 122,005 | ||||||
Obic Co. Ltd. | 357 | 55,005 | ||||||
Otsuka Corp. | 401 | 14,596 | ||||||
|
| |||||||
TOTAL IT SERVICES | $ | 3,805,915 | ||||||
LEISURE PRODUCTS – 0.1% | ||||||||
Bandai Namco Holdings, Inc. | 2,538 | 57,652 | ||||||
Hasbro, Inc. | 311 | 18,418 | ||||||
Sega Sammy Holdings, Inc. | 3,455 | 64,579 | ||||||
Shimano, Inc. | 247 | 38,199 | ||||||
|
| |||||||
TOTAL LEISURE PRODUCTS | $ | 178,848 | ||||||
LIFE SCIENCES TOOLS & SERVICES – 0.6% | ||||||||
Agilent Technologies, Inc. | 702 | 95,072 | ||||||
CMIC Holdings Co. Ltd. | 1,630 | 23,333 | ||||||
Danaher Corp. | 2,302 | 545,367 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., | ||||||||
Class H | 25,895 | 215,711 | ||||||
ICON PLC* | 1,694 | 326,417 | ||||||
Thermo Fisher Scientific, Inc. | 256 | 142,054 | ||||||
|
| |||||||
TOTAL LIFE SCIENCES TOOLS & SERVICES | $ | 1,347,954 | ||||||
MACHINERY – 2.5% | ||||||||
Amada Co. Ltd. | 11,350 | 105,975 | ||||||
Daimler Truck Holding AG* | 6,448 | 213,061 | ||||||
Duerr AG | 1,860 | 64,536 | ||||||
Ebara Corp. | 2,171 | 94,984 | ||||||
Fortive Corp. | 11,998 | 756,954 | ||||||
Fuji Corp. | 3,886 | 65,181 |
Description | Number of Shares | Value | ||||||
Graco, Inc. | 2,381 | $ | 188,790 | |||||
Hino Motors Ltd.* | 16,572 | 65,296 | ||||||
Hisaka Works Ltd. | 3,030 | 20,337 | ||||||
IDEX Corp. | 1,822 | 375,915 | ||||||
Kone OYJ, Class B | 11,531 | 657,852 | ||||||
Makino Milling Machine Co. Ltd. | 2,529 | 92,503 | ||||||
Makita Corp. | 5,621 | 158,572 | ||||||
MISUMI Group, Inc. | 2,061 | 51,993 | ||||||
Nordson Corp. | 123 | 26,606 | ||||||
OKUMA Corp. | 2,010 | 89,257 | ||||||
OSG Corp. | 10,208 | 143,399 | ||||||
Otis Worldwide Corp. | 5,739 | 489,537 | ||||||
PACCAR, Inc. | 6,773 | 505,875 | ||||||
Schindler Holding AG | 157 | 35,085 | ||||||
SKF AB, Class B | 10,426 | 188,832 | ||||||
SMC Corp. | 176 | 87,779 | ||||||
Spirax-Sarco Engineering PLC | 368 | 51,424 | ||||||
Sumitomo Heavy Industries Ltd. | 5,060 | 122,260 | ||||||
THK Co. Ltd. | 10,328 | 231,708 | ||||||
Toyota Industries Corp. | 662 | 38,474 | ||||||
Volvo AB, Class B | 16,046 | 329,917 | ||||||
Wartsila OYJ Abp | 12,171 | 141,149 | ||||||
|
| |||||||
TOTAL MACHINERY | $ | 5,393,251 | ||||||
MARINE TRANSPORTATION – 0.0%** | ||||||||
Kuehne + Nagel International AG | 20 | 5,925 | ||||||
MEDIA – 1.4% | ||||||||
Cable One, Inc. | 287 | 217,664 | ||||||
Comcast Corp., Class A | 11,108 | 459,538 | ||||||
Criteo SA, ADR* | 549 | 17,266 | ||||||
Fuji Media Holdings, Inc. | 4,390 | 41,155 | ||||||
Hakuhodo DY Holdings, Inc. | 7,220 | 85,076 | ||||||
Megacable Holdings SAB de CV | 33,780 | 91,911 | ||||||
Metropole Television SA | 5,265 | 85,003 | ||||||
Nippon Television Holdings, Inc. | 17,268 | 155,386 | ||||||
Omnicom Group, Inc. | 4,942 | 447,597 | ||||||
Publicis Groupe SA | 4,033 | 329,726 | ||||||
RTL Group SA | 2,577 | 120,795 | ||||||
Television Francaise 1 | 12,138 | 97,817 | ||||||
TV Asahi Holdings Corp. | 6,519 | 75,361 | ||||||
WPP PLC | 56,481 | 658,253 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 2,882,548 | ||||||
METALS & MINING – 1.1% | ||||||||
Anglo American PLC | 8,800 | 271,165 | ||||||
Asahi Holdings, Inc. | 7,386 | 108,739 | ||||||
Barrick Gold Corp. | 9,217 | 175,245 | ||||||
Centamin PLC | 59,062 | 76,655 | ||||||
Centerra Gold, Inc. | 11,571 | 78,230 | ||||||
Dowa Holdings Co. Ltd. | 2,570 | 83,963 | ||||||
Eldorado Gold Corp.* | 6,564 | 72,532 | ||||||
Endeavour Mining PLC | 4,610 | 118,682 | ||||||
Fresnillo PLC | 10,481 | 93,796 | ||||||
Glencore PLC | 45,257 | 267,136 | ||||||
Kinross Gold Corp. | 5,966 | 30,128 | ||||||
Kyoei Steel Ltd. | 4,071 | 55,043 | ||||||
Maruichi Steel Tube Ltd. | 3,577 | 80,916 |
ANNUAL REPORT / April 30, 2023
25 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
Neturen Co. Ltd. | 5,815 | $ | 30,882 | |||||
Norsk Hydro ASA | 4,017 | 29,561 | ||||||
OceanaGold Corp. | 29,938 | 68,501 | ||||||
Rio Tinto PLC | 10,495 | 667,192 | ||||||
Yamato Kogyo Co. Ltd. | 2,351 | 92,364 | ||||||
Yodogawa Steel Works Ltd. | 2,033 | 42,610 | ||||||
|
| |||||||
TOTAL METALS & MINING |
| $ | 2,443,340 | |||||
MULTI-UTILITIES – 1.3% |
| |||||||
Consolidated Edison, Inc. | 170 | 16,740 | ||||||
Dominion Energy, Inc. | 1,692 | 96,681 | ||||||
Engie SA | 111,571 | 1,785,614 | ||||||
National Grid PLC | 57,620 | 826,151 | ||||||
WEC Energy Group, Inc. | 761 | 73,186 | ||||||
|
| |||||||
TOTAL MULTI-UTILITIES |
| $ | 2,798,372 | |||||
OFFICE REITS – 0.0%** |
| |||||||
Japan Real Estate Investment Corp. | 12 | 47,549 | ||||||
Nippon Building Fund, Inc. | 12 | 50,318 | ||||||
|
| |||||||
TOTAL OFFICE REITS |
| $ | 97,867 | |||||
OIL, GAS & CONSUMABLE FUELS – 4.1% |
| |||||||
ARC Resources Ltd. | 5,140 | 63,849 | ||||||
BP PLC | 66,824 | 448,322 | ||||||
Cameco Corp. | 2,837 | 78,000 | ||||||
Chevron Corp. | 3,771 | 635,715 | ||||||
ConocoPhillips | 4,167 | 428,743 | ||||||
Coterra Energy, Inc. | 20,206 | 517,274 | ||||||
Diamondback Energy, Inc. | 2,224 | 316,253 | ||||||
Enbridge, Inc. | 17,011 | 676,372 | ||||||
Eni SpA | 29,124 | 439,988 | ||||||
Equinor ASA | 24,828 | 714,824 | ||||||
Exxon Mobil Corp. | 1,871 | 221,414 | ||||||
Inpex Corp. | 11,129 | 121,785 | ||||||
Shell PLC | 22,036 | 677,126 | ||||||
TC Energy Corp. | 15,192 | 631,407 | ||||||
TotalEnergies SE | 33,331 | 2,129,849 | ||||||
TotalEnergies SE, ADR | 8,721 | 557,533 | ||||||
Ultrapar Participacoes SA | 40,342 | 116,874 | ||||||
|
| |||||||
TOTAL OIL, GAS & CONSUMABLE FUELS |
| $ | 8,775,328 | |||||
PAPER & FOREST PRODUCTS – 0.1% |
| |||||||
Mondi PLC | 8,278 | 131,913 | ||||||
Oji Holdings Corp. | 1,550 | 6,091 | ||||||
UPM-Kymmene OYJ | 1,007 | 32,113 | ||||||
|
| |||||||
TOTAL PAPER & FOREST PRODUCTS |
| $ | 170,117 | |||||
PASSENGER AIRLINES – 0.4% |
| |||||||
easyJet PLC* | 23,389 | 146,740 | ||||||
Japan Airlines Co. Ltd. | 4,917 | 93,800 | ||||||
Southwest Airlines Co. | 17,088 | 517,595 | ||||||
|
| |||||||
TOTAL PASSENGER AIRLINES |
| $ | 758,135 | |||||
PERSONAL CARE PRODUCTS – 0.4% |
| |||||||
Beiersdorf AG | 330 | 46,078 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 485 | 30,265 | ||||||
Unilever PLC | 12,995 | 723,589 | ||||||
|
| |||||||
TOTAL PERSONAL CARE PRODUCTS |
| $ | 799,932 |
Description | Number of Shares | Value | ||||||
PHARMACEUTICALS – 7.2% |
| |||||||
Astellas Pharma, Inc. | 12,387 | $ | 186,605 | |||||
AstraZeneca PLC | 10,865 | 1,598,926 | ||||||
AstraZeneca PLC, ADR | 15,487 | 1,133,958 | ||||||
Bristol-Myers Squibb Co. | 2,483 | 165,790 | ||||||
Chugai Pharmaceutical Co. Ltd. | 8,376 | 216,148 | ||||||
Eisai Co. Ltd. | 1,089 | 62,839 | ||||||
Eli Lilly & Co. | 2,335 | 924,333 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 96,006 | 79,722 | ||||||
GSK PLC | 22,149 | 399,417 | ||||||
Johnson & Johnson | 9,378 | 1,535,179 | ||||||
Kissei Pharmaceutical Co. Ltd. | 2,563 | 51,925 | ||||||
Kyowa Kirin Co. Ltd. | 5,999 | 133,486 | ||||||
Merck & Co., Inc. | 12,395 | 1,431,251 | ||||||
Merck KGaA | 3,039 | 545,102 | ||||||
Nippon Shinyaku Co. Ltd. | 3,032 | 138,649 | ||||||
Novartis AG | 31,397 | 3,211,721 | ||||||
Novo Nordisk A/S, Class B | 1,427 | 237,388 | ||||||
Ono Pharmaceutical Co. Ltd. | 6,412 | 129,106 | ||||||
Otsuka Holdings Co. Ltd. | 1,901 | 64,673 | ||||||
Pfizer, Inc. | 40,813 | 1,587,217 | ||||||
Roche Holding AG | 1,962 | 614,381 | ||||||
Roche Holding AG | 176 | 59,559 | ||||||
Sanofi | 1,696 | 182,775 | ||||||
Takeda Pharmaceutical Co. Ltd. | 8,135 | 269,750 | ||||||
UCB SA | 3,974 | 369,413 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS |
| $ | 15,329,313 | |||||
PROFESSIONAL SERVICES – 2.1% |
| |||||||
Adecco Group AG | 4,740 | 163,040 | ||||||
Automatic Data Processing, Inc. | 2,684 | 590,480 | ||||||
Bureau Veritas SA | 40,582 | 1,170,186 | ||||||
en Japan, Inc. | 4,309 | 77,348 | ||||||
Experian PLC | 15,706 | 556,069 | ||||||
Hays PLC | 71,574 | 102,684 | ||||||
Nihon M&A Center Holdings, Inc. | 703 | 5,374 | ||||||
Open Up Group, Inc. | 5,575 | 82,589 | ||||||
Pagegroup PLC | 14,477 | 82,619 | ||||||
Paychex, Inc. | 775 | 85,141 | ||||||
Recruit Holdings Co. Ltd. | 1,336 | 37,480 | ||||||
RELX PLC | 3,011 | 100,322 | ||||||
Science Applications International Corp. | 6,492 | 662,379 | ||||||
SGS SA | 825 | 74,659 | ||||||
SThree PLC | 7,836 | 41,578 | ||||||
Wolters Kluwer NV | 5,257 | 696,519 | ||||||
|
| |||||||
TOTAL PROFESSIONAL SERVICES |
| $ | 4,528,467 | |||||
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.3% |
| |||||||
CK Asset Holdings Ltd. | 24,387 | 144,203 | ||||||
Daito Trust Construction Co. Ltd. | 609 | 57,720 | ||||||
Daiwa House Industry Co. Ltd. | 863 | 21,997 | ||||||
Mitsubishi Estate Co. Ltd. | 24,784 | 305,445 | ||||||
Swiss Prime Site AG | 392 | 35,484 | ||||||
Wharf Holdings Ltd. (The) | 28,387 | 64,910 | ||||||
|
| |||||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |
| $ | 629,759 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 26 |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
RETAIL REITS – 0.0%** | ||||||||
Japan Metropolitan Fund Invest | 16 | $ | 11,715 | |||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.2% |
| |||||||
ams-OSRAM AG* | 11,700 | 80,801 | ||||||
Analog Devices, Inc. | 1,822 | 327,741 | ||||||
ASM Pacific Technology Ltd. | 14,364 | 112,932 | ||||||
Broadcom, Inc. | 518 | 324,527 | ||||||
Disco Corp. | 801 | 91,198 | ||||||
Intel Corp. | 5,423 | 168,438 | ||||||
KLA Corp. | 910 | 351,751 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 2,468 | 47,689 | ||||||
Miraial Co. Ltd. | 2,160 | 24,068 | ||||||
NVIDIA Corp. | 2,161 | 599,656 | ||||||
NXP Semiconductors NV | 1,437 | 235,294 | ||||||
ON Semiconductor Corp.* | 2,757 | 198,394 | ||||||
QUALCOMM, Inc. | 2,610 | 304,848 | ||||||
Rohm Co. Ltd. | 1,487 | 111,954 | ||||||
SolarEdge Technologies, Inc.* | 613 | 175,091 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 27,000 | 442,141 | ||||||
Texas Instruments, Inc. | 6,112 | 1,021,927 | ||||||
Tokyo Seimitsu Co. Ltd. | 1,209 | 44,603 | ||||||
|
| |||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
| $ | 4,663,053 | |||||
SOFTWARE – 4.1% | ||||||||
ANSYS, Inc.* | 209 | 65,609 | ||||||
Black Knight, Inc.* | 12,031 | 657,374 | ||||||
Cadence Design Systems, Inc.* | 186 | 38,958 | ||||||
Constellation Software, Inc. | 902 | 1,765,466 | ||||||
Dassault Systemes SE | 2,644 | 107,335 | ||||||
Intuit, Inc. | 69 | 30,633 | ||||||
Lumine Group, Inc.* | 2,481 | 33,424 | ||||||
Microsoft Corp. | 15,176 | 4,662,978 | ||||||
Roper Technologies, Inc. | 254 | 115,514 | ||||||
Salesforce, Inc.* | 3,006 | 596,300 | ||||||
ServiceNow, Inc.* | 756 | 347,321 | ||||||
Synopsys, Inc.* | 370 | 137,388 | ||||||
Topicus.com, Inc.* | 515 | 34,305 | ||||||
Trend Micro, Inc. | 536 | 26,191 | ||||||
Tyler Technologies, Inc.* | 99 | 37,524 | ||||||
|
| |||||||
TOTAL SOFTWARE | $ | 8,656,320 | ||||||
SPECIALIZED REITS – 1.1% | ||||||||
American Tower Corp. | 4,747 | 970,239 | ||||||
Public Storage | 2,365 | 697,273 | ||||||
VICI Properties, Inc. | 21,382 | 725,705 | ||||||
|
| |||||||
TOTAL SPECIALIZED REITS | $ | 2,393,217 | ||||||
SPECIALTY RETAIL – 1.5% | ||||||||
Adastria Co. Ltd. | 1,292 | 24,365 | ||||||
CarMax, Inc.* | 2,587 | 181,168 | ||||||
CECONOMY AG* | 14,050 | 42,874 | ||||||
China Meidong Auto Holdings Ltd. | 87,885 | 136,381 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H* | 519 | 11,102 | ||||||
Home Depot, Inc. (The) | 1,931 | 580,343 | ||||||
Industria de Diseno Textil SA | 20,101 | 691,007 | ||||||
Kingfisher PLC | 30,279 | 98,137 |
Description | Number of Shares | Value | ||||||
K’s Holdings Corp. | 6,667 | $ | 59,091 | |||||
Nitori Holdings Co. Ltd. | 341 | 43,422 | ||||||
Ross Stores, Inc. | 1,936 | 206,629 | ||||||
Shimamura Co. Ltd. | 420 | 38,558 | ||||||
TJX Cos., Inc. (The) | 7,971 | 628,274 | ||||||
Ulta Beauty, Inc.* | 786 | 433,424 | ||||||
USS Co. Ltd. | 1,574 | 26,449 | ||||||
Xebio Holdings Co. Ltd. | 7,098 | 62,994 | ||||||
|
| |||||||
TOTAL SPECIALTY RETAIL | $ | 3,264,218 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.4% |
| |||||||
Apple, Inc. | 15,824 | 2,685,016 | ||||||
Canon, Inc. | 3,346 | 79,693 | ||||||
Catcher Technology Co. Ltd. | 15,497 | 91,419 | ||||||
Elecom Co. Ltd. | 5,794 | 54,983 | ||||||
Quadient SA | 3,911 | 77,743 | ||||||
|
| |||||||
TOTAL TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS |
| $ | 2,988,854 | |||||
TEXTILES, APPAREL & LUXURY GOODS – 0.9% |
| |||||||
Cie Financiere Richemont SA, Class A | 3,577 | 591,281 | ||||||
Hermes International | 72 | 156,318 | ||||||
Lululemon Athletica, Inc.* | 213 | 80,925 | ||||||
NIKE, Inc., Class B | 5,844 | 740,552 | ||||||
Sanyo Shokai Ltd. | 2,000 | 23,515 | ||||||
Swatch Group AG - BR (The) | 532 | 182,509 | ||||||
Yue Yuen Industrial Holdings Ltd. | 36,351 | 54,706 | ||||||
|
| |||||||
TOTAL TEXTILES, APPAREL & LUXURY GOODS |
| $ | 1,829,806 | |||||
TOBACCO – 0.7% | ||||||||
British American Tobacco PLC | 2,413 | 89,150 | ||||||
Japan Tobacco, Inc. | 2,252 | 48,456 | ||||||
Philip Morris International, Inc. | 14,016 | 1,401,180 | ||||||
|
| |||||||
TOTAL TOBACCO | $ | 1,538,786 | ||||||
TRADING COMPANIES & DISTRIBUTORS – 1.7% |
| |||||||
AerCap Holdings NV* | 10,339 | 582,706 | ||||||
Brenntag SE | 17,116 | 1,395,034 | ||||||
Fastenal Co. | 4,387 | 236,196 | ||||||
Inaba Denki Sangyo Co. Ltd. | 2,659 | 59,391 | ||||||
ITOCHU Corp. | 7,916 | 262,612 | ||||||
Marubeni Corp. | 2,025 | 28,741 | ||||||
Mitsubishi Corp. | 5,486 | 203,398 | ||||||
Sumitomo Corp. | 4,844 | 86,819 | ||||||
Triton International Ltd. | 8,787 | 726,421 | ||||||
WW Grainger, Inc. | 27 | 18,781 | ||||||
|
| |||||||
TOTAL TRADING COMPANIES & DISTRIBUTORS |
| $ | 3,600,099 | |||||
TRANSPORTATION INFRASTRUCTURE – 0.1% | ||||||||
Kamigumi Co. Ltd. | 6,317 | 138,443 | ||||||
WATER UTILITIES – 0.1% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP* | 8,097 | 74,382 | ||||||
Severn Trent PLC | 1,288 | 47,442 | ||||||
|
| |||||||
TOTAL WATER UTILITIES | $ | 121,824 | ||||||
WIRELESS TELECOMMUNICATION SERVICES – 0.9% |
| |||||||
Empresa Nacional de Telecomunicaciones SA | 17,644 | 73,396 | ||||||
KDDI Corp. | 36,846 | 1,150,263 |
ANNUAL REPORT / April 30, 2023
27 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Description | Number of Shares | Value | ||||||
MTN Group Ltd. | 2,952 | $ | 20,734 | |||||
SoftBank Corp. | 8,860 | 99,753 | ||||||
T-Mobile US, Inc.* | 3,349 | 481,921 | ||||||
|
| |||||||
TOTAL WIRELESS TELECOMMUNICATION SERVICES |
| $ | 1,826,067 | |||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $ 159,036,851) |
| $ | 197,015,792 | |||||
EXCHANGE-TRADED FUNDS – 0.0%** |
| |||||||
EQUITY FUNDS – 0.0%** | ||||||||
iShares Core MSCI EAFE ETF | 1,430 | 98,341 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $ 83,533) |
| $ | 98,341 | |||||
PREFERRED STOCKS – 0.2% |
| |||||||
CONSUMER DISCRETIONARY – 0.1% |
| |||||||
Bayerische Motoren Werke AG 8.76% | 1,282 | 136,270 | ||||||
CONSUMER STAPLES – 0.1% |
| |||||||
Henkel AG & Co. KGaA 2.53% | 1,935 | 156,442 |
Description | Number of Shares | Value | ||||||
ENERGY – 0.0%** | ||||||||
Raizen SA 2.72% | 194,700 | $ | 124,522 | |||||
MATERIALS – 0.0%** | ||||||||
Fuchs Petrolub SE 2.83% | 2,275 | 89,878 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS (Cost $ 444,644) |
| $ | 507,112 | |||||
MONEY MARKET FUND – 4.9% |
| |||||||
Dreyfus Government Cash Management Fund, Institutional Shares 4.76%^ | 10,362,334 | 10,362,334 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (Cost $ 10,362,334) |
| $ | 10,362,334 | |||||
|
| |||||||
TOTAL INVESTMENTS – 97.5% (COST $ 169,927,362) | $ | 207,983,579 | ||||||
OTHER ASSETS LESS LIABILITIES – 2.5% |
| 5,346,828 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 213,330,407 | ||||||
|
|
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, 2023 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 | $ 3,280,816 | $ 2,325,740 | $— | $5,606,556 | ||||||||||||
Air Freight & Logistics | 1,038,280 | 348,043 | — | 1,386,323 | ||||||||||||
Automobile Components | — | 1,246,956 | — | 1,246,956 | ||||||||||||
Automobiles | — | 2,399,131 | — | 2,399,131 | ||||||||||||
Banks | 4,299,461 | 7,154,656 | —(a) | 11,454,117 | ||||||||||||
Beverages | 1,278,765 | 2,145,129 | — | 3,423,894 | ||||||||||||
Biotechnology | 721,392 | 291,785 | — | 1,013,177 | ||||||||||||
Broadline Retail | 2,759,740 | 507,219 | — | 3,266,959 | ||||||||||||
Building Products | 1,454,176 | 688,460 | — | 2,142,636 | ||||||||||||
Capital Markets | 2,240,386 | 1,958,483 | — | 4,198,869 | ||||||||||||
Chemicals | 1,803,072 | 1,256,055 | — | 3,059,127 | ||||||||||||
Commercial Services & Supplies | 3,135,763 | 241,877 | — | 3,377,640 | ||||||||||||
Communications Equipment | 2,011,606 | 316,399 | — | 2,328,005 | ||||||||||||
Construction & Engineering | — | 1,386,316 | — | 1,386,316 | ||||||||||||
Construction Materials | — | 640,720 | — | 640,720 | ||||||||||||
Consumer Finance | 1,262,246 | 175,176 | — | 1,437,422 | ||||||||||||
Consumer Staples Distribution & Retail | 1,505,979 | 783,570 | — | 2,289,549 | ||||||||||||
Containers & Packaging | 186,023 | 2,804 | — | 188,827 | ||||||||||||
Distributors | 1,251,804 | — | — | 1,251,804 | ||||||||||||
Diversified Consumer Services | — | 8,497 | — | 8,497 | ||||||||||||
Diversified REITs | — | 240,292 | — | 240,292 | ||||||||||||
Diversified Telecommunication Services | 617,700 | 1,795,223 | — | 2,412,923 | ||||||||||||
Electric Utilities | 2,196,626 | 210,968 | — | 2,407,594 | ||||||||||||
Electrical Equipment | — | 347,345 | — | 347,345 | ||||||||||||
Electronic Equipment, Instruments & Components | 466,964 | 1,216,640 | — | 1,683,604 | ||||||||||||
Energy Equipment & Services | 369,596 | 376,980 | — | 746,576 | ||||||||||||
Entertainment | 449,432 | 495,612 | — | 945,044 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 28 |
Wilmington Global Alpha Equities Fund (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Financial Services | $ | 3,152,898 | $ | 1,295,934 | $— | $ | 4,448,832 | |||||||
Food Products | 2,180,647 | 1,447,372 | — | 3,628,019 | ||||||||||
Gas Utilities | 191,983 | 1,069,911 | — | 1,261,894 | ||||||||||
Ground Transportation | 2,345,358 | 71,921 | — | 2,417,279 | ||||||||||
Health Care Equipment & Supplies | 4,502,978 | 791,581 | — | 5,294,559 | ||||||||||
Health Care Providers & Services | 5,346,938 | 405,843 | — | 5,752,781 | ||||||||||
Health Care Technology | 306,943 | — | — | 306,943 | ||||||||||
Hotels, Restaurants & Leisure | 2,261,281 | 2,813,673 | — | 5,074,954 | ||||||||||
Household Durables | 1,031,003 | 782,194 | — | 1,813,197 | ||||||||||
Household Products | 1,804,826 | 1,052,562 | — | 2,857,388 | ||||||||||
Industrial Conglomerates | 216,668 | 108,337 | — | 325,005 | ||||||||||
Industrial REITs | — | 122,364 | — | 122,364 | ||||||||||
Insurance | 7,884,940 | 8,278,778 | — | 16,163,718 | ||||||||||
Interactive Media & Services | 4,049,111 | 1,632,372 | — | 5,681,483 | ||||||||||
IT Services | 2,931,569 | 874,346 | — | 3,805,915 | ||||||||||
Leisure Products | 18,418 | 160,430 | — | 178,848 | ||||||||||
Life Sciences Tools & Services | 1,108,910 | 239,044 | — | 1,347,954 | ||||||||||
Machinery | 2,343,677 | 3,049,574 | — | 5,393,251 | ||||||||||
Marine Transportation | — | 5,925 | — | 5,925 | ||||||||||
Media | 1,233,976 | 1,648,572 | — | 2,882,548 | ||||||||||
Metals & Mining | 543,318 | 1,900,022 | — | 2,443,340 | ||||||||||
Multi-Utilities | 186,607 | 2,611,765 | — | 2,798,372 | ||||||||||
Office REITs | — | 97,867 | — | 97,867 | ||||||||||
Oil, Gas & Consumable Fuels | 4,243,434 | 4,531,894 | — | 8,775,328 | ||||||||||
Paper & Forest Products | — | 170,117 | — | 170,117 | ||||||||||
Passenger Airlines | 517,595 | 240,540 | — | 758,135 | ||||||||||
Personal Care Products | — | 799,932 | — | 799,932 | ||||||||||
Pharmaceuticals | 6,857,450 | 8,471,863 | — | 15,329,313 | ||||||||||
Professional Services | 1,338,000 | 3,190,467 | — | 4,528,467 | ||||||||||
Real Estate Management & Development | — | 629,759 | — | 629,759 | ||||||||||
Retail REITs | — | 11,715 | — | 11,715 | ||||||||||
Semiconductors & Semiconductor Equipment | 3,707,667 | 955,386 | — | 4,663,053 | ||||||||||
Software | 8,522,794 | 133,526 | — | 8,656,320 | ||||||||||
Specialized REITs | 2,393,217 | — | — | 2,393,217 | ||||||||||
Specialty Retail | 2,029,838 | 1,234,380 | — | 3,264,218 | ||||||||||
Technology Hardware, Storage & Peripherals | 2,685,016 | 303,838 | — | 2,988,854 | ||||||||||
Textiles, Apparel & Luxury Goods | 821,477 | 1,008,329 | — | 1,829,806 | ||||||||||
Tobacco | 1,401,180 | 137,606 | — | 1,538,786 | ||||||||||
Trading Companies & Distributors | 1,564,104 | 2,035,995 | — | 3,600,099 | ||||||||||
Transportation Infrastructure | — | 138,443 | — | 138,443 | ||||||||||
Water Utilities | 74,382 | 47,442 | — | 121,824 | ||||||||||
Wireless Telecommunication Services | 555,317 | 1,270,750 | — | 1,826,067 | ||||||||||
Exchange-Traded Funds | 98,341 | — | — | 98,341 | ||||||||||
Preferred Stocks | 124,522 | 382,590 | — | 507,112 | ||||||||||
Money Market Fund | 10,362,334 | — | — | 10,362,334 | ||||||||||
|
|
|
|
|
|
| ||||||||
Total Investments in Securities | $ | 123,268,544 | $ | 84,715,035 | $— | $ | 207,983,579 | |||||||
|
|
|
|
|
|
| ||||||||
Other Financial Instruments! | ||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 70,426 | $— | $ | 70,426 | |||||||
Financial Futures Contracts | 240,449 | — | — | 240,449 | ||||||||||
|
|
|
|
|
|
| ||||||||
Total Assets - Other Financial Instruments | $ | 240,449 | $ | 70,426 | $— | $ | 310,875 | |||||||
|
|
|
|
|
|
| ||||||||
Liabilities | ||||||||||||||
Other Financial Instruments! | ||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (751,363 | ) | $— | $ | (751,363 | ) |
ANNUAL REPORT / April 30, 2023
29 | PORTFOLIOS OF INVESTMENTS |
Wilmington Global Alpha Equities Fund (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Financial Futures Contracts | $ | (4,296,929 | ) | $ | — | $— | $ | (4,296,929 | ) | |||||
|
|
|
|
|
|
| ||||||||
Total Liabilities - Other Financial Instruments | $ | (4,296,929 | ) | $ | (751,363 | ) | $— | $ | (5,048,292 | ) | ||||
|
|
|
|
|
|
|
(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 | |
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 | |
SpA | Societa per Azioni |
At April 30, 2023, 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 | ||||||||||||||||||||||||
6/21/2023 | Morgan Stanley | 938,700,000 JPY | $ | 7,017,872 | $ | 6,947,446 | $70,426 | $ — | ||||||||||||||||
6/21/2023 | TD Securities Ltd. | 8,975,000 CAD | 6,500,867 | 6,631,770 | — | (130,903 | ) | |||||||||||||||||
6/21/2023 | Deutsche Bank AG | 7,066,000 EUR | 7,586,482 | 7,810,298 | — | (223,816 | ) | |||||||||||||||||
6/21/2023 | Goldman Sachs & Co. | 5,445,000 GBP | 6,454,160 | 6,850,804 | — | (396,644 | ) | |||||||||||||||||
UNREALIZED APPRECIATION (DEPRECIATION) ON FORWARD FOREIGN CURRENCY CONTRACTS | $70,426 | $(751,363) |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 30 |
Wilmington Global Alpha Equities Fund (concluded)
At April 30, 2023, 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) | ||||||||||||||||||
SHORT POSITIONS: | ||||||||||||||||||||||||
EXCHANGE-TRADED: | ||||||||||||||||||||||||
E-Mini Russell 2000 Index | June 2023 | 67 | $ | 6,174,512 | $ | 5,945,580 | $228,932 | $ — | ||||||||||||||||
E-Mini S&P 500 Index | June 2023 | 94 | 18,589,372 | 19,685,950 | — | (1,096,578 | ) | |||||||||||||||||
E-Mini S&P Mid 400 Index | June 2023 | 37 | 9,138,305 | 9,252,220 | — | (113,915 | ) | |||||||||||||||||
Euro STOXX 50 Index | June 2023 | 56 | 2,482,644 | 2,665,716 | — | (183,072 | ) | |||||||||||||||||
FTSE 100 Index | June 2023 | 41 | 3,888,656 | 4,051,291 | — | (162,635 | ) | |||||||||||||||||
HSCE Index | May 2023 | 147 | 6,285,045 | 6,273,528 | 11,517 | — | ||||||||||||||||||
MSCI EAFE Index | June 2023 | 324 | 32,505,407 | 34,823,520 | — | (2,318,113 | ) | |||||||||||||||||
S&P TSX 60 Index | June 2023 | 28 | 4,920,813 | 5,160,424 | — | (239,611 | ) | |||||||||||||||||
TOPIX Index | June 2023 | 57 | 8,426,926 | 8,609,931 | — | (183,005 | ) | |||||||||||||||||
UNREALIZED APPRECIATION (DEPRECIATION) | $240,449 | $(4,296,929 | ) |
(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, 2023. 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, 2023
31
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Real Asset Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of Total Net Assets | |||||
Real Estate Related Securities: | |||||
Real Estate Investment Trusts | 29.7 | % | |||
Exchange-Traded Funds | 11.7 | % | |||
Common Stocks | 6.5 | % | |||
Investment Companies | 1.9 | % | |||
Rights | 0.0 | %(1) | |||
Commodity Related Securities: | |||||
Investment Companies | 46.0 | % | |||
Exchange-Traded Funds | 1.7 | % | |||
Cash Equivalents(2) | 2.3 | % | |||
Cash Collateral Invested for Securities on Loan(3) | 0.7 | % | |||
Other Assets and Liabilities - Net(4) | (0.5 | )% | |||
|
| ||||
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. |
PORTFOLIO OF INVESTMENTS
April 30, 2023
Description | Number of Shares | Value | ||||||
REAL ESTATE RELATED SECURITIES – 49.8% |
| |||||||
COMMON STOCKS – 6.5% |
| |||||||
CONSTRUCTION & ENGINEERING – 0.0%** |
| |||||||
Ashtrom Group Ltd.0 | — | $ | 2 | |||||
DIVERSIFIED – 0.0%** |
| |||||||
Argosy Property Ltd. | 78,356 | 54,311 | ||||||
Centuria Capital Group | 52,289 | 59,914 | ||||||
Star Holdings* | 1,373 | 22,160 | ||||||
|
| |||||||
TOTAL DIVERSIFIED | $ | 136,385 | ||||||
DIVERSIFIED REAL ESTATE ACTIVITIES – 2.7% |
| |||||||
Airport City Ltd.* | 6,600 | 84,527 | ||||||
Allreal Holding AG | 1,360 | 241,344 | ||||||
City Developments Ltd. | 45,500 | 238,024 | ||||||
Daito Trust Construction Co. Ltd. | 6,000 | 568,666 | ||||||
Daiwa House Industry Co. Ltd. | 58,000 | 1,478,332 | ||||||
DIC Asset AG | 5,757 | 43,823 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 358,000 | 23,776 | ||||||
Heiwa Real Estate Co. Ltd. | 4,300 | 123,042 | ||||||
Isras Investment Co. Ltd. | 124 | 21,580 | ||||||
JINUSHI Co. Ltd. | 1,900 | 27,228 | ||||||
Kerry Properties Ltd. | 65,000 | 167,707 | ||||||
Lendlease Corp. Ltd. | 58,795 | 291,999 | ||||||
Mitsubishi Estate Co. Ltd. | 119,600 | 1,473,987 | ||||||
Mitsui Fudosan Co. Ltd. | 84,000 | 1,668,410 |
Description | Number of Shares | Value | ||||||
New World Development Co. Ltd. | 124,000 | $ | 330,693 | |||||
Nomura Real Estate Holdings, Inc. | 11,500 | 286,569 | ||||||
Property & Building Corp. Ltd.* | 345 | 15,829 | ||||||
SAMTY Co. Ltd. | 3,100 | 50,599 | ||||||
Shun Tak Holdings Ltd.* | 224,000 | 40,662 | ||||||
SRE Holdings Corp.* | 300 | 6,729 | ||||||
St. Joe Co. (The) | 2,746 | 112,861 | ||||||
Starts Corp., Inc. | 3,100 | 58,583 | ||||||
Sumitomo Realty & Development Co. Ltd. | 41,500 | 968,993 | ||||||
Sun Frontier Fudousan Co. Ltd. | 3,900 | 37,860 | ||||||
Sun Hung Kai Properties Ltd. | 133,000 | 1,851,798 | ||||||
Tokyo Tatemono Co. Ltd. | 17,900 | 226,703 | ||||||
Tokyu Fudosan Holdings Corp. | 53,600 | 272,009 | ||||||
UOL Group Ltd. | 40,500 | 211,283 | ||||||
Wharf Holdings Ltd. (The) | 122,000 | 278,966 | ||||||
YH Dimri Construction & Development Ltd. | 637 | 34,436 | ||||||
|
| |||||||
TOTAL DIVERSIFIED REAL ESTATE ACTIVITIES |
| $ | 11,237,018 | |||||
INDUSTRIAL – 0.0%** | ||||||||
Nexus Industrial REIT | 3,140 | 22,991 | ||||||
OFFICE – 0.0%** | ||||||||
Precinct Properties New Zealand Ltd. | 110,972 | 85,147 | ||||||
REAL ESTATE DEVELOPMENT – 0.7% |
| |||||||
Aedas Homes SA | 1,862 | 28,545 | ||||||
Cedar Woods Properties Ltd. | 7,515 | 24,408 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 32 |
Wilmington Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
CK Asset Holdings Ltd. | 170,000 | $ | 1,005,232 | |||||
DREAM Unlimited Corp., Class A | 1,602 | 26,711 | ||||||
Far East Consortium International Ltd. | 85,800 | 21,674 | ||||||
Forestar Group, Inc.* | 1,558 | 30,132 | ||||||
Goldcrest Co. Ltd. | 1,500 | 20,107 | ||||||
Greenland Hong Kong Holdings Ltd. | 101,000 | 7,751 | ||||||
Henderson Land Development Co. Ltd. | 114,735 | 408,540 | ||||||
Howard Hughes Corp. (The)* | 3,529 | 273,039 | ||||||
Immobel SA | 315 | 15,715 | ||||||
Instone Real Estate Group SE | 5,505 | 44,045 | ||||||
K Wah International Holdings Ltd. | 135,000 | 46,651 | ||||||
Katitas Co. Ltd. | 4,100 | 80,068 | ||||||
Lifestyle Communities Ltd. | 8,810 | 99,749 | ||||||
Mirarth Holdings, Inc. | 11,700 | 33,014 | ||||||
Nexity SA | 5,723 | 150,142 | ||||||
Sino Land Co. Ltd. | 274,000 | 369,235 | ||||||
Tosei Corp. | 2,300 | 27,370 | ||||||
|
| |||||||
TOTAL REAL ESTATE DEVELOPMENT |
| $ | 2,712,128 | |||||
REAL ESTATE OPERATING COMPANIES – 3.1% |
| |||||||
ADLER Group SA* | 15,042 | 9,179 | ||||||
Aeon Mall Co. Ltd. | 10,600 | 142,915 | ||||||
AFI Properties Ltd.* | 503 | 13,408 | ||||||
Akelius Residential Property AB, Class D | 21,145 | 42,383 | ||||||
Alony Hetz Properties & Investments Ltd. | 15,256 | 120,466 | ||||||
Amot Investments Ltd. | 22,738 | 120,500 | ||||||
Aroundtown SA | 93,245 | 127,036 | ||||||
Atrium Ljungberg AB, Class B | 6,191 | 115,138 | ||||||
Azrieli Group Ltd. | 3,773 | 220,027 | ||||||
Big Shopping Centers Ltd.* | 1,300 | 110,870 | ||||||
Blue Square Real Estate Ltd. | 878 | 44,035 | ||||||
CA Immobilien Anlagen AG* | 4,455 | 129,247 | ||||||
Capitaland India Trust | 77,600 | 63,546 | ||||||
Capitaland Investment Ltd. | 232,400 | 650,540 | ||||||
Castellum AB | 24,414 | 296,779 | ||||||
Catena AB | 3,309 | 126,934 | ||||||
Cibus Nordic Real Estate AB | 6,754 | 72,241 | ||||||
Citycon OYJ* | 7,281 | 55,017 | ||||||
CTP NV | 8,799 | 115,447 | ||||||
Deutsche Wohnen SE | 5,914 | 133,908 | ||||||
DigitalBridge Group, Inc. | 12,599 | 156,606 | ||||||
Dios Fastigheter AB | 11,065 | 78,965 | ||||||
Electra Real Estate Ltd. | 2,021 | 21,086 | ||||||
Entra ASA | 15,547 | 157,983 | ||||||
Fabege AB | 23,153 | 185,680 | ||||||
Fastighets AB Balder, Class B* | 53,856 | 250,744 | ||||||
FRP Holdings, Inc.* | 573 | 33,234 | ||||||
G City, Ltd. | 8,975 | 28,175 | ||||||
Gav-Yam Lands Corp. Ltd. | 5,012 | 36,172 | ||||||
Grainger PLC | 65,116 | 211,853 | ||||||
Grand City Properties SA | 10,219 | 85,344 | ||||||
Hang Lung Group Ltd. | 79,000 | 138,884 | ||||||
Hang Lung Properties Ltd. | 157,000 | 286,984 | ||||||
Hongkong Land Holdings Ltd. | 99,700 | 443,709 | ||||||
Hufvudstaden AB, Class A | 11,486 | 163,789 | ||||||
Hulic Co. Ltd. | 52,200 | 449,445 | ||||||
Hysan Development Co. Ltd. | 56,001 | 158,261 | ||||||
Ichigo, Inc. | 19,800 | 37,885 |
Description | Number of Shares | Value | ||||||
Intershop Holding AG | 171 | $ | 120,074 | |||||
Israel Canada T.R Ltd. | 9,850 | 18,197 | ||||||
Keihanshin Building Co. Ltd. | 4,900 | 46,228 | ||||||
Kennedy-Wilson Holdings, Inc. | 10,343 | 173,555 | ||||||
Kojamo OYJ | 12,869 | 159,789 | ||||||
LEG Immobilien SE | 6,371 | 396,552 | ||||||
Leopalace21 Corp.* | 25,000 | 65,967 | ||||||
Mega Or Holdings Ltd. | 1,802 | 35,599 | ||||||
Melisron Ltd. | 2,063 | 137,916 | ||||||
Mivne Real Estate KD Ltd. | 49,729 | 139,304 | ||||||
Mobimo Holding AG | 620 | 166,277 | ||||||
Neobo Fastigheter AB* | 6,805 | 6,715 | ||||||
Norstar Holdings, Inc.* | 2,349 | 5,731 | ||||||
NP3 Fastigheter AB | 3,018 | 58,093 | ||||||
Nyfosa AB | 13,690 | 93,816 | ||||||
Pandox AB | 7,020 | 83,646 | ||||||
Phoenix Spree Deutschland Ltd. | 8,227 | 20,944 | ||||||
Platzer Fastigheter Holding AB, Class B | 4,270 | 35,975 | ||||||
PSP Swiss Property AG | 3,995 | 470,456 | ||||||
Sagax AB, Class D | 19,966 | 52,742 | ||||||
Sagax AB, Class B | 15,745 | 386,205 | ||||||
Samhallsbyggnadsbolaget i Norden AB, Class D | 21,008 | 31,825 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 95,179 | 111,960 | ||||||
Sirius Real Estate Ltd. | 80,598 | 81,719 | ||||||
Summit Real Estate Holdings Ltd. | 2,479 | 27,503 | ||||||
Swire Properties Ltd. | 93,400 | 251,034 | ||||||
Swiss Prime Site AG | 6,660 | 602,861 | ||||||
TAG Immobilien AG | 16,504 | 141,322 | ||||||
TKP Corp.* | 1,700 | 34,109 | ||||||
TOC Co. Ltd. | 5,500 | 27,088 | ||||||
Tricon Residential, Inc. | 22,054 | 176,777 | ||||||
VGP NV | 1,068 | 111,809 | ||||||
Vonovia SE | 67,984 | 1,474,472 | ||||||
Wallenstam AB, Class B | 35,212 | 139,724 | ||||||
WeWork, Inc., Class A* | 29,746 | 12,538 | ||||||
Wharf Real Estate Investment Co. Ltd. | 140,000 | 807,340 | ||||||
Wihlborgs Fastigheter AB | 22,830 | 184,534 | ||||||
|
| |||||||
TOTAL REAL ESTATE OPERATING COMPANIES |
| $ | 12,524,811 | |||||
RETAIL – 0.0%** | ||||||||
Kiwi Property Group Ltd. | 181,673 | 103,594 | ||||||
SINGLE-FAMILY RESIDENTIAL – 0.0%** |
| |||||||
Bluerock Homes Trust, Inc.* | 675 | 13,338 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | $ | 26,835,414 | ||||||
EXCHANGE-TRADED FUNDS – 11.7% |
| |||||||
REAL ESTATE – 11.7% | ||||||||
Balanced Commercial Property Trust Ltd. | 64,435 | 66,724 | ||||||
Schwab U.S. REIT ETF# | 1,423,000 | 27,805,420 | ||||||
Vanguard Global ex-U.S. Real Estate ETF | 480,700 | 20,299,961 | ||||||
|
| |||||||
TOTAL REAL ESTATE |
| $ | 48,172,105 | |||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS |
| $ | 48,172,105 |
ANNUAL REPORT / April 30, 2023
33 | PORTFOLIOS OF INVESTMENTS |
Wilmington Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
INVESTMENT COMPANY – 1.9% | ||||||||
EQUITY FUNDS – 1.9% | ||||||||
Tortoise Energy Infrastructure Total Return Fund, Institutional Class | 590,124 | $ | 7,795,542 | |||||
|
| |||||||
TOTAL INVESTMENT COMPANY |
| $ | 7,795,542 | |||||
REAL ESTATE INVESTMENT TRUSTS – 29.7% |
| |||||||
DATA CENTER – 2.1% | ||||||||
Digital Realty Trust, Inc. | 25,173 | 2,495,903 | ||||||
Equinix, Inc. | 8,108 | 5,870,841 | ||||||
Keppel DC REIT | 117,495 | 189,973 | ||||||
|
| |||||||
TOTAL DATA CENTER |
| $ | 8,556,717 | |||||
DIVERSIFIED – 2.4% | ||||||||
Abacus Property Group | 34,498 | 61,084 | ||||||
ABRDN PROPERTY INCOME TRUST, LTD. | 30,168 | 20,881 | ||||||
Activia Properties, Inc. | 64 | 186,487 | ||||||
AEW UK REIT PLC | 21,753 | 26,821 | ||||||
Alexander & Baldwin, Inc. | 7,229 | 139,014 | ||||||
American Assets Trust, Inc. | 4,901 | 89,198 | ||||||
Armada Hoffler Properties, Inc. | 5,648 | 66,195 | ||||||
Artis REIT | 4,368 | 22,697 | ||||||
British Land Co. PLC (The) | 81,828 | 412,269 | ||||||
Broadstone Net Lease, Inc. | 15,059 | 243,504 | ||||||
Charter Hall Group | 44,505 | 331,111 | ||||||
Charter Hall Long Wale REIT | 56,185 | 162,643 | ||||||
Cromwell European REIT | 21,500 | 36,522 | ||||||
CTO Realty Growth, Inc. | 1,582 | 26,641 | ||||||
Custodian Property Income REIT PLC | 42,620 | 50,648 | ||||||
Daiwa House REIT Investment Corp. | 186 | 395,746 | ||||||
Empire State Realty Trust, Inc., Class A | 16,562 | 101,194 | ||||||
ESCON Japan REIT Investment Corp. | 25 | 20,617 | ||||||
Essential Properties Realty Trust, Inc. | 12,404 | 306,999 | ||||||
Gladstone Commercial Corp. | 2,455 | 29,313 | ||||||
Global Net Lease, Inc. | 11,392 | 128,274 | ||||||
GPT Group (The) | 166,819 | 490,535 | ||||||
Growthpoint Properties Australia Ltd. | 26,398 | 57,222 | ||||||
H&R REIT | 12,857 | 111,503 | ||||||
Hankyu Hanshin REIT, Inc. | 53 | 56,798 | ||||||
Heiwa REIT, Inc. | 110 | 128,836 | ||||||
Hulic REIT, Inc. | 120 | 138,264 | ||||||
ICADE | 3,089 | 145,078 | ||||||
Land Securities Group PLC | 65,429 | 555,220 | ||||||
Lar Espana Real Estate Socimi SA | 4,971 | 28,089 | ||||||
LXI REIT PLC | 162,828 | 215,973 | ||||||
Merlin Properties Socimi SA | 28,879 | 255,342 | ||||||
Mirvac Group | 343,631 | 551,674 | ||||||
NIPPON REIT Investment Corp. | 49 | 115,023 | ||||||
Nomura Real Estate Master Fund, Inc. | 412 | 482,084 | ||||||
NTT UD REIT Investment Corp. | 141 | 135,889 | ||||||
One Liberty Properties, Inc. | 890 | 19,598 | ||||||
Picton Property Income Ltd. | 63,920 | 61,338 | ||||||
REIT 1 Ltd. | 15,048 | 64,509 | ||||||
Schroder REIT Ltd. | 45,679 | 26,706 | ||||||
Sekisui House REIT, Inc. | 383 | 217,099 | ||||||
Sella Capital Real Estate Ltd. | 19,590 | 40,457 |
Description | Number of Shares | Value | ||||||
Star Asia Investment Corp. | 162 | $ | 66,312 | |||||
Stockland | 207,890 | 616,265 | ||||||
Sunlight REIT | 139,000 | 53,902 | ||||||
Suntec REIT | 186,000 | 188,545 | ||||||
Takara Leben Real Estate Investment Corp. | 43 | 28,918 | ||||||
Tokyu REIT, Inc. | 96 | 128,250 | ||||||
Tosei REIT Investment Corp. | 34 | 32,439 | ||||||
UK Commercial Property REIT Ltd. | 66,143 | 44,654 | ||||||
United Urban Investment Corp. | 266 | 295,345 | ||||||
WP Carey, Inc.# | 18,455 | 1,369,361 | ||||||
Yuexiu REIT | 325,000 | 85,464 | ||||||
|
| |||||||
TOTAL DIVERSIFIED |
| $ | 9,664,550 | |||||
HEALTH CARE – 2.5% | ||||||||
Aedifica SA | 3,480 | 290,691 | ||||||
Assura PLC | 251,668 | 160,900 | ||||||
CareTrust REIT, Inc. | 8,198 | 159,779 | ||||||
Cofinimmo SA | 2,626 | 250,874 | ||||||
Community Healthcare Trust, Inc. | 1,841 | 65,889 | ||||||
Diversified Healthcare Trust | 35,676 | 32,586 | ||||||
Global Medical REIT, Inc. | 5,565 | 51,643 | ||||||
Health Care & Medical Investment Corp. | 33 | 39,664 | ||||||
Healthcare Realty Trust, Inc. | 33,319 | 659,050 | ||||||
Healthpeak Properties, Inc. | 47,908 | 1,052,539 | ||||||
Impact Healthcare REIT PLC | 38,181 | 46,998 | ||||||
LTC Properties, Inc. | 3,817 | 127,679 | ||||||
Medical Properties Trust, Inc.# | 51,540 | 452,006 | ||||||
National Health Investors, Inc. | 3,914 | 194,800 | ||||||
NorthWest Healthcare Properties REIT | 10,602 | 63,776 | ||||||
Omega Healthcare Investors, Inc. | 20,398 | 545,850 | ||||||
Parkway Life REIT | 42,700 | 124,361 | ||||||
Physicians Realty Trust | 20,022 | 288,717 | ||||||
Primary Health Properties PLC | 117,554 | 157,692 | ||||||
Sabra Health Care REIT, Inc. | 19,520 | 222,528 | ||||||
Universal Health Realty Income Trust | 1,459 | 63,467 | ||||||
Ventas, Inc. | 35,223 | 1,692,465 | ||||||
Vital Healthcare Property Trust | 72,039 | 103,892 | ||||||
Welltower, Inc. | 41,402 | 3,279,866 | ||||||
|
| |||||||
TOTAL HEALTH CARE |
| $ | 10,127,712 | |||||
HOTEL & RESORT – 0.9% |
| |||||||
Apple Hospitality REIT, Inc. | 18,758 | 279,307 | ||||||
Ashford Hospitality Trust, Inc.* | 5,580 | 18,972 | ||||||
Braemar Hotels & Resorts, Inc. | 5,100 | 19,380 | ||||||
CapitaLand Ascott Trust | 186,747 | 151,620 | ||||||
CDL Hospitality Trusts | 59,214 | 56,168 | ||||||
Chatham Lodging Trust | 5,931 | 60,733 | ||||||
DiamondRock Hospitality Co. | 18,163 | 147,302 | ||||||
Far East Hospitality Trust | 94,900 | 44,197 | ||||||
Hersha Hospitality Trust, Class A | 6,231 | 39,255 | ||||||
Hoshino Resorts REIT, Inc. | 27 | 140,612 | ||||||
Host Hotels & Resorts, Inc. | 60,949 | 985,545 | ||||||
Hotel Property Investments Ltd., REIT | 17,262 | 39,199 | ||||||
Invincible Investment Corp. | 520 | 224,514 | ||||||
Japan Hotel REIT Investment Corp. | 382 | 215,827 | ||||||
Park Hotels & Resorts, Inc. | 20,186 | 243,241 | ||||||
Pebblebrook Hotel Trust | 10,735 | 152,759 | ||||||
RLJ Lodging Trust | 14,219 | 143,612 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 34 |
Wilmington Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
Ryman Hospitality Properties, Inc. | 4,700 | $ | 421,402 | |||||
Service Properties Trust | 15,958 | 139,952 | ||||||
Summit Hotel Properties, Inc. | 9,200 | 59,248 | ||||||
Sunstone Hotel Investors, Inc. | 18,168 | 173,141 | ||||||
Xenia Hotels & Resorts, Inc. | 9,642 | 122,068 | ||||||
|
| |||||||
TOTAL HOTEL & RESORT | $ | 3,878,054 | ||||||
INDUSTRIAL – 5.6% |
| |||||||
Advance Logistics Investment Corp. | 45 | 45,612 | ||||||
AIMS APAC REIT | 43,700 | 45,020 | ||||||
Americold Realty Trust, Inc. | 22,771 | 673,794 | ||||||
CapitaLand Ascendas REIT | 300,800 | 647,299 | ||||||
Centuria Industrial REIT | 60,763 | 126,363 | ||||||
CRE Logistics REIT, Inc. | 77 | 106,025 | ||||||
Dexus Industria REIT | 20,663 | 38,288 | ||||||
Dream Industrial REIT | 12,380 | 135,601 | ||||||
EastGroup Properties, Inc. | 3,818 | 635,926 | ||||||
ESR-LOGOS REIT | 212,393 | 51,848 | ||||||
First Industrial Realty Trust, Inc. | 11,569 | 607,025 | ||||||
Frasers Logistics & Commercial Trust | 286,420 | 290,699 | ||||||
GLP J-REIT | 410 | 468,456 | ||||||
Goodman Group | 149,934 | 1,932,894 | ||||||
Goodman Property Trust | 90,440 | 122,321 | ||||||
Granite REIT | 2,802 | 174,260 | ||||||
Indus Realty Trust, Inc. | 409 | 27,227 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 177 | 202,845 | ||||||
Industrial Logistics Properties Trust | 8,189 | 16,869 | ||||||
Innovative Industrial Properties, Inc.# | 2,424 | 166,165 | ||||||
Intervest Offices & Warehouses NV | 2,092 | 43,179 | ||||||
Japan Logistics Fund, Inc. | 83 | 197,112 | ||||||
LaSalle Logiport REIT | 152 | 180,576 | ||||||
LondonMetric Property PLC | 87,894 | 213,165 | ||||||
LXP Industrial Trust | 24,141 | 226,925 | ||||||
Mapletree Industrial Trust | 188,570 | 337,091 | ||||||
Mapletree Logistics Trust | 273,250 | 357,594 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 46 | 141,066 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 49 | 184,121 | ||||||
Montea NV | 1,482 | 129,843 | ||||||
Nippon Prologis REIT, Inc. | 242 | 551,294 | ||||||
Plymouth Industrial REIT, Inc. | 2,273 | 46,006 | ||||||
Prologis, Inc. | 80,878 | 10,129,970 | ||||||
Rexford Industrial Realty, Inc. | 16,569 | 924,053 | ||||||
Segro PLC | 105,881 | 1,114,708 | ||||||
SOSiLA Logistics REIT, Inc. | 61 | 60,661 | ||||||
STAG Industrial, Inc. | 15,691 | 531,454 | ||||||
Terreno Realty Corp. | 6,445 | 396,948 | ||||||
Tritax Big Box REIT PLC | 164,924 | 322,221 | ||||||
Urban Logistics REIT PLC | 57,207 | 101,803 | ||||||
Warehouses De Pauw | 13,501 | 403,703 | ||||||
|
| |||||||
TOTAL INDUSTRIAL | $ | 23,108,030 | ||||||
MULTI-FAMILY RESIDENTIAL – 3.2% |
| |||||||
Advance Residence Investment Corp. | 118 | 306,163 | ||||||
Altarea SCA | 322 | 42,152 | ||||||
Apartment Income REIT Corp. | 13,631 | 504,074 | ||||||
Apartment Investment & Management Co., Class A | 16,412 | 128,506 |
Description | Number of Shares | Value | ||||||
AvalonBay Communities, Inc. | 12,316 | $ | 2,221,437 | |||||
Boardwalk REIT | 1,785 | 76,414 | ||||||
BRT Apartments Corp. | 1,574 | 27,277 | ||||||
Camden Property Trust | 9,650 | 1,061,983 | ||||||
Canadian Apartment Properties REIT | 7,253 | 265,687 | ||||||
Care Property Invest NV | 2,766 | 41,537 | ||||||
Centerspace | 1,616 | 91,110 | ||||||
Civitas Social Housing PLC | 58,386 | 39,149 | ||||||
Clipper Realty, Inc. | 9,929 | 52,127 | ||||||
Comforia Residential REIT, Inc. | 60 | 150,109 | ||||||
Daiwa Securities Living Investments Corp. | 192 | 163,249 | ||||||
Elme Communities | 7,567 | 130,379 | ||||||
Empiric Student Property PLC | 51,684 | 59,973 | ||||||
Equity Residential | 29,985 | 1,896,551 | ||||||
Essex Property Trust, Inc. | 5,669 | 1,245,649 | ||||||
Home REIT PLC | 42,087 | 16,080 | ||||||
Independence Realty Trust, Inc. | 19,494 | 324,575 | ||||||
Ingenia Communities Group | 45,700 | 130,253 | ||||||
InterRent REIT | 6,334 | 60,589 | ||||||
Irish Residential Properties REIT PLC | 33,709 | 38,361 | ||||||
Kenedix Residential Next Investment Corp. | 94 | 147,473 | ||||||
Killam Apartment REIT | 4,993 | 62,023 | ||||||
Mid-America Apartment Communities, Inc. | 10,118 | 1,556,148 | ||||||
Minto Apartment REIT | 1,676 | 17,529 | ||||||
Morguard North American Residential REIT | 1,808 | 22,699 | ||||||
NexPoint Residential Trust, Inc. | 2,691 | 115,525 | ||||||
Nippon Accommodations Fund, Inc. | 43 | 209,024 | ||||||
Samty Residential Investment Corp. | 61 | 51,938 | ||||||
Starts Proceed Investment Corp. | 19 | 32,174 | ||||||
Triple Point Social Housing REIT PLC | 36,682 | 21,671 | ||||||
UDR, Inc. | 27,096 | 1,119,878 | ||||||
UNITE Group PLC (The) | 34,895 | 421,053 | ||||||
Veris Residential, Inc.* | 9,191 | 150,273 | ||||||
Xior Student Housing NV | 1,779 | 56,499 | ||||||
|
| |||||||
TOTAL MULTI-FAMILY RESIDENTIAL | $ | 13,057,291 | ||||||
OFFICE – 2.4% |
| |||||||
Alexandria Real Estate Equities, Inc. | 13,801 | 1,713,808 | ||||||
Allied Properties REIT | 6,285 | 105,674 | ||||||
Boston Properties, Inc. | 12,246 | 653,447 | ||||||
Brandywine Realty Trust | 15,708 | 61,732 | ||||||
Centuria Office REIT | 38,286 | 36,236 | ||||||
Champion REIT | 160,000 | 66,785 | ||||||
City Office REIT, Inc. | 2,823 | 16,430 | ||||||
CLS Holdings PLC | 25,558 | 43,537 | ||||||
Corporate Office Properties Trust | 9,587 | 219,446 | ||||||
Cousins Properties, Inc.# | 13,130 | 286,365 | ||||||
Covivio SA | 4,040 | 229,710 | ||||||
Cromwell Property Group | 136,773 | 51,828 | ||||||
Daiwa Office Investment Corp. | 30 | 130,404 | ||||||
Derwent London PLC | 9,890 | 298,580 | ||||||
Dexus | 93,667 | 485,475 | ||||||
Douglas Emmett, Inc. | 14,979 | 192,929 | ||||||
Dream Office REIT | 3,839 | 37,771 | ||||||
Easterly Government Properties, Inc. | 8,883 | 124,984 | ||||||
Equity Commonwealth | 9,699 | 200,963 | ||||||
Franklin Street Properties Corp. | 9,107 | 10,564 | ||||||
GDI Property Group Partnership | 37,938 | 18,026 |
ANNUAL REPORT / April 30, 2023
35 | PORTFOLIOS OF INVESTMENTS |
Wilmington Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
Gecina SA | 4,735 | $ | 527,113 | |||||
Global One Real Estate Investment Corp. | 81 | 62,676 | ||||||
Great Portland Estates PLC | 24,043 | 161,273 | ||||||
Highwoods Properties, Inc. | 8,953 | 205,203 | ||||||
Hudson Pacific Properties, Inc. | 12,391 | 68,894 | ||||||
Ichigo Office REIT Investment Corp. | 168 | 108,721 | ||||||
Inmobiliaria Colonial Socimi SA | 26,612 | 170,117 | ||||||
Japan Excellent, Inc. | 143 | 122,362 | ||||||
Japan Prime Realty Investment Corp. | 85 | 221,014 | ||||||
Japan Real Estate Investment Corp. | 121 | 479,451 | ||||||
JBG SMITH Properties | 9,549 | 136,264 | ||||||
Kenedix Office Investment Corp. | 74 | 163,601 | ||||||
Keppel Pacific Oak U.S. REIT | 91,600 | 33,026 | ||||||
Keppel REIT | 160,800 | 105,160 | ||||||
Kilroy Realty Corp. | 8,967 | 262,195 | ||||||
Manulife U.S. REIT | 149,700 | 26,886 | ||||||
Mirai Corp. | 131 | 43,749 | ||||||
Mori Hills REIT Investment Corp. | 139 | 157,097 | ||||||
Mori Trust REIT, Inc. | 257 | 135,243 | ||||||
Nippon Building Fund, Inc. | 147 | 616,403 | ||||||
NSI NV | 1,341 | 30,800 | ||||||
Office Properties Income Trust# | 3,636 | 23,707 | ||||||
One REIT, Inc. | 24 | 42,465 | ||||||
Orion Office REIT, Inc. | 6,503 | 39,928 | ||||||
Orix JREIT, Inc. | 244 | 315,417 | ||||||
Paramount Group, Inc. | 17,642 | 76,390 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 11,198 | 72,899 | ||||||
Prime U.S. REIT | 75,100 | 19,579 | ||||||
Prosperity REIT | 87,000 | 21,103 | ||||||
Regional REIT Ltd. | 34,529 | 24,023 | ||||||
Sankei Real Estate, Inc. | 41 | 25,253 | ||||||
SL Green Realty Corp. | 5,210 | 123,321 | ||||||
True North Commercial REIT | 3,946 | 8,941 | ||||||
Vornado Realty Trust | 13,572 | 203,716 | ||||||
Workspace Group PLC | 21,828 | 130,929 | ||||||
|
| |||||||
TOTAL OFFICE |
| $ | 9,949,613 | |||||
OTHER SPECIALIZED – 1.6% |
| |||||||
Arena REIT | 35,122 | 87,310 | ||||||
Automotive Properties REIT | 3,080 | 26,120 | ||||||
Charter Hall Social Infrastructure REIT | 35,768 | 71,953 | ||||||
EPR Properties | 6,385 | 267,915 | ||||||
Farmland Partners, Inc.# | 2,902 | 30,297 | ||||||
Four Corners Property Trust, Inc. | 7,305 | 186,351 | ||||||
Gaming and Leisure Properties, Inc. | 22,671 | 1,178,892 | ||||||
Gladstone Land Corp. | 3,132 | 50,456 | ||||||
Iron Mountain, Inc. | 24,715 | 1,365,257 | ||||||
Rural Funds Group | 32,605 | 42,480 | ||||||
Safehold, Inc. | 4,116 | 114,091 | ||||||
VICI Properties, Inc. | 87,942 | 2,984,751 | ||||||
|
| |||||||
TOTAL OTHER SPECIALIZED |
| $ | 6,405,873 | |||||
REAL ESTATE OPERATING COMPANIES – 0.1% |
| |||||||
Helical PLC | 12,067 | 45,393 | ||||||
Seritage Growth Properties, Class A*,# | 5,575 | 41,757 | ||||||
Shurgard Self Storage Ltd. | 2,600 | 134,437 | ||||||
|
| |||||||
TOTAL REAL ESTATE OPERATING COMPANIES | $ | 221,587 |
Description | Number of Shares | Value | ||||||
RETAIL – 5.5% |
| |||||||
Acadia Realty Trust | 8,750 | $ | 118,213 | |||||
AEON REIT Investment Corp. | 147 | 168,528 | ||||||
Agree Realty Corp. | 7,713 | 524,407 | ||||||
Alexander’s, Inc. | 134 | 24,933 | ||||||
Brixmor Property Group, Inc. | 26,404 | 563,197 | ||||||
BWP Trust | 49,254 | 126,964 | ||||||
CapitaLand China Trust | 120,900 | 100,830 | ||||||
CapitaLand Integrated Commercial Trust | 440,747 | 672,994 | ||||||
Carmila SA | 7,784 | 131,749 | ||||||
CBL & Associates Properties, Inc. | 2,691 | 62,243 | ||||||
Charter Hall Retail REIT | 49,743 | 128,045 | ||||||
Choice Properties REIT | 15,157 | 163,781 | ||||||
Crombie REIT | 4,825 | 54,915 | ||||||
CT REIT | 6,101 | 72,455 | ||||||
Eurocommercial Properties NV | 4,984 | 119,526 | ||||||
Federal Realty Investment Trust | 6,399 | 632,797 | ||||||
First Capital REIT | 10,254 | 120,413 | ||||||
Fortune REIT | 131,000 | 109,590 | ||||||
Frasers Centrepoint Trust | 104,623 | 173,849 | ||||||
Frontier Real Estate Investment Corp. | 44 | 158,971 | ||||||
Fukuoka REIT Corp. | 64 | 76,897 | ||||||
Getty Realty Corp.# | 4,149 | 138,286 | ||||||
Hamborner REIT AG | 9,415 | 74,271 | ||||||
Hammerson PLC | 292,015 | 103,138 | ||||||
HMC Capital Ltd. | 25,444 | 66,605 | ||||||
HomeCo Daily Needs REIT | 152,785 | 122,134 | ||||||
InvenTrust Properties Corp. | 5,741 | 129,460 | ||||||
Japan Metropolitan Fund Invest | 610 | 446,651 | ||||||
Kenedix Retail REIT Corp. | 64 | 115,150 | ||||||
Kimco Realty Corp. | 54,450 | 1,044,895 | ||||||
Kite Realty Group Trust | 19,182 | 397,451 | ||||||
Klepierre SA | 16,650 | 421,747 | ||||||
Lendlease Global Commercial REIT | 145,125 | 76,352 | ||||||
Link REIT | 224,800 | 1,470,392 | ||||||
Macerich Co. (The) | 18,914 | 188,951 | ||||||
Mapletree Pan Asia Commercial Trust | 187,123 | 247,873 | ||||||
Mercialys SA | 4,343 | 43,671 | ||||||
National Retail Properties, Inc. | 15,976 | 694,956 | ||||||
Necessity Retail REIT, Inc. (The) | 15,917 | 87,703 | ||||||
NETSTREIT Corp. | 2,616 | 47,664 | ||||||
NewRiver REIT PLC | 17,295 | 17,614 | ||||||
Phillips Edison & Co., Inc. | 10,352 | 326,502 | ||||||
Primaris REIT | 2,451 | 24,169 | ||||||
Realty Income Corp. | 54,704 | 3,437,599 | ||||||
Regency Centers Corp. | 13,483 | 828,261 | ||||||
Region RE Ltd. | 98,776 | 161,643 | ||||||
Retail Estates NV | 1,199 | 88,832 | ||||||
Retail Opportunity Investments Corp. | 10,776 | 140,411 | ||||||
RioCan REIT | 12,827 | 198,627 | ||||||
RPT Realty | 7,659 | 71,229 | ||||||
Sasseur REIT | 61,100 | 33,064 | ||||||
Saul Centers, Inc. | 944 | 34,012 | ||||||
Scentre Group | 454,429 | 872,093 | ||||||
Shaftesbury Capital PLC | 175,037 | 258,892 | ||||||
Simon Property Group, Inc. | 28,647 | 3,246,278 | ||||||
SITE Centers Corp. | 16,242 | 200,426 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 36 |
Wilmington Real Asset Fund (continued)
Description | Number of Shares | Value | ||||||
Slate Grocery REIT, Class U | 2,915 | $ | 28,508 | |||||
SmartCentres REIT | 7,835 | 151,397 | ||||||
Spirit Realty Capital, Inc. | 12,228 | 470,289 | ||||||
Starhill Global REIT | 158,600 | 62,518 | ||||||
Supermarket Income REIT PLC | 106,288 | 116,958 | ||||||
Tanger Factory Outlet Centers, Inc.# | 9,051 | 177,490 | ||||||
Unibail-Rodamco-Westfield* | 12,168 | 650,820 | ||||||
Urban Edge Properties | 10,097 | 148,123 | ||||||
Urstadt Biddle Properties, Inc., Class A | 3,106 | 53,485 | ||||||
Vastned Retail NV | 2,088 | 47,569 | ||||||
Vicinity Ltd. | 330,292 | 461,738 | ||||||
Waypoint REIT Ltd. | 71,780 | 124,665 | ||||||
Wereldhave NV | 2,996 | 46,011 | ||||||
Whitestone REIT | 4,055 | 36,292 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 22,738,162 | ||||||
SELF-STORAGE – 2.1% |
| |||||||
Big Yellow Group PLC | 15,433 | 237,559 | ||||||
CubeSmart | 19,662 | 894,424 | ||||||
Extra Space Storage, Inc. | 11,607 | 1,764,728 | ||||||
Life Storage, Inc. | 7,402 | 994,681 | ||||||
National Storage Affiliates Trust | 7,434 | 286,581 | ||||||
National Storage REIT | 92,338 | 153,797 | ||||||
Public Storage | 13,851 | 4,083,690 | ||||||
Safestore Holdings PLC | 19,154 | 238,761 | ||||||
|
| |||||||
TOTAL SELF-STORAGE | $ | 8,654,221 | ||||||
SINGLE-FAMILY RESIDENTIAL – 1.3% |
| |||||||
American Homes 4 Rent, Class A | 26,894 | 894,495 | ||||||
Equity LifeStyle Properties, Inc. | 15,317 | 1,055,341 | ||||||
Invitation Homes, Inc. | 52,446 | 1,750,123 | ||||||
PRS REIT PLC (The) | 46,884 | 50,824 | ||||||
Sun Communities, Inc. | 10,920 | 1,517,116 | ||||||
UMH Properties, Inc. | 3,166 | 48,123 | ||||||
|
| |||||||
TOTAL SINGLE-FAMILY RESIDENTIAL | $ | 5,316,022 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | $ | 121,677,832 | ||||||
RIGHTS – 0.0%** | ||||||||
ESR-REIT*, Expire 05/05/23 | 13,593 | 8 | ||||||
|
| |||||||
TOTAL RIGHTS | $ | 8 | ||||||
|
| |||||||
TOTAL REAL ESTATE RELATED SECURITIES (COST $217,197,843) | $ | 204,480,901 | ||||||
COMMODITY RELATED SECURITIES – 47.7% | ||||||||
EXCHANGE-TRADED FUNDS – 1.7% | ||||||||
COMMODITY – 1.7% | ||||||||
SPDR S&P Global Natural Resources ETF# | 119,300 | 6,796,521 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | $ | 6,796,521 | ||||||
INVESTMENT COMPANIES – 46.0% | ||||||||
COMMODITY – 46.0% | ||||||||
Vanguard Commodity Strategy Fund, Admiral Shares | 2,385,740 | 62,387,107 | ||||||
DFA Commodity Strategy Portfolio, Institutional Class | 25,532,863 | 117,451,172 |
Description | Number of Shares | Value | ||||||
Parametric Commodity Strategy Fund, Institutional Class | 495,132 | $ | 3,094,574 | |||||
Credit Suisse Commodity Return Strategy Fund, Class I | 248,564 | 5,801,486 | ||||||
|
| |||||||
TOTAL COMMODITY | $ | 188,734,339 | ||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES | $ | 188,734,339 | ||||||
|
| |||||||
TOTAL COMMODITY RELATED SECURITIES (COST $207,839,882) | $ | 195,530,860 | ||||||
SHORT-TERM INVESTMENTS – 2.3% | ||||||||
MONEY MARKET FUND – 2.3% | ||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 9,615,878 | 9,615,878 | ||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENT (COST $9,615,878) | $ | 9,615,878 | ||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 0.7% |
| |||||||
Par Value | ||||||||
REPURCHASE AGREEMENTS – 0.7% | ||||||||
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $537,533, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $548,063. | $ 537,317 | 537,317 | ||||||
Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $548,063. | 537,317 | 537,317 | ||||||
Daiwa Capital Markets America, 4.81%, dated 4/28/23, due 5/01/23, repurchase price $155,350, collateralized by U.S. Government Agency & Treasury Securities, 1.50% to 7.00%, maturing 3/31/24 to 5/01/53; total market value of $158,394. | 155,288 | 155,288 | ||||||
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $548,063. | 537,317 | 537,317 | ||||||
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $548,063. | 537,317 | 537,317 |
ANNUAL REPORT / April 30, 2023
37 | PORTFOLIOS OF INVESTMENTS |
Wilmington Real Asset Fund (continued)
Description | Par Value | Value | ||||||
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $537,532, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $548,063. | $ 537,317 | $ | 537,317 | |||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (COST $2,841,873) | $ | 2,841,873 | ||||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $2,841,873) |
| $ | 2,841,873 | |||||
|
|
Description | Value | |||||
TOTAL INVESTMENTS – 100.5% (Cost $437,495,476) | $ 412,469,512 | |||||
COLLATERAL FOR SECURITIES ON LOAN – (0.7%) |
| (2,841,873) | ||||
OTHER ASSETS LESS LIABILITIES – 0.2% | 648,238 | |||||
| ||||||
TOTAL NET ASSETS – 100.0% | $ 410,275,877 | |||||
|
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, 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 | 22,160 | 114,225 | — | 136,385 | ||||||||||||
Diversified Real Estate Activities | 112,861 | 11,124,157 | — | 11,237,018 | ||||||||||||
Industrial | 22,991 | — | — | 22,991 | ||||||||||||
Office | — | 85,147 | — | 85,147 | ||||||||||||
Real Estate Development | 329,882 | 2,382,246 | — | 2,712,128 | ||||||||||||
Real Estate Operating Companies | 559,425 | 11,965,386 | — | 12,524,811 | ||||||||||||
Retail | — | 103,594 | — | 103,594 | ||||||||||||
Single-Family Residential | 13,338 | — | — | 13,338 | ||||||||||||
Exchange-Traded Funds | 48,105,381 | 66,724 | — | 48,172,105 | ||||||||||||
Investment Company | 7,795,542 | — | — | 7,795,542 | ||||||||||||
Real Estate Investment Trusts | ||||||||||||||||
Data Center | 8,366,744 | 189,973 | — | 8,556,717 | ||||||||||||
Diversified | 2,653,491 | 7,011,059 | — | 9,664,550 | ||||||||||||
Health Care | 8,952,640 | 1,175,072 | — | 10,127,712 | ||||||||||||
Hotel & Resort | 3,005,917 | 872,137 | — | 3,878,054 | ||||||||||||
Industrial | 14,692,223 | 8,415,807 | — | 23,108,030 | ||||||||||||
Multi-Family Residential | 11,130,433 | 1,926,858 | — | 13,057,291 | ||||||||||||
Office | 4,845,571 | 5,104,042 | — | 9,949,613 | ||||||||||||
Other Specialized | 6,204,130 | 201,743 | — | 6,405,873 | ||||||||||||
Real Estate Operating Companies | 176,194 | 45,393 | — | 221,587 | ||||||||||||
Retail | 15,290,638 | 7,447,524 | — | 22,738,162 | ||||||||||||
Self-Storage | 8,024,104 | 630,117 | — | 8,654,221 | ||||||||||||
Single-Family Residential | 5,265,198 | 50,824 | — | 5,316,022 | ||||||||||||
Rights | — | 8 | — | 8 | ||||||||||||
Commodity Related Securities | ||||||||||||||||
Exchange-Traded Funds | 6,796,521 | — | — | 6,796,521 | ||||||||||||
Investment Companies | 188,734,339 | — | — | 188,734,339 | ||||||||||||
Money Market Fund | 9,615,878 | — | — | 9,615,878 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 38 |
Wilmington Real Asset Fund (concluded)
�� | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Repurchase Agreements | $ | — | $ | 2,841,873 | $— | $ | 2,841,873 | |||||||||||||
|
|
|
|
|
|
| ||||||||||||||
Total Investments in Securities | $ | 350,715,601 | $ | 61,753,911 | $— | $ | 412,469,512 | |||||||||||||
|
|
|
|
|
|
|
** | 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. |
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, 2023
39 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2023
|
Wilmington
|
Wilmington
|
Wilmington
| |||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||
Investments, at identified cost | $ | 444,187,084 | $ | 169,927,362 | $ | 437,495,476 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Investments in securities, at value | $ | 526,142,336 | (a) | $ | 207,983,579 | $ | 412,469,512 | (b) | ||||||||||||||||||||||||||||
Cash | 80,425 | 25,124 | — | |||||||||||||||||||||||||||||||||
Deposits for financial futures contracts | 313,671 | 5,057,568 | — | |||||||||||||||||||||||||||||||||
Cash denominated in foreign currencies | 4,160,586 | (c) | 438,450 | (c) | 186,264 | (c) | ||||||||||||||||||||||||||||||
Variation margin receivable for financial futures contracts | 244,190 | — | — | |||||||||||||||||||||||||||||||||
Income receivable | 1,893,014 | 654,528 | 467,681 | |||||||||||||||||||||||||||||||||
Foreign tax reclaim receivable | 2,006,259 | 374,308 | 185,333 | |||||||||||||||||||||||||||||||||
Due from broker | 208 | — | — | |||||||||||||||||||||||||||||||||
Receivable for shares sold | 589,085 | 326,172 | 719,931 | |||||||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | 70,426 | — | |||||||||||||||||||||||||||||||||
Receivable for investments sold | 916,933 | 1,451,830 | — | |||||||||||||||||||||||||||||||||
Prepaid and other assets | 16,230 | 20,719 | 20,753 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL ASSETS | 536,362,937 | 216,402,704 | 414,049,474 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||||
Collateral for securities on loan | 15,928,667 | — | 2,841,873 | |||||||||||||||||||||||||||||||||
Deferred foreign capital gains tax payable | 17,468 | 2,052 | — | |||||||||||||||||||||||||||||||||
Variation margin payable for financial futures contracts | — | 442,378 | — | |||||||||||||||||||||||||||||||||
Payable for investments purchased | 1,336,361 | 1,360,130 | — | |||||||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | 751,363 | — | |||||||||||||||||||||||||||||||||
Payable for shares redeemed | 547,696 | 119,972 | 542,042 | |||||||||||||||||||||||||||||||||
Payable to sub-advisors | 129,081 | 95,663 | 20,527 | |||||||||||||||||||||||||||||||||
Payable for Trustees’ fees | 3,919 | 3,918 | 3,411 | |||||||||||||||||||||||||||||||||
Payable for administration fees | 12,243 | 5,021 | 9,726 | |||||||||||||||||||||||||||||||||
Payable for distribution services fees | 580 | 62 | 196 | |||||||||||||||||||||||||||||||||
Payable for investment advisory fees | 125,761 | 53,883 | 107,805 | |||||||||||||||||||||||||||||||||
Other accrued expenses | 393,041 | 237,855 | 248,017 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 18,494,817 | 3,072,297 | 3,773,597 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
NET ASSETS | $ | 517,868,120 | $ | 213,330,407 | $ | 410,275,877 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 484,008,810 | $ | 199,293,826 | $ | 454,130,114 | ||||||||||||||||||||||||||||||
Distributable earnings (loss) | 33,859,310 | 14,036,581 | (43,854,237 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL NET ASSETS | $ | 517,868,120 | $ | 213,330,407 | $ | 410,275,877 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,836,217 | $ | 302,989 | $ | 941,353 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 338,883 | 25,755 | 70,973 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net Asset Value per share | $ | 8.37 | $ | 11.76 | $ | 13.26 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Offering Price per share* | $ | 8.86 | ** | $ | 12.44 | ** | $ | 14.03 | ** | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 515,031,903 | $ | 213,027,418 | $ | 409,334,524 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 60,843,275 | 17,760,855 | 30,368,563 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net Asset Value and Offering Price per share | $ | 8.46 | $ | 11.99 | $ | 13.48 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Including $14,988,381 of securities on loan (Note 2). |
(b) | Including $2,807,204 of securities on loan (Note 2). |
(c) | Cost of cash denominated in foreign currencies was $4,221,997, $440,573 and $190,400, 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, 2023 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 40 |
Year Ended April 30, 2023 | Wilmington International Fund | Wilmington Global Alpha Equities Fund | Wilmington Real Asset Fund | |||||||||||||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||||||||||
Dividends | $ | 15,677,233 | (a) | $ | 4,811,103 | (a) | $ | 24,600,375 | (a) | |||||||||||||||||||||||||||
Interest | 7,430 | 105,147 | — | |||||||||||||||||||||||||||||||||
Securities lending income, net | 134,278 | — | 79,171 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 15,818,941 | 4,916,250 | 24,679,546 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||||||
Investment advisory fees | 4,133,801 | 2,896,457 | 2,204,312 | |||||||||||||||||||||||||||||||||
Administration fees | 161,657 | 63,125 | 131,120 | |||||||||||||||||||||||||||||||||
Portfolio accounting and administration fees | 251,739 | 97,317 | 134,845 | |||||||||||||||||||||||||||||||||
Custodian fees | 217,661 | 100,610 | 89,150 | |||||||||||||||||||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 69,158 | 31,991 | 31,624 | |||||||||||||||||||||||||||||||||
Trustees’ fees | 65,311 | 65,311 | 65,311 | |||||||||||||||||||||||||||||||||
Professional fees | 188,511 | 171,963 | 146,996 | |||||||||||||||||||||||||||||||||
Distribution services fee—Class A | 6,819 | 734 | 2,553 | |||||||||||||||||||||||||||||||||
Shareholder services fee—Class A | 6,819 | 734 | 2,553 | |||||||||||||||||||||||||||||||||
Share registration costs | 28,927 | 30,025 | 33,650 | |||||||||||||||||||||||||||||||||
Printing and postage | 28,790 | 20,696 | 17,474 | |||||||||||||||||||||||||||||||||
Miscellaneous | 74,532 | 50,496 | 66,485 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL EXPENSES | 5,233,725 | 3,529,459 | 2,926,073 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||||||||||||||||||
Waiver/reimbursement by investment advisor | (682,350 | ) | (939,485 | ) | (304,177 | ) | ||||||||||||||||||||||||||||||
Waiver by sub-advisor | (64,831 | ) | — | (38,098 | ) | |||||||||||||||||||||||||||||||
Waiver of shareholder services fee—Class A | (6,819 | ) | (734 | ) | (2,553 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (754,000 | ) | (940,219 | ) | (344,828 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
Net expenses | 4,479,725 | 2,589,240 | 2,581,245 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net investment income | 11,339,216 | 2,327,010 | 22,098,301 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments | (44,629,838 | )(b) | (873,379 | )(b) | (6,154,123 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) on forward foreign currency contracts | (9,948 | ) | 2,394,672 | (181 | ) | |||||||||||||||||||||||||||||||
Net realized gain (loss) on foreign currency transactions | (663,443 | ) | (151,447 | ) | (54,671 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) on financial futures contracts | (1,145,769 | ) | 2,139,089 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net realized gain (loss) | (46,448,998 | ) | 3,508,935 | (6,208,975 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 45,836,580 | (c) | 9,070,095 | (c) | (85,184,444 | ) | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on forward foreign currency contracts | — | (1,875,260 | ) | — | ||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency transactions | 104,763 | 36,364 | 24,472 | |||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on financial futures contracts | 37,257 | (5,563,843 | ) | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 45,978,600 | 1,667,356 | (85,159,972 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (470,398 | ) | 5,176,291 | (91,368,947 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Change in net assets resulting from operations | $ | 10,868,818 | $ | 7,503,301 | $ | (69,270,646 | ) | |||||||||||||||||||||||||||||
|
| �� |
|
|
|
|
(a) | Net of foreign withholding taxes of $1,622,809, $414,815 and $294,334, respectively. |
(b) | Net of foreign capital gains tax paid of $35 and $84, respectively. |
(c) | Net of change in deferred foreign capital gains tax accrued of $(15,574) and $(2,663), respectively. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
41 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington International Fund | Wilmington Global Alpha Equities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended
| Year Ended
| Year Ended
| Year Ended
| |||||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 11,339,216 | $ | 8,931,202 | $ | 2,327,010 | $ | 813,947 | ||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | (46,448,998 | ) | 34,613,517 | 3,508,935 | 9,830,329 | |||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 45,978,600 | (160,824,359 | ) | 1,667,356 | (14,472,171 | ) | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Change in net assets resulting from operations | 10,868,818 | (117,279,640 | ) | 7,503,301 | (3,827,895 | ) | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (101,891 | ) | (140,818 | ) | (8,022 | ) | (1,534 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class I | (20,772,925 | ) | (27,489,939 | ) | (5,525,066 | ) | (1,127,043 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (20,874,816 | ) | (27,630,757 | ) | (5,533,088 | ) | (1,128,577 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 25,393 | 14,806 | 850 | 979 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | 125,541,950 | 97,632,573 | 58,243,535 | 44,382,799 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 94,660 | 129,098 | 8,022 | 1,534 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | 8,676,649 | 12,890,244 | 2,030,500 | 347,409 | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (210,821 | ) | (475,838 | ) | (3,418 | ) | (24,737 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class I | (223,549,803 | ) | (65,462,154 | ) | (61,171,203 | ) | (34,055,348 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Change in net assets resulting from share transactions | (89,421,972 | ) | 44,728,729 | (891,714 | ) | 10,652,636 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Change in net assets | (99,427,970 | ) | (100,181,668 | ) | 1,078,499 | 5,696,164 | ||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of year | 617,296,090 | 717,477,758 | 212,251,908 | 206,555,744 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
End of year | $ | 517,868,120 | $ | 617,296,090 | $ | 213,330,407 | $ | 212,251,908 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 3,105 | 1,466 | 73 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | 15,579,933 | 9,786,405 | 4,928,523 | 3,621,891 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 12,174 | 12,730 | 706 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I | 1,098,909 | 1,264,315 | 175,194 | 28,245 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (26,747 | ) | (47,287 | ) | (304 | ) | (2,033 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class I | (27,904,440 | ) | (6,524,942 | ) | (5,189,505 | ) | (2,784,677 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Net change resulting from share transactions | (11,237,066 | ) | 4,492,687 | (85,313 | ) | 863,634 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 42 |
Wilmington Fund | ||||||||||||||||||||
Year Ended
| Year Ended
| |||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 22,098,301 | $ | 49,165,824 | ||||||||||||||||
Net realized gain (loss) | (6,208,975 | ) | 21,696,018 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (85,159,972 | ) | 5,619,182 | |||||||||||||||||
|
|
|
| |||||||||||||||||
Change in net assets resulting from operations | (69,270,646 | ) | 76,481,024 | |||||||||||||||||
|
|
|
| |||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Net investment income and net realized gains | ||||||||||||||||||||
Class A | (48,529 | ) | (110,221 | ) | ||||||||||||||||
Class I | (21,016,869 | ) | (50,543,503 | ) | ||||||||||||||||
Tax return of capital | ||||||||||||||||||||
Class A | (211 | ) | — | |||||||||||||||||
Class I | (89,490 | ) | — | |||||||||||||||||
|
|
|
| |||||||||||||||||
Total distributions to shareholders | (21,155,099 | ) | (50,653,724 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
Class A | 138,429 | 125,187 | ||||||||||||||||||
Class I | 82,657,040 | 93,457,658 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||
Class A | 47,127 | 106,501 | ||||||||||||||||||
Class I | 8,786,738 | 19,610,932 | ||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||
Class A | (194,392 | ) | (101,368 | ) | ||||||||||||||||
Class I | (78,861,084 | ) | (115,096,412 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||
Change in net assets resulting from share transactions | 12,573,858 | (1,897,502 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||
Change in net assets | (77,851,887 | ) | 23,929,798 | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of year | 488,127,764 | 464,197,966 | ||||||||||||||||||
|
|
|
| |||||||||||||||||
End of year | $ | 410,275,877 | $ | 488,127,764 | ||||||||||||||||
|
|
|
| |||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||
Shares sold | ||||||||||||||||||||
Class A | 9,154 | 7,512 | ||||||||||||||||||
Class I | 5,724,533 | 5,648,957 | ||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||
Class A | 3,487 | 6,699 | ||||||||||||||||||
Class I | 639,668 | 1,216,232 | ||||||||||||||||||
Shares redeemed | ||||||||||||||||||||
Class A | (13,389 | ) | (6,323 | ) | ||||||||||||||||
Class I | (5,437,549 | ) | (6,788,203 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||
Net change resulting from share transactions | 925,904 | 84,874 | ||||||||||||||||||
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
43 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON INTERNATIONAL FUND | |||||||||||||||||||||||||
|
| ||||||||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS A | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ 8.44 | $ 10.47 | $ 7.35 | $ 8.52 | $ 9.11 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.15 | 0.10 | 0.10 | 0.13 | 0.14 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.08 | (1.75 | ) | 3.16 | (1.17 | ) | (0.51 | ) | |||||||||||||||||
Total Income (Loss) From Operations | 0.23 | (1.65 | ) | 3.26 | (1.04 | ) | (0.37 | ) | |||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.13 | ) | (0.16 | ) | (0.14 | ) | (0.13 | ) | (0.14 | ) | |||||||||||||||
Net Realized Gains | (0.17 | ) | (0.22 | ) | — | — | (0.08 | ) | |||||||||||||||||
Total Distributions | (0.30 | ) | (0.38 | ) | (0.14 | ) | (0.13 | ) | (0.22 | ) | |||||||||||||||
Net Asset Value, End of Year | $ 8.37 | $ 8.44 | $10.47 | $ 7.35 | $ 8.52 | ||||||||||||||||||||
Total Return(b) | 3.01 | % | (16.31 | )% | 44.67 | % | (12.35 | )% | (4.07 | )% | |||||||||||||||
Net Assets, End of Year (000’s) | $2,836 | $ 2,957 | $4,015 | $ 3,036 | $4,871 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(c) | 1.48 | % | 1.48 | % | 1.48 | % | 1.50 | % | 1.50 | % | |||||||||||||||
Net Expense(c),(d) | 1.09 | % | 1.10 | % | 1.06 | % | 0.98 | % | 1.00 | % | |||||||||||||||
Net Investment Income | 1.87 | % | 1.00 | % | 1.10 | % | 1.57 | % | 1.69 | % | |||||||||||||||
Portfolio Turnover Rate | 76 | % | 71 | % | 74 | % | 79 | % | 70 | % | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS I | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ 8.52 | $ 10.56 | $ 7.41 | $ 8.59 | $ 9.18 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.17 | 0.13 | 0.12 | 0.13 | 0.17 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.08 | (1.77 | ) | 3.18 | (1.17 | ) | (0.53 | ) | |||||||||||||||||
Total Income (Loss) From Operations | 0.25 | (1.64 | ) | 3.30 | (1.04 | ) | (0.36 | ) | |||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.14 | ) | (0.18 | ) | (0.15 | ) | (0.14 | ) | (0.15 | ) | |||||||||||||||
Net Realized Gains | (0.17 | ) | (0.22 | ) | — | — | (0.08 | ) | |||||||||||||||||
Total Distributions | (0.31 | ) | (0.40 | ) | (0.15 | ) | (0.14 | ) | (0.23 | ) | |||||||||||||||
Net Asset Value, End of Year | $ 8.46 | $ 8.52 | $ 10.56 | $ 7.41 | $ 8.59 | ||||||||||||||||||||
Total Return(b) | 3.23 | % | (16.10 | )% | 44.92 | % | (12.28 | )% | (3.91 | )% | |||||||||||||||
Net Assets, End of Year (000’s) | $515,032 | $614,339 | $713,463 | $513,640 | $570,749 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(c) | 0.98 | % | 0.99 | % | 1.16 | % | 1.25 | % | 1.26 | % | |||||||||||||||
Net Expense(c),(d) | 0.84 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.87 | % | |||||||||||||||
Net Investment Income | 2.12 | % | 1.27 | % | 1.32 | % | 1.58 | % | 1.95 | % | |||||||||||||||
Portfolio Turnover Rate | 76 | % | 71 | % | 74 | % | 79 | % | 70 | % |
(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, 2023 / 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, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS A | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $11.68 | $11.97 | $10.87 | $11.28 | $10.99 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.10 | 0.01 | 0.02 | 0.07 | 0.09 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.30 | (0.24 | ) | 1.31 | (0.35 | ) | 0.33 | ||||||||||||||||||
Total Income (Loss) From Operations | 0.40 | (0.23 | ) | 1.33 | (0.28 | ) | 0.42 | ||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.32 | ) | (0.06 | ) | (0.06 | ) | (0.13 | ) | (0.13 | ) | |||||||||||||||
Net Realized Gains | — | — | (0.17 | ) | — | — | |||||||||||||||||||
Total Distributions | (0.32 | ) | (0.06 | ) | (0.23 | ) | (0.13 | ) | (0.13 | ) | |||||||||||||||
Net Asset Value, End of Year | $11.76 | $11.68 | $11.97 | $10.87 | $11.28 | ||||||||||||||||||||
Total Return(b) | 3.51 | % | (1.97 | )% | 12.27 | % | (2.57 | )% | 3.87 | % | |||||||||||||||
Net Assets, End of Year (000’s) | $ 303 | $ 295 | $ 324 | $ 208 | $ 125 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(c) | 2.19 | % | 2.30 | % | 2.30 | % | 2.29 | % | 2.36 | % | |||||||||||||||
Net Expense(c),(d) | 1.49 | % | 1.49 | % | 1.49 | % | 1.49 | % | 1.49 | % | |||||||||||||||
Net Investment Income | 0.87 | % | 0.12 | % | 0.19 | % | 0.63 | % | 0.78 | % | |||||||||||||||
Portfolio Turnover Rate | 68 | % | 44 | % | 58 | % | 84 | % | 61 | % | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS I | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ 11.88 | $ 12.14 | $ 11.01 | $ 11.40 | $ 11.08 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.13 | 0.05 | 0.05 | 0.09 | 0.11 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.30 | (0.25 | ) | 1.31 | (0.34 | ) | 0.34 | ||||||||||||||||||
Total Income (Loss) From Operations | 0.43 | (0.20 | ) | 1.36 | (0.25 | ) | 0.45 | ||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.32 | ) | (0.06 | ) | (0.06 | ) | (0.14 | ) | (0.13 | ) | |||||||||||||||
Net Realized Gains | — | — | (0.17 | ) | — | — | |||||||||||||||||||
Total Distributions | (0.32 | ) | (0.06 | ) | (0.23 | ) | (0.14 | ) | (0.13 | ) | |||||||||||||||
Net Asset Value, End of Year | $ 11.99 | $ 11.88 | $ 12.14 | $ 11.01 | $ 11.40 | ||||||||||||||||||||
Total Return(b) | 3.75 | % | (1.63 | )% | 12.46 | % | (2.31 | )% | 4.18 | % | |||||||||||||||
Net Assets, End of Year (000’s) | $213,027 | $211,957 | $206,232 | $211,911 | $168,199 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(c) | 1.69 | % | 1.80 | % | 1.99 | % | 2.04 | % | 2.11 | % | |||||||||||||||
Net Expense(c),(d) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | |||||||||||||||
Net Investment Income | 1.12 | % | 0.38 | % | 0.44 | % | 0.82 | % | 1.02 | % | |||||||||||||||
Portfolio Turnover Rate | 68 | % | 44 | % | 58 | % | 84 | % | 61 | % |
(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, 2023
45 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON REAL ASSET FUND | |||||||||||||||||||||||||
|
| ||||||||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS A | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ 16.30 | $15.58 | $12.33 | $ 14.40 | $14.48 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.69 | 1.64 | (b) | 0.17 | 0.45 | 0.34 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | (3.04 | ) | 0.82 | 3.32 | (2.03 | ) | (0.07 | ) | |||||||||||||||||
Total Income (Loss) From Operations | (2.35 | ) | 2.46 | 3.49 | (1.58 | ) | 0.27 | ||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.69 | )(c) | (1.74 | ) | (0.24 | ) | (0.49 | ) | (0.35 | ) | |||||||||||||||
Total Distributions | (0.69 | ) | (1.74 | ) | (0.24 | ) | (0.49 | ) | (0.35 | ) | |||||||||||||||
Net Asset Value, End of Year | $ 13.26 | $16.30 | $15.58 | $ 12.33 | $14.40 | ||||||||||||||||||||
Total Return(d) | (14.44 | )% | 16.34 | % | 28.65 | % | (11.35 | )% | 2.05 | % | |||||||||||||||
Net Assets, End of Year (000’s) | $ 941 | $1,169 | $ 995 | $ 932 | $1,173 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(e) | 1.17 | % | 1.17 | % | 1.30 | % | 1.30 | % | 1.32 | % | |||||||||||||||
Net Expense(e),(f) | 0.85 | % | 0.89 | % | 0.96 | % | 0.96 | % | 0.96 | % | |||||||||||||||
Net Investment Income | 4.78 | % | 10.04 | %(b) | 1.25 | % | 3.16 | % | 2.44 | % | |||||||||||||||
Portfolio Turnover Rate | 20 | % | 32 | % | 40 | %(g) | 411 | % | 347 | % | |||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
CLASS I | |||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ 16.54 | $ 15.77 | $ 12.47 | $ 14.56 | $ 14.63 | ||||||||||||||||||||
Income (Loss) From Operations: | |||||||||||||||||||||||||
Net Investment Income(a) | 0.74 | 1.65 | (b) | 0.17 | 0.49 | 0.38 | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) | (3.09 | ) | 0.89 | 3.40 | (2.06 | ) | (0.07 | ) | |||||||||||||||||
Total Income (Loss) From Operations | (2.35 | ) | 2.54 | 3.57 | (1.57 | ) | 0.31 | ||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.71 | )(c) | (1.77 | ) | (0.27 | ) | (0.52 | ) | (0.38 | ) | |||||||||||||||
Total Distributions | (0.71 | ) | (1.77 | ) | (0.27 | ) | (0.52 | ) | (0.38 | ) | |||||||||||||||
Net Asset Value, End of Year | $ 13.48 | $ 16.54 | $ 15.77 | $ 12.47 | $ 14.56 | ||||||||||||||||||||
Total Return(d) | (14.21 | )% | 16.66 | % | 29.00 | % | (11.13 | )% | 2.29 | % | |||||||||||||||
Net Assets, End of Year (000’s) | $409,335 | $486,959 | $463,203 | $199,115 | $309,654 | ||||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(e) | 0.67 | % | 0.67 | % | 0.93 | % | 1.05 | % | 1.07 | % | |||||||||||||||
Net Expense(e),(f) | 0.60 | % | 0.64 | % | 0.71 | % | 0.71 | % | 0.71 | % | |||||||||||||||
Net Investment Income | 5.10 | % | 9.98 | %(b) | 1.18 | % | 3.41 | % | 2.69 | % | |||||||||||||||
Portfolio Turnover Rate | 20 | % | 32 | % | 40 | %(g) | 411 | % | 347 | % |
(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, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS | 46 |
Wilmington Funds
April 30, 2023
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 on class-specific matters.
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, 2023
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 Trustees, although the actual calculation may be done by others. An event is considered material if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. 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, 2023, 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. | $ | 3,186,246 | $ | 3,186,246 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Citigroup Global Markets Ltd. | 3,186,246 | 3,186,246 | — | — | ||||||||||||||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 3,183,683 | 3,183,683 | — | — | ||||||||||||||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 3,186,246 | 3,186,246 | — | — | ||||||||||||||||||||||||||||||||||||||||
RBC Dominion Securities, Inc. | 3,186,246 | 3,186,246 | — | — | ||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
$ | 15,928,667 | $ | 15,928,667 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Real Asset Fund | ||||||||||||||||||||||||||||||||||||||||||||
Bank of America Securities, Inc. | $ | 537,317 | $ | 537,317 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Citigroup Global Markets Ltd. | 537,317 | 537,317 | — | — | ||||||||||||||||||||||||||||||||||||||||
Daiwa Capital Markets America | 155,288 | 155,288 | — | — | ||||||||||||||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 537,317 | 537,317 | — | — |
April 30, 2023 / 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) | ||||||||||||||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | $ | 537,317 | $ | 537,317 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
RBC Dominion Securities, Inc. | 537,317 | 537,317 | — | — | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
$ | 2,841,873 | $ | 2,841,873 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(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, 2023
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, 2023, 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 | $ | 14,988,381 | $ | 14,988,381 | $— | |||||||||||||||||||||||||
Real Asset Fund | 2,807,204 | 2,807,204 | — |
(1) | Collateral with a value of $15,928,667 and $2,841,873, 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 Real Asset Fund and 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, 2023, 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, 2023.
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, 2023. |
** | The amounts shown represent the unrealized appreciation (depreciation) from the date the contract was open. |
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 50 |
Asset Derivatives Fair Value | ||||||||||||||||||||||||||||||||
Fund
| Total Value
| Equity
| Foreign
| |||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | 476,637 | $ | 476,637 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | 476,637 | $ | 476,637 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | 240,449 | $ | 240,449 | $ | — | ||||||||||||||||||||||||||
Forward Foreign Currency Contracts | 70,426 | — | 70,426 | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | 310,875 | $ | 240,449 | $ | 70,426 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Liability Derivatives Fair Value | ||||||||||||||||||||||||||||||||
Fund
| Total Value
| Equity
| Foreign
| |||||||||||||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | (4,296,929 | ) | $ | (4,296,929 | ) | $ | — | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | (751,363 | ) | — | (751,363 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | (5,048,292 | ) | $ | (4,296,929 | ) | $ | (751,363 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
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, 2023.
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 | ||||||||||||||||||||||||||||||||
Fund
| Total
| Equity
| Foreign
| |||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | (1,145,769 | ) | $ | (1,145,769 | ) | $ | — | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | (9,948 | ) | — | (9,948 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | (1,155,717 | ) | $ | (1,145,769 | ) | $ | (9,948 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | 2,139,090 | $ | 2,139,090 | $ | — | ||||||||||||||||||||||||||
Forward Foreign Currency Contracts | 2,394,672 | — | 2,394,672 | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | 4,533,762 | $ | 2,139,090 | $ | 2,394,672 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Real Asset Fund | ||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | $ | (181 | ) | $ | — | $ | (181 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | (181 | ) | $ | — | $ | (181 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
Net Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||||||||||||||||||||||
Fund
| Total
| Equity
| Foreign
| |||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | 37,257 | $ | 37,257 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | 37,257 | $ | 37,257 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
ANNUAL REPORT / April 30, 2023
51 | NOTES TO FINANCIAL STATEMENTS (continued) |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives | ||||||||||||||||||||||||||||||||
Fund
| Total
| Equity
| Foreign
| |||||||||||||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||||||||||||
Financial Futures Contracts | $ | (5,563,843 | ) | $ | (5,563,843 | ) | $ | — | ||||||||||||||||||||||||
Forward Foreign Currency Contracts | (1,875,260 | ) | — | (1,875,260 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Totals | $ | (7,439,103 | ) | $ | (5,563,843 | ) | $ | (1,875,260 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
The average quarterly volume of derivative activities for the year ended April 30, 2023 are as follows.
Asset Derivative Volume | ||||||||||||||||||||
Fund
| Financial Futures Contracts(1) | Forward Foreign Currency Contracts(2) | ||||||||||||||||||
International Fund | $ | 11,029,011 | $ — | |||||||||||||||||
Global Alpha Equities Fund | — | 25,792,535 |
Fund
|
Liability Derivative Volume Futures Contracts(1) | |||||||
Global Alpha Equities Fund | $96,067,649 | |||||||
(1) Notional Amount.
(2) Contract Amount.
The International and Real Asset Funds 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, 2023, derivative assets and liabilities by counterparty net of amounts available for offset under a MA and net of the related collateral received by each Fund are as follows:
Fund/Counterparty
| Derivative
| Derivatives
| Non-Cash
| Cash
| Net Exposure
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morgan Stanley | $ | 70,426 | $ | — | $ | — | $ | — | $ | 70,426 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Total Derivative Assets | $ | 70,426 | $ | — | $ | — | $ | — | $ | 70,426 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Fund/Counterparty
| Derivative
| Derivatives
| Non-Cash
| Cash
| Net Exposure
| |||||||||||||||||||||||||||||||||||||||||||||||||||
TD Securities Ltd. | $ | (130,903 | ) | $ | — | $ | — | $ | — | $ | (130,903 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Deutsche Bank AG | (223,816 | ) | — | — | — | (223,816 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs Bank USA | (396,644 | ) | — | — | — | (396,644 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | (751,363 | ) | $ | — | $ | — | $ | — | $ | (751,363 | ) | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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.
(3) Excess of collateral pledged is not shown for financial reporting purposes.
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 52 |
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, 2023.
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, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:
Fund
|
Paid-in
|
Distributable
| ||||||||||||
Global Alpha Equities Fund | $ | (4,689 | ) | $ 4,689 | ||||||||||
Real Asset Fund | 62,735 | (62,735) |
The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund
|
Ordinary
|
Long-Term
|
Tax Return
|
Ordinary
|
Long-Term
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Fund | $ | 9,601,693 | $ | 11,273,123 | $ | — | $ | 12,538,556 | $ | 15,092,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global Alpha Equities Fund | 5,533,088 | — | — | 1,128,577 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Asset Fund | 21,065,398 | — | 89,701 | 50,653,724 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* 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, 2023, the cost of investments and derivatives for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments and derivatives for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments and derivatives for which there was an excess of tax cost over value, were as follows:
Fund
|
Tax Cost
|
Tax Unrealized
|
Tax Unrealized
|
Net Tax
| ||||||||||||||||||||||||||||||||||||||
International Fund | $ | 452,894,232 | $116,578,080 | $ | (43,329,976) | $ | 73,248,104 | |||||||||||||||||||||||||||||||||||
Global Alpha Equities Fund | 175,179,271 | 44,400,564 | (12,007,355) | 32,393,209 | ||||||||||||||||||||||||||||||||||||||
Real Asset Fund | 444,391,829 | 14,864,922 | (46,787,239) | (31,922,317 | ) | |||||||||||||||||||||||||||||||||||||
As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:
Fund
|
Undistributed
|
Undistributed
|
Other
|
Unrealized
|
Capital Loss
|
Late Year
|
Distributable
| |||||||||||||||||||||||||||||||||||||||||||||||||||||
International Fund | $ | 5,817,450 | $ | — | $ | — | $ | 73,144,880 | $ | (45,103,020 | ) | $ | — | $33,859,310 | ||||||||||||||||||||||||||||||||||||||||||||||
Global Alpha Equities Fund | — | — | 2 | 32,395,944 | (17,895,070 | ) | (464,295) | 14,036,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Asset Fund | — | — | 4 | (31,930,541) | (11,923,700 | ) | — | (43,854,237 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023, character of capital loss carryforwards were as follows:
ANNUAL REPORT / April 30, 2023
53 | NOTES TO FINANCIAL STATEMENTS (continued) |
Fund
|
Short-Term
|
Long-Term
|
Total Capital Loss
Carryforwards | |||||||||||||||||||||||||||||||||
International Fund | $ | (35,791,619 | ) | $ | (9,311,401 | ) | $ | (45,103,020 | ) | |||||||||||||||||||||||||||
Global Alpha Equities Fund | (11,689,760 | ) | (6,205,310 | ) | (17,895,070 | ) | ||||||||||||||||||||||||||||||
Real Asset Fund | (1,242,447 | ) | (10,681,253 | ) | (11,923,700 | ) | ||||||||||||||||||||||||||||||
For the year ended April 30, 2023, the Funds did not utilize any capital loss carryforwards.
Late year loss deferrals represent (1) net specified losses realized between November 1 and April 30 of each year and (2) ordinary losses realized between January 1 and April 30 of each year that the Fund has elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of April 30, 2023, late year loss deferrals were as follows:
Fund
|
Ordinary
|
Short-Term
|
Long-Term
| |||||||||||||||||||||||||||||
Global Alpha Equities Fund | $ | (464,295 | ) | $ | — | $ | — | |||||||||||||||||||||||||
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.
Fund
|
Gross Fees
|
Fees Waived/
|
Current Fee as a % of average net assets of the Fund/
| |||||||||||||||||||
International Fund | ||||||||||||||||||||||
WFMC | $ | 2,404,144 | $ | (682,350 | ) | 0.45% | ||||||||||||||||
Sub-advisors: | ||||||||||||||||||||||
Allianz Global investors U.S. LLC (terminated 6/20/22) | 26,483 | (16,368 | ) | 0.38% on the first $100 million; 0.33% on the next | ||||||||||||||||||
$100 million; and 0.28% on assets in excess of $200 million | ||||||||||||||||||||||
allocated to the Europe Equity Growth Select Strategy. | ||||||||||||||||||||||
17,289 | (10,685 | ) | 0.25% on assets allocated to the High Dividend Europe Strategy | |||||||||||||||||||
AXA Investment Managers, Inc. | 232,436 | — | 0.43% on the first $150 million; and 0.41% on assets in excess | |||||||||||||||||||
of $150 million. | ||||||||||||||||||||||
Berenberg Asset Management LLC | 124,013 | — | 0.27% | |||||||||||||||||||
Nikko Asset Management Americas, Inc. | 336,484 | — | 0.32% | |||||||||||||||||||
Parametric Portfolio Associates LLC (effective 6/16/2022) | 237,591 | (37,778 | )*** | 0.25% of the first $20 million in assets; 0.20% of the next | ||||||||||||||||||
$20 million in assets; 0.15% on the next $110 million; and | ||||||||||||||||||||||
0.10% of assets in excess of $150 million. | ||||||||||||||||||||||
Schroder Investment Management North America, Inc. | 755,361 | — | 0.50% | |||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total(a) | $ | 4,133,801 | $ | (747,181 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||
Global Alpha Equities Fund | ||||||||||||||||||||||
WFMC* | $ | 1,748,328 | $ | (939,485 | ) | 0.60% | ||||||||||||||||
Sub-advisors: | ||||||||||||||||||||||
Wellington Management Company LP | 1,148,129 | — | 0.55% | |||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total(b) | $ | 2,896,457 | $ | (939,485 | ) | |||||||||||||||||
Real Asset Fund | ||||||||||||||||||||||
WFMC | $ | 1,949,894 | $ | (304,177 | ) | 0.45% on all Assets, except Assets allocated to the inflation-protected and fixed-income securities (“TIPS”) strategy or the Enhanced Cash Strategy. The fee for assets allocated to the TIPS strategy: 0.52% of the first $25 million; 0.49% of the next $25 million; and 0.47% of Assets over $50 million. The fee for assets allocated to the Enhanced Cash strategy is 0.53% on the assets. |
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 54 |
Fund
|
Gross Fees
|
Fees Waived/
|
Current Fee as a % of average net assets of the Fund/ Allocated Net Assets for Sub-advisors
| |||||||||||||||
Sub-advisors: | ||||||||||||||||||
Parametric Portfolio Associates LLC** | $ 254,418 | $ (38,098) | *** | 0.25% of the first $20 million in assets; 0.20% of the next $20 million in assets; 0.15% on the next $110 million; and 0.10% of assets in excess of $150 million. | ||||||||||||||
|
|
|
| |||||||||||||||
Total(c) | $ 2,204,312 | $(342,275) | ||||||||||||||||
|
|
|
|
* | WFMC’s fee changed from 0.95% to 0.60%, effective January 1, 2023. |
** | Parametric Portfolio Associates LLC (“Parametric”) fee changed effective July 1, 2022. Prior to July 1, 2022, the fee for assets in excess of $40 million was 0.15%. |
*** | Effective July 1, 2022, Parametric agreed to the aggregating of assets managed for the International Fund and the Real Asset Fund when calculating fees under the new fees schedule which results in a lower aggregate fee being paid to Parametric. The resulting fee reduction is allocated pro rata to each Fund and is shown as a fee waiver for each Fund. |
(a) | The total gross advisory and sub-advisory fees during the period were 0.77% for the International Fund. |
(b) | The total gross advisory and sub-advisory fees during the period were 1.39% 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, 2023 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
| ||||
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% |
* | Prior to August 31, 2022, the International Fund’s contractual expense limitation was 1.10% and 0.85% for Class A and Class I, respectively. |
** | Prior to August 31, 2022, the Real Asset Fund’s contractual expense limitation was 0.89% and 0.64% for Class A and Class I, respectively. |
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
| ||||
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, 2023, 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.
ANNUAL REPORT / April 30, 2023
55 | NOTES TO FINANCIAL STATEMENTS (continued) |
For the year ended April 30, 2023, 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 from Class A | |||||||
International Fund | $857 | |||||||
Global Alpha Equities Fund | — | |||||||
Real Asset Fund | 2 |
Sales Charges – The Funds’ Class A shares bear front-end sales charges.
For the year ended April 30, 2023, M&T did not receive any sales charges on the sale of Class A shares.
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.
M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2023, 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, 2023 were as follows:
Fund | Purchases | Sales | ||||||||||
International Fund | $375,228,982 | $ | 472,256,929 | |||||||||
Global Alpha Equities Fund | 131,035,300 | 130,765,062 | ||||||||||
Real Asset Fund | 101,197,736 | 85,601,037 |
7. | 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.
Global financial markets continue to experience volatility partially related to the military action by Russia in Ukraine. As a result of this military action, the US and many other countries continue to have sanctions against Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have adverse effect on the region’s economies and more globally, including negative impact on markets for certain securities and the rising cost of commodities, such as oil and natural gas. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict, but could be prolonged and impact the Funds’ overall performance. In addition, the global outbreak of COVID-19 continues to have an impact on market volatility and global business, impacting the global economy and the financial health of individual companies in unforeseen ways.
The principal risks of investing in the Funds are described more fully in the Funds’ prospectus.
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (concluded) | 56 |
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 29, 2023. 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. The LOC expires on March 27, 2024.
The Funds did not utilize the LOC during the year ended April 30, 2023.
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.
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, 2023
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, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for the year ended April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.
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, 2023 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 22, 2023 |
We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.
April 30, 2023 / 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, 2023, 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 | 0.28% | |||
Global Alpha Equities Fund | 37.47% | |||
Real Asset Fund | 0.19% | |||
For the fiscal year ended April 30, 2023, 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 | 86.01% | |||
Global Alpha Equities Fund | 100.00% | |||
Real Asset Fund | 7.84% | |||
If the Funds meet the requirements of Section 853 of the Code, the Funds will pass through to shareholders credits of foreign taxes paid.
International Fund intends to pass through foreign tax credits in the maximum amount of $1,132,523. The gross foreign source income earned during the fiscal year April 30, 2023 by the Fund was $16,312,310.
ANNUAL REPORT / April 30, 2023 (unaudited)
59 |
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 (2014 to present); Trustee, 1290 Funds (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). | |
Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17). |
April 30, 2023 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS | 60 |
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) (12/20 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) (3/2020 to 11/2020); 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 present); 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). |
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). | |
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). |
ANNUAL REPORT / April 30, 2023 (unaudited)
61 | BOARD OF TRUSTEES AND TRUST OFFICERS |
Name Birth Year Positions with Trust | Principal Occupations for Past Five Years and Previous Positions | |
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, 2023 (unaudited) / ANNUAL REPORT
62 |
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 22, 2023, 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, 2022. 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, 2023. 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, 2023 (unaudited)
63 |
Shares of the Wilmington Funds are not FDIC insured or otherwise protected by the U.S. government, are not deposits or other obligations of, or guaranteed by, Manufacturers and Traders Trust Company, and are subject to investment risks, including possible loss of the principal amount invested.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 1-800-836-2211. A report on how the Funds voted any such proxies during the most recent 12-month period ended June 30 is available through Wilmington Funds’ website. Go to www.wilmingtonfunds.com select “Proxy Voting Record” to access the link. This information is also available from the Edgar database on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file 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, 2023 (unaudited) / ANNUAL REPORT
64 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
March 1, 2023
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; insure 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 Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all 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, 2023 (unaudited)
65 |
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. |
• | 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. |
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, username, or password 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 Statement
The effective date of this Notice is March 1, 2023. 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.
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April 30, 2023 (unaudited) / ANNUAL REPORT
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April 30, 2023 PRESIDENT’S MESSAGE AND Annual Report WILMINGTON FUNDS Money Market Funds Wilmington U.S. Government Money Market Fund Wilmington U.S. Treasury Money Market Fund
Wilmington U.S. Government Money Market Fund (“U.S. Government Money Market Fund”)
Wilmington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)
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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 annual fiscal period of May 1, 2022, through April 30, 2023. 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 period.
The economy
The fiscal year included significant volatility, headlined by peak inflation and rapid changes to the financial landscape as the Federal Reserve (the “Fed”) remained steadfast in raising interest rates. In June 2022, U.S. Consumer Price Index (“CPI”) inflation posted a new 40-year high of 9.1% year-over-year, raising recession probabilities substantially. The Fed reacted by raising interest rates by 75 basis points1 for three consecutive meetings (the largest such moves in 30 years). The Fed continued to raise interest rates by another 100 basis points during the year bringing the upper bound of the Fed funds rate to 5.0%. As expected, inflation moderated throughout the year, falling to 5.0% year-over-year in April 2023, helped by easing goods prices and resolution of Covid-related supply chain issues. The U.S. labor force continued to grow, and the participation rate returned to its highest level since the onset of the pandemic. For most of the year, the labor market remained very tight by historical standards, with the unemployment rate edging down during the year to 3.5% (at one point touching a five-decade low of 3.4%). Near the end of the period, wage pressures showed signs of receding as hiring slowed and the labor market started to loosen—an encouraging sign for inflation and the Fed.
Tighter monetary policy was not restricted to the U.S. economy. Central banks across the globe were busy during the year, including the Bank of England (BoE) and the European Central Bank (ECB), as inflation remained elevated well above central bank targets. The war in Ukraine intensified after the Nord Stream Pipeline was sabotaged forcing European countries to scramble to fill oil and natural gas reserves before winter. Before the war, Russia supplied 40% of all gas consumed in Europe with a third of that coming from the Nord Stream pipeline. In China, economic data for much of the year remained weak due to stringent “zero-Covid” policies enacted by President Xi Jinping and the Chinese government. In December 2022, the Chinese government dropped its zero-Covid policy, sending Covid-19 infections soaring in its most densely populated cities. However, economic activity in China began to recover in the latter part of the fiscal year, evidenced by composite Purchasing Managers Index (PMI) returning to expansionary territory (54.4) after spending four months in contractionary territory.
Perhaps the biggest story of the year began unfolding on March 9th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.
Bond markets
The sharp increase in interest rates led to higher volatility in bond markets, and the MOVE index, a gauge of volatility in the Treasury market, surged to its highest level since 2008 (198.7). The rate sensitive 2-year Treasury yield ended the fiscal year 129 basis points higher (rising to 4.0%) while the 10-year yield peaked above 4.0% before settling around 3.4%. The yield curve continued to flash warnings signs with the 10y-minus-2y portion of the Treasury slope falling 80 basis points to finish at -58 basis points, and the 10y-minus-3m slope plummeting 372 basis points to end the year at -161 basis points. (All past recessions have been preceded by an inverted yield curve.) The bond market recovered from a challenging start to the year, with investment-grade tax exempt bonds finishing up 2.9%. Investment grade taxable bonds returned a more disappointing -0.4% during the period.
PRESIDENT’S MESSAGE / April 30, 2023 (unaudited)
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For the 12-month period May 1, 2022 to April 30, 2023, 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 | ||||
-0.93% | -0.43% | 0.72% | 2.87% | 1.22% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Equity markets
U.S. large-cap equities started the fiscal year in decline, dropping nearly 13% through October. Large-cap equities then rallied over 17% through the remainder of the year due to several factors. In November, the mid-term elections concluded with congressional gridlock, an outcome typically preferred by financial markets. In March 2023, following the banking crisis, markets began to price in expectations of multiple rate cuts later in 2023, which also supported risky assets. Within equities, the information technology sector recovered from a challenging prior year and advanced 8.1% as investors flocked to higher quality companies and interest rates fell. (Excitement around generative AI also contributed to investor enthusiasm for technology stocks.) Growth stocks outperformed value, and small cap stocks were hit particularly hard (with the Russell 2000 down 3.7%) as the percentage of unprofitable companies in the index climbed to over 42% (above the long-term average of 28%).
In international markets, the MSCI EAFE delivered strong returns of 8.4% after countries across Europe were able to adequately stock up natural gas supplies for the winter and were supported by the reopening in China. Emerging markets fell out of favor, with the MSCI Emerging Markets declining 6.5%. China’s reopening was less robust than expected and geopolitical tensions between the U.S. and China remained elevated.
For the 12-month period May 1, 2022 to April 30, 2023, certain stock market indices performed as follows:
S&P 500® Index8 |
Russell 2000® Index9 | MSCI EAFE (Net) Index10 | MSCI Emerging Markets (Net) Index11 | |||
2.66% | -3.65% | 8.42% | -6.51% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Sincerely,
Eric W. Taylor, CFA
President
May 12, 2023
April 30, 2023 (unaudited) / PRESIDENT’S MESSAGE
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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, it cannot guarantee it will do so. An investment in money market funds is not a deposit of M&T Bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The investment advisor has no legal obligation to provide financial support to the money market funds, and you should not expect that the investment advisor will provide financial support to the money market funds at any time.
1. | 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 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. |
9. | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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. |
11. | 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, 2023 (unaudited)
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Management’s Discussion of Fund Performance
Over the past year, the Federal Reserve (the “Fed”) has engaged in the most aggressive tightening of monetary policy in over 40 years to reduce the highest inflation in 40 years. The Fed has raised the Federal Funds rate from just 0.5% at the start of the fiscal year to 5.0% by fiscal year-end. This is the highest Federal Funds rate in the last 16 years. The Fed has remained committed to achieving a 2.0% inflation rate, as measured by the Core Personal Consumption Expenditure (“PCE”) Price Index. They have also reversed their COVID-19 quantitative easing measures of buying U.S. Treasuries, agency, and agency mortgage-backed securities which expanded its balance sheet to roughly $8.5 trillion. In June 2022, the Fed started shrinking its balance sheet by allowing $30 billion of Treasuries and $17.5 billion of agency mortgage-backed securities to mature and not be reinvested. In September, they doubled the monthly roll off to $60 billion and $35 billion, respectively.
As expected, the U.S. economy slowed over the past year from the prior year’s stronger pace that was fueled by the reopening of the economy. Some sectors of the economy have slowed much more, such as housing. However, the service side of the economy remained elevated as consumers’ demand for travel and leisure remained strong. Inflation has fallen from its 40-year high peak of 9.1% to 4.9% at fiscal year-end, as measured by the Consumer Price Index (“CPI”). Supply bottlenecks during COVID-19 and during the start of the war in Ukraine, which propelled inflation higher, have eased over the course of the year. In addition, the effects of tighter monetary policy have slowed both economic growth and inflationary pressures. Importantly, future expectations of inflation remain anchored as exhibited in the 10-year US Treasury Inflation Protection break-even rate of 2.2% at fiscal year-end. However, the labor market remains robust, with the unemployment rate falling to 3.4%, its lowest level in over 50 years. Wages continued to expand at an elevated pace, with average hourly earnings registering a 4.4% year-over-year increase at fiscal year-end.
Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have risen sharply. The 2-year Treasury yield rose from 2.71% to 4.01%. The 10-year Treasury yield increased from 2.93% to 3.42%. The 30-year Treasury yield also increased by 68 basis points over the fiscal year resulting in -10.94% return over the year. The Fed’s tightening of monetary policy and the failure of Silicon Valley Bank led to interest rate volatility spiking to levels not seen since the financial crisis in 2008. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index* registered a -0.43% rate of return. However, on a calendar year basis, the 2022 return for the index was a record -13.01%, demonstrating the bouts of interest rate volatility experienced over the fiscal year.
The yield curve inverted in July 2022 as short-term rates moved higher than longer-term rates. In March 2023, the 2-year Treasury yield was 1.08% higher than the yield on the 10-year Treasury, the largest inversion in the yield curve since 1981. The inverted yield curve has been a precursor to an economic recession. One negative byproduct of the Fed’s tightening campaign surfaced in March 2023 as several west coast regional banks, with idiosyncratic banking business models started experiencing severe market stress, resulting in three regional banks going into receivership. In response to the banking crisis, the Fed is
now expected to pause rate increases as it assesses the cumulative effects of tighter monetary policy and potential tighter credit conditions resulting from the regional bank stresses.
Uncertainties surrounding the raising of the Government debt limit, the war in Ukraine, a soft U.S. economic landing, and an upcoming political cycle all suggest market volatility will persist in the year ahead. We view the market’s pricing of over 50 basis points of rate cuts by the Federal Reserve this year and another 100 basis points of cuts by this time next year as aggressive and somewhat premature. Our expectation is for the Fed to keep rates higher for longer than what the market is currently anticipating. The risks to the economy are expected to rise as the Fed remains committed to a 2.0% inflationary environment. As such, we expect to have a more defensive portfolio while at the same time looking for investment opportunities that market volatility will undoubtedly provide.
The change in key interest rates over the last twelve months is presented below.
04/30/22 | 10/31/22 | 04/30/23 | ||||
Federal Fund Target | 0.25% - 0.50% | 3.00% - 3.25% | 4.75% - 5.00% | |||
3-Month LIBOR | 1.34% | 4.46% | 5.30% | |||
2-Year Treasury Note | 2.71% | 4.49% | 4.01% | |||
10-Year Treasury Note | 2.93% | 4.05% | 3.42% |
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, 2023:
Wilmington U.S. Government Money Market Fund – Administrative Class | 2.59 | % | ||
Wilmington U.S. Government Money Market Fund – Institutional Class | 2.90 | % | ||
Wilmington U.S. Government Money Market Fund – Select Class | 2.81 | % | ||
Wilmington U.S. Government Money Market Fund – Service Class | 2.43 | % | ||
iMoneyNet, Inc. Government & Agency Institutional Average | 2.77 | % | ||
Lipper Institutional U.S. Government Money Market Funds Average | 2.81 | % | ||
Wilmington U.S. Treasury Money Market Fund – Administrative Class | 2.59 | % | ||
Wilmington U.S. Treasury Money Market Fund – Institutional Class | 2.90 | % | ||
Wilmington U.S. Treasury Money Market Fund – Select Class | 2.81 | % | ||
Wilmington U.S. Treasury Money Market Fund – Service Class | 2.43 | % | ||
iMoneyNet, Inc. Treasury and Repo Institutional Average | 2.78 | % | ||
Lipper Institutional U.S. Treasury Money Market Funds Average | 2.81 | % |
Source: iMoneyNet, Inc. and Lipper
April 30, 2023 (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.
During the fiscal year ended April 30, 2023, Wilmington Funds Management Corporation has voluntarily agreed to reduce their advisory fee and/or reimburse certain of the Funds’ operating expenses, and/or
certain class-specific fees and expenses, in an effort to maintain the current yield of each share class at or above zero. The fee waiver does not take into consideration acquired fund fees and expenses, taxes or extraordinary items. Any such waiver or expense reimbursement may be modified or discontinued at any time without notice.
* 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.
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.
ANNUAL REPORT / April 30, 2023 (unaudited)
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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, 2022 to April 30, 2023.
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, 2023.
Beginning | Ending | Expenses | Annualized | |||||||||||||
Account Value | Account Value | Paid | Net | |||||||||||||
11/01/22 | 4/30/23 | During Period(1) | Expense Ratio | |||||||||||||
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Class | $1,000.00 | $1,018.80 | $3.00 | 0.60% | ||||||||||||
Institutional Class | $1,000.00 | $1,020.50 | $1.25 | 0.25% | ||||||||||||
Select Class | $1,000.00 | $1,020.00 | $1.75 | 0.35% | ||||||||||||
Service Class | $1,000.00 | $1,018.00 | $3.75 | 0.75% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Administrative Class | $1,000.00 | $1,021.82 | $3.01 | 0.60% | ||||||||||||
Institutional Class | $1,000.00 | $1,023.55 | $1.25 | 0.25% | ||||||||||||
Select Class | $1,000.00 | $1,023.06 | $1.76 | 0.35% | ||||||||||||
Service Class | $1,000.00 | $1,021.08 | $3.76 | 0.75% | ||||||||||||
WILMINGTON U.S. TREASURY MONEY MARKET FUND | ||||||||||||||||
Actual | ||||||||||||||||
Administrative Class | $1,000.00 | $1,018.70 | $3.00 | 0.60% | ||||||||||||
Institutional Class | $1,000.00 | $1,020.50 | $1.25 | 0.25% | ||||||||||||
Select Class | $1,000.00 | $1,020.00 | $1.75 | 0.35% | ||||||||||||
Service Class | $1,000.00 | $1,018.00 | $3.75 | 0.75% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Administrative Class | $1,000.00 | $1,021.82 | $3.01 | 0.60% | ||||||||||||
Institutional Class | $1,000.00 | $1,023.55 | $1.25 | 0.25% | ||||||||||||
Select Class | $1,000.00 | $1,023.06 | $1.76 | 0.35% | ||||||||||||
Service Class | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
April 30, 2023 (unaudited) / ANNUAL REPORT
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PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Government Money Market Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of Total Net Assets | |||||
Repurchase Agreements | 69.8 | % | |||
U.S. Government Agency Obligations | 23.1 | % | |||
U.S. Treasury Obligations | 4.0 | % | |||
Money Market Fund | 0.3 | % | |||
Other Assets and Liabilities - Net(1) | 2.8 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2023
Description |
Par Value | Value | ||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS – 23.1% |
| |||||||
FEDERAL FARM CREDIT BANK (FFCB) – 1.5% |
| |||||||
(SOFR + 0.05%), 4.72%, 03/01/24Δ | $ | 8,000,000 | $ | 8,000,000 | ||||
(SOFR + 0.05%), 4.86%, 04/12/24Δ | 15,000,000 | 15,000,000 | ||||||
(Prime - 3.130%), 4.87%, 05/24/24Δ | 50,000,000 | 50,000,000 | ||||||
(SOFR + 0.13%), 4.93%, 11/01/24Δ | 80,000,000 | 80,000,000 | ||||||
|
| |||||||
TOTAL FEDERAL FARM CREDIT BANK (FFCB) |
| $ | 153,000,000 | |||||
FEDERAL HOME LOAN BANK (FHLB) – 21.6% |
| |||||||
4.80%, 05/01/23‡ | 125,000,000 | 125,000,000 | ||||||
4.81%, 05/03/23‡ | 500,000,000 | 499,867,361 | ||||||
4.91%, 06/09/23‡ | 150,000,000 | 149,211,875 | ||||||
4.91%, 06/14/23‡ | 49,000,000 | 48,709,539 | ||||||
5.12%, 08/30/23‡ | 100,000,000 | 98,319,445 | ||||||
5.05%, 10/10/23‡ | 50,000,000 | 48,889,625 | ||||||
(SOFR + 0.04%), 4.85%, 05/03/23Δ | 100,000,000 | 100,000,000 | ||||||
(SOFR + 0.04%), 4.85%, 05/24/23Δ | 25,000,000 | 25,000,000 | ||||||
(SOFR + 0.04%), 4.85%, 05/26/23Δ | 25,000,000 | 25,000,000 | ||||||
(SOFR + 0.08%), 4.89%, 06/02/23Δ | 200,000,000 | 200,000,000 | ||||||
(SOFR + 0.05%), 4.86%, 06/02/23Δ | 100,000,000 | 100,000,000 | ||||||
(SOFR + 0.09%), 4.90%, 07/03/23Δ | 200,000,000 | 200,000,000 | ||||||
(SOFR + 0.12%), 4.93%, 09/06/23Δ | 200,000,000 | 200,000,000 | ||||||
5.00%, 11/01/23 | 25,000,000 | 24,997,909 | ||||||
(SOFR + 0.09%), 4.90%, 12/27/23Δ | 75,000,000 | 75,000,000 | ||||||
5.35%, 05/03/24 | 50,000,000 | 50,000,000 | ||||||
5.28%, 05/10/24 | 50,000,000 | 50,000,000 | ||||||
5.30%, 05/17/24 | 50,000,000 | 50,000,000 | ||||||
5.25%, 05/17/24 | 50,000,000 | 50,000,000 | ||||||
5.37%, 05/21/24 | 25,000,000 | 25,000,000 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN BANK (FHLB) |
| $ | 2,144,995,754 | |||||
|
| |||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,297,995,754) |
| $ | 2,297,995,754 |
Description |
Par Value | Value | ||||||
U.S. TREASURY OBLIGATIONS – 4.0% |
| |||||||
U.S. TREASURY NOTES – 4.0% |
| |||||||
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 5.12%, 01/31/24Δ | $ | 120,000,000 | $ | 120,000,000 | ||||
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 5.06%, 04/30/24Δ | 75,000,000 | 74,969,881 | ||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.17%, 07/31/24Δ | 150,000,000 | 149,950,587 | ||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.27%, 10/31/24Δ | 49,950,000 | 49,950,000 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES |
| $ | 394,870,468 | |||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $394,870,468)
|
| $
| 394,870,468
|
| ||||
Number of Shares | ||||||||
MONEY MARKET FUND – 0.3% |
| |||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.76%^ | 31,980,389 | 31,980,389 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $31,980,389) |
| $ | 31,980,389 |
ANNUAL REPORT / April 30, 2023
5 PORTFOLIOS OF INVESTMENTS
Wilmington U.S. Government Money Market Fund (concluded)
Description
| Par Value
|
Value
| ||||||
REPURCHASE AGREEMENTS – 69.8% |
| |||||||
Federal Reserve Bank of New York, 4.80%, dated 04/28/23, due 05/01/23, repurchase price $6,852,740,000, collateralized by U.S. Treasury Securities, 0.13% to 0.38%, maturing 8/15/23 to 8/15/24; total market value $6,852,740,040. | $ | 6,850,000,000 | $ | 6,850,000,000 | ||||
Mizuho Securities USA, 4.80%, dated 4/28/23, due 05/01/23, repurchase price $100,040,000, collateralized by U.S. Treasury Securities, 0.13% to 3.25%, maturing 05/15/23 to 11/15/29; total market value $102,000,004. | 100,000,000 | 100,000,000 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (COST $6,950,000,000) | $ | 6,950,000,000 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 97.2% (COST $9,674,846,611) | $ | 9,674,846,611 | ||||||
OTHER ASSETS LESS LIABILITIES – 2.8% |
| 276,851,185 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% | $ | 9,951,697,796 | ||||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||||||||||||
U.S. Government Agency Obligations | $ | — | $ | 2,297,995,754 | $— | $ | 2,297,995,754 | |||||||||||||||||||||||
U.S. Treasury Obligations | — | 394,870,468 | — | 394,870,468 | ||||||||||||||||||||||||||
Money Market Fund | 31,980,389 | — | — | 31,980,389 | ||||||||||||||||||||||||||
Repurchase Agreements | — | 6,950,000,000 | — | 6,950,000,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 31,980,389 | $ | 9,642,866,222 | $— | $ | 9,674,846,611 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
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, 2023 / ANNUAL REPORT
6
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington U.S. Treasury Money Market Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of Total Net Assets | |||||
Repurchase Agreements | 86.7 | % | |||
U.S. Treasury Obligations | 6.3 | % | |||
Money Market Fund | 1.6 | % | |||
Other Assets and Liabilities - Net(1) | 5.4 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
(1) | Assets, other than investments in securities, less liabilities. See Statements of Assets and Liabilities. |
PORTFOLIO OF INVESTMENTS
April 30, 2023
Description |
Par Value | Value | ||||||
U.S. TREASURY OBLIGATIONS – 6.3% |
| |||||||
U.S. TREASURY NOTES – 6.3% |
| |||||||
(U.S. Treasury 3 Month Bill Money Market Yield - 0.02%), 5.12%, 01/31/24Δ | $ | 22,975,000 | $ | 22,975,000 | ||||
(U.S. Treasury 3 Month Bill Money Market Yield - 0.08%), 5.06%, 04/30/24Δ | 25,000,000 | 24,989,960 | ||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.04%), 5.17%, 07/31/24Δ | 50,000,000 | 49,983,529 | ||||||
(U.S. Treasury 3 Month Bill Money Market Yield + 0.14%), 5.27%, 10/31/24Δ | 20,000,000 | 20,000,000 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES |
| $ | 117,948,489 | |||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $117,948,489) |
| $ | 117,948,489 | |||||
Number of | ||||||||
MONEY MARKET FUND – 1.6% |
| |||||||
Blackrock Liquidity Funds T-Fund, Institutional Shares, 4.72%^ | 29,579,131 | 29,579,131 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $29,579,131) |
| $ | 29,579,131 | |||||
Par Value | ||||||||
REPURCHASE AGREEMENTS – 86.7% |
| |||||||
CIBC World Market Corp., 4.77%, dated 4/28/23, due 5/1/23, repurchase price $50,019,875, collateralized by U.S. Treasury Securities, 0.13% to 4.38%, maturing 2/15/24 to 8/15/51; total market value $50,000,064. | $ | 50,000,000 | 50,000,000 | |||||
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $85,033,858, collateralized by U.S. Treasury Securities, 0.75% to 3.88%, maturing 1/15/27 to 2/15/48; total market value $86,700,055. | 85,000,000 | 85,000,000 |
Description |
Par Value | Value | ||||||
FICC Bank of New York, 4.80%, dated 4/28/23, due 5/1/23, repurchase price $400,160,000, collateralized by U.S. Treasury Security, 1.13%, maturing 2/15/31; total market value $408,000,026. | $ | 400,000,000 | $ | 400,000,000 | ||||
Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $46,688,435, collateralized by U.S. Treasury Security, 1.13%, maturing 1/15/25; total market value $47,603,400. | 46,670,000 | 46,670,000 | ||||||
Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $47,708,838, collateralized by U.S. Treasury Security, 2.63%, maturing 4/15/25; total market value $48,643,800. | 47,690,000 | 47,690,000 | ||||||
Mizuho Securities USA, 4.74%, dated 4/28/23, due 5/1/23, repurchase price $55,661,978, collateralized by U.S. Treasury Security, 3.25%, maturing 6/30/29; total market value $56,752,800. | 55,640,000 | 55,640,000 | ||||||
RBC Capital Markets, 4.76%, dated 4/28/23, due 5/1/23, repurchase price $500,198,333, collateralized by U.S. Treasury Securities, 0.00% to 4.13%, maturing 6/8/23 to 8/15/46; total market value $510,000,055. | 500,000,000 | 500,000,000 |
ANNUAL REPORT / April 30, 2023
7 PORTFOLIOS OF INVESTMENTS
Wilmington U.S. Treasury Money Market Fund (concluded)
Description | Par Value | Value | ||||||
TD Securities, Inc., 4.77%, dated 4/28/23, due 5/1/23, repurchase price $440,174,900, collateralized by U.S. Treasury Securities, 0.00% to 6.00%, maturing 5/2/23 to 2/15/53; total market value $448,800,085. | $ | 440,000,000 | $ | 440,000,000 | ||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (COST $1,625,000,000) |
| $ | 1,625,000,000 | |||||
|
| |||||||
TOTAL INVESTMENTS – 94.6% (COST $1,772,527,620) |
| $ | 1,772,527,620 | |||||
OTHER ASSETS LESS LIABILITIES – 5.4% |
| 100,513,094 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 1,873,040,714 | |||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 117,948,489 | $— | $ | 117,948,489 | |||||||||||||
Money Market Fund | 29,579,131 | — | — | 29,579,131 | ||||||||||||||||
Repurchase Agreements | — | 1,625,000,000 | — | 1,625,000,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 29,579,131 | $ | 1,742,948,489 | $— | $ | 1,772,527,620 | |||||||||||||
|
|
|
|
|
|
|
|
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, 2023 / ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES 8
April 30, 2023 | Wilmington Fund | Wilmington Fund | ||||||||||||||
ASSETS: | ||||||||||||||||
Investments, at identified cost | $ | 9,674,846,611 | $ | 1,772,527,620 | ||||||||||||
|
|
|
| |||||||||||||
Investments in securities, at value (including repurchase agreements of $ 6,950,000,000 and $ 1,625,000,000, respectively) | $ | 9,674,846,611 | $ | 1,772,527,620 | ||||||||||||
Income receivable | 20,277,892 | 3,476,100 | ||||||||||||||
Receivable for shares sold | 167,585 | 9,555 | ||||||||||||||
Receivable for investments matured | 296,140,500 | 105,000,000 | ||||||||||||||
Prepaid assets | 19,507 | 21,280 | ||||||||||||||
|
|
|
| |||||||||||||
TOTAL ASSETS | 9,991,452,095 | 1,881,034,555 | ||||||||||||||
|
|
|
| |||||||||||||
LIABILITIES: | ||||||||||||||||
Income distribution payable | 35,906,901 | 7,129,960 | ||||||||||||||
Payable for shares redeemed | 72,295 | 49,183 | ||||||||||||||
Payable for Trustees’ fees | 4,013 | 4,013 | ||||||||||||||
Payable for administration fees | 230,084 | 46,324 | ||||||||||||||
Payable for distribution services fees | 283,999 | 57,370 | ||||||||||||||
Payable for shareholder services fees | 677,519 | 115,306 | ||||||||||||||
Payable for investment advisory fees | 1,555,935 | 266,358 | ||||||||||||||
Other accrued expenses | 1,023,553 | 325,327 | ||||||||||||||
|
|
|
| |||||||||||||
TOTAL LIABILITIES | 39,754,299 | 7,993,841 | ||||||||||||||
|
|
|
| |||||||||||||
NET ASSETS | $ | 9,951,697,796 | $ | 1,873,040,714 | ||||||||||||
|
|
|
| |||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 9,951,866,208 | $ | 1,872,985,673 | ||||||||||||
Distributable earnings (loss) | (168,412 | ) | 55,041 | |||||||||||||
|
|
|
| |||||||||||||
TOTAL NET ASSETS | $ | 9,951,697,796 | $ | 1,873,040,714 | ||||||||||||
|
|
|
| |||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||
Administrative Class | ||||||||||||||||
Net Assets | $ | 773,331,888 | $ | 238,372,172 | ||||||||||||
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 773,600,521 | 238,401,103 | ||||||||||||||
|
|
|
| |||||||||||||
Net Asset Value and Offering Price per share | $ | 1.000 | $ | 1.000 | ||||||||||||
|
|
|
| |||||||||||||
Institutional Class | ||||||||||||||||
Net Assets | $ | 2,469,665,082 | $ | 511,825,046 | ||||||||||||
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 2,469,778,046 | 511,810,813 | ||||||||||||||
|
|
|
| |||||||||||||
Net Asset Value and Offering Price per share | $ | 1.000 | $ | 1.000 | ||||||||||||
|
|
|
| |||||||||||||
Select Class | ||||||||||||||||
Net Assets | $ | 6,062,726,776 | $ | 1,122,677,605 | ||||||||||||
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 6,063,273,638 | 1,122,662,759 | ||||||||||||||
|
|
|
| |||||||||||||
Net Asset Value and Offering Price per share | $ | 1.000 | $ | 1.000 | ||||||||||||
|
|
|
| |||||||||||||
Service Class | ||||||||||||||||
Net Assets | $ | 645,974,050 | $ | 165,891 | ||||||||||||
|
|
|
| |||||||||||||
Shares outstanding (unlimited shares authorized) | 645,946,397 | 165,880 | ||||||||||||||
|
|
|
| |||||||||||||
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, 2023
Year Ended April 30, 2023 | Wilmington U.S. Government Money Market Fund | Wilmington U.S. Treasury Money Market Fund | |||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 2,748,254 | $ | 1,403,070 | |||||||||||||||
Interest | 265,079,647 | 54,849,226 | |||||||||||||||||
|
|
|
| ||||||||||||||||
TOTAL INVESTMENT INCOME | 267,827,901 | 56,252,296 | |||||||||||||||||
|
|
|
| ||||||||||||||||
EXPENSES: | |||||||||||||||||||
Investment advisory fees | 20,893,241 | 4,355,556 | |||||||||||||||||
Administration fees | 2,522,506 | 525,031 | |||||||||||||||||
Portfolio accounting and administration fees | 1,464,773 | 306,655 | |||||||||||||||||
Custodian fees | 103,427 | 78,127 | |||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 173,828 | 34,797 | |||||||||||||||||
Trustees’ fees | 65,311 | 65,311 | |||||||||||||||||
Professional fees | 189,032 | 123,337 | |||||||||||||||||
Distribution services fee—Administrative Class | 2,443,622 | 788,732 | |||||||||||||||||
Distribution services fee—Service Class | 1,307,275 | 624 | |||||||||||||||||
Shareholder services fee—Administrative Class | 2,443,622 | 788,732 | |||||||||||||||||
Shareholder services fee—Select Class | 11,452,746 | 2,481,733 | |||||||||||||||||
Shareholder services fee—Service Class | 1,307,275 | 624 | |||||||||||||||||
Share registration costs | 43,845 | 44,614 | |||||||||||||||||
Printing and postage | 33,693 | 13,752 | |||||||||||||||||
Miscellaneous | 367,143 | 127,911 | |||||||||||||||||
|
|
|
| ||||||||||||||||
TOTAL EXPENSES | 44,811,339 | 9,735,536 | |||||||||||||||||
|
|
|
| ||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | |||||||||||||||||||
Waiver/reimbursement by investment advisor | (4,977,721 | ) | (1,318,730 | ) | |||||||||||||||
Waiver of distribution services fee—Administrative Class | (384,198 | ) | (134,933 | ) | |||||||||||||||
Waiver of distribution services fee—Service Class | (144,844 | ) | (97 | ) | |||||||||||||||
Waiver of shareholder services fee—Administrative Class | (1,611,567 | ) | (520,041 | ) | |||||||||||||||
Waiver of shareholder services fee—Select Class | (7,328,569 | ) | (1,571,350 | ) | |||||||||||||||
Waiver of shareholder services fee—Service Class | (7,046 | ) | (5 | ) | |||||||||||||||
|
|
|
| ||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (14,453,945 | ) | (3,545,156 | ) | |||||||||||||||
|
|
|
| ||||||||||||||||
Net expenses | 30,357,394 | 6,190,380 | |||||||||||||||||
|
|
|
| ||||||||||||||||
Net investment income | 237,470,507 | 50,061,916 | |||||||||||||||||
|
|
|
| ||||||||||||||||
REALIZED GAIN (LOSS): | |||||||||||||||||||
Net realized gain (loss) on investments | (143,767 | ) | 4,134 | ||||||||||||||||
|
|
|
| ||||||||||||||||
Net realized gain (loss) | (143,767 | ) | 4,134 | ||||||||||||||||
|
|
|
| ||||||||||||||||
Change in net assets resulting from operations | $ | 237,326,740 | $ | 50,066,050 | |||||||||||||||
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2023 / 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, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2023 | Year Ended April 30, 2022 | |||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||
Net investment income | $ | 237,470,507 | $ | 1,698,067 | $ | 50,061,916 | $ | 304,729 | ||||||||||||||||||||||
Net realized gain (loss) | (143,767 | ) | 6,318 | 4,134 | 1,160 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Change in net assets resulting from operations | 237,326,740 | 1,704,385 | 50,066,050 | 305,889 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||
Administrative Class | (23,684,619 | ) | (260,816 | ) | (7,575,585 | ) | (87,374 | ) | ||||||||||||||||||||||
Institutional Class | (67,361,005 | ) | (448,986 | ) | (13,181,142 | ) | (78,651 | ) | ||||||||||||||||||||||
Select Class | (133,401,248 | ) | (915,013 | ) | (29,245,861 | ) | (141,228 | ) | ||||||||||||||||||||||
Service Class | (13,029,293 | ) | (80,375 | ) | (5,385 | ) | (35 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total distributions to shareholders | (237,476,165 | ) | (1,705,190 | ) | (50,007,973 | ) | (307,288 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||
Administrative Class | 4,327,979,078 | 4,528,852,127 | 1,037,004,831 | 1,105,741,959 | ||||||||||||||||||||||||||
Institutional Class | 4,860,190,455 | 5,251,394,571 | 1,529,792,034 | 1,425,405,047 | ||||||||||||||||||||||||||
Select Class | 11,030,810,421 | 7,706,547,039 | 3,092,875,204 | 1,411,785,381 | ||||||||||||||||||||||||||
Service Class | 1,807,227,793 | 2,593,425,038 | 22,000 | 179,000 | ||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||
Administrative Class | 2,486 | 18 | 11,321 | 82 | ||||||||||||||||||||||||||
Institutional Class | 393,739 | 2,789 | 27 | — | ||||||||||||||||||||||||||
Select Class | 1,275,369 | 12,445 | 1,113,247 | 9,674 | ||||||||||||||||||||||||||
Service Class | 396,269 | 6,611 | 5,095 | 35 | ||||||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||||||
Administrative Class | (4,718,367,228 | ) | (5,093,195,914 | ) | (1,134,788,568 | ) | (1,131,047,677 | ) | ||||||||||||||||||||||
Institutional Class | (4,147,644,156 | ) | (5,230,085,518 | ) | (1,360,810,004 | ) | (1,283,734,679 | ) | ||||||||||||||||||||||
Select Class | (8,966,460,438 | ) | (7,878,033,178 | ) | (2,587,200,392 | ) | (1,612,913,711 | ) | ||||||||||||||||||||||
Service Class | (1,662,638,272 | ) | (3,283,142,270 | ) | (151,512 | ) | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Change in net assets resulting from share transactions | 2,533,165,516 | (1,404,216,242 | ) | 577,873,283 | (84,574,889 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Change in net assets | 2,533,016,091 | (1,404,217,047 | ) | 577,931,360 | (84,576,288 | ) | ||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||
Beginning of year | 7,418,681,705 | 8,822,898,752 | 1,295,109,354 | 1,379,685,642 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
End of year | $ | 9,951,697,796 | $ | 7,418,681,705 | $ | 1,873,040,714 | $ | 1,295,109,354 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||
Administrative Class | 4,327,979,078 | 4,528,852,127 | 1,037,004,831 | 1,105,741,959 | ||||||||||||||||||||||||||
Institutional Class | 4,860,190,455 | 5,251,394,571 | 1,529,792,034 | 1,425,405,047 | ||||||||||||||||||||||||||
Select Class | 11,030,810,421 | 7,706,547,039 | 3,092,875,204 | 1,411,785,381 | ||||||||||||||||||||||||||
Service Class | 1,807,227,793 | 2,593,425,038 | 22,000 | 179,000 | ||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||
Administrative Class | 2,486 | 18 | 11,321 | 82 | ||||||||||||||||||||||||||
Institutional Class | 393,739 | 2,789 | 27 | — | ||||||||||||||||||||||||||
Select Class | 1,275,369 | 12,445 | 1,113,247 | 9,674 | ||||||||||||||||||||||||||
Service Class | 396,269 | 6,611 | 5,095 | 35 | ||||||||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||||||||
Administrative Class | (4,718,367,228 | ) | (5,093,195,914 | ) | (1,134,788,568 | ) | (1,131,047,677 | ) | ||||||||||||||||||||||
Institutional Class | (4,147,644,156 | ) | (5,230,085,518 | ) | (1,360,810,004 | ) | (1,283,734,679 | ) | ||||||||||||||||||||||
Select Class | (8,966,460,438 | ) | (7,878,033,178 | ) | (2,587,200,392 | ) | (1,612,913,711 | ) | ||||||||||||||||||||||
Service Class | (1,662,638,272 | ) | (3,283,142,270 | ) | (151,512 | ) | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Net change resulting from share transactions | 2,533,165,516 | (1,404,216,242 | ) | 577,873,283 | (84,574,889 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON U.S. GOVERNMENT MONEY MARKET FUND |
| |||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
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 | 0.026 | 0.000 | (a) | 0.000 | (a) | 0.013 | 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 | 0.026 | 0.000 | 0.000 | 0.013 | 0.016 | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.026 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.013 | ) | (0.016 | ) | ||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total Return | 2.59 | % | 0.02 | % | 0.01 | % | 1.21 | % | 1.57 | % | ||||||||||
Net Assets, End of Year (000’s) | $ | 773,332 | $ | 1,163,736 | $ | 1,728,081 | $ | 1,509,322 | $ | 1,297,285 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(b) | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.82 | % | ||||||||||
Net Expense(b),(c) | 0.54 | % | 0.08 | % | 0.15 | % | 0.61 | % | 0.62 | % | ||||||||||
Net Investment Income | 2.42 | % | 0.02 | % | 0.01 | % | 1.18 | % | 1.57 | % | ||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
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 | 0.029 | 0.000 | (a) | 0.000 | (a) | 0.016 | 0.019 | |||||||||||||
Net Realized Gain (Loss) | (0.000 | )(a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||
Total Income (Loss) From Operations | 0.029 | 0.000 | 0.000 | 0.016 | 0.019 | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.029 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.016 | ) | (0.019 | ) | ||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total Return | 2.90 | % | 0.02 | % | 0.02 | % | 1.56 | % | 1.92 | % | ||||||||||
Net Assets, End of Year (000’s) | $ | 2,469,665 | $ | 1,756,769 | $ | 1,735,456 | $ | 1,745,742 | $ | 427,114 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(b) | 0.31 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||
Net Expense(b),(c) | 0.25 | % | 0.08 | % | 0.14 | % | 0.27 | % | 0.27 | % | ||||||||||
Net Investment Income | 2.96 | % | 0.02 | % | 0.01 | % | 1.39 | % | 1.92 | % | ||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
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 | 0.028 | 0.000 | (a) | 0.000 | (a) | 0.015 | 0.018 | |||||||||||||
Net Realized Gain (Loss) | (0.000 | )(a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||
Total Income (Loss) From Operations | 0.028 | 0.000 | 0.000 | 0.015 | 0.018 | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.028 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.015 | ) | (0.018 | ) | ||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total Return | 2.81 | % | 0.02 | % | 0.02 | % | 1.46 | % | 1.82 | % | ||||||||||
Net Assets, End of Year (000’s) | $ | 6,062,727 | $ | 3,997,179 | $ | 4,168,651 | $ | 4,912,640 | $ | 4,410,116 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(b) | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.57 | % | ||||||||||
Net Expense(b),(c) | 0.34 | % | 0.08 | % | 0.15 | % | 0.37 | % | 0.37 | % | ||||||||||
Net Investment Income | 2.91 | % | 0.02 | % | 0.01 | % | 1.42 | % | 1.82 | % |
April 30, 2023 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) 12
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
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 | 0.024 | 0.000 | (a) | 0.000 | (a) | 0.011 | 0.014 | |||||||||||||
Net Realized Gain (Loss) | (0.000 | )(a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||
Total Income (Loss) From Operations | 0.024 | 0.000 | 0.000 | 0.011 | 0.014 | |||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.024 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.011 | ) | (0.014 | ) | ||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total Return | 2.43 | % | 0.01 | % | 0.01 | % | 1.08 | % | 1.42 | % | ||||||||||
Net Assets, End of Year (000’s) | $ | 645,974 | $ | 500,998 | $ | 1,190,711 | $ | 1,168,185 | $ | 1,191,211 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(b) | 0.81 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.82 | % | ||||||||||
Net Expense(b),(c) | 0.72 | % | 0.08 | % | 0.15 | % | 0.74 | % | 0.77 | % | ||||||||||
Net Investment Income | 2.49 | % | 0.01 | % | 0.01 | % | 1.07 | % | 1.41 | % |
(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. |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
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, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||||||||||
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 | 0.026 | 0.000 | (a) | 0.000 | (a) | 0.013 | 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 | 0.026 | 0.000 | 0.000 | 0.013 | 0.016 | |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income | (0.026 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.013 | ) | (0.016 | ) | ||||||||||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||||||||
Total Return | 2.59 | % | 0.02 | % | 0.01 | % | 1.20 | % | 1.58 | % | ||||||||||||||||||
Net Assets, End of Year (000’s) | $ | 238,372 | $ | 336,133 | $ | 361,438 | $ | 360,463 | $ | 283,323 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(b) | 0.83 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||
Net Expense(b),(c) | 0.54 | % | 0.07 | % | 0.14 | % | 0.59 | % | 0.60 | % | ||||||||||||||||||
Net Investment Income | 2.40 | % | 0.02 | % | 0.01 | % | 1.15 | % | 1.54 | % | ||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | For the Period through April 30, 2020 | |||||||||||||||||||||||||
INSTITUTIONAL CLASS | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||||||||||
Net Investment Income | 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) | ||||||||||||||||||||
Total Income (Loss) From Operations | 0.029 | 0.000 | 0.000 | 0.007 | ||||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income | (0.029 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.007 | ) | ||||||||||||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||||||||||
Total Return | 2.90 | % | 0.02 | % | 0.02 | % | 0.61 | %(d) | ||||||||||||||||||||
Net Assets, End of Year (000’s) | $ | 511,825 | $ | 342,827 | $ | 201,157 | $ | 50,788 | ||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(b) | 0.33 | % | 0.32 | % | 0.32 | % | 0.32 | %(e) | ||||||||||||||||||||
Net Expense(b),(c) | 0.25 | % | 0.09 | % | 0.12 | % | 0.25 | %(e) | ||||||||||||||||||||
Net Investment Income | 3.04 | % | 0.02 | % | 0.01 | % | 1.18 | %(e) | ||||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||||||||||
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 | 0.028 | 0.000 | (a) | 0.000 | (a) | 0.015 | 0.018 | |||||||||||||||||||||
Net Realized Gain (Loss) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | ||||||||||||||||||
Total Income (Loss) From Operations | 0.028 | 0.000 | 0.000 | 0.015 | 0.018 | |||||||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||||||
Net Investment Income | (0.028 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.015 | ) | (0.018 | ) | ||||||||||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||||||||
Total Return | 2.81 | % | 0.02 | % | 0.02 | % | 1.44 | % | 1.83 | % | ||||||||||||||||||
Net Assets, End of Year (000’s) | $ | 1,122,678 | $ | 615,858 | $ | 816,980 | $ | 992,205 | $ | 1,203,639 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Gross Expense(b) | 0.58 | % | 0.57 | % | 0.57 | % | 0.58 | % | 0.58 | % | ||||||||||||||||||
Net Expense(b),(c) | 0.34 | % | 0.08 | % | 0.15 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net Investment Income | 2.95 | % | 0.02 | % | 0.02 | % | 1.45 | % | 1.85 | % |
April 30, 2023 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (concluded) 14
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | |||||||||||||||||||||
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 | 0.024 | 0.000 | (a) | 0.000 | (a) | 0.011 | 0.014 | ||||||||||||||||||
Net Realized Gain (Loss) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | 0.000 | (a) | |||||||||||||||
Total Income (Loss) From Operations | 0.024 | 0.000 | 0.000 | 0.011 | 0.014 | ||||||||||||||||||||
Less Distributions From: | |||||||||||||||||||||||||
Net Investment Income | (0.024 | ) | (0.000 | )(a) | (0.000 | )(a) | (0.011 | ) | (0.014 | ) | |||||||||||||||
Net Asset Value, End of Year | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | |||||||||||||||
Total Return | 2.43 | % | 0.01 | % | 0.01 | % | 1.07 | % | 1.43 | % | |||||||||||||||
Net Assets, End of Year (000’s) | $ | 166 | $ | 290 | $ | 111 | $ | 188 | $ | 85 | |||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Gross Expense(b) | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.83 | % | |||||||||||||||
Net Expense(b),(c) | 0.71 | % | 0.09 | % | 0.17 | % | 0.70 | % | 0.75 | % | |||||||||||||||
Net Investment Income | 2.16 | % | 0.01 | % | 0.01 | % | 0.97 | % | 1.40 | % |
(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, 2023
15 | NOTES TO FINANCIAL STATEMENTS |
Wilmington Funds
April 30, 2023
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 and Institutional Class shares. All shares of the Trust have equal rights with respect to voting, except on class-specific matters.
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 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.
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) 16
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, 2023, 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 | |||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank of New York | $ | 6,850,000,000 | $ | 6,850,000,000 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Mizuho Securities USA | 100,000,000 | 100,000,000 | — | — | |||||||||||||||||||||||||||||||||||
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$ | 6,950,000,000 | $ | 6,950,000,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
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U.S. Treasury Money Market Fund | |||||||||||||||||||||||||||||||||||||||
CIBC World Market Corp. | $ | 50,000,000 | $ | 50,000,000 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 85,000,000 | 85,000,000 | — | — | |||||||||||||||||||||||||||||||||||
FICC Bank of New York | 400,000,000 | 400,000,000 | — | — | |||||||||||||||||||||||||||||||||||
Mizuho Securities USA | 46,670,000 | 46,670,000 | — | — | |||||||||||||||||||||||||||||||||||
Mizuho Securities USA | 47,690,000 | 47,690,000 | — | — | |||||||||||||||||||||||||||||||||||
Mizuho Securities USA | 55,640,000 | 55,640,000 | — | — | |||||||||||||||||||||||||||||||||||
RBC Capital Markets | 500,000,000 | 500,000,000 | — | — | |||||||||||||||||||||||||||||||||||
TD Securities, Inc. | 440,000,000 | 440,000,000 | — | — | |||||||||||||||||||||||||||||||||||
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$ | 1,625,000,000 | $ | 1,625,000,000 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
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(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, 2023.
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, 2023, there were no such reclassifications.
ANNUAL REPORT / April 30, 2023
17 | NOTES TO FINANCIAL STATEMENTS (continued) |
The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Fund | Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | |||||||||||||||||||||||||||||||
U.S. Government Money Market Fund | $ | 237,476,165 | $ | — | $ | 1,705,190 | $ | — | |||||||||||||||||||||||||||
U.S. Treasury Money Market Fund | 50,007,973 | — | 307,288 | — |
* | 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, 2023, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed Ordinary Income | Undistributed Capital Gains | Other Timing Differences | Unrealized Appreciation/ (Depreciation) | Capital Loss Carryforwards | Late Year Loss Deferrals | Distributable Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government Money Market Fund | $ | 35,882,256 | $ | — | $ | (35,906,901 | ) | $ | — | $ | (143,767 | ) | $ | — | $(168,412) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Money Market Fund | 7,185,001 | — | (7,129,960 | ) | — | — | — | 55,041 |
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, 2023, character of capital loss carryforwards were as follows:
Fund | Short-Term No Expiration | Total Capital Loss Carryforwards | ||||||||||||||||||||||
U.S. Government Money Market Fund | $ | (143,767 | ) | $(143,767) |
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 | |
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, 2023, 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 | ||||
U.S. Government Money Market Fund* | 0.60% | 0.25% | 0.35% | 0.75% | ||||
U.S. Treasury Money Market Fund | 0.60% | 0.25% | 0.35% | 0.75% |
* | Prior to August 31, 2022, the U.S. Government Money Market Fund’s contractual expense limitation was 0.62%, 0.27%, 0.37%, and 0.77% for Administrative, Institutional, Select, and Service Class, respectively. |
In addition, WFMC has voluntarily agreed to waive and/or reimburse sufficient expenses of any class of the Funds to the extent necessary to maintain a yield of not less than zero. There is no guarantee that any class of the Funds will maintain such a yield. WFMC may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.
April 30, 2023 / 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, 2023, 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, 2023, 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 | $ | 3,175,726 | |||
U.S. Treasury Money Market Fund | 650,861 |
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of each Fund’s Administrative Class, Select Class and Service Class shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts. M&T 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 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, 2023, 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 | $6,116,845 | |
U.S. Treasury Money Market Fund | 1,142,266 |
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, 2023
19 | NOTES TO FINANCIAL STATEMENTS (concluded)
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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 29, 2023. 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. The LOC expires on March 27, 2024.
The Funds did not utilize the LOC during the year ended April 30, 2023.
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.
April 30, 2023 / 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, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 (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, 2023, 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, 2023 and each of the financial highlights for each of the periods indicated therein ended on or subsequent to April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for the year ended April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.
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, 2023 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 22, 2023
We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.
ANNUAL REPORT / April 30, 2023
21
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).
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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.
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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 (2014 to present); Trustee, 1290 Funds (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).
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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).
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Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
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Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
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Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
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April 30, 2023 (unaudited) / ANNUAL REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS 22
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) (12/20 to present); President, GCVC Consulting (financial and corporate governance advisory) (2008 to present).
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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);
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Previous Positions: Chief Financial Officer, Avocado Systems, Inc. (cybersecurity software) (3/2020 to 11/2020); 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).
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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).
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Other Directorships Held: Trustee, Longwood Gardens (2005 to present); Trustee of the Christiana Care Health System (2012 to present); and Advisory Counsel, Federal Reserve Bank of Philadelphia’s Economic Advisory Council (2010 to 2013).
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Previous Positions: Executive Vice President at The Boston Company (1994 to 2004).
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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).
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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.
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Previous Positions: Vice President and Compliance Advisor, M&T Bank (2019-2021); Wilmington Funds Product Manager, Wilmington Trust Investment Advisors, Inc. (2015-2019).
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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.
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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).
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ANNUAL REPORT / April 30, 2023 (unaudited)
23 | BOARD OF TRUSTEES AND TRUST OFFICERS
|
Name Birth Year Positions with Trust | Principal Occupations for Past Five Years and Previous Positions | |
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).
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Previous Positions: Vice President and Counsel, M&T Bank (2017 to 2018); Senior Counsel, PNC Bank (2014 to 2017).
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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).
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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).
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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).
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April 30, 2023 (unaudited) / ANNUAL REPORT
24
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 22, 2023, 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, 2022. 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, 2023. 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, 2023 (unaudited)
25
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.
April 30, 2023 (unaudited) / ANNUAL REPORT
26
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
March 1, 2023
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; insure 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 Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all 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, 2023 (unaudited)
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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. |
• | 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. |
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, username, or password 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 Statement
The effective date of this Notice is March 1, 2023. 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, 2023 (unaudited) / ANNUAL REPORT
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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 and Dividend Disbursing Agent | |||||||
Sub-Advisor | ||||||||
Wilmington Trust Investment Advisors, Inc. | BNY Mellon Investment Servicing (U.S.) Inc. 301 Bellevue Parkway Wilmington, DE 19809 | |||||||
1100 North Market Street | ||||||||
9th Floor | ||||||||
Wilmington, DE 19890 |
Independent Registered Public Accounting Firm | |||||||
Co-Administrator | PricewaterhouseCoopers LLP Two Commerce Square 2001 Market Street, Suite 1800 Philadelphia, PA 19103 | |||||||
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 | ||||||||
| ||||||||
WT-AR-MM-0423 | ||||||||
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.
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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”)
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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 annual fiscal period of May 1, 2022, through April 30, 2023. 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 period.
The economy
The fiscal year included significant volatility, headlined by peak inflation and rapid changes to the financial landscape as the Federal Reserve (the “Fed”) remained steadfast in raising interest rates. In June 2022, U.S. Consumer Price Index (“CPI”) inflation posted a new 40-year high of 9.1% year-over-year, raising recession probabilities substantially. The Fed reacted by raising interest rates by 75 basis points1 for three consecutive meetings (the largest such moves in 30 years). The Fed continued to raise interest rates by another 100 basis points during the year bringing the upper bound of the Fed funds rate to 5.0%. As expected, inflation moderated throughout the year, falling to 5.0% year-over-year in April 2023, helped by easing goods prices and resolution of Covid-related supply chain issues. The U.S. labor force continued to grow, and the participation rate returned to its highest level since the onset of the pandemic. For most of the year, the labor market remained very tight by historical standards, with the unemployment rate edging down during the year to 3.5% (at one point touching a five-decade low of 3.4%). Near the end of the period, wage pressures showed signs of receding as hiring slowed and the labor market started to loosen—an encouraging sign for inflation and the Fed.
Tighter monetary policy was not restricted to the U.S. economy. Central banks across the globe were busy during the year, including the Bank of England (BoE) and the European Central Bank (ECB), as inflation remained elevated well above central bank targets. The war in Ukraine intensified after the Nord Stream Pipeline was sabotaged forcing European countries to scramble to fill oil and natural gas reserves before winter. Before the war, Russia supplied 40% of all gas consumed in Europe with a third of that coming from the Nord Stream pipeline. In China, economic data for much of the year remained weak due to stringent “zero-Covid” policies enacted by President Xi Jinping and the Chinese government. In December 2022, the Chinese government dropped its zero-Covid policy, sending Covid-19 infections soaring in its most densely populated cities. However, economic activity in China began to recover in the latter part of the fiscal year, evidenced by composite Purchasing Managers Index (PMI) returning to expansionary territory (54.4) after spending four months in contractionary territory.
Perhaps the biggest story of the year began unfolding on March 9th when a classic bank run took hold of Silicon Valley Bank (SVB), the 16th largest U.S. bank at the time. Shares of SVB plummeted over 60%, with pressure spilling over into the rest of the financial sector. A day later, SVB collapsed into FDIC receivership, sending shockwaves throughout financial markets. Shortly after the collapse of SVB, New York state regulators closed Signature Bank (SBNY) after the bank faced a “torrent of deposit outflows”. The global banking sector remained unnerved by the subsequent failures of Credit Suisse (taken over by UBS) and First Republic Bank (purchased by JP Morgan). Uncertainty regarding the regional banking sector and possible spillover from tightening financial conditions have raised the probability of a recession in the next twelve months.
Bond markets
The sharp increase in interest rates led to higher volatility in bond markets, and the MOVE index, a gauge of volatility in the Treasury market, surged to its highest level since 2008 (198.7). The rate sensitive 2-year Treasury yield ended the fiscal year 129 basis points higher (rising to 4.0%) while the 10-year yield peaked above 4.0% before settling around 3.4%. The yield curve continued to flash warnings signs with the 10y-minus-2y portion of the Treasury slope falling 80 basis points to finish at -58 basis points, and the 10y-minus-3m slope plummeting 372 basis points to end the year at -161 basis points. (All past recessions have been preceded by an inverted yield curve.) The bond market recovered from a challenging start to the year, with investment-grade tax exempt bonds finishing up 2.9%. Investment grade taxable bonds returned a more disappointing -0.4% during the period.
PRESIDENT’S MESSAGE / April 30, 2023 (unaudited)
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For the 12-month period May 1, 2022 to April 30, 2023, certain Bloomberg indices performed as follows:2
Bloomberg
| Bloomberg
| Bloomberg
| Bloomberg
| Bloomberg
| ||||
-0.93% | -0.43% | 0.72% | 2.87% | 1.22% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Equity markets
U.S. large-cap equities started the fiscal year in decline, dropping nearly 13% through October. Large-cap equities then rallied over 17% through the remainder of the year due to several factors. In November, the mid-term elections concluded with congressional gridlock, an outcome typically preferred by financial markets. In March 2023, following the banking crisis, markets began to price in expectations of multiple rate cuts later in 2023, which also supported risky assets. Within equities, the information technology sector recovered from a challenging prior year and advanced 8.1% as investors flocked to higher quality companies and interest rates fell. (Excitement around generative AI also contributed to investor enthusiasm for technology stocks.) Growth stocks outperformed value, and small cap stocks were hit particularly hard (with the Russell 2000 down 3.7%) as the percentage of unprofitable companies in the index climbed to over 42% (above the long-term average of 28%).
In international markets, the MSCI EAFE delivered strong returns of 8.4% after countries across Europe were able to adequately stock up natural gas supplies for the winter and were supported by the reopening in China. Emerging markets fell out of favor, with the MSCI Emerging Markets declining 6.5%. China’s reopening was less robust than expected and geopolitical tensions between the U.S. and China remained elevated.
For the 12-month period May 1, 2022 to April 30, 2023, certain stock market indices performed as follows:
S&P 500®
| Russell
| MSCI EAFE
| MSCI Emerging
| |||
2.66% | -3.65% | 8.42% | -6.51% |
Past performance is no guarantee of future results.
Source: Lipper. You cannot invest directly in an index.
Sincerely,
Eric W. Taylor, CFA
President
May 12, 2023
April 30, 2023 (unaudited) / PRESIDENT’S MESSAGE
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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 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. |
9. | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of its latest reconstitution, the index had a total market capitalization range of $152.3 million to $5 billion. The index is unmanaged and investments cannot be made directly in an index. |
10. | 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. |
11. | 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, 2023 (unaudited)
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WILMINGTON BROAD MARKET BOND FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington Broad Market Bond Fund (the “Fund”) had a total return of -0.71%* for Class A shares and -0.42%* for Class I shares, versus its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which had a total return of -0.43%, and its peer group, the Lipper Corporate A-Rated Debt Funds Average***, which had a total return of -1.39%.
Over the past year, the Federal Reserve (the “Fed”) has engaged in the most aggressive tightening of monetary policy in over 40 years to reduce the highest inflation in 40 years. The Fed has raised the Federal Funds rate from just 0.5% at the start of the fiscal year to 5% by fiscal year-end. This is the highest Federal Funds rate in the last 16 years. The Fed has remained committed to achieving a 2% inflation rate, as measured by the Core Personal Consumption Expenditure (“PCE”) Price Index. They have also reversed their COVID-19 quantitative easing measures of buying U.S. Treasuries, agency, and agency mortgage-backed securities which expanded its balance sheet to roughly $8.5 trillion. In June 2022, the Fed started shrinking its balance sheet by allowing $30 billion of Treasuries and $17.5 billion of agency mortgage-backed securities to mature and not be reinvested. In September, they doubled the monthly roll off to $60 billion and $35 billion, respectively.
As expected, the U.S. economy slowed over the past year from the prior year’s stronger pace that was fueled by the reopening of the economy. Some sectors of the economy have slowed much more, such as housing. However, the service side of the economy remained elevated as consumers’ demand for travel and leisure remained strong. Inflation has fallen from its 40-year high peak of 9.1% to 4.9% at fiscal year-end, as measured by the Consumer Price Index (“CPI”). Supply bottlenecks during COVID-19 and during the start of the war in Ukraine, which propelled inflation higher, have eased over the course of the year. In addition, the effects of tighter monetary policy have slowed both economic growth and inflationary pressures. Importantly, future expectations of inflation remain anchored as exhibited in the 10-year US Treasury Inflation Protection break-even rate of 2.2% at fiscal year-end. However, the labor market remains robust, with the unemployment rate falling to 3.4%, its lowest level in over 50 years. Wages continued to expand at an elevated pace, with average hourly earnings registering a 4.4% year-over-year increase at fiscal year-end.
Over the course of the fiscal year, as the Fed tightened monetary policy, interest rates have risen sharply. The 2-year Treasury yield rose from 2.71% to 4.01%. The 10-year Treasury yield increased from 2.93% to 3.42%. The 30-year Treasury yield also increased by 68 basis points over the fiscal year resulting in -10.94% return over the year. The Fed’s tightening of monetary policy and the failure of Silicon Valley Bank led to interest rate volatility spiking to levels not seen since the financial crisis in 2008. For the fiscal year, the Bloomberg U.S. Aggregate Bond Index registered a -0.43% rate of return. However, on a calendar year basis, the 2022 return for the index was a record -13.01%, demonstrating the bouts of interest rate volatility experienced over the fiscal year.
The yield curve inverted in July 2022 as short-term rates moved higher than longer-term rates. In March 2023, the 2-year Treasury yield was 1.08% higher than the yield on the 10-year Treasury, the largest inversion in the yield curve since 1981. The inverted yield curve has been a
precursor to an economic recession. One negative byproduct of the Fed’s tightening campaign surfaced in March 2023 as several west coast regional banks, with idiosyncratic banking business models started experiencing severe market stress, resulting in three regional banks going into receivership. In response to the banking crisis, the Fed is now expected to pause rate increases as it assesses the cumulative effects of tighter monetary policy and potential tighter credit conditions resulting from the regional bank stresses.
The Fund has maintained a shorter overall duration versus the U.S. Aggregate Bond Index which contributed positively to our relative performance as interest rates rose during the fiscal year. The Fund was also overweight the credit sector, which generated an excess return over the fiscal year of 1.86%. Our credit analysis revealed that while the economy was slowing, corporate balance sheets and operating cash flows were well positioned to weather the economic slowdown. 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 of an 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 the raising of the Government debt limit, the war in Ukraine, a soft U.S. economic landing, and an upcoming political cycle all suggest market volatility will persist in the year ahead. We view the market’s pricing of over 50 basis points of rate cuts by the Federal Reserve this year and another 100 basis points of cuts by this time next year as aggressive and somewhat premature. Our expectation is for the Fed to keep rates higher for longer than what the market is currently anticipating. The risks to the economy are expected to rise as the Federal Reserve remains committed to a 2% inflationary environment. As such, we expect to have a more defensive portfolio while at the same time looking for investment opportunities that market volatility will undoubtedly provide.
* | 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 -5.13%, 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 |
April 30, 2023 (unaudited) / ANNUAL REPORT
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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.
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, 2023 (unaudited)
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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, 2013 to April 30, 2023, compared to the Bloomberg U.S. Aggregate Bond Index.2
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 -5.13%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -5.13% | -0.05% | 0.48% | |||
Class I^ | -0.42% | 1.22% | 1.28% | |||
Bloomberg U.S. Aggregate Bond Index2 | -0.43% | 1.18% | 1.32% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.07% and 0.79%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.57% 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, 2023 (unaudited) / ANNUAL REPORT
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WILMINGTON MUNICIPAL BOND FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington Municipal Bond Fund (the “Fund”) had a total return of 2.92%* for Class A shares and 3.18%* 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 3.59% and 3.67%, respectively, and its peer group, the Lipper Intermediate Municipal Debt Funds Average****, which had a total return of 2.28%.
The fiscal year ended April 30, 2023 was one of the most difficult markets for municipals in more than four decades as the Federal Reserve (the “Fed”) increased the Federal Funds rate from 0.5% to 5.00% during the Fund’s 12-month reporting period. The result was a continued sell-off during the period from April 30, 2022 to the peak in increasing yields at the end of October. The S&P Municipal Bond Investment Grade Intermediate Index returned -2.94% during the period. Fund outflows reached a record $100 billion as investors sold mainly mutual fund holdings as their Net Asset Value (NAV) declined and/or investors were interested in locking in capital losses for various tax reasons. From April to late October when municipal yields peaked, higher quality, shorter duration securities outperformed lower quality, longer duration securities. As November rolled around, bond yields had peaked, mutual fund outflows slowed down and investors moved back into the municipal market as after-tax yields became compelling.
Consequently, yields increased on the short end -- and eventually during the reporting period -- the municipal market curve inverted in lockstep with the inversion of the U.S. Treasury curve (short-term yields higher than longer-term yields). As of April 29, 2023, the 2-year AAA bond yield was 2.22%, the 10-year AAA bond yield was 2.72% and the 30-year AAA bond yield was 3.05%. By the end of April 2023, the 2-year AAA bond yield was 2.69%, the 10-year AAA bond yield ended at 2.36% and the 30-year AAA bond yield ended at 3.33% -- causing bond prices to decrease on the intermediate to longer-end of the curve, but decrease on the short-end (Source: Thomson Reuters).
One of the largest issues facing the municipal market in 2023 is the lack of supply – which is down over 20% year to date. Demand for municipals has traditionally outpaced supply but with the increase in interest rates and above average cash balances on municipal balance sheets, supply is historically below average. Additionally, traditional capital projects such as fixing a roof on a school are suffering from the labor shortage and increase in material costs – causing projects to be delayed and funds unspent.
Cash balances as a percent of expenditures are at record levels for the states at a median of 16% (National Association of State Budget Officers NASBO). General revenues (personal income tax, sales taxes and corporate taxes) have been trending downward since July 2022, according to the Census Bureau and will likely continue to their path downward as the economy slows. Despite the decrease, the fiscal health of municipalities is still strong. Due to the budgeting cycle, the lag to state budgets can be 12-18 months although monthly revenue collections are slowing nationally. With the above average cash levels, state and local governments should be well positioned to manage through a mild recession.
The Fund underperformed the S&P Municipal Intermediate indices due to an overweight in the A-rated and BBB-rated category – as higher quality (AAA and AA-rated securities) and shorter maturities
outperformed during the sell-off for most of 2022. The Fund outperformed the Lipper average manager during the fiscal year due to our duration neutral approach (duration is managed close to the index) and we were slightly shorter than peers.
* | 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 -1.71%, 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, 2023 (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, 2013 to April 30, 2023 compared to the S&P Municipal Bond Intermediate Index.2
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 -1.71%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -1.71% | 0.34% | 0.84% | |||
Class I^ | 3.18% | 1.52% | 1.56% | |||
S&P Municipal Bond Intermediate Index2 | 3.59% | 2.25% | 2.21% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.09% and 0.74%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.59% 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, 2023 (unaudited) / ANNUAL REPORT
6 |
WILMINGTON NEW YORK MUNICIPAL BOND FUND
Management’s Discussion of Fund Performance (Unaudited)
For the fiscal year ended April 30, 2023, Wilmington New York Municipal Bond Fund (the “Fund”) had a total return of 2.79%* for Class A shares and 3.04%* 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 3.59% and 3.65%, respectively, and its peer group, the Lipper New York Intermediate Municipal Debt Funds Average****, which had a total return of 2.61%.
The fiscal year ended April 30, 2023 was one of the most difficult markets for municipals in more than four decades as the Federal Reserve (the “Fed”) increased the Federal Funds rate from 0.5% to 5.00% during the Fund’s 12 month reporting period. The result was a continued sell-off during the period from April 30, 2022 to the peak in increasing yields at the end of October. The S&P Municipal Bond Investment Grade Intermediate Index returned -2.94% during the period. Fund outflows reached a record $100 billion as investors sold mainly mutual fund holdings as their Net Asset Value (NAV) declined and/or investors were interested in locking in capital losses for various tax reasons. From April to late October when municipal yields peaked, higher quality, shorter duration securities outperformed lower quality, longer duration securities. As November rolled around, bond yields had peaked, mutual fund outflows slowed down and investors moved back into the municipal market as after-tax yields became compelling.
Consequently, yields increased on the short end -- and eventually during the reporting period -- the municipal market curve inverted in lockstep with the inversion of the U.S. Treasury curve (short-term yields higher than longer-term yields). As of April 29, 2023, the 2-year AAA bond yield was 2.22%, the 10-year AAA bond yield was 2.72% and the 30-year AAA bond yield was 3.05%. By the end of April 2023, the 2-year AAA bond yield was 2.69%, the 10-year AAA bond yield ended at 2.36% and the 30-year AAA bond yield ended at 3.33% -- causing bond prices to decrease on the intermediate to longer-end of the curve but decrease on the short-end (Source: Thomson Reuters).
One of the largest issues facing the municipal market in 2023 is the lack of supply – which is down over 20% year to date. Demand for municipals has traditionally outpaced supply but with the increase in interest rates and above average cash balances on municipal balance sheets, supply is historically below average. Additionally, traditional capital projects such as fixing a roof on a school are suffering from the labor shortage and increase in material costs – causing projects to be delayed and funds unspent.
Cash balances as a percent of expenditures are at record levels for the states at a median of 16% (National Association of State Budget Officers NASBO). General revenues (personal income tax, sales taxes and corporate taxes) have been trending downward since July 2022, according to the Census Bureau and will likely continue to their path downward as the economy slows. Despite the decrease, the fiscal health of municipalities is still strong. Due to the budgeting cycle, the lag to state budgets can be 12-18 months although monthly revenue collections are slowing nationally. With the above average cash levels, state and local governments should be well positioned to manage through a mild recession.
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.
Revenues, as with the rest of the country, are declining but at a steady downward trend. The state-wide unemployment rate at 4.2% is slightly above the national average of 3.5%, but well below the pandemic era high of 16.2%. New York’s Gross Domestic Product (“GDP”) is close to $3 trillion which ranks 3rd in the country but in the top 20 when compared to sovereign nations around the world.
The City of New York also continues to perform well. With a Moody’s rating of Aa2 stable while S&P rates the City AA stable. City unemployment is slightly elevated at 5.2% compared to the State and national average cited above. Challenges are a Manhattan primary office vacancy rate of 22.8% and major crimes up 45% over the last 2 years. Commercial properties make up roughly 30% of the total property tax revenues for the city. The city is projecting a slight surplus of $2.2 Billion or close to 2% of general revenues.
The Fund underperformed the indices due to an underweight in duration relative to the indices but outperformed the Lipper New York Intermediate peer group due to overweight to lower quality A and BBB rated municipal securities – especially in the corporate-supported sector. As the municipal market recovers from the rapid rise in rates in 2022, the Fund will continue to be aligned closely to its benchmark duration and will continue to look for high value NY sectors including higher education, health care and multifamily/single family housing.
* | 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 -1.86%, 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, 2023 (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, 2023 (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, 2013 to April 30, 2023 compared to the S&P Municipal Bond Intermediate Index.2
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 -1.86%, 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 4/30/23 | ||||||
1 Year | 5 Years | 10 Years | ||||
Class A^ | -1.86% | 0.24% | 0.67% | |||
Class I^ | 3.04% | 1.42% | 1.40% | |||
S&P Municipal Bond Intermediate Index2 | 3.59% | 2.25% | 2.21% |
^ | Expense Ratios Before Waivers and Expense Ratios After Waivers for Class A are 1.37% and 0.82%, respectively. Expense Ratios Before Waivers and Expense Ratios After Waivers for Class I are 0.87% 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, 2023 (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, 2022 to April 30, 2023.
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, 2023.
Beginning Account Value 11/01/22 | Ending Account Value 4/30/23 | Expenses Paid | Annualized Net Expense Ratio | |||||||||||||
WILMINGTON BROAD MARKET BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
Class A | $1,000.00 | $1,064.30 | $3.94 | 0.77%(2) | ||||||||||||
Class I | $1,000.00 | $1,065.70 | $2.20 | 0.43%(2) | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.98 | $3.86 | 0.77%(2) | ||||||||||||
Class I | $1,000.00 | $1,022.66 | $2.16 | 0.43%(2) | ||||||||||||
WILMINGTON MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
Class A | $1,000.00 | $1,061.60 | $3.78 | 0.74% | ||||||||||||
Class I | $1,000.00 | $1,063.80 | $2.51 | 0.49% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,021.12 | $3.71 | 0.74% | ||||||||||||
Class I | $1,000.00 | $1,022.36 | $2.46 | 0.49% | ||||||||||||
WILMINGTON NEW YORK MUNICIPAL BOND FUND | ||||||||||||||||
Actual | ||||||||||||||||
Class A | $1,000.00 | $1,060.60 | $4.19 | 0.82% | ||||||||||||
Class I | $1,000.00 | $1,061.90 | $2.91 | 0.57% | ||||||||||||
Hypothetical (assuming a 5% return before expenses) | ||||||||||||||||
Class A | $1,000.00 | $1,020.73 | $4.11 | 0.82% | ||||||||||||
Class I | $1,000.00 | $1,021.97 | $2.86 | 0.57% |
(1) | Expenses are equal to the Funds’ annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent one-half year period). |
(2) | Expense ratio does not reflect the indirect expenses of the underlying funds in which the Fund invests. |
April 30, 2023 (unaudited) / ANNUAL REPORT
10 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Broad Market Bond Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of Total Net Assets | |||||
Corporate Bonds | 42.4 | % | |||
U.S. Treasury Obligations | 29.0 | % | |||
Mortgage-Backed Securities | 21.4 | % | |||
Government Agencies | 3.1 | % | |||
Municipal Bond | 0.4 | % | |||
Collateralized Mortgage Obligations | 0.0 | %(1) | |||
Adjustable Rate Mortgage | 0.0 | %(1) | |||
Cash Equivalents(2) | 3.0 | % | |||
Cash Collateral Invested for Securities on Loan(3) | 2.9 | % | |||
Other Assets and Liabilities - Net(4) | (2.2 | )% | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Credit Quality Diversification(5) | Percentage of Total Net Assets | |||||||||
U.S. Government Agency Securities | 24.5 | % | ||||||||
U.S. Treasury | 29.0 | % | ||||||||
AA / Aa | 0.1 | % | ||||||||
A / A | 8.0 | % | ||||||||
BBB / Baa | 33.3 | % | ||||||||
BB / Ba | 1.0 | % | ||||||||
B / B | 0.4 | % | ||||||||
Not Rated | 5.9 | % | ||||||||
Other Assets and Liabilities - Net(4) | (2.2 | )% | ||||||||
|
| |||||||||
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. |
April 30, 2023
Description | Par Value | Value | ||||||
ADJUSTABLE RATE MORTGAGE – 0.0%** |
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%** |
| |||||||
Pool 612514, (12 Month USD LIBOR + 1.72%, Cap 9.04%, Floor 1.72%), 3.47%, 05/01/33Δ | $ | 5,512 | $ | 5,695 | ||||
|
| |||||||
TOTAL ADJUSTABLE RATE MORTGAGE (COST $5,504) |
| $ | 5,695 | |||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%** |
| |||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.0%** |
| |||||||
Series 2005-29, Class WC, 4.75%, 04/25/35 | 6,144 | 6,160 | ||||||
WHOLE LOAN – 0.0%** |
| |||||||
Banc of America Mortgage Securities, Inc., Series 2004-A, Class 2A1, 4.18%, 02/25/34Δ | 24,512 | 24,347 | ||||||
CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.50%, 06/01/23 | 4,600 | 4,582 | ||||||
IndyMac INDA Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.26%, 11/25/35Δ | 15,002 | 14,656 | ||||||
|
| |||||||
TOTAL WHOLE LOAN | $ | 43,585 | ||||||
|
| |||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $49,915) |
| $ | 49,745 |
Description | Par Value | Value | ||||||
CORPORATE BONDS – 42.4% |
| |||||||
AEROSPACE & DEFENSE – 2.2% |
| |||||||
Boeing Co. (The), Sr. Unsecured 1.95%, 02/01/24 | $ | 3,050,000 | $ | 2,967,754 | ||||
1.43%, 02/04/24 | 2,500,000 | 2,425,941 | ||||||
2.75%, 02/01/26 | 2,000,000 | 1,890,451 | ||||||
3.20%, 03/01/29 | 150,000 | 137,552 | ||||||
L3Harris Technologies, Inc., Sr. Unsecured, | ||||||||
2.90%, 12/15/29 | 835,000 | 743,646 | ||||||
Northrop Grumman Corp., Sr. Unsecured | ||||||||
2.93%, 01/15/25 | 1,000,000 | 970,097 | ||||||
4.03%, 10/15/47 | 1,765,000 | 1,528,476 | ||||||
Raytheon Technologies Corp., Sr. Unsecured, | ||||||||
3.50%, 03/15/27 | 1,600,000 | 1,552,201 | ||||||
|
| |||||||
TOTAL AEROSPACE & DEFENSE | $ | 12,216,118 | ||||||
AUTOMOTIVE – 2.1% |
| |||||||
Ford Motor Credit Co. LLC, Sr. Unsecured 3.37%, 11/17/23 | 1,000,000 | 984,352 | ||||||
5.58%, 03/18/24 | 1,250,000 | 1,244,814 | ||||||
5.13%, 06/16/25 | 1,500,000 | 1,458,682 | ||||||
2.90%, 02/16/28 | 250,000 | 216,525 | ||||||
General Motors Co., Sr. Unsecured, 6.25%, 10/02/43 | 1,000,000 | 968,055 |
ANNUAL REPORT / April 30, 2023
11 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
|
Description | Par Value | Value | ||||||
General Motors Financial Co., Inc., Sr. Unsecured | ||||||||
1.05%, 03/08/24 | $ | 100,000 | $ | 96,232 | ||||
2.90%, 02/26/25 | 230,000 | 220,355 | ||||||
1.25%, 01/08/26 | 1,000,000 | 901,591 | ||||||
1.50%, 06/10/26 | 3,000,000 | 2,687,665 | ||||||
Mercedes-Benz Finance North America LLC, Company Guaranteed, | ||||||||
0.75%, 03/01/24W | 3,000,000 | 2,891,850 | ||||||
|
| |||||||
TOTAL AUTOMOTIVE | $ | 11,670,121 | ||||||
BEVERAGES – 0.6% |
| |||||||
Anheuser-Busch Cos. LLC, Company Guaranteed, | ||||||||
4.90%, 02/01/46 | 1,125,000 | 1,116,439 | ||||||
Keurig Dr. Pepper, Inc., Company Guaranteed | ||||||||
0.75%, 03/15/24 | 1,490,000 | 1,434,756 | ||||||
3.20%, 05/01/30 | 775,000 | 708,723 | ||||||
|
| |||||||
TOTAL BEVERAGES | $ | 3,259,918 | ||||||
BIOTECHNOLOGY – 0.3% |
| |||||||
Amgen, Inc., Sr. Unsecured | ||||||||
2.25%, 08/19/23 | 225,000 | 223,127 | ||||||
5.65%, 03/02/53 | 1,280,000 | 1,333,579 | ||||||
|
| |||||||
TOTAL BIOTECHNOLOGY | $ | 1,556,706 | ||||||
BUILDING PRODUCTS – 0.2% |
| |||||||
Carrier Global Corp., Sr. Unsecured | ||||||||
2.24%, 02/15/25 | 418,000 | 398,484 | ||||||
2.49%, 02/15/27 | 56,000 | 51,749 | ||||||
Johnson Controls International PLC, Sr. Unsecured | ||||||||
3.63%, 07/02/24ÿ | 373,000 | 366,749 | ||||||
4.63%, 07/02/44 | 100,000 | 91,366 | ||||||
|
| |||||||
TOTAL BUILDING PRODUCTS | $ | 908,348 | ||||||
CAPITAL MARKETS – 2.6% |
| |||||||
Bank of New York Mellon Corp. (The), Subordinated, MTN, | ||||||||
3.00%, 10/30/28 | 775,000 | 713,093 | ||||||
Goldman Sachs Group, Inc. (The), Sr. Unsecured | ||||||||
(3 Month USD LIBOR + 1.20%), 3.27%, 09/29/25Δ | 1,010,000 | 976,215 | ||||||
(3 Month USD LIBOR + 1.51%), 3.69%, 06/05/28Δ | 2,080,000 | 1,980,608 | ||||||
(SOFR + 1.25%), 2.38%, 07/21/32Δ | 1,115,000 | 912,668 | ||||||
Morgan Stanley, Sr. Unsecured, | ||||||||
(SOFR + 0.72%), 0.99%, 12/10/26Δ | 175,000 | 156,915 | ||||||
Morgan Stanley, Sr. Unsecured, MTN | ||||||||
(SOFR + 0.46%), 5.29%, 01/25/24Δ | 3,000,000 | 2,993,217 | ||||||
3.13%, 07/27/26 | 340,000 | 323,324 | ||||||
(SOFR + 3.12%), 3.62%, 04/01/31Δ | 890,000 | 813,271 | ||||||
Morgan Stanley, Subordinated, GMTN, | ||||||||
4.35%, 09/08/26 | 505,000 | 492,955 | ||||||
Toronto-Dominion Bank (The), Sr. Unsecured, GMTN, | ||||||||
3.25%, 03/11/24 | 275,000 | 269,572 |
Description | Par Value | Value | ||||||
U.S. Bancorp, Sr. Unsecured, (SOFR + 2.09%), | ||||||||
5.85%, 10/21/33Δ | $ | 4,400,000 | $ | 4,525,369 | ||||
|
| |||||||
TOTAL CAPITAL MARKETS | $ | 14,157,207 | ||||||
CHEMICALS – 0.6% |
| |||||||
Nutrien Ltd., Sr. Unsecured, | ||||||||
1.90%, 05/13/23 | 2,000,000 | 1,998,208 | ||||||
Sherwin-Williams Co. (The), Sr. Unsecured, | ||||||||
2.20%, 03/15/32# | 1,480,000 | 1,208,192 | ||||||
|
| |||||||
TOTAL CHEMICALS | $ | 3,206,400 | ||||||
COMMERCIAL SERVICES & SUPPLIES – 0.7% |
| |||||||
Global Payments, Inc., Sr. Unsecured | ||||||||
3.75%, 06/01/23 | 2,570,000 | 2,567,805 | ||||||
2.65%, 02/15/25 | 275,000 | 262,418 | ||||||
2.90%, 05/15/30 | 1,000,000 | 855,033 | ||||||
|
| |||||||
TOTAL COMMERCIAL SERVICES & SUPPLIES | $ | 3,685,256 | ||||||
COMPUTERS – 1.0% |
| |||||||
Apple, Inc., Sr. Unsecured, | ||||||||
0.70%, 02/08/26 | 110,000 | 100,457 | ||||||
Hewlett Packard Enterprise Co., Sr. Unsecured | ||||||||
1.45%, 04/01/24 | 150,000 | 144,751 | ||||||
6.10%, 04/01/26 | 5,000,000 | 5,053,760 | ||||||
|
| |||||||
TOTAL COMPUTERS | $ | 5,298,968 | ||||||
COSMETICS/PERSONAL CARE – 0.2% |
| |||||||
Haleon U.S. Capital LLC, Company Guaranteed, | ||||||||
3.02%, 03/24/24 | 1,000,000 | 976,460 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 5.9% |
| |||||||
American Express Co., Sr. Unsecured, | ||||||||
3.13%, 05/20/26 | 150,000 | 143,963 | ||||||
Bank of America Corp., Sr. Unsecured, MTN | ||||||||
(SOFR + 1.15%), 1.32%, 06/19/26Δ | 250,000 | 229,232 | ||||||
3.25%, 10/21/27 | 1,095,000 | 1,032,793 | ||||||
(SOFR + 1.88%), 2.83%, 10/24/51Δ | 250,000 | 166,685 | ||||||
Bank of America Corp., Subordinated, MTN, | ||||||||
4.25%, 10/22/26 | 1,000,000 | 974,580 | ||||||
Capital One Financial Corp., Sr. Unsecured, | ||||||||
3.90%, 01/29/24 | 250,000 | 247,908 | ||||||
Charles Schwab Corp. (The), Sr. Unsecured, | ||||||||
3.20%, 03/02/27 | 2,894,000 | 2,697,105 | ||||||
Citigroup, Inc., Sr. Unsecured, (SOFR + 0.77%), | ||||||||
1.12%, 01/28/27Δ | 2,750,000 | 2,462,797 | ||||||
Citigroup, Inc., Subordinated, | ||||||||
4.13%, 07/25/28 | 1,900,000 | 1,812,115 | ||||||
Fifth Third Bancorp, Sr. Unsecured, | ||||||||
2.55%, 05/05/27 | 780,000 | 691,609 | ||||||
Fifth Third Bancorp, Subordinated, | ||||||||
4.30%, 01/16/24 | 780,000 | 762,546 | ||||||
FMR LLC, Sr. Unsecured, | ||||||||
6.45%, 11/15/39W | 1,000,000 | 1,078,249 | ||||||
Huntington Bancshares, Inc., Sr. Unsecured, | ||||||||
2.63%, 08/06/24 | 4,325,000 | 4,132,808 | ||||||
JPMorgan Chase & Co., Series W, Jr. Subordinated, (3 Month USD LIBOR + 1.00%), | ||||||||
5.86%, 05/15/47#,Δ | 1,000,000 | 832,326 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 12 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
JPMorgan Chase & Co., Sr. Unsecured | ||||||||
(SOFR + 0.92%), 2.60%, 02/24/26Δ | $ | 6,000,000 | $ | 5,751,384 | ||||
(SOFR + 1.59%), 2.01%, 03/13/26Δ | 150,000 | 141,542 | ||||||
KeyCorp., Sr. Unsecured, MTN, (SOFR + 1.25%), | ||||||||
3.88%, 05/23/25Δ | 1,980,000 | 1,912,206 | ||||||
PNC Bank NA, Subordinated, BKNT, | ||||||||
2.70%, 10/22/29 | 1,125,000 | 972,841 | ||||||
PNC Financial Services Group, Inc. (The), Sr. Unsecured, | ||||||||
3.45%, 04/23/29 | 100,000 | 92,120 | ||||||
PNC Financial Services Group, Inc. (The), Subordinated, | ||||||||
3.90%, 04/29/24 | 1,700,000 | 1,668,745 | ||||||
Truist Bank, Sr. Unsecured, BKNT, | ||||||||
3.20%, 04/01/24 | 175,000 | 171,326 | ||||||
Truist Bank, Subordinated, BKNT | ||||||||
3.63%, 09/16/25 | 250,000 | 238,047 | ||||||
3.80%, 10/30/26 | 1,000,000 | 931,310 | ||||||
2.25%, 03/11/30 | 1,850,000 | 1,521,813 | ||||||
Wells Fargo & Co., Sr. Unsecured, (SOFR + 2.00%), | ||||||||
2.19%, 04/30/26Δ | 1,170,000 | 1,103,977 | ||||||
Wells Fargo & Co., Sr. Unsecured, MTN, (3 Month USD LIBOR + 0.75%), | ||||||||
2.16%, 02/11/26Δ | 140,000 | 132,641 | ||||||
Wells Fargo & Co., Subordinated, MTN, | ||||||||
4.40%, 06/14/46 | 1,000,000 | 838,376 | ||||||
|
| |||||||
TOTAL DIVERSIFIED FINANCIAL SERVICES | $ | 32,741,044 | ||||||
ELECTRIC – 1.8% |
| |||||||
American Electric Power Co., Inc., Series M, Sr. Unsecured, | ||||||||
0.75%, 11/01/23 | 1,870,000 | 1,830,897 | ||||||
Dominion Energy, Inc., Series A, Sr. Unsecured, | ||||||||
1.45%, 04/15/26 | 1,950,000 | 1,771,436 | ||||||
Entergy Arkansas LLC, 1st Mortgage, | ||||||||
4.95%, 12/15/44 | 1,000,000 | 940,537 | ||||||
Entergy Corp., Sr. Unsecured, | ||||||||
0.90%, 09/15/25 | 1,000,000 | 906,503 | ||||||
Exelon Corp., Sr. Unsecured, | ||||||||
4.70%, 04/15/50 | 2,000,000 | 1,831,366 | ||||||
FirstEnergy Corp., Series B, Sr. Unsecured, | ||||||||
4.15%, 07/15/27 | 800,000 | 780,000 | ||||||
Southern Co. (The), Series 21-B, Sr. Unsecured, | ||||||||
1.75%, 03/15/28 | 40,000 | 34,703 | ||||||
Union Electric Co., 1st Mortgage, | ||||||||
3.50%, 03/15/29 | 220,000 | 208,212 | ||||||
WEC Energy Group, Inc., Sr. Unsecured | ||||||||
1.38%, 10/15/27 | 750,000 | 655,497 | ||||||
1.80%, 10/15/30 | 1,150,000 | 936,428 | ||||||
|
| |||||||
TOTAL ELECTRIC | $ | 9,895,579 | ||||||
ENTERTAINMENT – 0.7% |
| |||||||
Magallanes, Inc., Company Guaranteed, | ||||||||
5.14%, 03/15/52W | 5,000,000 | 4,009,578 | ||||||
FOOD & STAPLES RETAILING – 1.3% |
| |||||||
Campbell Soup Co., Sr. Unsecured, | ||||||||
3.30%, 03/19/25 | 2,050,000 | 1,992,158 |
Description | Par Value | Value | ||||||
Conagra Brands, Inc., Sr. Unsecured | ||||||||
1.38%, 11/01/27 | $ | 200,000 | $ | 172,427 | ||||
5.40%, 11/01/48 | 665,000 | 646,895 | ||||||
Kroger Co. (The), Sr. Unsecured, | ||||||||
3.95%, 01/15/50 | 1,000,000 | 820,643 | ||||||
McCormick & Co., Inc., Sr. Unsecured, | ||||||||
0.90%, 02/15/26 | 3,050,000 | 2,751,184 | ||||||
Mondelez International Holdings Netherlands BV, Company Guaranteed, | ||||||||
0.75%, 09/24/24W | 860,000 | 809,193 | ||||||
|
| |||||||
TOTAL FOOD & STAPLES RETAILING | $ | 7,192,500 | ||||||
GAS – 0.2% |
| |||||||
Southern Co. Gas Capital Corp., Company Guaranteed, | ||||||||
3.95%, 10/01/46 | 1,425,000 | 1,127,025 | ||||||
HEALTHCARE-PRODUCTS – 1.0% |
| |||||||
DH Europe Finance II Sarl, Company Guaranteed, | ||||||||
2.20%, 11/15/24 | 2,330,000 | 2,241,168 | ||||||
Thermo Fisher Scientific, Inc., Sr. Unsecured, | ||||||||
0.80%, 10/18/23 | 1,775,000 | 1,739,607 | ||||||
Zimmer Biomet Holdings, Inc., Sr. Unsecured, | ||||||||
1.45%, 11/22/24 | 1,480,000 | 1,401,988 | ||||||
|
| |||||||
TOTAL HEALTHCARE-PRODUCTS | $ | 5,382,763 | ||||||
HEALTHCARE-SERVICES – 1.3% |
| |||||||
CommonSpirit Health, Sr. Secured | ||||||||
2.76%, 10/01/24 | 3,140,000 | 3,049,983 | ||||||
3.35%, 10/01/29 | 150,000 | 135,975 | ||||||
Elevance Health, Inc., Sr. Unsecured, | ||||||||
3.65%, 12/01/27 | 1,650,000 | 1,601,987 | ||||||
NYU Langone Hospitals, Series 2020, Secured, | ||||||||
3.38%, 07/01/55 | 1,000,000 | 734,925 | ||||||
UnitedHealth Group, Inc., Sr. Unsecured | ||||||||
2.95%, 10/15/27 | 1,350,000 | 1,281,847 | ||||||
3.95%, 10/15/42 | 290,000 | 255,363 | ||||||
|
| |||||||
TOTAL HEALTHCARE-SERVICES | $ | 7,060,080 | ||||||
HOME FURNISHINGS – 0.2% | ||||||||
Whirlpool Corp., Sr. Unsecured, | ||||||||
4.60%, 05/15/50# | 1,405,000 | 1,182,723 | ||||||
INSURANCE – 1.3% | ||||||||
Aon Global Ltd., Company Guaranteed, | ||||||||
4.00%, 11/27/23 | 1,700,000 | 1,688,775 | ||||||
Berkshire Hathaway Finance Corp., Company Guaranteed, | ||||||||
4.30%, 05/15/43 | 425,000 | 398,367 | ||||||
CNA Financial Corp., Sr. Unsecured | ||||||||
7.25%, 11/15/23 | 200,000 | 201,942 | ||||||
3.95%, 05/15/24 | 950,000 | 935,531 | ||||||
Lincoln National Corp., Sr. Unsecured, | ||||||||
3.63%, 12/12/26 | 1,380,000 | 1,258,405 | ||||||
Principal Life Global Funding II, Secured, | ||||||||
1.63%, 11/19/30W | 250,000 | 198,581 | ||||||
W.R. Berkley Corp., Sr. Unsecured | ||||||||
4.75%, 08/01/44 | 1,715,000 | 1,602,826 |
ANNUAL REPORT / April 30, 2023
13 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
|
Description | Par Value | Value | ||||||
4.00%, 05/12/50 | $ | 1,425,000 | $ | 1,155,804 | ||||
|
| |||||||
TOTAL INSURANCE | $ | 7,440,231 | ||||||
INTERNET – 0.2% | ||||||||
Amazon.com, Inc., Sr. Unsecured | ||||||||
1.20%, 06/03/27 | 100,000 | 89,270 | ||||||
3.25%, 05/12/61 | 1,000,000 | 741,613 | ||||||
|
| |||||||
TOTAL INTERNET | $ | 830,883 | ||||||
MACHINERY – 0.0%** | ||||||||
Caterpillar Financial Services Corp., Sr. Unsecured, | ||||||||
0.65%, 07/07/23 | 50,000 | 49,620 | ||||||
MEDIA – 1.1% | ||||||||
CCO Holdings LLC, Sr. Unsecured, | ||||||||
4.25%, 02/01/31W | 3,000,000 | 2,460,000 | ||||||
Discovery Communications LLC, Company Guaranteed | ||||||||
3.95%, 03/20/28 | 1,000,000 | 937,004 | ||||||
3.63%, 05/15/30 | 1,000,000 | 891,853 | ||||||
Paramount Global, Sr. Unsecured | ||||||||
4.60%, 01/15/45 | 1,100,000 | 804,189 | ||||||
4.95%, 05/19/50 | 1,185,000 | 897,529 | ||||||
|
| |||||||
TOTAL MEDIA | $ | 5,990,575 | ||||||
MISCELLANEOUS MANUFACTURING – 0.4% |
| |||||||
Textron, Inc., Sr. Unsecured | ||||||||
3.88%, 03/01/25 | 750,000 | 733,572 | ||||||
2.45%, 03/15/31 | 2,000,000 | 1,695,572 | ||||||
|
| |||||||
TOTAL MISCELLANEOUS MANUFACTURING | $ | 2,429,144 | ||||||
OIL & GAS – 1.6% | ||||||||
Marathon Petroleum Corp., Sr. Unsecured, | ||||||||
3.63%, 09/15/24 | 745,000 | 730,613 | ||||||
Phillips 66, Company Guaranteed | ||||||||
0.90%, 02/15/24 | 1,065,000 | 1,029,538 | ||||||
3.85%, 04/09/25 | 575,000 | 563,526 | ||||||
Pioneer Natural Resources Co., Sr. Unsecured | ||||||||
0.55%, 05/15/23 | 1,035,000 | 1,033,105 | ||||||
1.13%, 01/15/26 | 1,000,000 | 913,595 | ||||||
1.90%, 08/15/30 | 1,940,000 | 1,606,988 | ||||||
2.15%, 01/15/31 | 1,000,000 | 839,778 | ||||||
Valero Energy Corp., Sr. Unsecured | ||||||||
2.15%, 09/15/27 | 1,800,000 | 1,636,238 | ||||||
4.90%, 03/15/45 | 563,000 | 513,030 | ||||||
|
| |||||||
TOTAL OIL & GAS | $ | 8,866,411 | ||||||
PHARMACEUTICALS – 3.3% | ||||||||
AbbVie, Inc., Sr. Unsecured | ||||||||
3.75%, 11/14/23 | 150,000 | 148,876 | ||||||
2.95%, 11/21/26 | 1,875,000 | 1,784,016 | ||||||
4.25%, 11/14/28 | 1,235,000 | 1,226,550 | ||||||
4.40%, 11/06/42 | 460,000 | 419,530 | ||||||
4.88%, 11/14/48 | 1,000,000 | 960,975 | ||||||
4.25%, 11/21/49 | 1,000,000 | 884,033 | ||||||
AstraZeneca Finance LLC, Company Guaranteed, | ||||||||
1.75%, 05/28/28 | 500,000 | 446,452 |
Description | Par Value | Value | ||||||
AstraZeneca PLC, Sr. Unsecured, | ||||||||
0.70%, 04/08/26 | $ | 100,000 | $ | 90,770 | ||||
Becton Dickinson & Co., Sr. Unsecured, | ||||||||
1.96%, 02/11/31 | 100,000 | 82,641 | ||||||
Bristol-Myers Squibb Co., Sr. Unsecured, | ||||||||
3.40%, 07/26/29 | 310,000 | 296,955 | ||||||
Cardinal Health, Inc., Sr. Unsecured, | ||||||||
4.50%, 11/15/44 | 650,000 | 560,381 | ||||||
Cigna Group (The), Company Guaranteed | ||||||||
3.75%, 07/15/23 | 272,000 | 271,065 | ||||||
4.80%, 07/15/46 | 1,000,000 | 922,478 | ||||||
Cigna Group (The), Sr. Unsecured | ||||||||
5.69%, 03/15/26 | 2,740,000 | 2,761,336 | ||||||
2.38%, 03/15/31 | 250,000 | 212,371 | ||||||
CVS Health Corp., Sr. Unsecured | ||||||||
1.30%, 08/21/27 | 145,000 | 127,439 | ||||||
5.13%, 02/21/30 | 910,000 | 928,135 | ||||||
1.88%, 02/28/31# | 2,000,000 | 1,629,713 | ||||||
McKesson Corp., Sr. Unsecured, | ||||||||
5.25%, 02/15/26 | 2,745,000 | 2,757,200 | ||||||
Pfizer, Inc., Sr. Unsecured, | ||||||||
2.63%, 04/01/30 | 650,000 | 590,728 | ||||||
Zoetis, Inc., Sr. Unsecured | ||||||||
3.00%, 09/12/27 | 125,000 | 118,888 | ||||||
3.95%, 09/12/47 | 1,005,000 | 849,721 | ||||||
|
| |||||||
TOTAL PHARMACEUTICALS | $ | 18,070,253 | ||||||
PIPELINES – 3.8% | ||||||||
Enbridge, Inc., Company Guaranteed | ||||||||
0.55%, 10/04/23 | 1,540,000 | 1,505,271 | ||||||
(SOFR + 0.63%), 5.36%, 02/16/24Δ | 3,000,000 | 2,985,111 | ||||||
Energy Transfer LP, Sr. Unsecured | ||||||||
3.75%, 05/15/30 | 715,000 | 658,760 | ||||||
5.30%, 04/15/47 | 1,250,000 | 1,100,601 | ||||||
Enterprise Products Operating LLC, Company Guaranteed | ||||||||
4.20%, 01/31/50 | 1,120,000 | 932,817 | ||||||
4.95%, 10/15/54 | 500,000 | 454,557 | ||||||
Kinder Morgan Energy Partners LP, Company Guaranteed, | ||||||||
5.40%, 09/01/44 | 1,000,000 | 927,932 | ||||||
Kinder Morgan, Inc., Company Guaranteed | ||||||||
5.20%, 03/01/48 | 2,040,000 | 1,827,781 | ||||||
3.60%, 02/15/51 | 1,315,000 | 928,958 | ||||||
MPLX LP, Sr. Unsecured | ||||||||
4.70%, 04/15/48 | 1,000,000 | 841,068 | ||||||
4.95%, 03/14/52 | 1,000,000 | 865,463 | ||||||
ONEOK Partners LP, Company Guaranteed, | ||||||||
6.20%, 09/15/43 | 1,000,000 | 996,155 | ||||||
ONEOK, Inc., Company Guaranteed, | ||||||||
6.10%, 11/15/32 | 335,000 | 350,094 | ||||||
Plains All American Pipeline LP, Sr. Unsecured, | ||||||||
3.85%, 10/15/23 | 866,000 | 858,658 | ||||||
Spectra Energy Partners LP, Company Guaranteed, | ||||||||
3.50%, 03/15/25 | 670,000 | 649,780 | ||||||
Targa Resources Corp., Company Guaranteed, | ||||||||
6.13%, 03/15/33 | 2,900,000 | 3,024,197 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 14 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Targa Resources Partners LP, Company Guaranteed, | ||||||||
4.88%, 02/01/31 | $ | 1,245,000 | $ | 1,174,969 | ||||
Williams Cos., Inc. (The), Sr. Unsecured, | ||||||||
3.50%, 10/15/51 | 1,485,000 | 1,061,722 | ||||||
|
| |||||||
TOTAL PIPELINES | $ | 21,143,894 | ||||||
REAL ESTATE INVESTMENT TRUSTS – 2.4% |
| |||||||
American Tower Corp., Sr. Unsecured | ||||||||
5.00%, 02/15/24 | 665,000 | 663,359 | ||||||
3.13%, 01/15/27 | 1,000,000 | 941,856 | ||||||
4.05%, 03/15/32 | 1,000,000 | 926,898 | ||||||
3.10%, 06/15/50 | 1,500,000 | 995,930 | ||||||
AvalonBay Communities, Inc., Sr. Unsecured, MTN, | ||||||||
3.35%, 05/15/27 | 1,420,000 | 1,352,645 | ||||||
Healthcare Realty Holdings LP, Company Guaranteed | ||||||||
3.88%, 05/01/25 | 1,215,000 | 1,172,120 | ||||||
3.63%, 01/15/28 | 1,100,000 | 1,004,167 | ||||||
Healthpeak OP LLC, Company Guaranteed | ||||||||
3.25%, 07/15/26 | 110,000 | 104,506 | ||||||
2.88%, 01/15/31 | 2,350,000 | 2,031,152 | ||||||
Ventas Realty LP, Company Guaranteed, | ||||||||
4.00%, 03/01/28 | 250,000 | 235,972 | ||||||
Welltower OP LLC, Company Guaranteed | ||||||||
3.63%, 03/15/24 | 250,000 | 245,706 | ||||||
4.00%, 06/01/25 | 3,000,000 | 2,929,515 | ||||||
4.95%, 09/01/48 | 1,000,000 | 889,873 | ||||||
|
| |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | $ | 13,493,699 | ||||||
RETAIL – 1.0% | ||||||||
Lowe’s Cos., Inc., Sr. Unsecured, | ||||||||
3.65%, 04/05/29 | 200,000 | 190,657 | ||||||
Nordstrom, Inc., Sr. Unsecured, | ||||||||
5.00%, 01/15/44 | 1,000,000 | 626,250 | ||||||
Walgreens Boots Alliance, Inc., Sr. Unsecured, | ||||||||
0.95%, 11/17/23 | 4,880,000 | 4,770,561 | ||||||
|
| |||||||
TOTAL RETAIL | $ | 5,587,468 | ||||||
SEMICONDUCTORS – 0.2% | ||||||||
Micron Technology, Inc., Sr. Unsecured, | ||||||||
2.70%, 04/15/32 | 1,500,000 | 1,199,444 | ||||||
SOFTWARE – 0.4% | ||||||||
Roper Technologies, Inc., Sr. Unsecured, | 1,345,000 | 1,116,678 | ||||||
Workday, Inc., Sr. Unsecured, | 1,385,000 | 1,331,872 | ||||||
|
| |||||||
TOTAL SOFTWARE | $ | 2,448,550 | ||||||
TELECOMMUNICATIONS – 1.3% | ||||||||
AT&T, Inc., Sr. Unsecured | 2,125,000 | 2,046,574 | ||||||
4.50%, 05/15/35 | 845,000 | 795,902 | ||||||
3.55%, 09/15/55 | 1,423,000 | 1,014,456 | ||||||
Verizon Communications, Inc., Sr. Unsecured | 50,000 | 44,674 | ||||||
1.75%, 01/20/31 | 2,310,000 | 1,863,612 | ||||||
2.36%, 03/15/32 | 305,000 | 250,188 |
Description | Par Value | Value | ||||||
3.40%, 03/22/41 | $ | 1,515,000 | $ | 1,195,021 | ||||
|
| |||||||
TOTAL TELECOMMUNICATIONS | $ | 7,210,427 | ||||||
TRANSPORTATION – 1.7% | ||||||||
FedEx Corp., Company Guaranteed, | 2,500,000 | 2,128,335 | ||||||
Ryder System, Inc., Sr. Unsecured, MTN | 1,670,000 | 1,645,161 | ||||||
2.85%, 03/01/27 | 2,645,000 | 2,454,839 | ||||||
Union Pacific Corp., Sr. Unsecured | 2,565,000 | 2,527,506 | ||||||
4.30%, 03/01/49 | 675,000 | 607,059 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 9,362,900 | ||||||
TRUCKING & LEASING – 0.8% | ||||||||
GATX Corp., Sr. Unsecured | 1,570,000 | 1,486,456 | ||||||
3.85%, 03/30/27 | 1,500,000 | 1,438,976 | ||||||
4.00%, 06/30/30 | 1,000,000 | 931,619 | ||||||
5.20%, 03/15/44 | 640,000 | 582,066 | ||||||
|
| |||||||
TOTAL TRUCKING & LEASING | $ | 4,439,117 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (COST $253,064,924) | $ | 234,089,410 | ||||||
GOVERNMENT AGENCIES – 3.1% | ||||||||
FEDERAL HOME LOAN BANK (FHLB) – 1.2% |
| |||||||
3.25%, 11/16/28# | 6,960,000 | 6,823,243 | ||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 1.6% |
| |||||||
0.38%, 07/21/25# | 9,250,000 | 8,538,587 | ||||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 0.3% |
| |||||||
0.25%, 05/22/23# | 200,000 | 199,447 | ||||||
6.25%, 05/15/29# | 750,000 | 852,334 | ||||||
7.25%, 05/15/30 | 400,000 | 487,486 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 1,539,267 | |||||
|
| |||||||
TOTAL GOVERNMENT AGENCIES (COST $18,320,507) | $ | 16,901,097 | ||||||
MORTGAGE-BACKED SECURITIES – 21.4% | ||||||||
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) – 5.4% |
| |||||||
Pool C00478, 8.50%, 09/01/26 | 3,208 | 3,333 | ||||||
Pool E09010, 2.50%, 09/01/27 | 183,208 | 176,473 | ||||||
Pool G18497, 3.00%, 01/01/29 | 27,482 | 26,572 | ||||||
Pool C01272, 6.00%, 12/01/31 | 7,377 | 7,469 | ||||||
Pool A13990, 4.50%, 10/01/33 | 4,505 | 4,408 | ||||||
Pool G01625, 5.00%, 11/01/33 | 21,258 | 21,478 | ||||||
Pool A18401, 6.00%, 02/01/34 | 12,047 | 12,187 | ||||||
Pool QN1900, 3.00%, 04/01/35 | 739,226 | 705,846 | ||||||
Pool G08097, 6.50%, 11/01/35 | 12,405 | 13,406 | ||||||
Pool G02296, 5.00%, 06/01/36 | 53,189 | 53,903 | ||||||
Pool G02390, 6.00%, 09/01/36 | 4,965 | 5,273 | ||||||
Pool G05317, 5.00%, 04/01/37 | 216,332 | 218,499 | ||||||
Pool G08193, 6.00%, 04/01/37 | 9,946 | 10,459 | ||||||
Pool G03703, 5.50%, 12/01/37 | 5,846 | 6,074 | ||||||
Pool G04776, 5.50%, 07/01/38 | 19,525 | 19,939 | ||||||
Pool G05500, 5.00%, 05/01/39 | 194,104 | 199,860 | ||||||
Pool A93415, 4.00%, 08/01/40 | 245,904 | 235,844 |
ANNUAL REPORT / April 30, 2023
15 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued)
|
Description | Par Value | Value | ||||||
Pool A93505, 4.50%, 08/01/40 | $ | 325,413 | $ | 327,225 | ||||
Pool A93996, 4.50%, 09/01/40 | 243,887 | 245,249 | ||||||
Pool G06222, 4.00%, 01/01/41 | 383,765 | 377,165 | ||||||
Pool A97047, 4.50%, 02/01/41 | 246,962 | 248,335 | ||||||
Pool G06956, 4.50%, 08/01/41 | 244,924 | 246,285 | ||||||
Pool C03750, 3.50%, 02/01/42 | 105,329 | 99,875 | ||||||
Pool C03849, 3.50%, 04/01/42 | 57,202 | 53,471 | ||||||
Pool Q08305, 3.50%, 05/01/42 | 431,252 | 418,244 | ||||||
Pool C04305, 3.00%, 11/01/42 | 1,171,784 | 1,097,342 | ||||||
Pool C09020, 3.50%, 11/01/42 | 833,746 | 790,588 | ||||||
Pool G07266, 4.00%, 12/01/42 | 717,525 | 704,377 | ||||||
Pool C04444, 3.00%, 01/01/43 | 36,865 | 33,924 | ||||||
Pool C09029, 3.00%, 03/01/43 | 157,369 | 144,795 | ||||||
Pool G08534, 3.00%, 06/01/43 | 193,811 | 178,330 | ||||||
Pool Q19476, 3.50%, 06/01/43 | 317,020 | 301,947 | ||||||
Pool C09044, 3.50%, 07/01/43 | 369,621 | 352,027 | ||||||
Pool G07889, 3.50%, 08/01/43 | 341,922 | 324,145 | ||||||
Pool G07624, 4.00%, 12/01/43 | 335,664 | 335,020 | ||||||
Pool G60038, 3.50%, 01/01/44 | 1,817,755 | 1,723,310 | ||||||
Pool G07680, 4.00%, 04/01/44 | 607,960 | 591,532 | ||||||
Pool G07943, 4.50%, 08/01/44 | 33,085 | 33,202 | ||||||
Pool G08607, 4.50%, 09/01/44 | 222,811 | 223,534 | ||||||
Pool Q33547, 3.50%, 05/01/45 | 278,939 | 261,206 | ||||||
Pool Q36970, 4.00%, 10/01/45 | 138,160 | 134,661 | ||||||
Pool G60384, 4.50%, 12/01/45 | 21,690 | 21,766 | ||||||
Pool Q39644, 3.50%, 03/01/46 | 883,640 | 834,769 | ||||||
Pool Q39438, 4.00%, 03/01/46 | 862,333 | 837,709 | ||||||
Pool G08705, 3.00%, 05/01/46 | 79,158 | 72,279 | ||||||
Pool G08708, 4.50%, 05/01/46 | 137,326 | 137,140 | ||||||
Pool ZS4671, 3.00%, 08/01/46 | 513,309 | 468,190 | ||||||
Pool Q44452, 3.00%, 11/01/46 | 744,202 | 679,508 | ||||||
Pool ZS4693, 3.00%, 12/01/46 | 1,417,335 | 1,292,746 | ||||||
Pool SD8037, 2.50%, 01/01/50 | 2,817,907 | 2,454,151 | ||||||
Pool RA2341, 2.50%, 04/01/50 | 2,478,606 | 2,149,284 | ||||||
Pool SD8104, 1.50%, 11/01/50 | 2,464,685 | 1,940,553 | ||||||
Pool RA4349, 2.50%, 01/01/51 | 1,260,084 | 1,095,527 | ||||||
Pool SD8141, 2.50%, 04/01/51 | 1,150,839 | 996,984 | ||||||
Pool SD8190, 3.00%, 01/01/52 | 2,240,431 | 2,021,175 | ||||||
Pool QE2363, 3.50%, 05/01/52 | 3,885,714 | 3,613,040 | ||||||
|
| |||||||
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) |
| $ | 29,581,633 | |||||
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – 16.0% |
| |||||||
Pool AE2520, 3.00%, 01/01/26 | 120,943 | 116,951 | ||||||
Pool 329794, 7.00%, 02/01/26 | 1,570 | 1,511 | ||||||
Pool 256639, 5.00%, 02/01/27 | 9,230 | 9,231 | ||||||
Pool 256752, 6.00%, 06/01/27 | 11,387 | 11,663 | ||||||
Pool 257007, 6.00%, 12/01/27 | 10,718 | 10,971 | ||||||
Pool 402255, 6.50%, 12/01/27 | 276 | 283 | ||||||
Pool AB8997, 2.50%, 04/01/28 | 52,909 | 50,979 | ||||||
Pool AS4480, 2.50%, 02/01/30 | 287,418 | 272,054 | ||||||
Pool AS7462, 2.50%, 06/01/31 | 140,055 | 131,818 | ||||||
Pool 254007, 6.50%, 10/01/31 | 4,078 | 4,303 | ||||||
Pool 254240, 7.00%, 03/01/32 | 11,294 | 11,425 | ||||||
Pool 638023, 6.50%, 04/01/32 | 33,974 | 36,245 | ||||||
Pool 642345, 6.50%, 05/01/32 | 19,761 | 21,084 | ||||||
Pool 651292, 6.50%, 07/01/32 | 43,820 | 46,672 | ||||||
Pool 686398, 6.00%, 03/01/33 | 51,245 | 55,083 |
Description | Par Value | Value | ||||||
Pool BP6496, 2.00%, 07/01/35 | $ | 807,557 | $ | 727,014 | ||||
Pool MA4095, 2.00%, 08/01/35 | 1,009,737 | 908,980 | ||||||
Pool 745412, 5.50%, 12/01/35 | 15,477 | 16,065 | ||||||
Pool 888789, 5.00%, 07/01/36 | 83,153 | 85,993 | ||||||
Pool 256515, 6.50%, 12/01/36 | 5,937 | 6,411 | ||||||
Pool AE0217, 4.50%, 08/01/40 | 39,488 | 39,003 | ||||||
Pool AB1796, 3.50%, 11/01/40 | 241,326 | 229,844 | ||||||
Pool AH5583, 4.50%, 02/01/41 | 105,809 | 106,398 | ||||||
Pool 890551, 4.50%, 08/01/41 | 25,567 | 25,704 | ||||||
Pool AL0658, 4.50%, 08/01/41 | 148,573 | 149,372 | ||||||
Pool AL1319, 4.50%, 10/01/41 | 178,468 | 179,461 | ||||||
Pool AL6302, 4.50%, 10/01/41 | 258,962 | 260,406 | ||||||
Pool AX5302, 4.00%, 01/01/42 | 446,399 | 438,751 | ||||||
Pool AK4523, 4.00%, 03/01/42 | 505,354 | 496,176 | ||||||
Pool AL2034, 4.50%, 04/01/42 | 72,055 | 72,444 | ||||||
Pool AB7936, 3.00%, 02/01/43 | 710,243 | 653,525 | ||||||
Pool AL3761, 4.50%, 02/01/43 | 72,797 | 73,202 | ||||||
Pool MA1458, 3.00%, 06/01/43 | 155,875 | 143,428 | ||||||
Pool AT7899, 3.50%, 07/01/43 | 1,077,492 | 1,020,589 | ||||||
Pool AS0302, 3.00%, 08/01/43 | 1,674,911 | 1,541,058 | ||||||
Pool AU4279, 3.00%, 09/01/43 | 343,015 | 315,608 | ||||||
Pool AL5537, 4.50%, 04/01/44 | 119,605 | 120,323 | ||||||
Pool AS3155, 4.00%, 08/01/44 | 16,628 | 16,259 | ||||||
Pool AX0833, 3.50%, 09/01/44 | 297,312 | 278,789 | ||||||
Pool AL6325, 3.00%, 10/01/44 | 1,076,723 | 990,542 | ||||||
Pool AS5136, 4.00%, 06/01/45 | 101,258 | 98,427 | ||||||
Pool AZ7362, 4.00%, 11/01/45 | 287,534 | 280,267 | ||||||
Pool AZ9565, 3.50%, 12/01/45 | 407,811 | 386,304 | ||||||
Pool BC0326, 3.50%, 12/01/45 | 341,871 | 323,851 | ||||||
Pool BC0245, 3.00%, 02/01/46 | 218,349 | 199,372 | ||||||
Pool BC0830, 3.00%, 04/01/46 | 324,737 | 296,514 | ||||||
Pool AS7568, 4.50%, 07/01/46 | 44,267 | 44,564 | ||||||
Pool BC4764, 3.00%, 10/01/46 | 437,083 | 399,096 | ||||||
Pool MA2771, 3.00%, 10/01/46 | 130,445 | 119,106 | ||||||
Pool AS8276, 3.00%, 11/01/46 | 445,407 | 406,659 | ||||||
Pool BC9003, 3.00%, 11/01/46 | 456,695 | 417,005 | ||||||
Pool BE1899, 3.00%, 11/01/46 | 1,778,686 | 1,624,311 | ||||||
Pool BE3767, 3.50%, 07/01/47 | 406,867 | 383,138 | ||||||
Pool BH2618, 3.50%, 08/01/47 | 115,680 | 108,929 | ||||||
Pool MA3088, 4.00%, 08/01/47 | 352,627 | 341,634 | ||||||
Pool BH4010, 4.50%, 09/01/47 | 357,222 | 355,899 | ||||||
Pool BH9215, 3.50%, 01/01/48 | 573,591 | 540,108 | ||||||
Pool BJ0650, 3.50%, 03/01/48 | 2,369,166 | 2,227,222 | ||||||
Pool BJ0639, 4.00%, 03/01/48 | 137,625 | 133,099 | ||||||
Pool BJ9169, 4.00%, 05/01/48 | 643,175 | 622,032 | ||||||
Pool BK4764, 4.00%, 08/01/48 | 594,044 | 574,527 | ||||||
Pool BN1628, 4.50%, 11/01/48 | 299,540 | 296,704 | ||||||
Pool BM5334, 3.50%, 01/01/49 | 544,474 | 515,515 | ||||||
Pool MA3871, 3.00%, 12/01/49 | 1,448,416 | 1,312,615 | ||||||
Pool CA5306, 3.00%, 03/01/50 | 1,242,149 | 1,116,225 | ||||||
Pool CA5353, 3.50%, 03/01/50 | 1,095,283 | 1,029,880 | ||||||
Pool MA4100, 2.00%, 08/01/50 | 1,332,444 | 1,110,419 | ||||||
Pool FM3989, 2.50%, 08/01/50 | 881,588 | 766,032 | ||||||
Pool CA6983, 2.00%, 09/01/50 | 2,366,755 | 1,967,682 | ||||||
Pool CA7106, 2.00%, 09/01/50 | 1,505,656 | 1,251,579 | ||||||
Pool MA4119, 2.00%, 09/01/50 | 999,564 | 832,995 | ||||||
Pool BQ2999, 2.50%, 10/01/50 | 2,024,516 | 1,763,349 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 16 |
Wilmington Broad Market Bond Fund (continued)
Description | Par Value | Value | ||||||
Pool CA7383, 3.00%, 10/01/50 | $ | 1,366,025 | $ | 1,232,302 | ||||
Pool CA7734, 2.50%, 11/01/50 | 1,437,031 | 1,246,219 | ||||||
Pool FM5297, 3.00%, 11/01/50 | 1,836,240 | 1,671,365 | ||||||
Pool MA4208, 2.00%, 12/01/50 | 1,030,541 | 858,816 | ||||||
Pool CA8021, 2.50%, 12/01/50 | 4,045,528 | 3,532,738 | ||||||
Pool FM5166, 3.00%, 12/01/50 | 945,979 | 858,348 | ||||||
Pool BQ4495, 2.00%, 02/01/51 | 5,631,910 | 4,683,852 | ||||||
Pool CA8929, 2.00%, 02/01/51 | 2,674,138 | 2,231,896 | ||||||
Pool FM6426, 2.00%, 03/01/51 | 2,350,751 | 1,982,206 | ||||||
Pool BR7857, 2.50%, 05/01/51 | 3,607,617 | 3,125,872 | ||||||
Pool FM7188, 2.50%, 05/01/51 | 2,581,772 | 2,270,770 | ||||||
Pool CB0727, 2.50%, 06/01/51 | 6,383,810 | 5,571,124 | ||||||
Pool FM8440, 2.50%, 08/01/51 | 1,442,200 | 1,258,255 | ||||||
Pool FM9949, 2.00%, 12/01/51 | 937,690 | 788,213 | ||||||
Pool FM9871, 2.50%, 12/01/51 | 6,418,586 | 5,600,955 | ||||||
Pool BU1416, 3.00%, 01/01/52 | 2,306,946 | 2,080,086 | ||||||
Pool FS0982, 3.00%, 03/01/52 | 1,901,844 | 1,715,423 | ||||||
Pool FS1571, 2.00%, 04/01/52 | 3,889,576 | 3,231,460 | ||||||
Pool CB3334, 3.50%, 04/01/52 | 5,881,067 | 5,483,114 | ||||||
Pool BV7245, 4.00%, 05/01/52 | 6,676,344 | 6,398,961 | ||||||
Pool MA4644, 4.00%, 05/01/52 | 1,354,504 | 1,294,854 | ||||||
|
| |||||||
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) |
| $ | 88,637,506 | |||||
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) – 0.0%** |
| |||||||
Pool 354677, 7.50%, 10/15/23 | 104 | 104 | ||||||
Pool 354713, 7.50%, 12/15/23 | 177 | 176 | ||||||
Pool 354765, 7.00%, 02/15/24 | 1,424 | 1,425 | ||||||
Pool 354827, 7.00%, 05/15/24 | 285 | 284 | ||||||
Pool 385623, 7.00%, 05/15/24 | 1,960 | 1,959 | ||||||
Pool 2077, 7.00%, 09/20/25 | 1,153 | 1,171 | ||||||
Pool 780825, 6.50%, 07/15/28 | 17,487 | 17,772 | ||||||
Pool 2616, 7.00%, 07/20/28 | 10,107 | 10,241 | ||||||
Pool 2701, 6.50%, 01/20/29 | 21,274 | 22,043 | ||||||
Pool 426727, 7.00%, 02/15/29 | 2,644 | 2,676 | ||||||
Pool 503405, 6.50%, 04/15/29 | 7,389 | 7,489 | ||||||
Pool 781231, 7.00%, 12/15/30 | 10,413 | 10,763 | ||||||
|
| |||||||
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) |
| $ | 76,103 | |||||
|
| |||||||
TOTAL MORTGAGE-BACKED SECURITIES (COST $134,706,773) |
| $ | 118,295,242 | |||||
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 | 2,196,746 | ||||||
|
| |||||||
TOTAL MUNICIPAL BOND (COST $2,500,000) | $ | 2,196,746 | ||||||
U.S. TREASURY OBLIGATIONS – 29.0% |
| |||||||
U.S. TREASURY BONDS – 9.5% |
| |||||||
6.38%, 08/15/27 | 450,000 | 498,619 | ||||||
5.25%, 02/15/29 | 12,500,000 | 13,571,512 | ||||||
6.25%, 05/15/30 | 500,000 | 585,092 | ||||||
5.38%, 02/15/31# | 600,000 | 678,313 | ||||||
2.00%, 11/15/41 | 985,000 | 746,899 | ||||||
2.38%, 02/15/42 | 2,000,000 | 1,616,368 | ||||||
3.00%, 05/15/42 | 500,000 | 446,487 |
Description | Par Value | Value | ||||||
3.63%, 08/15/43 | $ | 881,000 | $ | 859,767 | ||||
3.75%, 11/15/43 | 365,000 | 362,599 | ||||||
3.63%, 02/15/44 | 2,106,000 | 2,048,035 | ||||||
3.13%, 08/15/44 | 6,637,000 | 5,954,180 | ||||||
3.00%, 11/15/44 | 2,000,000 | 1,755,473 | ||||||
2.50%, 02/15/45 | 2,135,000 | 1,712,724 | ||||||
3.00%, 05/15/45 | 2,000,000 | 1,749,876 | ||||||
2.88%, 08/15/45 | 300,000 | 256,666 | ||||||
3.00%, 11/15/45 | 765,000 | 668,743 | ||||||
2.50%, 02/15/46 | 280,000 | 223,359 | ||||||
3.00%, 02/15/47 | 1,098,000 | 958,344 | ||||||
3.00%, 05/15/47 | 1,695,000 | 1,478,895 | ||||||
2.75%, 11/15/47 | 2,235,000 | 1,863,401 | ||||||
1.25%, 05/15/50 | 3,300,000 | 1,925,811 | ||||||
1.38%, 08/15/50 | 3,000,000 | 1,806,099 | ||||||
1.63%, 11/15/50 | 2,500,000 | 1,608,291 | ||||||
2.00%, 08/15/51 | 13,255,000 | 9,335,645 | ||||||
|
| |||||||
TOTAL U.S. TREASURY BONDS | $ | 52,711,198 | ||||||
U.S. TREASURY NOTES – 19.5% |
| |||||||
2.50%, 08/15/23 | 390,000 | 387,003 | ||||||
1.63%, 10/31/23 | 290,000 | 285,388 | ||||||
2.00%, 04/30/24 | 1,195,000 | 1,162,046 | ||||||
1.75%, 07/31/24 | 1,900,000 | 1,834,651 | ||||||
2.38%, 08/15/24 | 6,100,000 | 5,935,062 | ||||||
2.00%, 02/15/25 | 4,655,000 | 4,481,653 | ||||||
0.38%, 04/30/25 | 250,000 | 232,497 | ||||||
2.13%, 05/15/25 | 2,800,000 | 2,694,549 | ||||||
2.00%, 08/15/25 | 945,000 | 905,293 | ||||||
2.25%, 11/15/25 | 730,000 | 701,849 | ||||||
1.63%, 02/15/26 | 8,000,000 | 7,545,374 | ||||||
1.63%, 05/15/26 | 5,470,000 | 5,142,259 | ||||||
2.00%, 11/15/26 | 4,180,000 | 3,952,571 | ||||||
2.25%, 02/15/27 | 30,000 | 28,570 | ||||||
1.13%, 02/28/27 | 250,000 | 228,160 | ||||||
0.50%, 06/30/27 | 450,000 | 396,792 | ||||||
3.13%, 08/31/27 | 15,000,000 | 14,740,752 | ||||||
2.25%, 11/15/27 | 300,000 | 283,754 | ||||||
2.75%, 02/15/28 | 6,750,000 | 6,519,561 | ||||||
4.00%, 02/29/28 | 10,000,000 | 10,222,770 | ||||||
1.25%, 06/30/28 | 500,000 | 446,727 | ||||||
2.88%, 08/15/28 | 5,000,000 | 4,846,296 | ||||||
3.13%, 11/15/28 | 350,000 | 342,911 | ||||||
2.38%, 05/15/29 | 2,900,000 | 2,720,411 | ||||||
1.63%, 08/15/29 | 5,000,000 | 4,486,477 | ||||||
1.50%, 02/15/30 | 5,000,000 | 4,413,901 | ||||||
0.63%, 05/15/30 | 550,000 | 453,818 | ||||||
1.63%, 05/15/31 | 10,000,000 | 8,768,871 | ||||||
1.38%, 11/15/31 | 1,880,000 | 1,599,219 | ||||||
1.88%, 02/15/32 | 6,000,000 | 5,305,549 | ||||||
2.75%, 08/15/32 | 7,000,000 | 6,624,822 | ||||||
|
| |||||||
TOTAL U.S. TREASURY NOTES | $ | 107,689,556 | ||||||
|
| |||||||
TOTAL U.S. TREASURY OBLIGATIONS (COST $172,995,029) |
| $ | 160,400,754 |
ANNUAL REPORT / April 30, 2023
17 | PORTFOLIOS OF INVESTMENTS |
Wilmington Broad Market Bond Fund (continued) |
Description
| Number of
| Value
| ||||||
MONEY MARKET FUND – 3.0% |
| |||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 16,343,823 | $ | 16,343,823 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (COST $16,343,823) |
| $ | 16,343,823 | |||||
| ||||||||
Par Value | ||||||||
CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN – 2.9% |
| |||||||
REPURCHASE AGREEMENTS – 2.9% |
| |||||||
Bank of America Securities, Inc., 4.82%, dated 4/28/23, due 5/01/23, repurchase price $3,255,289, collateralized by U.S. Government Agency Securities, 1.50% to 4.00%, maturing 9/20/46 to 6/20/52; total market value of $3,319,062. | $ | 3,253,982 | 3,253,982 | |||||
Citigroup Global Markets Ltd., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,255,286, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 7.00%, maturing 8/15/23 to 8/20/67; total market value of $3,319,062. | 3,253,982 | 3,253,982 | ||||||
Deutsche Bank Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,201,230, collateralized by U.S. Government Agency Securities, 1.50% to 8.00%, maturing 2/01/26 to 9/01/61; total market value of $3,263,946. | 3,199,947 | 3,199,947 |
Description
|
| Value
| ||||||
HSBC Securities USA, Inc., 4.80%, dated 4/28/23, due 5/01/23, repurchase price $3,255,284, collateralized by U.S. Government Agency Securities, 0.00% to 7.00%, maturing 9/15/25 to 1/15/63; total market value of $3,319,062. | $ | 3,253,982 | $ | 3,253,982 | ||||
RBC Dominion Securities, Inc., 4.81%, dated 4/28/23, due 5/01/23, repurchase price $3,255,286, collateralized by U.S. Government Agency & Treasury Securities, 0.00% to 6.00%, maturing 5/04/23 to 4/20/53; total market value of $3,319,062. | 3,253,982 | 3,253,982 | ||||||
|
| |||||||
TOTAL REPURCHASE AGREEMENTS (COST $16,215,875) |
| $ | 16,215,875 | |||||
|
| |||||||
TOTAL CASH COLLATERAL INVESTED FOR SECURITIES ON LOAN (COST $16,215,875) |
| $ | 16,215,875 | |||||
TOTAL INVESTMENTS – 102.2% (COST $614,202,350) |
| $ | 564,498,387 | |||||
COLLATERAL FOR SECURITIES ON LOAN – (2.9%) |
| (16,215,875 | ) | |||||
OTHER ASSETS LESS LIABILITIES – 0.7% |
| 3,822,901 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 552,105,413 | |||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Adjustable Rate Mortgage | $ | — | $ | 5,695 | $ | — | $ | 5,695 | ||||||||
Collateralized Mortgage Obligations | — | 49,745 | — | 49,745 | ||||||||||||
Corporate Bonds | — | 234,089,410 | — | 234,089,410 | ||||||||||||
Government Agencies | — | 16,901,097 | — | 16,901,097 | ||||||||||||
Mortgage-Backed Securities | — | 118,295,242 | — | 118,295,242 | ||||||||||||
Municipal Bond | — | 2,196,746 | — | 2,196,746 | ||||||||||||
U.S. Treasury Obligations | — | 160,400,754 | — | 160,400,754 | ||||||||||||
Money Market Fund | 16,343,823 | — | — | 16,343,823 | ||||||||||||
Repurchase Agreements | — | 16,215,875 | — | 16,215,875 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 16,343,823 | $ | 548,154,564 | $ | — | $ | 564,498,387 | ||||||||
|
|
|
|
|
|
|
|
** | 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. |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 18 |
Wilmington Broad Market Bond Fund (concluded)
W | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees. At April 30, 2023, these liquid restricted securities amounted to $11,447,451, representing 2.07% of total net assets. |
ÿ | Step coupon security. The rate disclosed is the rate in effect on the report date. |
# | 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 | |
LIBOR | London Interbank Offered Rate | |
LLC | Limited Liability Corporation | |
LP | Limited Partnership | |
MTN | Medium Term Note | |
NA | National Association | |
PLC | Public Limited Company | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
19 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington Municipal Bond Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of | |||||
Total Net Assets | |||||
General | 17.4 | % | |||
General Obligations | 14.1 | % | |||
Medical | 10.5 | % | |||
Higher Education | 9.0 | % | |||
Airport | 6.7 | % | |||
Transportation | 5.8 | % | |||
Water | 4.0 | % | |||
Power | 4.0 | % | |||
Development | 3.9 | % | |||
Education | 3.9 | % | |||
School District | 3.4 | % | |||
Multifamily Hsg | 3.4 | % | |||
Utilities | 2.4 | % | |||
Housing | 2.3 | % | |||
Tobacco Settlement | 2.1 | % | |||
Student Loan | 1.3 | % | |||
Pollution | 0.8 | % | |||
Dedicated Tax | 0.8 | % | |||
Exchange-Traded Funds | 1.7 | % | |||
Cash Equivalents(1) | 2.3 | % | |||
Other Assets and Liabilities - Net(2) | 0.2 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Percentage of | |||||
Credit Quality Diversification(3) | Total Net Assets | ||||
AAA / Aaa | 13.4 | % | |||
AA / Aa | 27.4 | % | |||
A / A | 39.9 | % | |||
BBB / Baa | 10.4 | % | |||
Not Rated | 8.7 | % | |||
Other Assets and Liabilities - Net(2) | 0.2 | % | |||
|
| ||||
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, 2023
Description | Number of Shares | Value | ||||||
EXCHANGE-TRADED FUNDS – 1.7% |
| |||||||
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 235,500 | $ | 5,882,790 | |||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,994,679) |
| $ | 5,882,790 |
Description |
Par Value | Value | ||||||
MUNICIPAL BONDS – 95.8% |
| |||||||
ALABAMA – 0.3% |
| |||||||
HIGHER EDUCATION – 0.3% |
| |||||||
University of South Alabama, AL, Advance Refunding Revenue Bonds, (AGM), 5.00%, 11/01/31 | $ | 1,000,000 | $ | 1,057,433 | ||||
|
| |||||||
TOTAL ALABAMA | $ | 1,057,433 | ||||||
ALASKA – 0.5% |
| |||||||
HIGHER EDUCATION – 0.5% |
| |||||||
University of Alaska, AK, Revenue Bonds, | 1,810,000 | 1,880,571 | ||||||
|
| |||||||
TOTAL ALASKA |
| $ | 1,880,571 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 20 |
Wilmington Municipal Bond Fund (continued)
Description |
Par Value | Value | ||||||
ARIZONA – 3.1% |
| |||||||
DEVELOPMENT – 0.0%** |
| |||||||
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 | $ | 90,000 | $ | 92,214 | ||||
EDUCATION – 1.3% |
| |||||||
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A) 5.00%, 11/01/26 | 1,000,000 | 1,052,697 | ||||||
5.00%, 11/01/30 | 1,000,000 | 1,081,984 | ||||||
5.00%, 11/01/32 | 865,000 | 931,322 | ||||||
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions -Harmony Public Schools Project), (Series A), 5.00%, 02/15/28 | 1,300,000 | 1,339,889 | ||||||
|
| |||||||
TOTAL EDUCATION |
| $ | 4,405,892 | |||||
MEDICAL – 0.7% |
| |||||||
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A) 5.00%, 09/01/34 | 1,000,000 | 1,096,311 | ||||||
5.00%, 09/01/35 | 725,000 | 789,228 | ||||||
5.00%, 09/01/36 | 500,000 | 536,491 | ||||||
|
| |||||||
TOTAL MEDICAL |
| $ | 2,422,030 | |||||
UTILITIES – 1.1% |
| |||||||
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36 | 3,000,000 | 3,548,810 | ||||||
|
| |||||||
TOTAL ARIZONA |
| $ | 10,468,946 | |||||
CALIFORNIA – 1.5% |
| |||||||
AIRPORT – 0.8% |
| |||||||
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32 | 800,000 | 865,774 | ||||||
City of Los Angeles Department of Airports, CA, Revenue Bonds 4.00%, 05/15/35 | 600,000 | 617,323 | ||||||
4.00%, 05/15/36 | 800,000 | 816,331 | ||||||
4.00%, 05/15/37 | 500,000 | 505,510 | ||||||
|
| |||||||
TOTAL AIRPORT |
| $ | 2,804,938 | |||||
GENERAL – 0.3% |
| |||||||
Salinas Public Facilities, Inc., CA, Revenue Bonds, (City of Salinas Public Safety Building Project), 4.00%, 12/01/29 | 1,000,000 | 1,039,191 | ||||||
GENERAL OBLIGATIONS – 0.4% |
| |||||||
State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32 | 1,000,000 | 1,218,186 | ||||||
|
| |||||||
TOTAL CALIFORNIA |
| $ | 5,062,315 |
Description |
Par Value | Value | ||||||
COLORADO – 4.7% |
| |||||||
AIRPORT – 0.8% |
| |||||||
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31 | $ | 2,500,000 | $ | 2,700,054 | ||||
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 | 2,351,243 | ||||||
MEDICAL – 1.6% |
| |||||||
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62 | 3,000,000 | 3,308,322 | ||||||
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49 | 2,000,000 | 2,078,336 | ||||||
|
| |||||||
TOTAL MEDICAL |
| $ | 5,386,658 | |||||
MULTIFAMILY HSG – 0.3% |
| |||||||
Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41 | 1,000,000 | 1,008,189 | ||||||
TRANSPORTATION – 0.8% |
| |||||||
E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A) 5.00%, 09/01/27 | 1,000,000 | 1,095,122 | ||||||
5.00%, 09/01/34 | 1,300,000 | 1,494,983 | ||||||
|
| |||||||
TOTAL TRANSPORTATION |
| $ | 2,590,105 | |||||
WATER – 0.5% |
| |||||||
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33 | 1,750,000 | 1,900,376 | ||||||
|
| |||||||
TOTAL COLORADO |
| $ | 15,936,625 | |||||
CONNECTICUT – 2.1% |
| |||||||
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 | 2,814,175 | ||||||
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 | 1,496,136 | ||||||
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33 | 1,000,000 | 1,079,380 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION |
| $ | 2,575,516 | |||||
MEDICAL – 0.5% |
| |||||||
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1) 4.00%, 07/01/28 | 685,000 | 695,964 | ||||||
4.00%, 07/01/29 | 500,000 | 510,238 |
ANNUAL REPORT / April 30, 2023
21 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
|
Description | Par Value | Value | ||||||
4.00%, 07/01/30 | $ | 600,000 | $ | 612,586 | ||||
|
| |||||||
TOTAL MEDICAL | $ | 1,818,788 | ||||||
|
| |||||||
TOTAL CONNECTICUT | $ | 7,208,479 | ||||||
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 | 701,284 | ||||||
5.00%, 10/01/31 | 875,000 | 1,005,547 | ||||||
5.00%, 10/01/32 | 500,000 | 574,073 | ||||||
|
| |||||||
TOTAL GENERAL | $ | 2,280,904 | ||||||
TRANSPORTATION – 0.5% | ||||||||
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), | ||||||||
5.00%, 07/01/30 | 1,500,000 | 1,640,295 | ||||||
|
| |||||||
TOTAL DISTRICT OF COLUMBIA | $ | 3,921,199 | ||||||
FLORIDA – 4.4% | ||||||||
AIRPORT – 0.3% | ||||||||
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26 | 1,000,000 | 1,056,751 | ||||||
EDUCATION – 0.7% | ||||||||
School District of Broward County, FL, Current Refunding, (Series A), 5.00%, 07/01/28 | 2,000,000 | 2,231,895 | ||||||
GENERAL OBLIGATIONS – 0.9% | ||||||||
Miami-Dade County, FL, GO Unlimited, AD Valorem Property Tax, 5.00%, 07/01/33 | 1,000,000 | 1,065,440 | ||||||
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34 | 1,975,000 | 2,105,617 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 3,171,057 | ||||||
HIGHER EDUCATION – 1.4% | ||||||||
Davie Florida Education Facilities, FL, | ||||||||
5.00%, 04/01/28 | 750,000 | 810,108 | ||||||
5.00%, 04/01/30 | 750,000 | 805,842 | ||||||
5.00%, 04/01/31 | 750,000 | 804,028 | ||||||
5.00%, 04/01/33 | 750,000 | 803,018 | ||||||
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28 | 1,600,000 | 1,669,539 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 4,892,535 | ||||||
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 | 513,645 | ||||||
5.00%, 02/01/26 | 500,000 | 522,120 | ||||||
|
| |||||||
TOTAL HOUSING | $ | 1,035,765 |
Description | Par Value | Value | ||||||
MULTIFAMILY HSG – 0.8% | ||||||||
Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), | $ | 2,500,000 | $ | 2,577,228 | ||||
|
| |||||||
TOTAL FLORIDA | $ | 14,965,231 | ||||||
GEORGIA – 2.7% | ||||||||
GENERAL – 2.7% | ||||||||
Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28 | 1,828,000 | 1,940,347 | ||||||
Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53 | 1,000,000 | 1,069,037 | ||||||
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A) | 3,000,000 | 3,014,456 | ||||||
5.00%, 06/01/53 | 3,000,000 | 3,165,501 | ||||||
|
| |||||||
TOTAL GEORGIA | $ | 9,189,341 | ||||||
ILLINOIS – 10.0% | ||||||||
AIRPORT – 0.7% | ||||||||
Chicago Midway International Airport, IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/29 | 2,250,000 | 2,263,360 | ||||||
GENERAL – 3.4% | ||||||||
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26 | 6,295,000 | 6,672,711 | ||||||
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), | 1,450,000 | 1,740,999 | ||||||
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26 | 2,000,000 | 2,094,130 | ||||||
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), | 1,000,000 | 1,086,283 | ||||||
|
| |||||||
TOTAL GENERAL | $ | 11,594,123 | ||||||
GENERAL OBLIGATIONS – 5.1% | ||||||||
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D) | 1,250,000 | 1,261,296 | ||||||
5.00%, 01/01/27 | 3,455,000 | 3,489,281 | ||||||
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A) | 3,000,000 | 3,068,562 | ||||||
5.00%, 01/01/32 | 3,000,000 | 3,247,791 | ||||||
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A) | 2,000,000 | 2,172,212 | ||||||
5.00%, 10/01/33 | 1,000,000 | 1,077,778 | ||||||
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28 | 3,000,000 | 3,221,899 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 17,538,819 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 22 |
Wilmington Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
MULTIFAMILY HSG – 0.3% | ||||||||
Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons, 4.00%, 07/01/43 | $ | 1,000,000 | $ | 1,005,291 | ||||
TRANSPORTATION – 0.5% | ||||||||
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33 | 1,450,000 | 1,612,385 | ||||||
|
| |||||||
TOTAL ILLINOIS | $ | 34,013,978 | ||||||
INDIANA – 2.1% | ||||||||
DEVELOPMENT – 2.0% | ||||||||
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44 | 6,500,000 | 6,690,847 | ||||||
HOUSING – 0.1% | ||||||||
Indiana Housing & Community Development Authority, IN, Current Refunding Revenue Bonds, (Series C-2), 4.00%, 01/01/37 | 320,000 | 319,101 | ||||||
|
| |||||||
TOTAL INDIANA | $ | 7,009,948 | ||||||
IOWA – 0.9% | ||||||||
EDUCATION – 0.9% | ||||||||
Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29 | 3,000,000 | 3,180,972 | ||||||
|
| |||||||
TOTAL IOWA | $ | 3,180,972 | ||||||
KENTUCKY – 1.5% | ||||||||
GENERAL – 1.5% | ||||||||
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A), 4.00%, 08/01/52 | 3,000,000 | 2,976,196 | ||||||
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50 | 2,000,000 | 2,002,948 | ||||||
|
| |||||||
TOTAL KENTUCKY | $ | 4,979,144 | ||||||
MARYLAND – 1.8% | ||||||||
AIRPORT – 0.8% | ||||||||
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B) | 730,000 | 790,730 | ||||||
5.00%, 08/01/29 | 500,000 | 547,448 | ||||||
5.00%, 08/01/30 | 515,000 | 570,860 | ||||||
5.00%, 08/01/31 | 650,000 | 726,272 | ||||||
|
| |||||||
TOTAL AIRPORT | $ | 2,635,310 | ||||||
GENERAL OBLIGATIONS – 1.0% | ||||||||
State of Maryland, MD, GO Unlimited, School Improvements, AD Valorem Property Tax, (Series A), 5.00%, 06/01/33 | 3,000,000 | 3,622,020 | ||||||
|
| |||||||
TOTAL MARYLAND | $ | 6,257,330 |
Description | Par Value | Value | ||||||
MASSACHUSETTS – 1.0% | ||||||||
HIGHER EDUCATION – 0.7% | ||||||||
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L) | $ | 1,180,000 | $ | 1,253,750 | ||||
5.00%, 10/01/31 | 1,000,000 | 1,059,169 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 2,312,919 | ||||||
MEDICAL – 0.3% | ||||||||
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33 | 1,000,000 | 1,060,376 | ||||||
|
| |||||||
TOTAL MASSACHUSETTS | $ | 3,373,295 | ||||||
MICHIGAN – 3.9% | ||||||||
MULTIFAMILY HSG – 1.3% | ||||||||
Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42 | 2,150,000 | 4,410,142 | ||||||
SCHOOL DISTRICT – 1.0% | ||||||||
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax 4.00%, 05/01/33 | 1,330,000 | 1,393,031 | ||||||
4.00%, 05/01/34 | 1,000,000 | 1,043,234 | ||||||
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 | 1,045,566 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 3,481,831 | ||||||
WATER – 1.6% | ||||||||
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29 | 150,000 | 162,280 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, MI, Advance Refunding Revenue Bonds, (Senior Lien), (Series B), 5.00%, 07/01/30 | 3,500,000 | 3,725,578 | ||||||
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34 | 1,450,000 | 1,492,536 | ||||||
|
| |||||||
TOTAL WATER | $ | 5,380,394 | ||||||
|
| |||||||
TOTAL MICHIGAN | $ | 13,272,367 | ||||||
MINNESOTA – 1.6% | ||||||||
HOUSING – 0.7% | ||||||||
Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35 | 2,604,803 | 2,414,898 | ||||||
MEDICAL – 0.9% | ||||||||
Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39 | 3,000,000 | 3,128,029 | ||||||
|
| |||||||
TOTAL MINNESOTA | $ | 5,542,927 |
ANNUAL REPORT / April 30, 2023
23 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
|
Description | Par Value | Value | ||||||
NEBRASKA – 0.5% |
| |||||||
HOUSING – 0.5% |
| |||||||
Nebraska Investment Finance Authority, NE, Revenue Bonds, (Series E), 3.75%, 09/01/49 | $ | 1,690,000 | $ | 1,667,028 | ||||
|
| |||||||
TOTAL NEBRASKA | $ | 1,667,028 | ||||||
NEVADA – 1.3% |
| |||||||
GENERAL OBLIGATIONS – 1.3% |
| |||||||
Las Vegas Valley Water District, NV, GO Limited, AD Valorem Property Tax, (Series A), 4.00%, 06/01/46 | 1,250,000 | 1,235,666 | ||||||
Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37 | 3,000,000 | 3,118,746 | ||||||
|
| |||||||
TOTAL NEVADA | $ | 4,354,412 | ||||||
NEW HAMPSHIRE – 0.8% |
| |||||||
POLLUTION – 0.8% |
| |||||||
New Hampshire Business Finance Authority, NH, Revenue Bonds, (Waste Management), 3.13%, 08/01/24 | 2,750,000 | 2,717,283 | ||||||
|
| |||||||
TOTAL NEW HAMPSHIRE | $ | 2,717,283 | ||||||
NEW JERSEY – 5.1% |
| |||||||
EDUCATION – 0.4% |
| |||||||
New Jersey Economic Development Authority, NJ, Revenue Bonds, School Improvements, (Series DDD), 5.00%, 06/15/33 | 1,100,000 | 1,212,014 | ||||||
GENERAL – 2.2% |
| |||||||
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28 | 950,000 | 1,044,765 | ||||||
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24 | 225,000 | 228,706 | ||||||
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System) 5.00%, 12/15/28 | 2,135,000 | 2,356,744 | ||||||
5.00%, 12/15/34 | 3,000,000 | 3,262,418 | ||||||
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32 | 500,000 | 555,217 | ||||||
|
| |||||||
TOTAL GENERAL | $ | 7,447,850 | ||||||
HIGHER EDUCATION – 1.2% |
| |||||||
Gloucester County Improvement Authority, NJ, Advance Refunding Revenue Bonds, (Rowan University Project), (Series B)ETM, 5.00%, 07/01/27 | 2,000,000 | 2,076,201 | ||||||
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30 | 1,000,000 | 1,056,682 | ||||||
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31 | 1,000,000 | 1,060,890 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 4,193,773 |
Description | Par Value | Value | ||||||
HOUSING – 0.1% |
| |||||||
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33 | $ | 400,000 | $ | 401,448 | ||||
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 | 274,620 | ||||||
5.00%, 07/15/29 | 250,000 | 279,214 | ||||||
5.00%, 07/15/30 | 250,000 | 283,307 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 837,141 | ||||||
STUDENT LOAN – 0.9% |
| |||||||
New Jersey Higher Education Student Assistance Authority, NJ, Current Refunding Revenue Bonds, (Series B) 5.00%, 12/01/26 | 2,000,000 | 2,097,900 | ||||||
4.00%, 12/01/44 | 1,000,000 | 985,790 | ||||||
|
| |||||||
TOTAL STUDENT LOAN | $ | 3,083,690 | ||||||
|
| |||||||
TOTAL NEW JERSEY | $ | 17,175,916 | ||||||
NEW YORK – 7.8% |
| |||||||
DEDICATED TAX – 0.8% |
| |||||||
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 | 2,535,962 | ||||||
DEVELOPMENT – 1.0% |
| |||||||
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35 | 3,000,000 | 3,446,820 | ||||||
GENERAL – 2.3% |
| |||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Revenue Bonds, (Series D), 4.00%, 11/01/46 | 990,000 | 971,207 | ||||||
New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33 | 4,000,000 | 4,810,846 | ||||||
New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38 | 2,005,000 | 2,032,639 | ||||||
|
| |||||||
TOTAL GENERAL | $ | 7,814,692 | ||||||
GENERAL OBLIGATIONS – 1.0% |
| |||||||
New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A) 5.00%, 09/01/36 | 1,600,000 | 1,863,174 | ||||||
4.00%, 08/01/37 | 1,500,000 | 1,543,438 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 3,406,612 | ||||||
HIGHER EDUCATION – 0.7% |
| |||||||
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30 | 1,040,000 | 1,153,538 | ||||||
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30 | 990,000 | 1,074,954 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 2,228,492 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 24 |
Wilmington Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
HOUSING – 0.5% |
| |||||||
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (Series A), (UBF Faculty-Student Housing Corp.), (AGM), 5.00%, 10/01/32 | $ | 1,660,000 | $ | 1,829,820 | ||||
MEDICAL – 0.0%** |
| |||||||
New York State Dormitory Authority, NY, Revenue Bonds, (Memorial Sloan-Kettering Cancer Center), (NATL), 5.50%, 07/01/23 | 15,000 | 15,052 | ||||||
MULTIFAMILY HSG – 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 | 1,406,988 | ||||||
TRANSPORTATION – 1.1% |
| |||||||
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series) 4.00%, 03/15/30 | 1,000,000 | 1,031,050 | ||||||
5.00%, 09/15/31 | 2,500,000 | 2,684,987 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 3,716,037 | ||||||
|
| |||||||
TOTAL NEW YORK | $ | 26,400,475 | ||||||
NORTH CAROLINA – 1.8% |
| |||||||
POWER – 1.4% |
| |||||||
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32 | 4,250,000 | 4,791,661 | ||||||
TRANSPORTATION – 0.4% |
| |||||||
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32 | 1,250,000 | 1,385,226 | ||||||
|
| |||||||
TOTAL NORTH CAROLINA | $ | 6,176,887 | ||||||
OHIO – 4.2% |
| |||||||
GENERAL OBLIGATIONS – 0.7% |
| |||||||
State of Ohio, OH, GO Unlimited, Public Improvements, (Series A) 5.00%, 03/01/34 | 1,000,000 | 1,213,768 | ||||||
5.00%, 03/01/35 | 1,000,000 | 1,203,466 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 2,417,234 | ||||||
HIGHER EDUCATION – 0.9% |
| |||||||
Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34 | 1,000,000 | 1,110,624 | ||||||
Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), | 2,000,000 | 2,010,106 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 3,120,730 | ||||||
MEDICAL – 1.4% |
| |||||||
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28 | 3,035,000 | 3,260,158 | ||||||
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded - Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29 | 10,000 | 10,080 |
Description | Par Value | Value | ||||||
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34 | $ | 1,250,000 | $ | 1,298,405 | ||||
|
| |||||||
TOTAL MEDICAL | $ | 4,568,643 | ||||||
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 | 3,392,343 | ||||||
TRANSPORTATION – 0.2% |
| |||||||
Ohio Turnpike & Infrastructure Commission, OH, Refunding Revenue Bonds, (Series A), (NATL), 5.50%, 02/15/24 | 695,000 | 707,540 | ||||||
|
| |||||||
TOTAL OHIO | $ | 14,206,490 | ||||||
OREGON – 0.3% |
| |||||||
GENERAL OBLIGATIONS – 0.3% |
| |||||||
Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30 | 1,000,000 | 1,165,377 | ||||||
|
| |||||||
TOTAL OREGON | $ | 1,165,377 | ||||||
PENNSYLVANIA – 10.0% |
| |||||||
AIRPORT – 0.9% |
| |||||||
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A), 5.00%, 01/01/28 | 1,500,000 | 1,603,128 | ||||||
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30 | 1,500,000 | 1,586,182 | ||||||
|
| |||||||
TOTAL AIRPORT | $ | 3,189,310 | ||||||
DEVELOPMENT – 0.9% |
| |||||||
Pennsylvania Economic Development Financing Authority, PA, Resource Recovery Improvement Revenue Bonds, (Waste Management Inc., Project), (Series A), 1.75%, 08/01/38 | 3,000,000 | 2,914,706 | ||||||
GENERAL – 1.9% |
| |||||||
Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35 | 3,000,000 | 3,187,947 | ||||||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26 | 2,930,000 | 3,084,851 | ||||||
|
| |||||||
TOTAL GENERAL | $ | 6,272,798 | ||||||
HIGHER EDUCATION – 1.8% |
| |||||||
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30 | 1,000,000 | 1,079,429 | ||||||
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35 | 1,130,000 | 1,172,588 | ||||||
Pennsylvania Higher Educational Facilities Authority, PA, (AGC), 5.20%, 03/15/25 | 930,000 | 951,789 | ||||||
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A) |
ANNUAL REPORT / April 30, 2023
25 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (continued)
|
Description | Par Value | Value | ||||||
5.00%, 11/01/25 | $ | 700,000 | $ | 716,188 | ||||
5.00%, 11/01/26 | 350,000 | 362,018 | ||||||
5.00%, 11/01/27 | 600,000 | 627,339 | ||||||
5.00%, 11/01/28 | 1,100,000 | 1,161,248 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 6,070,599 | ||||||
MEDICAL – 0.8% |
| |||||||
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35 | 2,500,000 | 2,787,274 | ||||||
TOBACCO SETTLEMENT – 0.3% |
| |||||||
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34 | 1,000,000 | 1,080,891 | ||||||
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 | 2,190,760 | ||||||
Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B) 5.00%, 12/01/35 | 500,000 | 572,232 | ||||||
5.00%, 12/01/36 | 500,000 | 570,660 | ||||||
5.00%, 12/01/37 | 500,000 | 562,595 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 3,896,247 | ||||||
UTILITIES – 0.3% |
| |||||||
Philadelphia Gas Works Co., PA, Revenue Bonds, Natural Gas Utility Improvements, (1998 General Ordinance), (15th Series), 5.00%, 08/01/26 | 1,100,000 | 1,166,437 | ||||||
WATER – 1.9% |
| |||||||
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31 | 5,655,000 | 6,201,970 | ||||||
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33 | 340,000 | 409,958 | ||||||
|
| |||||||
TOTAL WATER | $ | 6,611,928 | ||||||
|
| |||||||
TOTAL PENNSYLVANIA | $ | 33,990,190 | ||||||
RHODE ISLAND – 0.4% |
| |||||||
STUDENT LOAN – 0.4% |
| |||||||
Rhode Island Student Loan Authority, RI, Revenue Bonds, (Series A), 5.00%, 12/01/23 | 1,200,000 | 1,208,714 | ||||||
|
| |||||||
TOTAL RHODE ISLAND | $ | 1,208,714 | ||||||
SOUTH CAROLINA – 1.9% |
| |||||||
HOUSING – 0.1% |
| |||||||
South Carolina State Housing Finance & Development Authority, SC, Revenue Bonds, (Series B-2), 4.00%, 07/01/43 | 570,000 | 565,918 |
Description | Par Value | Value | ||||||
TOBACCO SETTLEMENT – 1.8% |
| |||||||
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30 | $ | 4,975,000 | $ | 6,031,432 | ||||
|
| |||||||
TOTAL SOUTH CAROLINA | $ | 6,597,350 | ||||||
TENNESSEE – 0.4% |
| |||||||
AIRPORT – 0.4% |
| |||||||
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32 | 1,100,000 | 1,222,801 | ||||||
|
| |||||||
TOTAL TENNESSEE | $ | 1,222,801 | ||||||
TEXAS – 8.8% |
| |||||||
AIRPORT – 0.3% |
| |||||||
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35 | 1,000,000 | 1,037,299 | ||||||
EDUCATION – 0.6% |
| |||||||
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools) 5.00%, 08/15/27 | 1,000,000 | 1,083,497 | ||||||
5.00%, 08/15/29 | 1,000,000 | 1,102,434 | ||||||
|
| |||||||
TOTAL EDUCATION | $ | 2,185,931 | ||||||
GENERAL – 0.6% |
| |||||||
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax 4.00%, 08/15/31 | 1,000,000 | 1,018,500 | ||||||
4.00%, 08/15/32 | 1,000,000 | 1,016,439 | ||||||
|
| |||||||
TOTAL GENERAL |
| $ | 2,034,939 | |||||
GENERAL OBLIGATIONS – 2.6% |
| |||||||
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax 4.00%, 04/01/24 | 100,000 | 100,389 | ||||||
4.00%, 04/01/25 | 100,000 | 101,510 | ||||||
4.00%, 04/01/26 | 100,000 | 102,292 | ||||||
4.00%, 04/01/27 | 100,000 | 103,368 | ||||||
4.00%, 04/01/28 | 535,000 | 557,876 | ||||||
4.00%, 04/01/29 | 100,000 | 105,043 | ||||||
4.00%, 04/01/30 | 100,000 | 105,776 | ||||||
4.00%, 04/01/31 | 350,000 | 369,051 | ||||||
4.00%, 04/01/32 | 100,000 | 105,019 | ||||||
4.00%, 04/01/33 | 100,000 | 104,496 | ||||||
4.00%, 04/01/34 | 100,000 | 103,770 | ||||||
4.00%, 04/01/35 | 100,000 | 103,036 | ||||||
4.00%, 04/01/36 | 380,000 | 387,041 | ||||||
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29 | 2,125,000 | 2,308,374 | ||||||
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29 | 3,735,000 | 4,192,464 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 8,849,505 | ||||||
MEDICAL – 1.2% |
| |||||||
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B) 5.75%, 07/01/27 | 1,085,000 | 1,154,053 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 26 |
Wilmington Municipal Bond Fund (continued)
Description | Par Value | Value | ||||||
6.25%, 07/01/27 | $ | 1,150,000 | $ | 1,232,837 | ||||
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32 | 1,465,000 | 1,604,487 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 3,991,377 | ||||||
MULTIFAMILY HSG – 0.3% |
| |||||||
El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26 | 1,000,000 | 1,015,402 | ||||||
SCHOOL DISTRICT – 1.1% |
| |||||||
Dallas Independent School District, TX, GO Unlimited, AD Valorem Property Tax, 5.00%, 02/15/24 | 2,500,000 | 2,537,441 | ||||||
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37 | 1,000,000 | 1,031,133 | ||||||
|
| |||||||
TOTAL SCHOOL DISTRICT | $ | 3,568,574 | ||||||
TRANSPORTATION – 1.1% |
| |||||||
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33 | 1,470,000 | 1,583,764 | ||||||
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25 | 1,000,000 | 1,016,452 | ||||||
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32 | 1,225,000 | 1,250,754 | ||||||
|
| |||||||
TOTAL TRANSPORTATION | $ | 3,850,970 | ||||||
UTILITIES – 1.0% |
| |||||||
Austin, TX, Refunding Revenue Bonds, (BHAC-CR NATL-RE), 5.25%, 05/15/25 | 3,205,000 | 3,281,088 | ||||||
|
| |||||||
TOTAL TEXAS | $ | 29,815,085 | ||||||
UTAH – 4.0% |
| |||||||
AIRPORT – 1.7% |
| |||||||
Salt Lake City, UT, Revenue Bonds, (Series A) 5.00%, 07/01/32 | 3,000,000 | 3,222,424 | ||||||
5.00%, 07/01/33 | 2,500,000 | 2,682,397 | ||||||
|
| |||||||
TOTAL AIRPORT | $ | 5,904,821 | ||||||
MEDICAL – 2.3% |
| |||||||
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM 5.40%, 02/15/28 | 2,500,000 | 2,587,477 | ||||||
5.13%, 02/15/33 | 4,990,000 | 5,142,557 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 7,730,034 | ||||||
|
| |||||||
TOTAL UTAH | $ | 13,634,855 | ||||||
WASHINGTON – 4.4% |
| |||||||
GENERAL – 1.8% |
| |||||||
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28 | 6,020,000 | 6,156,613 |
Description | Par Value | Value | ||||||
MEDICAL – 0.5% |
| |||||||
Washington Health Care Facilities Authority, WA, Advance Refunding Revenue Bonds, (Overlake Hospital Medical Center), 5.00%, 07/01/33 | $ | 1,750,000 | $ | 1,794,132 | ||||
POWER – 1.1% |
| |||||||
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33 | 3,000,000 | 3,598,613 | ||||||
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 | 3,236,391 | ||||||
|
| |||||||
TOTAL WASHINGTON | $ | 14,785,749 | ||||||
WISCONSIN – 0.8% |
| |||||||
MEDICAL – 0.3% |
| |||||||
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.) 4.00%, 01/01/32 | 500,000 | 496,958 | ||||||
4.00%, 01/01/33 | 500,000 | 494,859 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 991,817 | ||||||
POWER – 0.5% |
| |||||||
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46 | 1,750,000 | 1,755,020 | ||||||
|
| |||||||
TOTAL WISCONSIN | $ | 2,746,837 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (Cost $337,758,845) | $ | 325,185,550 | ||||||
Number of Shares | ||||||||
MONEY MARKET FUND – 2.3% |
| |||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 7,646,517 | 7,646,517 | ||||||
|
| |||||||
TOTAL MONEY MARKET FUND (Cost $7,646,517) |
| $ | 7,646,517 | |||||
TOTAL INVESTMENTS – 99.8% (Cost $351,400,041) |
| $ | 338,714,857 | |||||
OTHER ASSETS LESS LIABILITIES – 0.2% |
| 835,152 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 339,550,009 | |||||
|
|
ANNUAL REPORT / April 30, 2023
27 | PORTFOLIOS OF INVESTMENTS |
Wilmington Municipal Bond Fund (concluded)
|
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s assets carried at fair value:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Exchange-Traded Funds | $ | 5,882,790 | $ | — | $— | $ | 5,882,790 | |||||||||
Municipal Bonds | — | 325,185,550 | — | 325,185,550 | ||||||||||||
Money Market Fund | 7,646,517 | — | — | 7,646,517 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 13,529,307 | $ | 325,185,550 | $— | $ | 338,714,857 | |||||||||
|
|
|
|
|
|
|
|
** | Represents less than 0.05%. |
^ | 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 | |
FGIC | Financial Guaranty Insurance Corporation | |
GO | General Obligation | |
ICC | Insured Custody Certificates | |
IDA | Industrial Development Authority/Agency | |
NATL | National Public Finance Guarantee Corporation | |
RE | Reinsurance | |
SCH BD GTY | School Bond Guaranty | |
SPDR | Standard & Poor’s Depositary Receipt |
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
28 |
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
Wilmington New York Municipal Bond Fund
At April 30, 2023, the Fund’s portfolio composition was as follows:
Percentage of Total Net Assets | |||||
Higher Education | 17.9 | % | |||
General Obligations | 15.6 | % | |||
Housing | 15.2 | % | |||
Dedicated Tax | 13.0 | % | |||
Medical | 9.2 | % | |||
Education | 5.3 | % | |||
Water | 3.9 | % | |||
Power | 3.7 | % | |||
General | 3.7 | % | |||
Lease | 3.3 | % | |||
Development | 2.8 | % | |||
Airport | 2.4 | % | |||
Transportation | 0.2 | % | |||
Facilities | 0.1 | % | |||
Cash Equivalents(1) | 2.4 | % | |||
Other Assets and Liabilities - Net(2) | 1.3 | % | |||
|
| ||||
TOTAL | 100.0 | % | |||
|
|
Credit Quality Diversification(3) | Percentage of Total Net Assets | ||||
AAA / Aaa | 1.5 | % | |||
AA / Aa | 54.4 | % | |||
A / A | 25.7 | % | |||
BBB / Baa | 14.7 | % | |||
Not Rated | 2.4 | % | |||
Other Assets and Liabilities - Net(2) | 1.3 | % | |||
|
| ||||
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, 2023
Description
|
Par Value
| Value
| ||||||
MUNICIPAL BONDS – 96.3% | ||||||||
NEW YORK – 96.3% | ||||||||
AIRPORT – 2.4% | ||||||||
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, Port, Airport & Marina Improvements, (205th Series), 5.00%, 11/15/32 | $ | 1,000,000 | $ | 1,103,983 | ||||
DEDICATED TAX – 13.0% | ||||||||
Hudson Yards Infrastructure Corp., NY, Current Refunding Revenue Bonds, (Series A), 5.00%, 02/15/33 | 1,175,000 | 1,263,616 | ||||||
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 | 848,049 | ||||||
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 | 664,422 |
Description
|
Par Value
| Value
| ||||||
New York State Dormitory Authority, NY, Revenue Bonds, Public Improvements, (Series A), 5.00%, 03/15/32 | $ | 2,000,000 | $ | 2,138,786 | ||||
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), 4.00%, 03/15/37 | 1,000,000 | 1,023,966 | ||||||
|
| |||||||
TOTAL DEDICATED TAX | $ | 5,938,839 | ||||||
DEVELOPMENT – 2.8% | ||||||||
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35 | 1,095,000 | 1,258,089 | ||||||
EDUCATION – 5.3% | ||||||||
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Brooklyn Law School), (Series A), 5.00%, 07/01/33 | 1,200,000 | 1,278,773 | ||||||
New York State Dormitory Authority, NY, Prerefunded Revenue Bonds, School District, School Improvements, (Series A), (AGM), 5.00%, 10/01/29 | 5,000 | 5,637 |
ANNUAL REPORT / April 30, 2023
29 | PORTFOLIOS OF INVESTMENTS |
Wilmington New York Municipal Bond Fund (continued)
|
Description
|
Par Value
| Value
| ||||||
New York State Dormitory Authority, NY, Unrefunded Revenue Bonds, School District, School Improvements, | $ | 995,000 | $ | 1,117,794 | ||||
|
| |||||||
TOTAL EDUCATION | $ | 2,402,204 | ||||||
FACILITIES – 0.1% | ||||||||
United Nations Development Corp., NY, Revenue Bonds, Public Improvements, Prerefunded/ETM, 5.90%, 05/01/23 | 40,000 | 40,000 | ||||||
GENERAL – 3.7% | ||||||||
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 | 1,668,973 | ||||||
GENERAL OBLIGATIONS – 15.6% | ||||||||
Binghamton, NY, GO, Public Facilities, AD Valorem Property Tax, (BAM), 4.00%, 04/15/32 | 500,000 | 547,098 | ||||||
Genesee Valley Central School District, NY, GO Unlimited, Current Refunding, AD Valorem Property Tax, 5.00%, 06/15/29 | 825,000 | 942,560 | ||||||
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series B), (BAM-TCRS), 5.00%, 04/01/32 | 415,000 | 454,803 | ||||||
Nassau County, NY, GO, General Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 10/01/31 | 545,000 | 602,784 | ||||||
Nassau County, NY, GO, Public Improvements, AD Valorem Property Tax, (Series C), (BAM-TCRS), 5.00%, 04/01/26 | 1,000,000 | 1,069,068 | ||||||
New York City, NY, GO Unlimited, Current Refunding, (Series A-1), 5.00%, 08/01/31 | 1,000,000 | 1,167,012 | ||||||
North Hempstead, NY, GO, Public Improvements, AD Valorem Property Tax, (Series A), (BAM), 4.00%, 03/15/42 | 650,000 | 664,448 | ||||||
Yonkers, NY, GO, Refunding Notes, AD Valorem Property Tax, (Series A), (BAM) 5.00%, 05/01/26 | 500,000 | 532,103 | ||||||
5.00%, 05/01/30 | 1,000,000 | 1,138,557 | ||||||
|
| |||||||
TOTAL GENERAL OBLIGATIONS | $ | 7,118,433 | ||||||
HIGHER EDUCATION – 17.9% | ||||||||
Albany Capital Resource Corp., NY, Refunding Revenue Bonds, (Albany Law School of Union University Project), (Series A) | ||||||||
4.00%, 07/01/26 | 800,000 | 802,039 | ||||||
5.00%, 07/01/29 | 1,195,000 | 1,264,998 | ||||||
Dutchess County Local Development Corp., NY, Current Refunding Revenue Bonds, (The Culinary Institute of America), 5.00%, 07/01/32 | 1,040,000 | 1,097,940 | ||||||
Hempstead Town Local Development Corp., NY, Revenue Bonds, University & College Improvements, (Hofstra University Project), (Series A), 5.00%, 07/01/33 | 725,000 | 823,954 | ||||||
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 | 1,159,541 |
Description |
Par Value | Value | ||||||
New York State Dormitory Authority, NY, Revenue Bonds, University & College Improvements, (Series A), (NATL), 5.75%, 07/01/27 | $ | 2,050,000 | $ | 2,164,322 | ||||
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (St. John’s University), (Series A) , 5.00%, 07/01/30 | 800,000 | 860,413 | ||||||
|
| |||||||
TOTAL HIGHER EDUCATION | $ | 8,173,207 | ||||||
HOUSING – 15.2% | ||||||||
Amherst Development Corp., NY, Advance Refunding Revenue Bonds, (UBF Facility Student Housing Corp.), (AGM), (Series A), 5.00%, 10/01/31 | 1,000,000 | 1,102,501 | ||||||
New York City, NY, Housing Development Corp., Revenue Bonds, (Series C-1A), 3.50%, 11/01/33 | 1,890,000 | 1,863,475 | ||||||
New York City, NY, Housing Development Corp., Revenue Bonds, (Sustainable Neighborhood Bonds), (Series B-1A) 2.45%, 05/01/31 | 500,000 | 458,528 | ||||||
3.10%, 11/01/34 | 890,000 | 840,555 | ||||||
New York State Mortgage Agency, NY, Current Refunding Revenue Bonds, (221th Series), 3.50%, 10/01/32 | 1,340,000 | 1,314,198 | ||||||
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (223th Series), 3.50%, 04/01/49 | 655,000 | 647,085 | ||||||
New York State Mortgage Agency, NY, Single Family Revenue Bonds, (226th Series), 3.50%, 10/01/50 | 740,000 | 724,555 | ||||||
|
| |||||||
TOTAL HOUSING | $ | 6,950,897 | ||||||
LEASE – 3.3% | ||||||||
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 | 1,522,459 | ||||||
MEDICAL – 9.2% | ||||||||
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (Montefiore Obligated Group), (Series A), 5.00%, 09/01/29 | 1,000,000 | 991,106 | ||||||
New York State Dormitory Authority, NY, Current Refunding Revenue Bonds, (North Shore-Long Island Jewish Obligated Group), (Series A), 5.00%, 05/01/24 | 1,160,000 | 1,178,381 | ||||||
New York State Dormitory Authority, NY, Advance Refunding Revenue Bonds, (NYU Hospitals Center), 5.00%, 07/01/27 | 2,000,000 | 2,048,057 | ||||||
|
| |||||||
TOTAL MEDICAL | $ | 4,217,544 | ||||||
POWER – 3.7% | ||||||||
Long Island Power Authority, NY, Electric, Light and Power Improvements, Revenue Bonds, (Series A) | ||||||||
5.00%, 09/01/33 | 700,000 | 817,885 | ||||||
5.00%, 09/01/34 | 750,000 | 871,141 | ||||||
|
| |||||||
TOTAL POWER | $ | 1,689,026 |
April 30, 2023 / ANNUAL REPORT
PORTFOLIOS OF INVESTMENTS | 30 |
Wilmington New York Municipal Bond Fund (concluded)
Description
|
Par Value
| Value
| ||||||
TRANSPORTATION – 0.2% | ||||||||
New York State Thruway Authority, NY, Refunding Revenue Bonds, Highway Revenue Tolls, (Series K), 5.00%, 01/01/29 | $ | 105,000 | $ | 108,310 | ||||
WATER – 3.9% | ||||||||
Buffalo Sewer Authority, NY, Sewer Improvements, Revenue Green Bonds, (BAM) | 150,000 | 169,577 | ||||||
5.00%, 06/15/31 | 165,000 | 186,591 | ||||||
5.00%, 06/15/32 | 150,000 | 169,607 | ||||||
5.00%, 06/15/33 | 150,000 | 169,354 | ||||||
4.00%, 06/15/34 | 155,000 | 161,843 | ||||||
New York City Municipal Water Finance Authority, NY, Current Refunding Revenue Bonds, 2nd General Resolution, (Series EE), | 750,000 | 899,365 | ||||||
|
| |||||||
TOTAL WATER | $ | 1,756,337 | ||||||
|
| |||||||
TOTAL NEW YORK | $ | 43,948,301 | ||||||
|
| |||||||
TOTAL MUNICIPAL BONDS (Cost $46,062,883) | $ | 43,948,301 |
Description
| Number of
| Value
| ||||||
MONEY MARKET FUND – 2.4% | ||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%^ | 1,108,485 | $ | 1,108,485 | |||||
|
| |||||||
TOTAL MONEY MARKET FUND (Cost $1,108,485) |
| $ | 1,108,485 | |||||
|
| |||||||
TOTAL INVESTMENTS – 98.7% (Cost $47,171,368) |
| $ | 45,056,786 | |||||
OTHER ASSETS LESS LIABILITIES – 1.3% |
| 574,807 | ||||||
|
| |||||||
TOTAL NET ASSETS – 100.0% |
| $ | 45,631,593 | |||||
|
|
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, 2023 in valuing the Fund’s assets carried at fair value:
Level 1
| Level 2
| Level 3
| Total
| |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 43,948,301 | $ | — | $ | 43,948,301 | ||||||||
Money Market Fund | 1,108,485 | — | — | 1,108,485 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,108,485 | $ | 43,948,301 | $ | — | $ | 45,056,786 | ||||||||
|
|
|
|
|
|
|
|
^ | 7-Day net yield. |
The following acronyms are used throughout this Portfolio of Investments:
AGM | Assured Guaranty Municipal | |
BAM | Build America Mutual Assurance Company | |
ETM | Escrowed to Maturity | |
GO | General Obligation | |
IDA | Industrial Development Authority/Agency | |
NATL | National Public Finance Guarantee Corporation | |
TCRS | Tax Credit Reporting Service |
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
31 | STATEMENTS OF ASSETS AND LIABILITIES |
April 30, 2023 | Wilmington Broad Market Bond Fund | Wilmington Municipal Bond Fund | Wilmington New York | |||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||||||
Investments, at identified cost | $ | 614,202,350 | $ | 351,400,041 | $ | 47,171,368 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Investments in securities, at value | $ | 564,498,387 | (a) | $ | 338,714,857 | $ | 45,056,786 | |||||||||||||||||||||||||||||
Cash | 91,367 | — | — | |||||||||||||||||||||||||||||||||
Income receivable | 3,627,331 | 4,362,971 | 557,511 | |||||||||||||||||||||||||||||||||
Foreign tax reclaim receivable | 1,561 | — | — | |||||||||||||||||||||||||||||||||
Receivable for shares sold | 1,155,260 | 1,880,563 | 124,285 | |||||||||||||||||||||||||||||||||
Prepaid assets | 19,271 | 17,261 | 7,145 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL ASSETS | 569,393,177 | 344,975,652 | 45,745,727 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||||||||||
Collateral for securities on loan | 16,215,875 | — | — | |||||||||||||||||||||||||||||||||
Due to custodian | — | 3,457 | — | |||||||||||||||||||||||||||||||||
Payable for investments purchased | — | 3,129,538 | — | |||||||||||||||||||||||||||||||||
Income distribution payable | 695,012 | 481,518 | 14,491 | |||||||||||||||||||||||||||||||||
Payable for shares redeemed | 38,757 | 1,568,264 | 8,625 | |||||||||||||||||||||||||||||||||
Payable for Trustees’ fees | 3,727 | 3,828 | 3,828 | |||||||||||||||||||||||||||||||||
Payable for administration fees | 13,041 | 8,077 | 1,067 | |||||||||||||||||||||||||||||||||
Payable for distribution services fees | 415 | 3,459 | 1,083 | |||||||||||||||||||||||||||||||||
Payable for shareholder services fees | 166 | — | — | |||||||||||||||||||||||||||||||||
Payable for investment advisory fees | 142,832 | 104,633 | 5,702 | |||||||||||||||||||||||||||||||||
Other accrued expenses | 177,939 | 122,869 | 79,338 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL LIABILITIES | 17,287,764 | 5,425,643 | 114,134 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
NET ASSETS | $ | 552,105,413 | $ | 339,550,009 | $ | 45,631,593 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 605,656,552 | $ | 357,566,378 | $ | 48,035,926 | ||||||||||||||||||||||||||||||
Distributable earnings (loss) | (53,551,139 | ) | (18,016,369 | ) | (2,404,333 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL NET ASSETS | $ | 552,105,413 | $ | 339,550,009 | $ | 45,631,593 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE: | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,018,210 | $ | 16,744,785 | $ | 5,211,889 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 225,191 | 1,366,927 | 530,231 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net Asset Value per share | $ | 8.96 | $ | 12.25 | $ | 9.83 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Offering Price per share* | $ | 9.38 | ** | $ | 12.83 | ** | $ | 10.29 | ** | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
Net Assets | $ | 550,087,203 | $ | 322,805,224 | $ | 40,419,704 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Shares outstanding (unlimited shares authorized) | 62,433,839 | 26,340,671 | 4,109,398 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net Asset Value and Offering Price per share | $ | 8.81 | $ | 12.26 | $ | 9.84 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) | Including $15,735,021 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
April 30, 2023 / ANNUAL REPORT
STATEMENTS OF OPERATIONS | 32 |
Year Ended April 30, 2023 | Wilmington Broad Market Bond Fund | Wilmington Municipal Bond Fund | Wilmington New York Municipal Bond Fund | |||||||||||||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||||||||||
Dividends | $ | 356,520 | $ | 448,693 | $ | 21,170 | ||||||||||||||||||||||||||||||
Interest | 15,295,457 | 7,595,353 | 1,093,741 | |||||||||||||||||||||||||||||||||
Securities lending income, net | 76,553 | — | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL INVESTMENT INCOME | 15,728,530 | 8,044,046 | 1,114,911 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||||||||||
Investment advisory fees | 2,405,098 | 1,419,646 | 214,741 | |||||||||||||||||||||||||||||||||
Administration fees | 161,608 | 95,364 | 14,444 | |||||||||||||||||||||||||||||||||
Portfolio accounting and administration fees | 145,634 | 89,132 | 26,165 | |||||||||||||||||||||||||||||||||
Custodian fees | 14,496 | 4,096 | 1,215 | |||||||||||||||||||||||||||||||||
Transfer and dividend disbursing agent fees and expenses | 35,226 | 21,322 | 5,076 | |||||||||||||||||||||||||||||||||
Trustees’ fees | 65,312 | 65,311 | 65,311 | |||||||||||||||||||||||||||||||||
Professional fees | 104,157 | 114,669 | 106,368 | |||||||||||||||||||||||||||||||||
Distribution services fee—Class A | 5,724 | 42,610 | 13,338 | |||||||||||||||||||||||||||||||||
Shareholder services fee—Class A | 5,724 | 42,610 | 13,338 | |||||||||||||||||||||||||||||||||
Share registration costs | 31,178 | 29,594 | 12,208 | |||||||||||||||||||||||||||||||||
Printing and postage | 17,003 | 12,311 | 8,288 | |||||||||||||||||||||||||||||||||
Miscellaneous | 73,389 | 57,639 | 37,600 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL EXPENSES | 3,064,549 | 1,994,304 | 518,092 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
WAIVERS AND REIMBURSEMENTS: | ||||||||||||||||||||||||||||||||||||
Waiver/reimbursement by investment advisor | (755,227 | ) | (363,247 | ) | (219,417 | ) | ||||||||||||||||||||||||||||||
Waiver of shareholder services fee—Class A | (3,435 | ) | (42,610 | ) | (13,338 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
TOTAL WAIVERS AND REIMBURSEMENTS | (758,662 | ) | (405,857 | ) | (232,755 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
Net expenses | 2,305,887 | 1,588,447 | 285,337 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net investment income | 13,422,643 | 6,455,599 | 829,574 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments | (1,389,476 | ) | (3,507,838 | ) | (280,917 | ) | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (13,711,445 | ) | 6,174,791 | 786,657 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (15,100,921 | ) | 2,666,953 | 505,740 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Change in net assets resulting from operations | $ | (1,678,278 | ) | $ | 9,122,552 | $ | 1,335,314 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
33 | STATEMENTS OF CHANGES IN NET ASSETS |
Wilmington Broad Market Bond Fund | Wilmington Municipal Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2023
| Year Ended 2022
| Year Ended 2023
| Year Ended 2022
| |||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 13,422,643 | $ | 10,937,052 | $ | 6,455,599 | $ | 5,878,184 | ||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | (1,389,476 | ) | 1,094,694 | (3,507,838 | ) | (1,044,058 | ) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (13,711,445 | ) | (61,777,845 | ) | 6,174,791 | (33,214,530 | ) | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Change in net assets resulting from operations | (1,678,278 | ) | (49,746,099 | ) | 9,122,552 | (28,380,404 | ) | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (51,252 | ) | (48,194 | ) | (307,455 | ) | (372,407 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | (13,800,456 | ) | (12,665,533 | ) | (6,148,073 | ) | (6,463,700 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Total distributions to shareholders | (13,851,708 | ) | (12,713,727 | ) | (6,455,528 | ) | (6,836,107 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 4,398 | 43,283 | 74,402 | 335,534 | ||||||||||||||||||||||||||||||||||||||||||||
Class I | 138,135,255 | 91,298,568 | 156,929,028 | 73,900,909 | ||||||||||||||||||||||||||||||||||||||||||||
Net assets from reorganization (Note 6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | — | 1,020,482 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Class I | — | 25,685,831 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 48,598 | 43,603 | 259,919 | 298,591 | ||||||||||||||||||||||||||||||||||||||||||||
Class I | 6,652,102 | 6,280,797 | 1,292,031 | 1,935,631 | ||||||||||||||||||||||||||||||||||||||||||||
Cost of shares redeemed | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (644,010 | ) | (339,962 | ) | (1,709,134 | ) | (4,351,607 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | (150,077,210 | ) | (113,846,417 | ) | (141,612,365 | ) | (77,921,229 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Change in net assets resulting from share transactions | (5,880,867 | ) | 10,186,185 | 15,233,881 | (5,802,171 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Change in net assets | (21,410,853 | ) | (52,273,641 | ) | 17,900,905 | (41,018,682 | ) | |||||||||||||||||||||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of year | 573,516,266 | 625,789,907 | 321,649,104 | 362,667,786 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
End of year | $ | 552,105,413 | $ | 573,516,266 | $ | 339,550,009 | $ | 321,649,104 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 491 | 4,460 | 6,166 | 25,879 | ||||||||||||||||||||||||||||||||||||||||||||
Class I | 15,779,027 | 9,280,136 | 12,922,540 | 5,658,585 | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued from reorganization (Note 6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | — | 98,320 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Class I | — | 2,517,137 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions reinvested | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | 5,450 | 4,344 | 21,476 | 22,739 | ||||||||||||||||||||||||||||||||||||||||||||
Class I | 759,267 | 634,376 | 106,705 | 146,902 | ||||||||||||||||||||||||||||||||||||||||||||
Shares redeemed | ||||||||||||||||||||||||||||||||||||||||||||||||
Class A | (72,183 | ) | (33,543 | ) | (141,071 | ) | (336,504 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | (16,980,125 | ) | (11,408,912 | ) | (11,735,846 | ) | (6,019,751 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Net change resulting from share transactions | (508,073 | ) | 1,096,318 | 1,179,970 | (502,150 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
See Notes which are an integral part of the Financial Statements
April 30, 2023 / ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS (concluded) | 34 |
Wilmington New York Municipal Bond Fund | ||||||||||||
Year Ended
| Year Ended
| |||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 829,574 | $ | 916,989 | ||||||||
Net realized gain (loss) | (280,917 | ) | 81,896 | |||||||||
Net change in unrealized appreciation (depreciation) | 786,657 | (5,530,467 | ) | |||||||||
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,335,314 | (4,531,582 | ) | |||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Class A | (81,040 | ) | (99,720 | ) | ||||||||
Class I | (748,542 | ) | (1,015,512 | ) | ||||||||
|
|
|
| |||||||||
Total distributions to shareholders | (829,582 | ) | (1,115,232 | ) | ||||||||
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||
Proceeds from sale of shares | ||||||||||||
Class A | 8,739 | 11,200 | ||||||||||
Class I | 4,392,474 | 7,521,728 | ||||||||||
Distributions reinvested | ||||||||||||
Class A | 70,051 | 78,300 | ||||||||||
Class I | 544,724 | 736,158 | ||||||||||
Cost of shares redeemed | ||||||||||||
Class A | (467,287 | ) | (766,220 | ) | ||||||||
Class I | (12,908,995 | ) | (15,124,450 | ) | ||||||||
|
|
|
| |||||||||
Change in net assets resulting from share transactions | (8,360,294 | ) | (7,543,284 | ) | ||||||||
|
|
|
| |||||||||
Change in net assets | (7,854,562 | ) | (13,190,098 | ) | ||||||||
NET ASSETS: | ||||||||||||
Beginning of year | 53,486,155 | 66,676,253 | ||||||||||
|
|
|
| |||||||||
End of year | $ | 45,631,593 | $ | 53,486,155 | ||||||||
|
|
|
| |||||||||
SHARES OF BENEFICIAL INTEREST: | ||||||||||||
Shares sold | ||||||||||||
Class A | 901 | 1,065 | ||||||||||
Class I | 448,846 | 716,412 | ||||||||||
Distributions reinvested | ||||||||||||
Class A | 7,213 | 7,479 | ||||||||||
Class I | 56,051 | 70,145 | ||||||||||
Shares redeemed | ||||||||||||
Class A | (48,016 | ) | (73,456 | ) | ||||||||
Class I | (1,330,851 | ) | (1,449,178 | ) | ||||||||
|
|
|
| |||||||||
Net change resulting from share transactions | (865,856 | ) | (727,533 | ) | ||||||||
|
|
|
|
See Notes which are an integral part of the Financial Statements
ANNUAL REPORT / April 30, 2023
35 | FINANCIAL HIGHLIGHTS |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON BROAD MARKET BOND FUND |
| |||||||||||||||||||
| ||||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS A | ||||||||||||||||||||
Net Asset Value, Beginning of Year | $9.23 | $10.25 | $10.39 | $9.71 | $9.51 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.19 | 0.15 | 0.15 | 0.21 | 0.21 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | (0.26 | ) | (0.99 | ) | (0.10 | ) | 0.69 | 0.21 | ||||||||||||
Total Income (Loss) From Operations | (0.07 | ) | (0.84 | ) | 0.05 | 0.90 | 0.42 | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.20 | ) | (0.18 | ) | (0.18 | ) | (0.22 | ) | (0.22 | ) | ||||||||||
Net Realized Gains | — | — | (0.01 | ) | — | — | ||||||||||||||
Total Distributions | (0.20 | ) | (0.18 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | ||||||||||
Net Asset Value, End of Year | $8.96 | $9.23 | $10.25 | $10.39 | $9.71 | |||||||||||||||
Total Return(b) | (0.71 | )% | (8.37 | )% | 0.51 | % | 9.35 | % | 4.45 | % | ||||||||||
Net Assets, End of Year (000’s) | $2,018 | $2,691 | $2,234 | $3,242 | $3,501 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 1.07 | % | 1.06 | % | 1.06 | % | 1.07 | % | 1.08 | % | ||||||||||
Net Expense(c),(d) | 0.77 | % | 0.77 | % | 0.81 | % | 0.83 | % | 0.83 | % | ||||||||||
Net Investment Income | 2.16 | % | 1.45 | % | 1.46 | % | 2.06 | % | 2.18 | % | ||||||||||
Portfolio Turnover Rate | 24 | % | 26 | % | 34 | % | 46 | % | 36 | % | ||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS I | ||||||||||||||||||||
Net Asset Value, Beginning of Year | $9.08 | $10.08 | $10.22 | $9.55 | $9.35 | |||||||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.22 | 0.18 | 0.18 | 0.24 | 0.24 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | (0.26 | ) | (0.97 | ) | (0.09 | ) | 0.68 | 0.21 | ||||||||||||
Total Income (Loss) From Operations | (0.04 | ) | (0.79 | ) | 0.09 | 0.92 | 0.45 | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.23 | ) | (0.21 | ) | (0.22 | ) | (0.25 | ) | (0.25 | ) | ||||||||||
Net Realized Gains | — | — | (0.01 | ) | — | — | ||||||||||||||
Total Distributions | (0.23 | ) | (0.21 | ) | (0.23 | ) | (0.25 | ) | (0.25 | ) | ||||||||||
Net Asset Value, End of Year | $8.81 | $9.08 | $10.08 | $10.22 | $9.55 | |||||||||||||||
Total Return(b) | (0.42 | )% | (8.02 | )% | 0.83 | % | 9.74 | % | 4.84 | % | ||||||||||
Net Assets, End of Year (000’s) | $550,087 | $570,825 | $623,556 | $535,825 | $544,092 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 0.57 | % | 0.56 | % | 0.75 | % | 0.82 | % | 0.83 | % | ||||||||||
Net Expense(c),(d) | 0.43 | % | 0.43 | % | 0.47 | % | 0.49 | % | 0.49 | % | ||||||||||
Net Investment Income | 2.51 | % | 1.79 | % | 1.79 | % | 2.40 | % | 2.52 | % | ||||||||||
Portfolio Turnover Rate | 24 | % | 26 | % | 34 | % | 46 | % | 36 | % |
(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, 2023 / ANNUAL REPORT
FINANCIAL HIGHLIGHTS (continued) | 36 |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
WILMINGTON MUNICIPAL BOND FUND |
| |||||||||||||||||||
|
| |||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS A
| ||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 12.12 | $ | 13.41 | $ | 12.72 | $ | 13.22 | $ | 12.78 | ||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.22 | 0.19 | 0.20 | 0.25 | 0.26 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.13 | (1.25 | ) | 0.70 | (0.28 | ) | 0.44 | |||||||||||||
Total Income (Loss) From Operations | 0.35 | (1.06 | ) | 0.90 | (0.03 | ) | 0.70 | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.22 | ) | (0.19 | ) | (0.21 | ) | (0.25 | ) | (0.26 | ) | ||||||||||
Net Realized Gains | — | (0.04 | ) | — | (0.22 | ) | — | |||||||||||||
Total Distributions | (0.22 | ) | (0.23 | ) | (0.21 | ) | (0.47 | ) | (0.26 | ) | ||||||||||
Net Asset Value, End of Year | $ | 12.25 | $ | 12.12 | $ | 13.41 | $ | 12.72 | $ | 13.22 | ||||||||||
Total Return(b) | 2.92 | % | (8.08 | )% | 7.05 | % | (0.36 | )% | 5.52 | % | ||||||||||
Net Assets, End of Year (000’s) | $16,745 | $17,942 | $23,716 | $24,052 | $29,050 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 1.11 | % | 1.08 | % | 1.10 | % | 1.09 | % | 1.10 | % | ||||||||||
Net Expense(c),(d) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
Net Investment Income | 1.81 | % | 1.42 | % | 1.53 | % | 1.90 | % | 1.99 | % | ||||||||||
Portfolio Turnover Rate | 28 | % | 23 | % | 24 | % | 81 | % | 83 | % | ||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS I
| ||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 12.13 | $ | 13.42 | $ | 12.73 | $ | 13.23 | $ | 12.79 | ||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.25 | 0.22 | 0.24 | 0.29 | 0.29 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.13 | (1.25 | ) | 0.69 | (0.28 | ) | 0.44 | |||||||||||||
Total Income (Loss) From Operations | 0.38 | (1.03 | ) | 0.93 | 0.01 | 0.73 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.25 | ) | (0.22 | ) | (0.24 | ) | (0.29 | ) | (0.29 | ) | ||||||||||
Net Realized Gains | — | (0.04 | ) | — | (0.22 | ) | — | |||||||||||||
Total Distributions | (0.25 | ) | (0.26 | ) | (0.24 | ) | (0.51 | ) | (0.29 | ) | ||||||||||
Net Asset Value, End of Year | $ | 12.26 | $ | 12.13 | $ | 13.42 | $ | 12.73 | $ | 13.23 | ||||||||||
Total Return(b) | 3.18 | % | (7.83 | )% | 7.32 | % | (0.10 | )% | 5.78 | % | ||||||||||
Net Assets, End of Year (000’s) | $322,805 | $303,707 | $338,952 | $316,617 | $260,800 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 0.61 | % | 0.59 | % | 0.79 | % | 0.84 | % | 0.85 | % | ||||||||||
Net Expense(c),(d) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Net Investment Income | 2.06 | % | 1.67 | % | 1.78 | % | 2.14 | % | 2.24 | % | ||||||||||
Portfolio Turnover Rate | 28 | % | 23 | % | 24 | % | 81 | % | 83 | % |
(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, 2023
37 | FINANCIAL HIGHLIGHTS (concluded) |
For a share outstanding throughout each year ended April 30, unless otherwise noted:
|
WILMINGTON NEW YORK MUNICIPAL BOND FUND
|
| |||||||||||||||||||
|
| |||||||||||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS A | ||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 9.71 | $ | 10.69 | $ | 10.20 | $ | 10.43 | $ | 10.18 | ||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.15 | 0.13 | 0.14 | 0.15 | 0.15 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.12 | (0.95 | ) | 0.51 | (0.16 | ) | 0.36 | |||||||||||||
Total Income (Loss) From Operations | 0.27 | (0.82 | ) | 0.65 | (0.01 | ) | 0.51 | |||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.15 | ) | (0.13 | ) | (0.14 | ) | (0.15 | ) | (0.15 | ) | ||||||||||
Net Realized Gains | — | (0.03 | ) | (0.02 | ) | (0.07 | ) | (0.11 | ) | |||||||||||
Total Distributions | (0.15 | ) | (0.16 | ) | (0.16 | ) | (0.22 | ) | (0.26 | ) | ||||||||||
Net Asset Value, End of Year | $ | 9.83 | $ | 9.71 | $ | 10.69 | $ | 10.20 | $ | 10.43 | ||||||||||
Total Return(b) | 2.79 | % | (7.74 | )% | 6.38 | % | (0.12 | )% | 5.16 | % | ||||||||||
Net Assets, End of Year (000’s) | $5,212 | $5,536 | $6,789 | $7,251 | $8,630 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 1.53 | % | 1.37 | % | 1.34 | % | 1.34 | % | 1.33 | % | ||||||||||
Net Expense(c),(d) | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.83 | % | ||||||||||
Net Investment Income | 1.52 | % | 1.24 | % | 1.31 | % | 1.43 | % | 1.50 | % | ||||||||||
Portfolio Turnover Rate | 6 | % | 7 | % | 14 | % | 60 | % | 45 | % | ||||||||||
Year Ended April 30, 2023 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2020 | Year Ended April 30, 2019 | ||||||||||||||||
CLASS I | ||||||||||||||||||||
Net Asset Value, Beginning of Year | $ | 9.72 | $ | 10.70 | $ | 10.20 | $ | 10.43 | $ | 10.19 | ||||||||||
Income (Loss) From Operations: | ||||||||||||||||||||
Net Investment Income(a) | 0.17 | 0.16 | 0.16 | 0.18 | 0.18 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | 0.12 | (0.95 | ) | 0.53 | (0.16 | ) | 0.35 | |||||||||||||
Total Income (Loss) From Operations | 0.29 | (0.79 | ) | 0.69 | 0.02 | 0.53 | ||||||||||||||
Less Distributions From: | ||||||||||||||||||||
Net Investment Income | (0.17 | ) | (0.16 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | ||||||||||
Net Realized Gains | — | (0.03 | ) | (0.02 | ) | (0.07 | ) | (0.11 | ) | |||||||||||
Total Distributions | (0.17 | ) | (0.19 | ) | (0.19 | ) | (0.25 | ) | (0.29 | ) | ||||||||||
Net Asset Value, End of Year | $ | 9.84 | $ | 9.72 | $ | 10.70 | $ | 10.20 | $ | 10.43 | ||||||||||
Total Return(b) | 3.04 | % | (7.50 | )% | 6.74 | % | 0.13 | % | 5.32 | % | ||||||||||
Net Assets, End of Year (000’s) | $40,420 | $47,950 | $59,887 | $54,979 | $53,379 | |||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Gross Expense(c) | 1.03 | % | 0.87 | % | 1.03 | % | 1.09 | % | 1.09 | % | ||||||||||
Net Expense(c),(d) | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.58 | % | ||||||||||
Net Investment Income | 1.77 | % | 1.49 | % | 1.55 | % | 1.68 | % | 1.76 | % | ||||||||||
Portfolio Turnover Rate | 6 | % | 7 | % | 14 | % | 60 | % | 45 | % |
(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, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS | 38 |
Wilmington Funds
April 30, 2023
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 on class-specific matters.
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.
ANNUAL REPORT / April 30, 2023
39 | NOTES TO FINANCIAL STATEMENTS (continued) |
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, 2023, 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. | $ | 3,253,982 | $ | 3,253,982 | $ | — | $ | — | ||||||||||||||||||||||||
Citigroup Global Markets Ltd. | 3,253,982 | 3,253,982 | — | — | ||||||||||||||||||||||||||||
Deutsche Bank Securities, Inc. | 3,199,947 | 3,199,947 | — | — | ||||||||||||||||||||||||||||
HSBC Securities USA, Inc. | 3,253,982 | 3,253,982 | — | — | ||||||||||||||||||||||||||||
RBC Dominion Securities, Inc. | 3,253,982 | 3,253,982 | — | — | ||||||||||||||||||||||||||||
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$ | 16,215,875 | $ | 16,215,875 | $ | — | $ | — | |||||||||||||||||||||||||
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|
|
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(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
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 40 |
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, 2023, 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 | $15,735,021 | $15,735,021 | $— |
(1) | Collateral with a value of $16,215,875 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, 2023.
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, 2023, the following reclassifications were made on the Statements of Assets and Liabilities for permanent differences:
Fund | Paid-in Capital | Distributable Earnings (Loss) | ||||||
Broad Market Bond Fund | $24 | $ | (24) |
The tax character of distributions for the corresponding fiscal year ended April 30, were as follows:
Fund | Ordinary Income* | 2023 Tax Exempt Income | Long-Term Capital Gains | Ordinary Income* | 2022 Tax Exempt Income | Long-Term Capital Gains | ||||||||||||||||||
Broad Market Bond Fund | $13,851,708 | $ — | $— | $12,713,727 | $ — | $ — | ||||||||||||||||||
Municipal Bond Fund | 292,933 | 6,162,595 | — | 2,730 | 5,883,155 | 950,222 | ||||||||||||||||||
New York Municipal Bond Fund | 18,276 | 811,306 | — | 24,890 | 916,361 | 173,981 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
ANNUAL REPORT / April 30, 2023
41 | NOTES TO FINANCIAL STATEMENTS (continued) |
As of April 30, 2023, 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 | $614,200,536 | $1,378,634 | $(51,080,783 | ) | $(49,702,149 | ) | ||||||||||||||||||||||
Municipal Bond Fund | 351,431,855 | 1,245,214 | (13,962,212 | ) | (12,716,998 | ) | ||||||||||||||||||||||
New York Municipal Bond Fund | 47,171,371 | 64,970 | (2,179,555 | ) | (2,114,585 | ) |
As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed Income | Undistributed Tax-Exempt Income | Undistributed Gains | Other Timing Differences* | Unrealized Appreciation/ (Depreciation) | Capital Loss | Late Year Loss Deferrals | Distributable Earnings | ||||||||||||||||||||||||
Broad Market Bond Fund | $838,074 | $— | $— | $(695,012 | ) | $(49,702,149 | ) | $(3,992,052 | ) | $— | $(53,551,139 | ) | ||||||||||||||||||||
Municipal Bond Fund | — | 470,711 | — | (481,518 | ) | (12,716,998 | ) | (5,288,564 | ) | — | (18,016,369 | ) | ||||||||||||||||||||
New York Municipal Bond Fund | — | 14,290 | — | (14,491 | ) | (2,114,585 | ) | (289,547 | ) | — | (2,404,333 | ) |
* | 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, 2023, 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 | $(1,755,876 | ) | $(2,236,176 | ) | $(3,992,052 | ) | ||||||
Municipal Bond Fund | (1,053,201 | ) | (4,235,363 | ) | (5,288,564 | ) | ||||||
New York Municipal Bond Fund | — | (289,547 | ) | (289,547 | ) |
For the year ended April 30, 2023, 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, 2023 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, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (continued) | 42 |
The contractual expense limitations are as follows:
Current Contractual Expense Limitations | ||||||||
Fund | Class A | Class I | ||||||
Broad Market Bond Fund | 0.78% | 0.43% | ||||||
Municipal Bond Fund | 0.74% | 0.49% | ||||||
New York Municipal Bond Fund | 0.82% | 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, 2023, 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, 2023, 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 from Class A | |||
Broad Market Bond Fund | $ 78 | |||
Municipal Bond Fund | 3,942 | |||
New York Municipal Bond Fund | 65 |
Sales Charges – The Funds’ Class A shares bear front-end sales charges.
For the year ended April 30, 2023, M&T did not receive any sales charges on the sale of Class A shares.
Shareholder Services Fee – Pursuant to a Shareholder Services Plan adopted by the Funds and administered by ALPS, the Funds may pay up to 0.25% of the average daily net assets of the Funds’ Class A shares to financial intermediaries (which may include ALPS, the Advisor or their affiliates) for providing shareholder services and maintaining shareholder accounts.
M&T has entered into a Shareholder Services Agreement with ALPS, under which it is entitled to receive up to 0.25% of the average daily net assets of the Funds’ Class A shares. The Funds may reduce the maximum amount of shareholder service fees they pay from time to time at their sole discretion. In addition, a financial intermediary (including M&T) may waive or reduce any fees to which they are entitled.
For the year ended April 30, 2023, M&T received shareholder service fees, net of waivers, paid by the Funds as follows:
Fund | Shareholder Services Fees | |
Broad Market Bond Fund | $31 |
ANNUAL REPORT / April 30, 2023
43 | NOTES TO FINANCIAL STATEMENTS (continued) |
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, 2023 were as follows:
Fund | Purchases | Sales | ||||||||
Broad Market Bond Fund | $ 50,830,244 | $86,810,293 | ||||||||
Municipal Bond Fund | 108,107,868 | 86,271,670 | ||||||||
New York Municipal Bond Fund | 2,814,826 | 10,057,105 |
Purchases and sales of investments of U.S. Government Securities for the year ended April 30, 2023 were as follows:
Fund | Purchases | Sales | ||||||||
Broad Market Bond Fund | $75,877,600 | $50,423,509 |
6. | REORGANIZATION |
At a meeting held on June 3, 2021, the Board of Trustees approved a Plan of Reorganization (the “Reorganization”) providing for: (i) the acquisition by the Wilmington Broad Market Bond Fund (the “Acquiring Fund”) of substantially all of the Assets of the Wilmington Intermediate-Term Bond Fund (the “Acquired Fund”), a series of the Trust, in exchange solely for Class A and Class I shares of the Acquiring Fund (“Acquiring Fund Shares”); (ii) the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund; (iii) the distribution of the Acquiring Fund Shares to shareholders of the Acquired Fund holding the corresponding class of shares of the Acquired Fund; and (iv) the liquidation and dissolution of the Acquired Fund. The purpose of the transaction was to combine two funds managed by the Investment Advisor with comparable investment objectives and strategies.
The Reorganization was consummated through a tax-free exchange of shares as of the close of business on August 20, 2021. For financial reporting purposes, the Acquiring Fund was deemed to be the accounting survivor and assets received and shares issued by the Acquiring Fund were recorded at net asset value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The cost, market value and unrealized appreciation of the investments of the Acquired Fund as of the close of business on August 20, 2021 were $25,615,221, $26,646,484 and $1,031,263, respectively.
The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund prior to the Reorganization, as shown in the following table:
Acquired Fund Net Assets | Acquired Fund Shares Outstanding | Shares Converted to Acquiring Fund | Conversion Ratio | |||||||||||||||||
Class A | $ 1,020,482 | 105,144 | 98,320 | 0.93509 | ||||||||||||||||
Class I | 25,685,831 | 2,645,223 | 2,517,137 | 0.95158 |
The net assets of the Acquiring Fund before the Reorganization were $613,179,107. The net assets of the Acquiring Fund immediately following the Reorganization were $639,885,420.
April 30, 2023 / ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS (concluded) | 44 |
Assuming the Reorganization had been completed on May 1, 2021, the Acquiring Fund’s pro forma results of operations for the fiscal year ended April 30, 2022, would have been as follows:
Net investment income (loss) | $ | 11,112,255 | ||
Net realized gain (loss) on investments | 1,621,347 | |||
Net change in unrealized appreciation (depreciation) | (62,204,094 | ) | ||
|
| |||
Net increase (decrease) in net assets resulting from operations | $ | (49,470,492 | ) | |
|
|
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since the Reorganization was consummated on August 20, 2021.
7. | 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.
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 29, 2023. 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. The LOC expires on March 27, 2024.
The Funds did not utilize the LOC during the year ended April 30, 2023.
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.
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, 2023
45 |
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, 2023, the related statements of operations for the year ended April 30, 2023, the statements of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the four years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds as of and for the year ended April 30, 2019 and the financial highlights for the year ended April 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 27, 2019 expressed an unqualified opinion on those financial statements and financial highlights.
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, 2023 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 22, 2023
We have served as the auditor of one or more investment companies in Wilmington Funds since 2019.
April 30, 2023 / 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 (2014 to present); Trustee, 1290 Funds (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).
| ||
Nicholas A. Giordano Birth year: 1943 TRUSTEE Began serving: March 2012 | Principal Occupations: Consultant, financial services organizations (1997 to present).
Other Directorships Held: The RBB Fund Inc. (34 portfolios) (registered investment companies); Independence Blue Cross (1981 to 2021); IntriCon Corporation (body-worn products) (2001 to 2022).
| |
Previous Positions: Director, Kalmar Pooled Investment Trust (through 6/17).
|
ANNUAL REPORT / April 30, 2023 (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) (12/20 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) (3/2020 to 11/2020); 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 present); 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). |
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). | |
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). |
April 30, 2023 (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 | |
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, 2023 (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 22, 2023, 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, 2022. 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, 2023. 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, 2023 (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, 2023 (unaudited)
51 |
PRIVACY POLICY AND NOTICE
OF THE FUNDS AND THEIR DISTRIBUTOR
March 1, 2023
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; insure 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 Policy
The Funds may share nonpublic personal information about you, as described above, with financial or non-financial companies or other entities, including companies that may be affiliated with the Funds and other nonaffiliated third parties, for the following purposes:
• | We may share information when it is necessary and required to process a transaction or to service a customer relationship. For example, information may be shared with a company that provides account record keeping services or a company that provides proxy services to shareholders. |
• | We may share information when it is required or permitted by law. For example, information may be shared in response to a subpoena or to protect you against fraud or with someone who has established a legal beneficial interest, such as a power of attorney. |
• | We may disclose some or all 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, 2023 (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. |
• | 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. |
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, username, or password 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 Statement
The effective date of this Notice is March 1, 2023. 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, 2023 (unaudited)
Investment Advisor | Distributor | |||
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 | 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-FI-0423 |
|
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 member of the Board’s Audit Committee is an “audit committee financial expert,” and that each such member is “independent,” for purposes of this Item. The Audit Committee consists of the following Board members: Gregory P. Chandler, Donald E. Foley, Nicholas A. Giordano 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 2023 - $408,843
Fiscal year ended 2022 - $396,560
(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 2023 - $0
Fiscal year ended 2022 - $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 2023 - $90,778
Fiscal year ended 2022 - $131,920
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 2023- $0
Fiscal year ended 2022 - $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 registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for the fiscal years ended April 30, 2023 and 2022. |
(f) | Not Applicable |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant: |
Fiscal year ended 2023 – $90,778
Fiscal year ended 2022 – $131,920
(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.
(a)(1) | Not applicable | |
(a)(2) | ||
(b) |
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: June 29, 2023 |
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: June 29, 2023 |
By (Signature and Title)* | /s/ Arthur W. Jasion | |
Arthur W. Jasion | ||
(Principal Financial Officer) | ||
Date: June 29, 2023 |
* Print the name and title of each signing officer under his or her signature.