1

 

Wilmington Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

July 31, 2023 (unaudited)

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 1.8%
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		235,500	$	5,892,210
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,994,679)			$	5,892,210
	Par 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		1,043,873
TOTAL ALABAMA			$	1,043,873
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29		1,810,000		1,863,473
TOTAL ALASKA			$	1,863,473
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		90,784
EDUCATION – 1.3%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)
5.00%, 11/01/26		1,000,000		1,041,690
5.00%, 11/01/30		1,000,000		1,072,533
5.00%, 11/01/32		865,000		923,287
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		1,327,183
TOTAL EDUCATION			$	4,364,693
MEDICAL – 0.7%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,088,807
5.00%, 09/01/35		725,000		783,287
5.00%, 09/01/36		500,000		534,401
TOTAL MEDICAL			$	2,406,495

Description	Par Value		Value
UTILITIES – 1.1%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36	$	3,000,000	$	3,502,343
TOTAL ARIZONA			$	10,364,315
CALIFORNIA – 1.2%
AIRPORT – 0.8%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		854,114
City of Los Angeles Department of Airports, CA, Revenue Bonds
4.00%, 05/15/35		600,000		610,969
4.00%, 05/15/36		800,000		809,423
4.00%, 05/15/37		500,000		502,041
TOTAL AIRPORT			$	2,776,547
GENERAL OBLIGATIONS – 0.4%
State of California, CA, GO Unlimited, Current Refunding, (AGM), 5.25%, 08/01/32		1,000,000		1,199,221
TOTAL CALIFORNIA			$	3,975,768
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		2,672,572
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		2,312,231
MEDICAL – 1.6%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62		3,000,000		3,274,398
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,060,034
TOTAL MEDICAL			$	5,334,432
MULTIFAMILY HSG – 0.3%
Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), 4.00%, 05/01/41		1,000,000		1,001,718
TRANSPORTATION – 0.8%
E-470 Public Highway Authority, CO, Current Refunding Revenue Bonds, (Series A)
5.00%, 09/01/27		1,000,000		1,075,794
5.00%, 09/01/34		1,300,000		1,471,981
TOTAL TRANSPORTATION			$	2,547,775

 

July 31, 2023 (unaudited)

2 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
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	$	1,870,622
TOTAL COLORADO			$	15,739,350
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		2,768,816
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		1,480,705
University of Connecticut, CT, Revenue Bonds, (Series A), 5.00%, 01/15/33		1,000,000		1,060,381
TOTAL HIGHER EDUCATION			$	2,541,086
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		696,063
4.00%, 07/01/29		500,000		510,400
4.00%, 07/01/30		600,000		614,248
TOTAL MEDICAL			$	1,820,711
TOTAL CONNECTICUT			$	7,130,613
DISTRICT OF COLUMBIA – 1.1%
GENERAL – 0.6%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		687,037
5.00%, 10/01/31		875,000		985,057
5.00%, 10/01/32		500,000		562,360
TOTAL GENERAL			$	2,234,454
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,619,850
TOTAL DISTRICT OF COLUMBIA			$	3,854,304
FLORIDA – 3.8%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,044,314
GENERAL OBLIGATIONS – 0.9%
Miami-Dade County, FL, GO Unlimited, AD Valorem Property Tax, 5.00%, 07/01/33		1,000,000		1,049,630
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,071,165
TOTAL GENERAL OBLIGATIONS			$	3,120,795

Description	Par Value		Value
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28	$	750,000	$	797,665
5.00%, 04/01/30		750,000		799,166
5.00%, 04/01/31		750,000		799,584
5.00%, 04/01/33		750,000		798,913
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,647,927
TOTAL HIGHER EDUCATION			$	4,843,255
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		509,698
5.00%, 02/01/26		500,000		516,335
TOTAL HOUSING			$	1,026,033
MULTIFAMILY HSG – 0.8%
Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26		2,500,000		2,563,910
TOTAL FLORIDA`			$	12,598,307
GEORGIA – 3.0%
GENERAL – 3.0%
Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28		2,765,000		2,843,507
Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53		1,000,000		1,049,040
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)
4.00%, 07/01/52		3,000,000		2,989,035
5.00%, 06/01/53		3,000,000		3,104,951
TOTAL GEORGIA			$	9,986,533
ILLINOIS – 8.0%
GENERAL – 3.0%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		4,875,000		5,177,802
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,719,536
Sales Tax Securitization Corp., IL, Current Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/26		2,000,000		2,071,452
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,074,290
TOTAL GENERAL			$	10,043,080

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 3

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
GENERAL OBLIGATIONS – 4.2%
Chicago Park District, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series D), 5.00%, 01/01/26	$	1,250,000	$	1,255,856
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A)
5.00%, 01/01/25		3,000,000		3,051,799
5.00%, 01/01/32		3,000,000		3,251,327
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)
5.00%, 10/01/29		2,000,000		2,158,690
5.00%, 10/01/33		1,000,000		1,069,456
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,194,075
TOTAL GENERAL OBLIGATIONS			$	13,981,203
MULTIFAMILY HSG – 0.3%
Illinois Housing Development Authority, IL, Revenue Bonds, Ogden Commons, 4.00%, 07/01/43		1,000,000		1,000,069
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,592,896
TOTAL ILLINOIS			$	26,617,248
INDIANA – 2.0%
DEVELOPMENT – 2.0%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,684,945
TOTAL INDIANA			$	6,684,945
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		3,123,089
TOTAL IOWA			$	3,123,089
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		2,943,009
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		2,000,000		1,981,809
TOTAL KENTUCKY			$	4,924,818
MARYLAND – 1.8%
AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)
5.00%, 08/01/28		730,000		777,383
5.00%, 08/01/29		500,000		539,948
5.00%, 08/01/30		515,000		562,362

Description	Par Value		Value
5.00%, 08/01/31	$	650,000	$	716,551
TOTAL AIRPORT			$	2,596,244
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		3,556,008
TOTAL MARYLAND			$	6,152,252
MASSACHUSETTS – 2.9%
GENERAL – 1.0%
Commonwealth of Massachusetts, MA, Refunding Revenue Bonds, (BHAC-CR FGIC), 5.50%, 01/01/34		2,790,000		3,344,730
HIGHER EDUCATION – 0.7%
Massachusetts Development Finance Agency, MA, Current Refunding Revenue Bonds, (Simmons University), (Series L)
5.00%, 10/01/30		1,180,000		1,228,055
5.00%, 10/01/31		1,000,000		1,039,902
TOTAL HIGHER EDUCATION			$	2,267,957
MEDICAL – 0.3%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,041,627
STUDENT LOAN – 0.9%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B)
5.00%, 07/01/33		1,800,000		1,951,561
4.25%, 07/01/44		1,000,000		989,711
TOTAL STUDENT LOAN			$	2,941,272
TOTAL MASSACHUSETTS			$	9,595,586
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		4,300,000		4,366,376
SCHOOL DISTRICT – 1.0%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax
4.00%, 05/01/33		1,330,000		1,380,155
4.00%, 05/01/34		1,000,000		1,033,951
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		1,038,905
TOTAL SCHOOL DISTRICT			$	3,453,011
WATER – 1.6%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29		145,000		152,699
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		3,688,983

 

July 31, 2023 (unaudited)

4 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34	$	1,450,000	$	1,483,049
TOTAL WATER			$	5,324,731
TOTAL MICHIGAN			$	13,144,118
MINNESOTA – 2.2%
GENERAL OBLIGATIONS – 0.6%
State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38		2,000,000		2,080,500
HOUSING – 0.7%
Coon Rapids, MN, Multi Family Revenue Bonds, (Galway Place Community Plaza Projects), (Series A), 2.70%, 08/01/35		2,590,392		2,346,950
MEDICAL – 0.9%
Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		3,051,969
TOTAL MINNESOTA			$	7,479,419
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		1,227,966
Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37		3,000,000		3,094,651
TOTAL NEVADA			$	4,322,617
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		2,725,380
TOTAL NEW HAMPSHIRE			$	2,725,380
NEW JERSEY – 4.7%
GENERAL – 2.2%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		950,000		1,025,835
New Jersey Economic Development Authority, NJ, Current Refunding Revenue Bonds, (Series A), 5.00%, 06/15/24		225,000		227,936
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28		2,135,000		2,332,160
5.00%, 12/15/34		3,000,000		3,236,247
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		551,172
TOTAL GENERAL			$	7,373,350

Description	Par Value		Value
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	$	2,056,522
New Jersey Educational Facilities Authority, NJ, Current Refunding Revenue Bonds, (Montclair State University), (Series B), 5.00%, 07/01/30		1,000,000		1,052,282
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,048,777
TOTAL HIGHER EDUCATION			$	4,157,581
HOUSING – 0.1%
New Jersey Housing & Mortgage Finance Agency, NJ, Current Refunding Revenue Bonds, (Series A), 3.60%, 11/01/33		400,000		394,059
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		271,243
5.00%, 07/15/29		250,000		275,728
5.00%, 07/15/30		250,000		279,709
TOTAL SCHOOL DISTRICT			$	826,680
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		2,065,152
4.00%, 12/01/44		1,000,000		974,097
TOTAL STUDENT LOAN			$	3,039,249
TOTAL NEW JERSEY			$	15,790,919
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		2,528,244
DEVELOPMENT – 1.0%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		3,000,000		3,432,344
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		973,809
New York State Thruway Authority, NY, Refunding Revenue Bonds, (Series A), 5.00%, 03/15/33		4,000,000		4,717,258
New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		2,020,366
TOTAL GENERAL			$	7,711,433
GENERAL OBLIGATIONS – 1.0%
New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 5

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
5.00%, 09/01/36	$	1,600,000	$	1,829,326
4.00%, 08/01/37		1,500,000		1,533,882
TOTAL GENERAL OBLIGATIONS			$	3,363,208
HIGHER EDUCATION – 0.7%
New York State Dormitory Authority, NY, Refunding Revenue Bonds, (Series C), (NATL), 5.25%, 07/01/30		1,040,000		1,135,974
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,059,783
TOTAL HIGHER EDUCATION			$	2,195,757
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		1,804,698
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		1,412,668
TRANSPORTATION – 1.1%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30		1,000,000		1,019,173
5.00%, 09/15/31		2,500,000		2,650,687
TOTAL TRANSPORTATION			$	3,669,860
TOTAL NEW YORK			$	26,118,212
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		4,711,875
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,364,440
TOTAL NORTH CAROLINA			$	6,076,315
OHIO – 4.0%
GENERAL OBLIGATIONS – 0.7%
State of Ohio, OH, GO Unlimited, Public Improvements, (Series A)
5.00%, 03/01/34		1,000,000		1,189,287
5.00%, 03/01/35		1,000,000		1,181,123
TOTAL GENERAL OBLIGATIONS			$	2,370,410
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		1,095,847
Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		1,966,370
TOTAL HIGHER EDUCATION			$	3,062,217

Description	Par Value		Value
MEDICAL – 1.4%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28	$	3,035,000	$	3,219,265
Montgomery County, OH, Hospital Improvement Revenue Bonds, (Unrefunded – Catholic Health Initiatives), Prerefunded/ETM, 5.25%, 05/01/29		5,000		5,025
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,286,532
TOTAL MEDICAL			$	4,510,822
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		3,344,418
TOTAL OHIO			$	13,287,867
OREGON – 0.7%
GENERAL – 0.3%
Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39		1,000,000		1,137,294
GENERAL OBLIGATIONS – 0.4%
Lane Community College, OR, GO Unlimited, AD Valorem Property Tax, (Series A), (SCH BD GTY), 5.00%, 06/15/30		1,000,000		1,143,337
TOTAL OREGON			$	2,280,631
PENNSYLVANIA – 11.3%
AIRPORT – 1.4%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)
5.00%, 01/01/28		1,500,000		1,581,072
4.00%, 01/01/38		1,500,000		1,468,522
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,576,070
TOTAL AIRPORT			$	4,625,664
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		2,933,221
GENERAL – 1.9%
Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		3,150,813
Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26		2,930,000		3,052,041
TOTAL GENERAL			$	6,202,854
HIGHER EDUCATION – 1.8%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,065,388

 

July 31, 2023 (unaudited)

6 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35	$	1,130,000	$	1,159,849
Pennsylvania Higher Educational Facilities Authority, PA, (AGC), 5.20%, 03/15/25		930,000		945,638
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		709,730
5.00%, 11/01/26		350,000		357,908
5.00%, 11/01/27		600,000		619,005
5.00%, 11/01/28		1,100,000		1,143,854
TOTAL HIGHER EDUCATION			$	6,001,372
MEDICAL – 0.8%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,753,080
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,072,491
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		2,157,892
Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B)
5.00%, 12/01/35		500,000		564,096
5.00%, 12/01/36		500,000		562,474
5.00%, 12/01/37		500,000		558,140
TOTAL TRANSPORTATION			$	3,842,602
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		1,153,337
WATER – 2.7%
Philadelphia Water & Wastewater, PA, Advance Refunding Revenue Bonds, (Series B), 5.00%, 11/01/31		5,655,000		6,103,981
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM)
5.00%, 09/01/38		1,250,000		1,415,433
5.00%, 09/01/39		1,000,000		1,124,969
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		400,436
TOTAL WATER			$	9,044,819
TOTAL PENNSYLVANIA			$	37,629,440

Description	Par Value		Value
SOUTH CAROLINA – 1.8%
TOBACCO SETTLEMENT – 1.8%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30	$	4,975,000	$	5,912,523
TOTAL SOUTH CAROLINA			$	5,912,523
TENNESSEE – 0.4%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,207,941
TOTAL TENNESSEE			$	1,207,941
TEXAS – 8.2%
AIRPORT – 0.3%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,029,532
EDUCATION – 0.6%
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools)
5.00%, 08/15/27		1,000,000		1,065,087
5.00%, 08/15/29		1,000,000		1,082,131
TOTAL EDUCATION			$	2,147,218
GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31		1,000,000		1,009,023
4.00%, 08/15/32		1,000,000		1,006,868
TOTAL GENERAL			$	2,015,891
GENERAL OBLIGATIONS – 3.5%
Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 02/15/40		1,250,000		1,397,223
5.00%, 02/15/41		1,000,000		1,113,679
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/24		100,000		100,180
4.00%, 04/01/25		100,000		100,963
4.00%, 04/01/26		100,000		101,386
4.00%, 04/01/27		100,000		102,237
4.00%, 04/01/28		535,000		550,968
4.00%, 04/01/29		100,000		103,617
4.00%, 04/01/30		100,000		104,348
4.00%, 04/01/31		350,000		364,419
4.00%, 04/01/32		100,000		103,579
4.00%, 04/01/33		495,000		510,305
4.00%, 04/01/34		100,000		102,684
4.00%, 04/01/35		100,000		102,099
4.00%, 04/01/36		380,000		383,913
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,278,140

July 31, 2023 (unaudited)

PORTFOLIO OF INVESTMENTS 7

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29	$	3,735,000	$	4,126,900
TOTAL GENERAL OBLIGATIONS			$	11,646,640
MEDICAL – 1.2%
Harris County Health Facilities Development Corp., TX, Refunding Revenue Bonds, School Health Care System (Series B)
5.75%, 07/01/27		1,035,000		1,089,506
6.25%, 07/01/27		1,100,000		1,166,611
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,584,831
TOTAL MEDICAL			$	3,840,948
MULTIFAMILY HSG – 0.3%
El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26		1,000,000		1,008,837
SCHOOL DISTRICT – 0.6%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund – Guaranteed), 4.00%, 02/15/37		1,000,000		1,026,685
Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund – Guaranteed), 4.00%, 02/15/48		1,000,000		961,014
TOTAL SCHOOL DISTRICT			$	1,987,699
TRANSPORTATION – 1.1%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,568,077
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Series F), 5.00%, 01/01/25		1,000,000		1,011,746
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,240,186
TOTAL TRANSPORTATION			$	3,820,009
TOTAL TEXAS			$	27,496,774
UTAH – 4.1%
AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,172,911
5.00%, 07/01/33		2,500,000		2,643,094
TOTAL AIRPORT			$	5,816,005
MEDICAL – 2.3%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28		2,500,000		2,565,321
5.13%, 02/15/33		5,090,000		5,203,855
TOTAL MEDICAL			$	7,769,176
TOTAL UTAH			$	13,585,181

Description	Par Value		Value
WASHINGTON – 5.0%
GENERAL – 1.8%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28	$	6,020,000	$	6,103,071
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		1,765,489
POWER – 1.1%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,539,641
SCHOOL DISTRICT – 0.9%
Clark County School District No. 114 Evergreen, WA, GO Unlimited, AD Valorem Property Tax, (SCH BD GTY), 4.00%, 12/01/33		3,000,000		3,178,386
TRANSPORTATION – 0.7%
Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29		2,090,000		2,245,190
TOTAL WASHINGTON			$	16,831,777
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		488,901
4.00%, 01/01/33		500,000		486,200
TOTAL MEDICAL			$	975,101
POWER – 0.5%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,738,699
TOTAL WISCONSIN			$	2,713,800
TOTAL MUNICIPAL BONDS (Cost $334,486,453)			$	320,257,388

	Number of Shares
MONEY MARKET FUND – 0.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.14%^		2,171,171		2,171,171
TOTAL MONEY MARKET FUND (Cost $2,171,171)			$	2,171,171
TOTAL INVESTMENTS – 98.2% (Cost $342,652,303)			$	328,320,769
OTHER ASSETS LESS LIABILITIES – 1.8%				5,889,789
TOTAL NET ASSETS – 100.0%			$	334,210,558

 

July 31, 2023 (unaudited)

8 PORTFOLIO 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 July 31, 2023 in valuing the Fund’s assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Exchange-Traded Funds	$	5,892,210	$	—		$—	$	5,892,210
Municipal Bonds		—		320,257,388		—		320,257,388
Money Market Fund		2,171,171		—		—		2,171,171
Total	$	8,063,381	$	320,257,388		$—	$	328,320,769

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

** Represents less than 0.05%.

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

AMBAC American Municipal Bond Assurance Corporation

BAM Build America Mutual Assurance Company

BHAC Berkshire Hathaway Assurance Corporation

CR Custodial Receipts

ETF Exchange-Traded Fund

ETM Escrowed to Maturity

FGIC Financial Guaranty Insurance Corporation

GO General Obligation

ICC Insured Custody Certificates

IDA Industrial Development Authority/Agency

NATL National Public Finance Guarantee Corporation

SCH BD GTY School Bond Guaranty

SPDR Standard & Poor’s Depositary Receipt

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

July 31, 2023 (unaudited)