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)