Wilmington Funds NPORT-P Wilmington Municipal Bond Fund (Jul 2024 report)

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Wilmington Municipal Bond Fund

PORTFOLIO OF INVESTMENTS

July 31, 2024 (unaudited)

Description	Number of Shares		Value
EXCHANGE-TRADED FUNDS – 5.3%
VanEck High Yield Muni ETF		29,000	$	1,524,820
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		597,700		15,516,292
TOTAL EXCHANGE-TRADED FUNDS (Cost $16,777,157)			$	17,041,112
	Par Value
MUNICIPAL BONDS – 93.1%
ALABAMA – 1.0%
GENERAL – 1.0%
Southeast Alabama Gas Supply District (The), AL, Current Refunding Revenue Bonds, (Series A), 5.00%, 08/01/54	$	3,000,000		3,232,356
TOTAL ALABAMA			$	3,232,356
ALASKA – 0.6%
HIGHER EDUCATION – 0.6%
University of Alaska, AK, Revenue Bonds, (Series T), 5.00%, 10/01/29		1,810,000		1,831,292
TOTAL ALASKA			$	1,831,292
ARIZONA – 3.5%
DEVELOPMENT – 0.3%
Chandler Industrial Development Authority, AZ, Revenue Bonds, (Intel Corp. Project), 4.10%, 12/01/37		1,000,000		1,013,738
Industrial Development Authority of the City of Phoenix Arizona, IDA, Stadium Revenue Bonds, (Bank One Ballpark Project), (AMBAC), Prerefunded/ETM, 6.85%, 12/01/25		60,000		60,387
TOTAL DEVELOPMENT			$	1,074,125
EDUCATION – 1.3%
Arizona Industrial Development Authority, AZ, Revenue Bonds, (Equitable School Revolving Fund), (Series A)
5.00%, 11/01/26		1,000,000		1,034,369
5.00%, 11/01/30		1,000,000		1,063,545
5.00%, 11/01/32		865,000		919,927
La Paz County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Charter School Solutions – Harmony Public Schools Project), (Series A), 5.00%, 02/15/28		1,100,000		1,116,790
TOTAL EDUCATION			$	4,134,631
MEDICAL – 0.8%
Maricopa County Industrial Development Authority, AZ, IDA, Revenue Bonds, (Honor Health), (Series A)
5.00%, 09/01/34		1,000,000		1,084,599
5.00%, 09/01/35		725,000		783,168

Description	Par Value		Value
5.00%, 09/01/36	$	500,000	$	538,012
TOTAL MEDICAL			$	2,405,779
UTILITIES – 1.1%
Mesa, AZ, Utility System Revenue, Current Refunding Revenue Bonds, (Series C), 5.00%, 07/01/36		3,000,000		3,542,238
TOTAL ARIZONA			$	11,156,773
CALIFORNIA – 0.9%
AIRPORT – 0.9%
City of Los Angeles Department of Airports, CA, Current Refunding Revenue Bonds, (Series B), 5.00%, 05/15/32		800,000		837,935
City of Los Angeles Department of Airports, CA, Revenue Bonds
4.00%, 05/15/35		600,000		611,435
4.00%, 05/15/36		800,000		812,321
4.00%, 05/15/37		500,000		506,926
TOTAL CALIFORNIA			$	2,768,617
COLORADO – 4.0%
AIRPORT – 0.8%
City & County of Denver, CO, Airport System Revenue Bonds, (Sub-Series A), 5.00%, 12/01/31		2,500,000		2,621,650
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		2,249,993
MEDICAL – 1.6%
Colorado Health Facilities Authority, CO, Refunding Revenue Bonds, Intermountain Healthcare, 5.00%, 05/15/62		3,000,000		3,198,906
Colorado Health Facilities Authority, CO, Revenue Bonds, (CommonSpirit Health), (Series B-2), 5.00%, 08/01/49		2,000,000		2,045,229
TOTAL MEDICAL			$	5,244,135
MULTIFAMILY HOUSING – 0.3%
Colorado Housing and Finance Authority, CO, Revenue Bonds, (Wintergreen Ridge Apartments Project), , 4.00%, 05/01/41		1,000,000		1,002,374
WATER – 0.6%
City & County of Denver, CO, Board of Water Commissioners, Refunding Revenue Bonds, (Series B), 4.00%, 09/15/33		1,750,000		1,845,925
TOTAL COLORADO			$	12,964,077
CONNECTICUT – 1.9%
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		2,698,415

 

July 31, 2024 (unaudited)

2 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
HIGHER EDUCATION – 0.5%
Connecticut State Health & Educational Facilities Authority, CT, Advance Refunding Revenue Bonds, (Fairfield University), (Series R), 5.00%, 07/01/31	$	1,385,000	$	1,447,104
MEDICAL – 0.6%
Connecticut State Health & Educational Facilities Authority, CT, Current Refunding Revenue Bonds, (Stamford Hospital), (Series L-1)
4.00%, 07/01/28		785,000		803,076
4.00%, 07/01/29		500,000		513,905
4.00%, 07/01/30		600,000		618,541
TOTAL MEDICAL			$	1,935,522
TOTAL CONNECTICUT			$	6,081,041
DISTRICT OF COLUMBIA – 1.2%
GENERAL – 0.7%
Washington Convention & Sports Authority, DC, Current Refunding Revenue Bonds, (Series A)
5.00%, 10/01/30		610,000		674,205
5.00%, 10/01/31		875,000		964,575
5.00%, 10/01/32		500,000		550,472
TOTAL GENERAL			$	2,189,252
TRANSPORTATION – 0.5%
Washington Metropolitan Area Transit Authority, DC, Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,564,103
TOTAL DISTRICT OF COLUMBIA			$	3,753,355
FLORIDA – 4.2%
AIRPORT – 0.3%
Greater Orlando Aviation Authority, FL, Airport System Revenue Bonds, (Series A), 5.00%, 10/01/26		1,000,000		1,034,535
GENERAL OBLIGATIONS – 0.6%
State of Florida, FL, GO Unlimited, Current Refunding, (Series D), 4.00%, 06/01/34		1,975,000		2,046,249
HIGHER EDUCATION – 1.5%
Davie Florida Education Facilities, FL, Revenue Bonds, (Nova Southeastern University Project)
5.00%, 04/01/28		750,000		794,458
5.00%, 04/01/30		750,000		790,672
5.00%, 04/01/31		750,000		790,147
5.00%, 04/01/33		750,000		786,991
Florida Higher Educational Facilities Financial Authority, FL, Revenue Bonds, (Educational Facilities Ringling College Project), 5.00%, 03/01/28		1,600,000		1,651,105
TOTAL HIGHER EDUCATION			$	4,813,373
HOUSING – 0.3%
Florida Gulf Coast University Financing Corp., FL, Current Refunding Revenue Bonds, (Housing Project), (Series A) 5.00%, 02/01/25		500,000		503,636

Description	Par Value		Value
5.00%, 02/01/26	$	500,000	$	510,536
TOTAL HOUSING			$	1,014,172
MEDICAL – 0.7%
Lakeland, FL, Refunding Revenue Bonds, (Lakeland Regional Health Systems), (Series S), 5.00%, 11/15/42		2,000,000		2,190,019
MULTIFAMILY HOUSING – 0.8%
Miami-Dade County Housing Finance Authority, FL, Revenue Bonds, (HUD SECT 8), 5.00%, 10/01/26		2,500,000		2,543,504
TOTAL FLORIDA			$	13,641,852
GEORGIA – 4.1%
GENERAL – 3.5%
Georgia Local Government, GA, Certificates of Participation, (Grantor Trust), (Series A), (NATL), 4.75%, 06/01/28		3,789,000		3,858,118
Main Street Natural Gas, Inc., GA, Revenue Bonds, (Series B), 5.00%, 07/01/53		1,000,000		1,066,116
Main Street Natural Gas, Inc., GA, Revenue Bonds, Natural Gas Utility Improvements, (Series A)
4.00%, 07/01/52		3,000,000		3,023,658
5.00%, 06/01/53		3,000,000		3,174,035
TOTAL GENERAL			$	11,121,927
TRANSPORTATION – 0.6%
Georgia Ports Authority, GA, Revenue Bonds
4.00%, 07/01/37		1,000,000		1,037,689
4.00%, 07/01/39		1,000,000		1,026,199
TOTAL TRANSPORTATION			$	2,063,888
TOTAL GEORGIA			$	13,185,815
IDAHO – 0.9%
HIGHER EDUCATION – 0.9%
Idaho Housing & Finance Association, ID, Current Refunding Revenue Bonds, (The College of IDAHO Project), 5.00%, 11/01/33		3,000,000		3,058,343
TOTAL IDAHO			$	3,058,343
ILLINOIS – 6.4%
GENERAL – 1.9%
Metropolitan Pier & Exposition Authority, IL, Revenue Bonds, Public Improvements, (McCormick Place Convention), Prerefunded/ETM, 7.00%, 07/01/26		3,360,000		3,519,615
Regional Transportation Authority, IL, Revenue Bonds, (Series A), (BHAC-CR FGIC), 6.00%, 07/01/31		1,450,000		1,651,547
Sales Tax Securitization Corp., IL, Refunding Revenue Bonds, (Second Lien), (Series A), 5.00%, 01/01/28		1,000,000		1,060,352
TOTAL GENERAL			$	6,231,514
GENERAL OBLIGATIONS – 4.0%
Chicago, IL, GO Unlimited, Current Refunding, AD Valorem Property Tax, (Series A), 5.00%, 01/01/32		3,000,000		3,212,536

July 31, 2024 (unaudited)

PORTFOLIO OF INVESTMENTS 3

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
State of Illinois, IL, GO Unlimited, Current Refunding, (Series A)
5.00%, 10/01/29	$	2,000,000	$	2,135,744
5.00%, 10/01/33		1,000,000		1,056,025
State of Illinois, IL, (Series C), 5.00%, 06/15/41		3,000,000		3,270,287
State of Illinois, IL, GO Unlimited, (Series D), 5.00%, 11/01/28		3,000,000		3,151,556
TOTAL GENERAL OBLIGATIONS			$	12,826,148
TRANSPORTATION – 0.5%
Regional Transportation Authority, IL, Revenue Bonds, (Series B), 5.00%, 06/01/33		1,450,000		1,539,360
TOTAL ILLINOIS			$	20,597,022
INDIANA – 2.1%
DEVELOPMENT – 2.1%
Whiting, IN, Current Refunding Revenue Bonds, (BP Products North America Inc., Project), 5.00%, 12/01/44		6,500,000		6,637,355
TOTAL INDIANA			$	6,637,355
IOWA – 1.0%
EDUCATION – 1.0%
Waterloo Community School District Infrastructure Sales Services & Use Tax, IA, Revenue Bonds, (AGM), 4.00%, 07/01/29		3,000,000		3,080,691
TOTAL IOWA			$	3,080,691
KENTUCKY – 2.5%
GENERAL – 2.5%
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series A)
4.00%, 08/01/52		3,000,000		3,005,399
5.00%, 05/01/55		1,000,000		1,060,116
Kentucky Public Energy Authority, KY, Revenue Bonds, Natural Gas Utility Improvements, (Series C), 4.00%, 02/01/50		4,000,000		4,022,548
TOTAL KENTUCKY			$	8,088,063
MARYLAND – 0.8%
AIRPORT – 0.8%
Maryland State Department of Transportation, MD, Revenue Bonds, (Baltimore Washington International), (Series B)
5.00%, 08/01/28		730,000		769,542
5.00%, 08/01/29		500,000		532,961
5.00%, 08/01/30		515,000		553,624
5.00%, 08/01/31		650,000		705,175
TOTAL MARYLAND			$	2,561,302
MASSACHUSETTS – 1.2%
MEDICAL – 0.3%
Massachusetts Development Finance Agency, MA, Advance Refunding Revenue Bonds, (Care Group), (Series I), 5.00%, 07/01/33		1,000,000		1,025,399

Description	Par Value		Value
STUDENT LOAN – 0.9%
Massachusetts Educational Financing Authority, MA, Revenue Bonds, (Series B)
5.00%, 07/01/33	$	1,800,000	$	1,909,162
4.25%, 07/01/44		1,000,000		971,165
TOTAL STUDENT LOAN			$	2,880,327
TOTAL MASSACHUSETTS			$	3,905,726
MICHIGAN – 2.4%
AIRPORT – 0.2%
Gerald R Ford International Airport Authority, MI, Revenue Bonds, (CNTY GTD) , 5.00%, 01/01/41		500,000		547,835
MULTIFAMILY HOUSING – 0.7%
Michigan State Housing Development Authority, MI, Revenue Bonds, (Clark Road Senior Apartment Project), 4.50%, 12/01/42		2,150,000		2,183,474
SCHOOL DISTRICT – 1.0%
Kalamazoo Public Schools, MI, GO Unlimited, AD Valorem Property Tax
4.00%, 05/01/33		1,330,000		1,345,714
4.00%, 05/01/34		1,000,000		1,007,928
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		1,030,779
TOTAL SCHOOL DISTRICT			$	3,384,421
WATER – 0.5%
Detroit Sewage Disposal System, MI, Revenue Bonds, (Second Lien), (Series B), (AGC-ICC FGIC) AGC, 5.50%, 07/01/29		125,000		130,054
Michigan Finance Authority, MI, Current Refunding Revenue Bonds, (Local Government Loan Program), (Series C), 5.00%, 07/01/34		1,450,000		1,468,373
TOTAL WATER			$	1,598,427
TOTAL MICHIGAN			$	7,714,157
MINNESOTA – 1.6%
GENERAL OBLIGATIONS – 0.6%
State of Minnesota, MN, GO Unlimited, AD Valorem Property Tax, (Series A), 4.00%, 09/01/38		2,000,000		2,077,096
MEDICAL – 1.0%
Rochester, MN, Current Refunding Revenue Bonds, (Mayo Clinic), 4.00%, 11/15/39		3,000,000		3,131,235
TOTAL MINNESOTA			$	5,208,331
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		1,241,798

 

July 31, 2024 (unaudited)

4 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
Las Vegas Valley Water District, NV, GO Limited, Current Refunding, AD Valorem Property Tax, (Series C), 4.00%, 06/01/37	$	3,000,000	$	3,110,401
TOTAL NEVADA			$	4,352,199
NEW JERSEY – 4.0%
GENERAL – 2.5%
Garden State Preservation Trust, NJ, Revenue Bonds, (2005 Series A), (AGM), 5.75%, 11/01/28		3,000,000		3,166,458
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Series A), (Transportation System)
5.00%, 12/15/28		1,135,000		1,227,127
5.00%, 12/15/34		3,000,000		3,196,428
New Jersey Transportation Trust Fund Authority, NJ, Current Refunding Revenue Bonds, (Transportation System), 5.00%, 12/15/32		500,000		543,612
TOTAL GENERAL			$	8,133,625
HIGHER EDUCATION – 0.3%
New Jersey Educational Facilities Authority, NJ, Revenue Bonds, (Series A), (Stevens Institute of Technology), 5.00%, 07/01/31		1,000,000		1,042,181
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		266,434
5.00%, 07/15/29		250,000		269,870
5.00%, 07/15/30		250,000		272,966
TOTAL SCHOOL DISTRICT			$	809,270
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		2,058,254
4.00%, 12/01/44		1,000,000		960,614
TOTAL STUDENT LOAN			$	3,018,868
TOTAL NEW JERSEY			$	13,003,944
NEW YORK – 5.6%
AIRPORT – 1.7%
Port Authority of New York & New Jersey, NY, Refunding Revenue Bonds, (207th Series)
4.00%, 03/15/30		1,000,000		1,012,610
5.00%, 09/15/31		2,500,000		2,604,014
Port Authority of New York & New Jersey, NY, Current Refunding Revenue Bonds, (222nd Series), (BAM-TCRS), 4.00%, 07/15/39		1,840,000		1,870,709
TOTAL AIRPORT			$	5,487,333
DEVELOPMENT – 1.1%
New York Liberty Development Corp., NY, Refunding Revenue Bonds, (Goldman Sachs Headquarters), 5.25%, 10/01/35		3,000,000		3,487,270

Description	Par Value		Value
GENERAL – 1.4%
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	$	2,551,675
New York State Urban Development Corp., NY, Revenue Bonds, Personal Income Tax, (Series A), 4.00%, 03/15/38		2,005,000		2,044,260
TOTAL GENERAL			$	4,595,935
GENERAL OBLIGATIONS – 1.1%
New York City, NY, GO Unlimited, AD Valorem Property Tax, (Series A)
5.00%, 09/01/36		1,600,000		1,800,870
4.00%, 08/01/37		1,500,000		1,540,093
TOTAL GENERAL OBLIGATIONS			$	3,340,963
HIGHER EDUCATION – 0.3%
Tompkins County Development Corp., NY, Current Refunding Revenue Bonds, (Ithaca College Project), 5.00%, 07/01/30		990,000		1,042,999
TOTAL NEW YORK			$	17,954,500
NORTH CAROLINA – 1.9%
POWER – 1.5%
North Carolina Municipal Power Agency No. 1, NC, Current Refunding Revenue Bonds, (Series A), 5.00%, 01/01/32		4,250,000		4,642,578
TRANSPORTATION – 0.4%
North Carolina Turnpike Authority, NC, Current Refunding Revenue Bonds, (Senior Lien), (AGM), 5.00%, 01/01/32		1,250,000		1,342,375
TOTAL NORTH CAROLINA			$	5,984,953
OHIO – 4.1%
GENERAL OBLIGATIONS – 0.7%
State of Ohio, OH, GO Unlimited, Public Improvements, (Series A)
5.00%, 03/01/34		1,000,000		1,159,248
5.00%, 03/01/35		1,000,000		1,155,629
TOTAL GENERAL OBLIGATIONS			$	2,314,877
HIGHER EDUCATION – 1.0%
Ohio Higher Educational Facility Commission, OH, Current Refunding Revenue Bonds, University & College Improvements, (University of Dayton 2020), 5.00%, 02/01/34		1,000,000		1,082,994
Ohio State University (The), OH, Revenue Bonds, (Series A), (Multiyear Debt ISS), 4.00%, 12/01/43		2,000,000		2,015,188
TOTAL HIGHER EDUCATION			$	3,098,182
MEDICAL – 1.4%
Montgomery County, OH, Current Refunding Revenue Bonds, (Premier Health Partners Obligated Group), 5.00%, 11/15/28		3,035,000		3,175,139
State of Ohio, OH, Refunding Revenue Bonds, (Cleveland Clinic Health System Obligated Group), 4.00%, 01/01/34		1,250,000		1,266,830
TOTAL MEDICAL			$	4,441,969

July 31, 2024 (unaudited)

PORTFOLIO OF INVESTMENTS 5

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
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	$	3,276,159
TOTAL OHIO			$	13,131,187
OKLAHOMA – 1.6%
GENERAL – 1.4%
Canadian County Educational Facilities Authority, OK, Revenue Bonds, (Mustang Public Schools Project), (Series A), 5.25%, 09/01/34		3,000,000		3,410,882
Oklahoma County Finance Authority, OK, Revenue Bonds, (Midwest City-Del City Public Schools Project), (BAM), 5.00%, 10/01/40		1,000,000		1,114,484
TOTAL GENERAL			$	4,525,366
POWER – 0.2%
Grand River Dam Authority, OK, Refunding Revenue Bonds, (Series A), 5.00%, 06/01/41		600,000		676,301
TOTAL OKLAHOMA			$	5,201,667
OREGON – 0.3%
GENERAL – 0.3%
Oregon State Lottery, OR, Revenue Bonds, (Series A), (MORAL OBLG), 5.00%, 04/01/39		1,000,000		1,140,228
TOTAL OREGON			$	1,140,228
PENNSYLVANIA – 8.7%
AIRPORT – 1.4%
Allegheny County Airport Authority, PA, Revenue Bonds, (Series A)
5.00%, 01/01/28		1,500,000		1,568,223
4.00%, 01/01/38		1,500,000		1,502,665
Philadelphia Airport, PA, Refunding Revenue Bonds, (Series B), 5.00%, 07/01/30		1,500,000		1,550,954
TOTAL AIRPORT			$	4,621,842
GENERAL – 1.9%
Delaware Valley Regional Finance Authority, PA, Refunding Revenue Bonds, (Series A), 4.00%, 03/01/35		3,000,000		3,060,809
Sports & Exhibition Authority of Pittsburgh and Allegheny County, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 02/01/26		2,930,000		3,012,930
TOTAL GENERAL			$	6,073,739
HIGHER EDUCATION – 1.9%
Lackawanna County Industrial Development Authority, PA, Advance Refunding Revenue Bonds, (Scranton University), 5.00%, 11/01/30		1,000,000		1,047,627
Montgomery County Higher Education and Health Authority, PA, Current Refunding Revenue Bonds, (AICUP Financing Program) , 5.00%, 05/01/35		1,130,000		1,187,358

Description	Par Value		Value
Montgomery County Industrial Development Authority, PA, Revenue Bonds, (AICUP Financing Program – Gwynedd Mercy University Project), 5.25%, 05/01/38	$	1,000,000	$	1,058,331
Pennsylvania Higher Educational Facilities Authority, PA, Current Refunding Revenue Bonds, (Ursinus College Project), (Series A)
5.00%, 11/01/25		700,000		706,390
5.00%, 11/01/26		350,000		354,519
5.00%, 11/01/27		600,000		610,657
5.00%, 11/01/28		1,100,000		1,124,325
TOTAL HIGHER EDUCATION			$	6,089,207
MEDICAL – 0.9%
Hospitals & Higher Education Facilities Authority of Philadelphia, PA, Current Refunding Revenue Bonds, (AGM), 5.00%, 07/01/35		2,500,000		2,711,939
STUDENT LOAN – 0.2%
Pennsylvania Higher Education Assistance Agency, PA, Revenue Bonds, 4.13%, 06/01/45		500,000		483,656
TOBACCO SETTLEMENT – 0.3%
Commonwealth Financing Authority, PA, Revenue Bonds, (Tobacco Master Settlement Payment), 5.00%, 06/01/34		1,000,000		1,066,189
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		2,107,936
Pennsylvania Turnpike Commission, PA, Refunding Revenue Bonds, Public Improvements, (Series B)
5.00%, 12/01/35		500,000		571,198
5.00%, 12/01/36		500,000		569,160
5.00%, 12/01/37		500,000		565,283
TOTAL TRANSPORTATION			$	3,813,577
WATER – 0.9%
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (First Lien), (Series B), (AGM)
5.00%, 09/01/38		1,250,000		1,420,924
5.00%, 09/01/39		1,000,000		1,130,884
Pittsburgh Water & Sewer Authority, PA, Current Refunding Revenue Bonds, (Sub-Series B), (AGM), 5.00%, 09/01/33		340,000		394,913
TOTAL WATER			$	2,946,721
TOTAL PENNSYLVANIA			$	27,806,870
SOUTH CAROLINA – 2.5%
MEDICAL – 0.6%
South Carolina Jobs-Economic Development Authority, SC, Revenue Bonds, (Novant Health Obligated Group), 5.00%, 11/01/34		1,750,000		2,013,543

 

July 31, 2024 (unaudited)

6 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (continued)

 

Description	Par Value		Value
TOBACCO SETTLEMENT – 1.9%
Tobacco Settlement Revenue Management Authority, SC, Revenue Bonds, (Series B), Prerefunded/ETM, 6.38%, 05/15/30	$	5,250,000	$	6,042,647
TOTAL SOUTH CAROLINA			$	8,056,190
TENNESSEE – 0.9%
AIRPORT – 0.4%
Memphis-Shelby County Airport Authority, TN, Revenue Bonds, (Series A), 5.00%, 07/01/32		1,100,000		1,190,802
GENERAL OBLIGATIONS – 0.5%
Metropolitan Government of Nashville & Davidson County, TN, GO Unlimited, Refunding Notes, AD Valorem Property Tax, (Series A), 4.00%, 01/01/37		1,515,000		1,576,398
TOTAL TENNESSEE			$	2,767,200
TEXAS – 11.8%
AIRPORT – 0.7%
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series A), 4.00%, 11/01/35		1,000,000		1,029,139
Dallas Fort Worth International Airport, TX, Current Refunding Revenue Bonds, (Series B), 5.00%, 11/01/38		1,000,000		1,135,373
TOTAL AIRPORT			$	2,164,512
EDUCATION – 0.7%
Arlington Higher Education Finance Corp., TX, Revenue Bonds, (Trinity Basin Preparatory, Inc.), (PSF-GTD)
5.00%, 08/15/39		500,000		559,373
5.00%, 08/15/40		500,000		555,146
Clifton Higher Education Finance Corp., TX, Revenue Bonds, (Idea Public Schools), 5.00%, 08/15/29		1,000,000		1,071,063
TOTAL EDUCATION			$	2,185,582
GENERAL – 0.6%
Dallas, TX, Current Refunding Revenue Bonds, Hotel Occupancy Tax
4.00%, 08/15/31		1,000,000		1,000,589
4.00%, 08/15/32		1,000,000		997,033
TOTAL GENERAL			$	1,997,622
GENERAL OBLIGATIONS – 3.5%
Dallas, TX, GO Limited, AD Valorem Property Tax, (Series A)
5.00%, 02/15/40		1,250,000		1,384,419
5.00%, 02/15/41		1,000,000		1,102,040
Martin County Hospital District, TX, GO Limited, Current Refunding, AD Valorem Property Tax
4.00%, 04/01/25		100,000		100,476
4.00%, 04/01/26		100,000		100,965
4.00%, 04/01/27		100,000		101,575
4.00%, 04/01/28		535,000		545,773
4.00%, 04/01/29		100,000		102,327
4.00%, 04/01/30		100,000		102,723
4.00%, 04/01/31		350,000		359,590

Description	Par Value		Value
4.00%, 04/01/32	$	100,000	$	102,105
4.00%, 04/01/33		495,000		502,706
4.00%, 04/01/34		100,000		101,285
4.00%, 04/01/35		100,000		101,140
4.00%, 04/01/36		380,000		382,557
State of Texas, TX, GO Unlimited, (Series A), 4.50%, 08/01/29		2,125,000		2,201,024
State of Texas, TX, GO Unlimited, Current Refunding, (Series B), 5.00%, 08/01/29		3,735,000		4,021,991
TOTAL GENERAL OBLIGATIONS			$	11,312,696
MEDICAL – 0.5%
Tarrant County Cultural Education Facilities Finance Corp., TX, Revenue Bonds, (Christus Health), (Series B), 5.00%, 07/01/32		1,465,000		1,561,104
MULTIFAMILY HOUSING – 0.3%
El Paso Housing Finance Corp., TX, Revenue Bonds, (HUD SECT 8), 4.50%, 03/01/26		1,000,000		1,005,507
SCHOOL DISTRICT – 2.0%
Hays Consolidated Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund - Guaranteed), 4.00%, 02/15/37		1,000,000		1,036,810
Prosper Independent School District, TX, GO Unlimited, (PSF-GTD), 4.00%, 02/15/48		4,000,000		3,895,027
Royal Independent School District, TX, GO Unlimited, AD Valorem Property Tax, (Permanent School Fund – Guaranteed), 4.00%, 02/15/48		1,475,000		1,439,633
TOTAL SCHOOL DISTRICT			$	6,371,470
STUDENT LOAN – 0.7%
Brazos Higher Education Authority, Inc., TX, Revenue Bonds, (Series 1A), 5.13%, 04/01/43		2,295,000		2,395,907
TRANSPORTATION – 2.8%
Central Texas Regional Mobility Authority, TX, Highways Improvement Revenue Bonds, (Senior Lien), 5.00%, 01/01/33		1,470,000		1,546,994
Central Texas Turnpike System, TX, Current Refunding Revenue Bonds, (Series C), 5.00%, 08/15/38		3,000,000		3,362,444
Central Texas Turnpike System, TX, Revenue Bonds, (Series C), 5.00%, 08/15/32		1,225,000		1,230,649
Harris TX Toll Road Revenue County, TX, Revenue Bonds, (First Lien), (Series A), 4.00%, 08/15/54		3,000,000		2,870,295
TOTAL TRANSPORTATION			$	9,010,382
TOTAL TEXAS			$	38,004,782
UTAH – 4.3%
AIRPORT – 1.8%
Salt Lake City, UT, Revenue Bonds, (Series A)
5.00%, 07/01/32		3,000,000		3,131,016
5.00%, 07/01/33		2,500,000		2,604,644
TOTAL AIRPORT			$	5,735,660

July 31, 2024 (unaudited)

PORTFOLIO OF INVESTMENTS 7

 

Wilmington Municipal Bond Fund (continued)

Description	Par Value		Value
MEDICAL – 2.5%
Salt Lake County, UT, Revenue Bonds, (IHC Health Services), (AMBAC), Prerefunded/ETM
5.40%, 02/15/28	$	2,850,000	$	2,873,872
5.13%, 02/15/33		5,135,000		5,172,226
TOTAL MEDICAL			$	8,046,098
TOTAL UTAH			$	13,781,758
WASHINGTON – 4.9%
GENERAL – 1.6%
Central Puget Sound Regional Transit Authority, WA, Revenue Bonds, (NATL), 4.75%, 02/01/28		5,125,000		5,178,215
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		1,779,696
POWER – 1.1%
Energy Northwest, WA, Current Refunding Revenue Bonds, Columbia Generating Station, 5.00%, 07/01/33		3,000,000		3,427,584
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		3,141,355
TRANSPORTATION – 0.7%
Port of Seattle, WA, Revenue Bonds, 5.00%, 04/01/29		2,090,000		2,227,982
TOTAL WASHINGTON			$	15,754,832

Description	Par Value		Value
WISCONSIN – 0.9%
MEDICAL – 0.3%
Public Finance Authority, WI, Revenue Bonds, (The Obligated Group of National Senior Communities, Inc.)
4.00%, 01/01/32	$	500,000	$	509,896
4.00%, 01/01/33		500,000		509,735
TOTAL MEDICAL			$	1,019,631
POWER – 0.6%
Public Finance Authority, WI, Refunding Revenue Bonds, (Duke Energy Progress Project), (Series P), 3.30%, 10/01/46		1,750,000		1,736,488
TOTAL WISCONSIN			$	2,756,119
TOTAL MUNICIPAL BONDS (Cost $309,213,382)			$	299,162,597
	Number of Shares
MONEY MARKET FUND – 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.21%^		7,426,075		7,426,075
TOTAL MONEY MARKET FUND (Cost $7,426,075)			$	7,426,075
TOTAL INVESTMENTS – 100.7% (Cost $333,416,614)			$	323,629,784
OTHER ASSETS LESS LIABILITIES – (0.7)%				(2,362,614	)
TOTAL NET ASSETS – 100.0%			$	321,267,170

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

	Level 1				Level 2				Level 3			Total
Investments in Securities
Exchange-Traded Funds		$	17,041,112			$	—			$—			$	17,041,112
Municipal Bonds			—				299,162,597			—				299,162,597
Money Market Fund			7,426,075				—			—				7,426,075
Total		$	24,467,187			$	299,162,597			$—			$	323,629,784

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.

^ 7-Day net yield.

The following acronyms are used throughout this Portfolio of Investments:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

AICUP Association of Independent Colleges and Universities of Pennsylvania

AMBAC American Municipal Bond Assurance Corporation

 

July 31, 2024 (unaudited)

8 PORTFOLIO OF INVESTMENTS

 

  Wilmington Municipal Bond Fund (concluded)

 

BAM Build America Mutual Assurance Company

BHAC Berkshire Hathaway Assurance Corporation

CR Custodial Receipts

ETF Exchange-Traded Fund

ETM Escrowed to Maturity

FGIC Financial Guaranty Insurance Corporation

GO General Obligation

ICC Insured Custody Certificates

IDA Industrial Development Authority/Agency

NATL National Public Finance Guarantee Corporation

SCH BD GTY School Bond Guaranty

SPDR Standard & Poor’s Depositary Receipt

TCRS Tax Credit Reporting Service

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

July 31, 2024 (unaudited)