# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043076
**Filing Date:** 2023-2
**Character Count:** 145393
**Document Hash:** 8f05aba184ee581b531cd5ece5e628e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043076.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043076

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622
- **IRS NUMBER:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 23674012

**BUSINESS ADDRESS:**
- **STREET 1:** 6300 LAMAR AVE
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66202
- **BUSINESS PHONE:** 9132362000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 29217
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66201-9217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Delaware Ivy High Income Fund (Series ID: S000006289)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017281 | Class A      | WHIAX           |
| C000017283 | Class C      | WRHIX           |
| C000017284 | Class Y      | WHIYX           |
| C000045546 | Class I      | IVHIX           |
| C000122150 | Class R      | IYHIX           |
| C000146681 | Class R6     | IHIFX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy High Income Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Convertible Bonds — 2.12%** | &nbsp;&nbsp;**Convertible Bonds — 2.12%** | &nbsp;&nbsp;**Convertible Bonds — 2.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai 5.00% exercise price $0.00, maturity date 2/2/27 <<, = | 21805540 | $50275451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 \* | 4857000 | &nbsp;&nbsp; 3934170 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bonds<br> (cost $25,411,418)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bonds<br> (cost $25,411,418)** | &nbsp;&nbsp; **54209621** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 79.24%** | &nbsp;&nbsp;**Corporate Bonds — 79.24%** | &nbsp;&nbsp;**Corporate Bonds — 79.24%** |
| &nbsp;&nbsp;Automotive — 0.87% | &nbsp;&nbsp;Automotive — 0.87% | &nbsp;&nbsp;Automotive — 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor 4.75% 1/15/43 | 9515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 5.25% 7/15/31 | 18975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15545079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22396335 |
| &nbsp;&nbsp;Banking — 0.51% | &nbsp;&nbsp;Banking — 0.51% | &nbsp;&nbsp;Banking — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank 6.00% 10/30/25 μ, ψ | 15400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13137303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13137303 |
| &nbsp;&nbsp;Basic Industry — 3.44% | &nbsp;&nbsp;Basic Industry — 3.44% | &nbsp;&nbsp;Basic Industry — 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 10.50% 2/15/27 #, \* | 12970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10882341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours 144A 5.75% 11/15/28 # | 18340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16498664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals 144A 6.875% 10/15/27 # | 7489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 4/15/30 # | 13205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12319902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/15/32 # | 5955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | 24909000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22139617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vibrantz Technologies 144A 9.00% 2/15/30 # | 18063000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13654916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88099460 |
| &nbsp;&nbsp;Capital Goods — 3.40% | &nbsp;&nbsp;Capital Goods — 3.40% | &nbsp;&nbsp;Capital Goods — 3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARD Finance 144A PIK 6.50% 6/30/27 #, > | 8075311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 # | 2126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier 144A 6.00% 2/15/28 # | 7463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 6.625% 4/15/29 # | 3010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air 144A 5.00% 4/15/29 # | 8655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm 5.50% 11/15/27 | 23552000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22164316 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesco Aircraft Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 11/15/24 # | 31156000 | $15422220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 11/15/26 #, \* | 34006000 | &nbsp;&nbsp; 23039065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 13.125% 11/15/27 # | 4540000 | &nbsp;&nbsp; 1146350 |
|  |  | &nbsp;&nbsp; 87134065 |
| &nbsp;&nbsp;Communications — 7.46% | &nbsp;&nbsp;Communications — 7.46% | &nbsp;&nbsp;Communications — 7.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing 144A 5.75% 8/15/29 # | 25860000 | &nbsp;&nbsp; 20389004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 7/15/29 # | 11143000 | &nbsp;&nbsp; 8374279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 10/15/29 # | 5739000 | &nbsp;&nbsp; 4386404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France Holding 144A 6.00% 2/15/28 # | 33946000 | &nbsp;&nbsp;&nbsp; 20111026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 6.75% 10/1/26 # | 24994000 | &nbsp;&nbsp; 23214914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 5170000 | &nbsp;&nbsp; 3819427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/1/28 #, \* | 23081000 | &nbsp;&nbsp; 17993040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 12/31/26 # | 5756095 | &nbsp;&nbsp; 2545115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 5/25/24 # | 15719000 | &nbsp;&nbsp; 13543176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 5/1/28 # | 2665000 | &nbsp;&nbsp; 2329237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 10/15/27 # | 10030000 | &nbsp;&nbsp; 9335623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 5789667 | &nbsp;&nbsp; 4486852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 3564000 | &nbsp;&nbsp; 2804415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 15295000 | &nbsp;&nbsp; 12673896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 5/15/30 # | 4190000 | &nbsp;&nbsp; 4268330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks 144A PIK 15.50% 11/1/23 #, >> | 41886467 | &nbsp;&nbsp; 13659177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Fiber 144A 4.75% 4/30/27 # | 10425000 | &nbsp;&nbsp; 9185600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 5.75% 9/7/27 # | 3004000 | &nbsp;&nbsp; 2776447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 12/6/26 # | 29713000 | &nbsp;&nbsp; 13705799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/15/27 # | 5107000 | &nbsp;&nbsp; 1485275 |
|  |  | &nbsp;&nbsp; 191087036 |
| &nbsp;&nbsp;Consumer Goods — 2.14% | &nbsp;&nbsp;Consumer Goods — 2.14% | &nbsp;&nbsp;Consumer Goods — 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 8380000 | &nbsp;&nbsp; 7188754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Acquisition Holdings 144A 5.00% 12/31/26 # | 11043000 | &nbsp;&nbsp; 9565999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 29962000 | &nbsp;&nbsp; 22396325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride 144A 4.25% 4/15/31 # | 17908000 | &nbsp;&nbsp; 15257616 |

---

NQ-IV009 [12/22] 2/23 (2742165) 1

------

Delaware Ivy High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Goods (continued) | &nbsp;&nbsp;Consumer Goods (continued) | &nbsp;&nbsp;Consumer Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro 4.00% 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;595000 | $455419 |
|  |  | &nbsp;&nbsp; 54864113 |
| &nbsp;&nbsp;Energy — 12.63% | &nbsp;&nbsp;Energy — 12.63% | &nbsp;&nbsp;Energy — 12.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Resources Utica<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/30/29 # | 8867000 | &nbsp;&nbsp; 7917610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 11/1/26 # | 8882000 | &nbsp;&nbsp; 8629480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellatrix Exploration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% 9/11/23 = | 6693000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50% 12/15/23 = | 7293000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 6/15/30 #, \* | 9930000 | &nbsp;&nbsp; 9098859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 8/1/28 #, \* | 16270000 | &nbsp;&nbsp; 15530997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Midstream Partners 144A 4.75% 4/15/30 # | 1890000 | &nbsp;&nbsp; 1553514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources 144A 6.00% 1/15/29 # | 25370000 | &nbsp;&nbsp; 23381730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestwood Midstream Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 5/1/27 # | 7419000 | &nbsp;&nbsp; 6912431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/29 # | 3421000 | &nbsp;&nbsp; 3143748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQM Midstream Partners 144A 4.75% 1/15/31 # | 33599000 | &nbsp;&nbsp; 27532869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 14335000 | &nbsp;&nbsp; 13217730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% 1/15/27 | 22288000 | &nbsp;&nbsp; 21080436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 4/15/30 # | 20775000 | &nbsp;&nbsp; 18504729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 1905000 | &nbsp;&nbsp; 1650318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 8530000 | &nbsp;&nbsp; 7373211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum 10.125% 1/15/28 | 15088000 | &nbsp;&nbsp; 14736967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesquite Energy 144A 7.25% 2/15/23 #, ‡ | 3888000 | &nbsp;&nbsp; 63180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil 6.375% 7/15/28 | 29207000 | &nbsp;&nbsp; 28154955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 16523000 | &nbsp;&nbsp; 15938535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 16710000 | &nbsp;&nbsp; 15480807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp; 735011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 4/15/46 | 3873000 | &nbsp;&nbsp; 3031765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 8/15/49 | 7410000 | &nbsp;&nbsp; 5795991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 7/15/44 | 3985000 | &nbsp;&nbsp; 3192411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% 9/15/36 | 8895000 | &nbsp;&nbsp; 9092958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 3/15/46 | 5880000 | &nbsp;&nbsp; 6063721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 9/1/30 | 4835000 | &nbsp;&nbsp; 5007295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 2/1/29 | 2990000 | &nbsp;&nbsp; 2776230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 3/15/30 | 21650000 | &nbsp;&nbsp; 19786888 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 4/1/26 | 2385000 | $2291735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 13630000 | &nbsp;&nbsp; 12765930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 13640000 | &nbsp;&nbsp; 13122951 |
|  |  | &nbsp;&nbsp; 323564992 |
| &nbsp;&nbsp;Financial Services — 4.04% | &nbsp;&nbsp;Financial Services — 4.04% | &nbsp;&nbsp;Financial Services — 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings 5.875% 10/10/79 \*, μ | 13600000 | &nbsp;&nbsp; 12401976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 7786000 | &nbsp;&nbsp; 6526380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 18084000 | &nbsp;&nbsp; 15759099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings 144A 5.25% 4/15/29 # | 9213000 | &nbsp;&nbsp; 7896379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group 144A 9.75% 6/23/27 #, μ, ψ | 16910000 | &nbsp;&nbsp; 14772025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, > | 19256975 | &nbsp;&nbsp; 18017465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 4/1/29 # | 22131000 | &nbsp;&nbsp; 17876205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 10/1/29 #, \* | 3924000 | &nbsp;&nbsp; 3123720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # | 8116000 | &nbsp;&nbsp; 6991650 |
|  |  | &nbsp;&nbsp; 103364899 |
| &nbsp;&nbsp;Healthcare — 7.41% | &nbsp;&nbsp;Healthcare — 7.41% | &nbsp;&nbsp;Healthcare — 7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 36068000 | &nbsp;&nbsp; 30334090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch Health 144A 6.125% 2/1/27 # | 12880000 | &nbsp;&nbsp; 8898534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 18185000 | &nbsp;&nbsp; 15235029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/15/31 # | 12020000 | &nbsp;&nbsp; 8749298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 6560000 | &nbsp;&nbsp; 4958194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 10/15/26 # | 6252000 | &nbsp;&nbsp; 5873790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/15/28 # | 10770000 | &nbsp;&nbsp; 9919908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 4/1/31 | 5620000 | &nbsp;&nbsp; 4839504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 2/1/30 | 3915000 | &nbsp;&nbsp; 3444209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hadrian Merger Sub 144A 8.50% 5/1/26 # | 8941000 | &nbsp;&nbsp; 7914618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 18383000 | &nbsp;&nbsp; 15526282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 26785000 | &nbsp;&nbsp; 23239611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | 16977000 | &nbsp;&nbsp; 12938167 |

---

2 NQ-IV009 [12/22] 2/23 (2742165)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/30 # | 16530000 | $14336800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 10/1/28 # | 16925000 | &nbsp;&nbsp; 15189003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Renal Care 144A 10.625% 7/15/27 # | 38595000 | &nbsp;&nbsp; 8490900 |
|  |  | &nbsp;&nbsp; 189887937 |
| &nbsp;&nbsp;Insurance — 3.91% | &nbsp;&nbsp;Insurance — 3.91% | &nbsp;&nbsp;Insurance — 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, \*, >> | 40708402 | &nbsp;&nbsp; 38876524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International 144A 5.625% 12/1/29 # | 26605000 | &nbsp;&nbsp; 23270925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 10.50% 12/15/30 # | 9340000 | &nbsp;&nbsp; 9210679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 8/15/28 # | 27031000 | &nbsp;&nbsp; 22340554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 10/1/30 # | 6740000 | &nbsp;&nbsp; 6379907 |
|  |  | &nbsp;&nbsp; 100078589 |
| &nbsp;&nbsp;Leisure — 5.81% | &nbsp;&nbsp;Leisure — 5.81% | &nbsp;&nbsp;Leisure — 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming 144A 4.75% 6/15/31 # | 31070000 | &nbsp;&nbsp; 27067563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # | 24678000 | &nbsp;&nbsp; 17663772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 5/1/29 # | 29460000 | &nbsp;&nbsp; 19686851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 3/1/26 # | 8613000 | &nbsp;&nbsp; 6841863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 7/15/27 # | 18683000 | &nbsp;&nbsp; 15150998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 8/31/26 # | 1750000 | &nbsp;&nbsp; 1474375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 4/1/28 # | 36986000 | &nbsp;&nbsp; 29582142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 144A 6.625% 3/1/30 # | 18485000 | &nbsp;&nbsp; 15638310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games International 144A 7.25% 11/15/29 # | 16450000 | &nbsp;&nbsp; 15821610 |
|  |  | &nbsp;&nbsp; 148927484 |
| &nbsp;&nbsp;Media — 10.61% | &nbsp;&nbsp;Media — 10.61% | &nbsp;&nbsp;Media — 10.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 27779000 | &nbsp;&nbsp; 21222600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 4.25% 2/15/29 | 16881000 | &nbsp;&nbsp; 10543324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 18049000 | &nbsp;&nbsp; 14508598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 10995000 | &nbsp;&nbsp; 9108368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 13515000 | &nbsp;&nbsp; 10984249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 24785000 | &nbsp;&nbsp; 23339167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 12/15/27 # | 17022000 | &nbsp;&nbsp; 12839354 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 7627000 | $5306020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/1/30 # | 29266000 | &nbsp;&nbsp; 16237921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 11141000 | &nbsp;&nbsp; 6238960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 1/15/30 # | 7623000 | &nbsp;&nbsp; 4316105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 16035000 | &nbsp;&nbsp; 13494735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 5.875% 8/15/27 # | 26815000 | &nbsp;&nbsp; 24041256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISH DBS 144A 5.75% 12/1/28 # | 18330000 | &nbsp;&nbsp; 14664000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Escrow II 144A 5.375% 11/15/31 # | 1745000 | &nbsp;&nbsp; 1260649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television 144A 4.75% 10/15/30 # | 7790000 | &nbsp;&nbsp; 5647750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media 144A 4.75% 11/1/28 # | 15495000 | &nbsp;&nbsp; 13426572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio 144A 4.125% 7/1/30 # | 34885000 | &nbsp;&nbsp; 28866117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 18723000 | &nbsp;&nbsp; 15473717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTR Comunicaciones 144A 4.375% 4/15/29 # | 14811000 | &nbsp;&nbsp; 8696353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTR Finance 144A 6.375% 7/15/28 # | 5206000 | &nbsp;&nbsp; 2018865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | 11580000 | &nbsp;&nbsp; 9431116 |
|  |  | &nbsp;&nbsp; 271665796 |
| &nbsp;&nbsp;Retail — 3.39% | &nbsp;&nbsp;Retail — 3.39% | &nbsp;&nbsp;Retail — 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 3/1/28 | 12172650 | &nbsp;&nbsp; 10732199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 11/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp; 308838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/1/30 | 12623650 | &nbsp;&nbsp; 10574789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp; 301584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer 144A 7.00% 12/1/28 # | 5339000 | &nbsp;&nbsp; 3972240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 22964000 | &nbsp;&nbsp; 20353223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/1/28 # | 13002000 | &nbsp;&nbsp; 10476176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 5/1/29 # | 10143000 | &nbsp;&nbsp; 6795286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart 144A 7.75% 2/15/29 # | 24727000 | &nbsp;&nbsp; 23269776 |
|  |  | &nbsp;&nbsp; 86784111 |
| &nbsp;&nbsp;Services — 5.42% | &nbsp;&nbsp;Services — 5.42% | &nbsp;&nbsp;Services — 5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education 144A 5.50% 3/1/28 # | 14497000 | &nbsp;&nbsp; 13173714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahern Rentals 144A 7.375% 5/15/23 # | 19386000 | &nbsp;&nbsp; 19386000 |

---

NQ-IV009 [12/22] 2/23 (2742165) 3

------

Delaware Ivy High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Services (continued) | &nbsp;&nbsp;Services (continued) | &nbsp;&nbsp;Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.569% 12/1/31 | 23215000 | $19173529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NESCO Holdings II 144A 5.50% 4/15/29 # | 22390000 | &nbsp;&nbsp; 19620357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 9/1/25 # | 1481000 | &nbsp;&nbsp; 1425751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/25 # | 3740000 | &nbsp;&nbsp; 3732060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 4/15/26 # | 13597000 | &nbsp;&nbsp; 11730676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.75% 4/15/27 #, \* | 35046000 | &nbsp;&nbsp; 25291997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals North America 144A 6.00% 12/15/29 # | 10255000 | &nbsp;&nbsp; 10210647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 17234000 | &nbsp;&nbsp; 14935739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Parent 144A PIK 8.25% 3/15/26 #, « | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 112546 |
|  |  | &nbsp;&nbsp; 138793016 |
| &nbsp;&nbsp;Technology & Electronics — 3.30% | &nbsp;&nbsp;Technology & Electronics — 3.30% | &nbsp;&nbsp;Technology & Electronics — 3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 9500000 | &nbsp;&nbsp; 7018669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris Escrow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 7582000 | &nbsp;&nbsp; 6929586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 21920000 | &nbsp;&nbsp; 20243120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | 11115000 | &nbsp;&nbsp; 9494036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 4/15/29 # | 24765000 | &nbsp;&nbsp; 20755750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 10/1/30 # | 3706000 | &nbsp;&nbsp; 3063509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 9/1/29 # | 5323000 | &nbsp;&nbsp; 4985841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies 144A 4.00% 4/15/29 # | 13855000 | &nbsp;&nbsp; 11968642 |
|  |  | &nbsp;&nbsp; 84459153 |
| &nbsp;&nbsp;Transportation — 2.21% | &nbsp;&nbsp;Transportation — 2.21% | &nbsp;&nbsp;Transportation — 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada 144A 3.875% 8/15/26 # | 14170000 | &nbsp;&nbsp; 12574921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines 144A 5.75% 4/20/29 # | 9964172 | &nbsp;&nbsp; 9124798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico 144A 8.50% 3/17/27 # | 15550000 | &nbsp;&nbsp; 13753844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan 144A 5.50% 8/1/29 # | 27880000 | &nbsp;&nbsp; 21164545 |
|  |  | &nbsp;&nbsp; 56618108 |
| &nbsp;&nbsp;Utilities — 2.69% | &nbsp;&nbsp;Utilities — 2.69% | &nbsp;&nbsp;Utilities — 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 2/1/29 # | 13165000 | &nbsp;&nbsp; 11317410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 2/1/31 # | 1495000 | &nbsp;&nbsp; 1256561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 3/15/28 # | 21855000 | &nbsp;&nbsp; 19545534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) | &nbsp;&nbsp;Utilities (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 24815000 | $22615850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 14795000 | &nbsp;&nbsp; 14159877 |
|  |  | &nbsp;&nbsp; 68895232 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $2,420,870,207)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $2,420,870,207)** | &nbsp;&nbsp; **2029757629** |
| &nbsp;&nbsp;**Municipal Bonds — 0.62%** | &nbsp;&nbsp;**Municipal Bonds — 0.62%** | &nbsp;&nbsp;**Municipal Bonds — 0.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 2.986% 7/1/24^ | &nbsp;&nbsp;&nbsp;&nbsp;200170 | &nbsp;&nbsp; 185602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;436920 | &nbsp;&nbsp; 368743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;464106 | &nbsp;&nbsp; 380855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico<br> 7.50% 8/20/40 | 17937528 | &nbsp;&nbsp; 15022679 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $18,097,229)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $18,097,229)** | &nbsp;&nbsp; **15957879** |
| &nbsp;&nbsp;**Loan Agreements — 10.77%** | &nbsp;&nbsp;**Loan Agreements — 10.77%** | &nbsp;&nbsp;**Loan Agreements — 10.77%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing Tranche B-1 8.284% (LIBOR03M + 4.50%) 10/28/27 • | 6448120 | &nbsp;&nbsp; 5365035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada 8.13% (LIBOR03M + 3.50%) 8/11/28 • | 6583459 | &nbsp;&nbsp; 6523108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 11.33% (SOFR03M + 5.75%) 9/17/27 • | 19167464 | &nbsp;&nbsp; 19119546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings 2nd Lien 12.941% (LIBOR03M + 9.00%) 11/1/25 • | 5650000 | &nbsp;&nbsp; 5984294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Tranche B 8.598% (SOFR01M + 4.28%) 4/13/29 • | 2801178 | &nbsp;&nbsp; 2676069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNT Holdings I 2nd Lien 10.489% (SOFR03M + 6.75%) 11/6/28 • | 9822000 | &nbsp;&nbsp; 9314527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer Tranche B 7.884% (LIBOR01M + 3.50%) 11/23/27 • | 13092462 | &nbsp;&nbsp; 11513184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy Operating Tranche A 12.73% (LIBOR03M + 8.00%) 6/30/27 <<, • | 7612649 | &nbsp;&nbsp; 7536523 |

---

4 NQ-IV009 [12/22] 2/23 (2742165)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies Tranche B 9.199% (LIBOR03M + 4.50%) 7/22/25 • | 55166435 | $48086761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 9.323% (SOFR01M + 5.00%) 4/30/25 • | 7193850 | &nbsp;&nbsp; 6798188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings 2nd Lien 11.859% (SOFR01M + 7.54%) 3/15/30 • | 14490000 | &nbsp;&nbsp; 11519550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding BV Tranche B-1 7.859% (SOFR03M + 3.50%) 2/26/29 • | 7163357 | &nbsp;&nbsp; 6342257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones DesLauriers Insurance<br> Management 1st Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.813% (CDOR03M + 4.25%)3/27/28 • | 23788878 | &nbsp;&nbsp; 16339481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.813% (CDOR03M + 4.25%) 3/27/28 • | 5418349 | &nbsp;&nbsp; 3721613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo 1st Lien 11.154% ((SOFR03M + 6.70%)) 10/18/27 • | 32191651 | &nbsp;&nbsp; 26075237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo Tranche B 13.704% ((SOFR03M + 9.25%))Tranche B 10/18/27 • | 13596147 | &nbsp;&nbsp; 10537014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre Paid Legal Services 2nd Lien 11.384% (LIBOR01M + 7.00%) 12/14/29 • | 9410000 | &nbsp;&nbsp; 8645437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Flow 8.923% (SOFR01M + 4.60%) 4/5/29 • | 18831802 | &nbsp;&nbsp; 17572426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swf Holdings I 8.753% (LIBOR03M + 4.00%) 10/6/28 • | 16362652 | &nbsp;&nbsp; 13450100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 2nd Lien 8.998% (LIBOR03M + 5.25%) 5/3/27 • | 24051000 | &nbsp;&nbsp;&nbsp; 22217111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United PF Holdings 1st Lien 13.23% (LIBOR03M + 8.50%) 12/30/26 • | 3610768 | &nbsp;&nbsp; 3249691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Corporation Tranche B 8.415% (LIBOR03M + 4.00%) 10/10/24 • | 14372763 | &nbsp;&nbsp; 13234915 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $301,445,725)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $301,445,725)** | &nbsp;&nbsp; **275822067** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 4.59%** | &nbsp;&nbsp;**Common Stocks — 4.59%** | &nbsp;&nbsp;**Common Stocks — 4.59%** |
| &nbsp;&nbsp;Basic Industry — 0.69% | &nbsp;&nbsp;Basic Industry — 0.69% | &nbsp;&nbsp;Basic Industry — 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings <<, =, † | 19682813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy <<, =, † | 1117414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17174648 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, † | &nbsp;&nbsp;&nbsp;&nbsp;211917 | $368735 |
|  |  | &nbsp;&nbsp; 17543383 |
| &nbsp;&nbsp;Consumer Goods — 0.00% | &nbsp;&nbsp;Consumer Goods — 0.00% | &nbsp;&nbsp;Consumer Goods — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Energy — 0.50% | &nbsp;&nbsp;Energy — 0.50% | &nbsp;&nbsp;Energy — 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KCA Deutag International =, † | &nbsp;&nbsp;&nbsp;&nbsp;164333 | &nbsp;&nbsp; 10572090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maritime Finance <<, = | 1750000 | &nbsp;&nbsp; 2228981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | &nbsp;&nbsp; 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Drilling International † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp; 77619 |
|  |  | &nbsp;&nbsp; 12885361 |
| &nbsp;&nbsp;Leisure — 2.15% | &nbsp;&nbsp;Leisure — 2.15% | &nbsp;&nbsp;Leisure — 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai <<, =, † | 20316462 | &nbsp;&nbsp; 18736877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | 2267875 | &nbsp;&nbsp; 13516535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | 3843131 | &nbsp;&nbsp; 22905061 |
|  |  | &nbsp;&nbsp; 55158473 |
| &nbsp;&nbsp;Media — 0.00% | &nbsp;&nbsp;Media — 0.00% | &nbsp;&nbsp;Media — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media Class A † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp; 714 |
|  |  | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;Retail — 0.26% | &nbsp;&nbsp;Retail — 0.26% | &nbsp;&nbsp;Retail — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion Apparel <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp; 6695736 |
|  |  | &nbsp;&nbsp; 6695736 |
| &nbsp;&nbsp;Services — 0.96% | &nbsp;&nbsp;Services — 0.96% | &nbsp;&nbsp;Services — 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate Education | 2557942 | &nbsp;&nbsp; 24607402 |
|  |  | &nbsp;&nbsp; 24607402 |
| &nbsp;&nbsp;Utilities — 0.03% | &nbsp;&nbsp;Utilities — 0.03% | &nbsp;&nbsp;Utilities — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larchmont Resources <<, =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18338 | &nbsp;&nbsp; 706035 |
|  |  | &nbsp;&nbsp; 706035 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $360,034,787)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $360,034,787)** | &nbsp;&nbsp; **117597104** |
| &nbsp;&nbsp;**Preferred Stock — 0.08%** | &nbsp;&nbsp;**Preferred Stock — 0.08%** | &nbsp;&nbsp;**Preferred Stock — 0.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion Apparel 6.25% <<, =, ω | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp; 2050430 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $6,748,583)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $6,748,583)** | &nbsp;&nbsp; **2050430** |
| &nbsp;&nbsp;**Warrants — 0.02%** | &nbsp;&nbsp;**Warrants — 0.02%** | &nbsp;&nbsp;**Warrants — 0.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40269 | &nbsp;&nbsp; 507389 |
| &nbsp;&nbsp;&nbsp;**Total Warrants<br> (cost $3,503,208)** | &nbsp;&nbsp;&nbsp;**Total Warrants<br> (cost $3,503,208)** | &nbsp;&nbsp; **507389** |

---

NQ-IV009 [12/22] 2/23 (2742165) 5

------

Delaware Ivy High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.89%** | &nbsp;&nbsp;**Short-Term Investments — 0.89%** | &nbsp;&nbsp;**Short-Term Investments — 0.89%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.89% | &nbsp;&nbsp;Money Market Mutual Funds — 0.89% | &nbsp;&nbsp;Money Market Mutual Funds — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 5690179 | $5690179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 5690179 | &nbsp;&nbsp;&nbsp; 5690179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 5690179 | &nbsp;&nbsp;&nbsp; 5690179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 5690179 | &nbsp;&nbsp;&nbsp; 5690179 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $22,760,716)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $22,760,716)** | &nbsp;&nbsp; **22760716** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.33%<br> (cost $3,158,871,873)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.33%<br> (cost $3,158,871,873)** | &nbsp;&nbsp; **2518662835** |
| &nbsp;&nbsp;**Securities Lending Collateral — 1.37%** | &nbsp;&nbsp;**Securities Lending Collateral — 1.37%** | &nbsp;&nbsp;**Securities Lending Collateral — 1.37%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 1.37% | &nbsp;&nbsp;Money Market Mutual Fund — 1.37% | &nbsp;&nbsp;Money Market Mutual Fund — 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 35119186 | &nbsp;&nbsp;&nbsp; 35119186 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $35,119,186)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $35,119,186)** | &nbsp;&nbsp; **35119186** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.70%<br> (cost $3,193,991,059)** |  | &nbsp;&nbsp;**2,553,782,021■** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (1.37%)** |  | &nbsp;&nbsp;&nbsp; **(35119186)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 1.67%** |  | &nbsp;&nbsp;&nbsp; **42783674** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 439,862,859 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$2561446509** |

---

---

| | |
|:---|:---|
| <sup>°</sup> | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| <sup><<</sup> | Affiliated company. |
| <sup>=</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Fully or partially on loan. |
| <sup>μ</sup> | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date. |
| <sup>ψ</sup> | Perpetual security. Maturity date represents next call date. |
| <sup>#</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $1,709,732,129, which represents 66.75% of the Fund's net assets. |
| <sup>></sup> | PIK. 100% of the income received was in the form of cash. |
| <sup>>></sup> | PIK. 100% of the income received was in the form of principal. |
| <sup>‡</sup> | Non-income producing security. Security is currently in default. |
| <sup>«</sup> | PIK. The first payment of cash and/or principal will be made after December 31, 2022. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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. |
| <sup>†</sup> | Non-income producing security. |
| <sup>ω</sup> | Perpetual security with no stated maturity date. |
| ■ | Includes $43,887,786 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $9,895,613. |

---

6 NQ-IV009 [12/22] 2/23 (2742165)

------

(Unaudited)

The following foreign currency exchange contracts were outstanding at December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Appreciation |
| TD CAD | (30270000) | USD | 22754594 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$396288 |

---

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CDOR – Canadian Dollar Offered Rate |
| CDOR03M – 3 Month Canadian Dollar Offered Rate |
| DAC – Designated Activity Company |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TD – TD Bank |

---

---

| |
|:---|
| **Summary of currencies:** |
| CAD – Canadian Dollar |
| USD – US Dollar |

---

NQ-IV009 [12/22] 2/23 (2742165) 7

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** IVY FUNDS

- **b. Investment Company Act file number:** 811-06569

- **c. CIK number of Registrant:** 0000883622

- **d. LEI of Registrant:** UJ5MWG3K37CY01MVRY13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Delaware Ivy High Income Fund

- **b. EDGAR series identifier (if any):** S000006289

- **c. LEI of Series:** 8Z7EZWQ148SYLG6G1226

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2622611623.75

**Total Liabilities:** $69742712.36

**Net Assets:** $2552868911.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 3513.61703000 | **5-Year:** 30575.42975000 | **10-Year:** 21329.61659000 | **30-Year:** 1.80684000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 845.61435000 | **1-Year:** 142357.84310000 | **5-Year:** 690910.72581000 | **10-Year:** 90731.01035000 | **30-Year:** 4277.57619000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017284 | 2.45%                | 1.41%                | 2.09%                |
| Class ID C000122150 | 2.43%                | 1.39%                | 2.07%                |
| Class ID C000146681 | 2.48%                | 1.44%                | 2.12%                |
| Class ID C000017283 | 2.39%                | 1.35%                | 2.03%                |
| Class ID C000017281 | 2.45%                | 1.41%                | 2.09%                |
| Class ID C000045546 | 2.47%                | 1.43%                | 2.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-21604732.78            | $69255124.11                               |
| Month 2  | $-11896736.85            | $28925239.94                               |
| Month 3  | $-29875559.57            | $63461104.71                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LSF9 ATL HLDG/VICTRA FIN                       | LSF9 Atlantis Holdings LLC / Victra Finance Corp                            | CUSIP: 50220MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22964000 | PA      | $20353222.84  | 0.80%             | 2026-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC                             | Gray Escrow II Inc                                                          | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1745000 | PA      | $1260649.08   | 0.05%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                  | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13630000 | PA      | $12765930.24  | 0.50%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                             | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14335000 | PA      | $13217730.10  | 0.52%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC                           | Heartland Dental LLC                                                        | CUSIP: 42236WAT4<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   7193850 | PA      | $6798188.25   | 0.27%             | 2025-04-30      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4190000 | PA      | $4268329.96   | 0.17%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VTR FINANCE BV                                 | VTR Finance NV                                                              | CUSIP: 918374AA7<br>LEI: 213800F4XI4RJB82XM19 | Long             | DBT              | CORP              | NL        |   5206000 | PA      | $2018864.93   | 0.08%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Studio City International Hold                 | Studio City International Holdings Ltd                                      | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   2267875 | NS      | $13516535.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                    | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20775000 | PA      | $18504728.78  | 0.72%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                            | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  11141000 | PA      | $6238960.00   | 0.24%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                | Sealed Air Corp                                                             | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   8655000 | PA      | $8148206.48   | 0.32%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                        | Sensata Technologies BV                                                     | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |  13855000 | PA      | $11968641.75  | 0.47%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                       | EQM Midstream Partners LP                                                   | CUSIP: 26885BAL4<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |  33599000 | PA      | $27532868.55  | 1.08%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sabine Oil & Gas Holdings Inc                  | Sabine Oil & Gas Holdings Inc                                               | CUSIP: 78532M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5385 | NS      | $6670.90      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                  | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23215000 | PA      | $19173528.51  | 0.75%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599CY9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   7410000 | PA      | $5795990.85   | 0.23%             | 2049-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                             | CP Atlas Buyer Inc                                                          | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |  13092462 | PA      | $11513183.56  | 0.45%             | 2027-11-23      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                         | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   5955000 | PA      | $5562237.98   | 0.22%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                              | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   7786000 | PA      | $6526380.14   | 0.26%             | N/A             | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                         | VTR Comunicaciones SpA                                                      | CUSIP: 918367AC7<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |  14811000 | PA      | $8696352.71   | 0.34%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |  24909000 | PA      | $22139617.38  | 0.87%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   8895000 | PA      | $9092958.23   | 0.36%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp          | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7419000 | PA      | $6912430.68   | 0.27%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                            | Applied Systems Inc                                                         | CUSIP: 000000000<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |  19167465 | PA      | $19119545.93  | 0.75%             | 2027-09-19      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| Vantage Drilling International                 | Vantage Drilling International                                              | CUSIP: 000000000<br>LEI: 549300T9QN1134QR7185 | Long             | EC               | CORP              | US        |      5353 | NS      | $77618.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VIBRANTZ TECH INC                              | Vibrantz Technologies Inc                                                   | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |  18063000 | PA      | $13654916.32  | 0.53%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3873000 | PA      | $3031765.04   | 0.12%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                       | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  16530000 | PA      | $14336799.60  | 0.56%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                              | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   3740000 | PA      | $3732059.98   | 0.15%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HIGHLAND HOLDINGS BOND                         | Highlands Holdings Bond Issuer Ltd / Highlands Holdings Bond Co-Issuer Inc  | CUSIP: 43103QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |  19256975 | PA      | $18017465.14  | 0.71%             | 2025-10-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                       | Consensus Cloud Solutions Inc                                               | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10770000 | PA      | $9919907.75   | 0.39%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NFP CORP                                       | NFP Corp                                                                    | CUSIP: 65342RAD2<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |  27031000 | PA      | $22340553.85  | 0.88%             | 2028-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                                   | SPX FLOW Inc                                                                | CUSIP: 000000000<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |  18831802 | PA      | $17572425.71  | 0.69%             | 2029-04-05      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                       | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  12880000 | PA      | $8898534.40   | 0.35%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                              | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1481000 | PA      | $1425751.30   | 0.06%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                      | CUSIP: 04364VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8882000 | PA      | $8629480.30   | 0.34%             | 2026-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                       | Scientific Games Holdings LP/Scientific Games US FinCo Inc                  | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |  18485000 | PA      | $15638310.00  | 0.61%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                               | NEW COTAI EQUITY                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21805540 | PA      | $50275451.00  | 1.97%             | 2027-02-02      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                  | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |   5418349 | PA      | $3721613.30   | 0.15%             | 2028-03-26      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications Inc                                             | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |  23081000 | PA      | $17993040.52  | 0.70%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599DL6<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   5880000 | PA      | $6063720.60   | 0.24%             | 2046-03-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| FORESIGHT ENERGY                               | FORESIGHT ENERGY                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1117414 | NS      | $17174647.65  | 0.67%             |  |  |  | No            |                  3 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10995000 | PA      | $9108367.95   | 0.36%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                 | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |  12172650 | PA      | $10732199.46  | 0.42%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                                                  | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   5690179 | NS      | $5690178.70   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BELLATRIX EXPLORATION                          | Bellatrix Exploration Ltd                                                   | CUSIP: 078314AF8<br>LEI: 549300S2235IL73TH941 | Long             | DBT              | CORP              | CA        |   6693000 | PA      | $0.07         | 0.00%             | 2023-09-11      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| ALTICE FINANCING SA                            | Altice Financing SA                                                         | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |  25860000 | PA      | $20389004.09  | 0.80%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC                            | Gray Television Inc                                                         | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   7790000 | PA      | $5647750.00   | 0.22%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                            | Callon Petroleum Co                                                         | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |   9930000 | PA      | $9098859.00   | 0.36%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                 | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    200170 | PA      | $185601.63    | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED PF HOLDINGS LLC                         | United PF Holdings LLC                                                      | CUSIP: 91132UAK9<br>LEI: 2549002AF6PASVP2G486 | Long             | LON              | CORP              | US        |   3610768 | PA      | $3249691.47   | 0.13%             | 2026-11-12      | Floating      | 12.79%                | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET                       | Advantage Sales & Marketing Inc                                             | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |  27779000 | PA      | $21222600.42  | 0.83%             | 2028-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                       | Weatherford International Ltd                                               | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |  13640000 | PA      | $13122951.25  | 0.51%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                               | Boyd Gaming Corp                                                            | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |  31070000 | PA      | $27067562.60  | 1.06%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AVIATION FIN                        | Castlelake Aviation Finance DAC                                             | CUSIP: 14856HAA6<br>LEI: 2138006F7SMD1COVC345 | Long             | DBT              | CORP              | IE        |  18084000 | PA      | $15759099.26  | 0.62%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   3010000 | PA      | $2865596.76   | 0.11%             | 2029-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS                        | Cumulus Media New Holdings Inc                                              | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |  16035000 | PA      | $13494735.30  | 0.53%             | 2026-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                           | Entegris Escrow Corp                                                        | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7582000 | PA      | $6929586.34   | 0.27%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRUE RELIGION COMMON                           | TRUE RELIGION COMMON                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       395 | NS      | $6695736.25   | 0.26%             |  |  |  | No            |                  3 | On Loan: No      |
| FORESIGHT ENERGY LLC                           | Foresight Energy LLC                                                        | CUSIP: 34552KAB2<br>LEI: 549300HM3UR1W0JJ7F28 | Long             | LON              | CORP              | US        |   7612649 | PA      | $7536522.71   | 0.30%             | 2027-06-30      | Floating      | 12.37%                | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Corp                                                                 | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |  14795000 | PA      | $14159877.28  | 0.55%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Cumulus Media Inc                              | Cumulus Media Inc                                                           | CUSIP: 231082801<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       115 | NS      | $714.15       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASG WRRNT CORP - COM STK                       | ASG WRRNT CORP - COM STK                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19688 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CHEMOURS CO                                    | Chemours Co/The                                                             | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |  18340000 | PA      | $16498664.00  | 0.65%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                               | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  29460000 | PA      | $19686851.22  | 0.77%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                          | Encompass Health Corp                                                       | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   3915000 | PA      | $3444209.51   | 0.13%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                       | Scientific Games International Inc                                          | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |  16450000 | PA      | $15821610.00  | 0.62%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                          | Scotts Miracle-Gro Co/The                                                   | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    595000 | PA      | $455419.66    | 0.02%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                       | Adtalem Global Education Inc                                                | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |  14497000 | PA      | $13173713.84  | 0.52%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                              | US Renal Care Inc                                                           | CUSIP: 07335BAA4<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |  38595000 | PA      | $8490900.00   | 0.33%             | 2027-07-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                         | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |  16523000 | PA      | $15938535.23  | 0.62%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAREDO PETROLEUM INC                           | Laredo Petroleum Inc                                                        | CUSIP: 516806AG1<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |  15088000 | PA      | $14736967.12  | 0.58%             | 2028-01-15      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                             | Ford Motor Co                                                               | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   9515000 | PA      | $6851255.77   | 0.27%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                                                 | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   5690179 | NS      | $5690179.10   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MODIVCARE ESCROW ISSUER                        | ModivCare Escrow Issuer Inc                                                 | CUSIP: 60783XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18383000 | PA      | $15526281.80  | 0.61%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  29713000 | PA      | $13705798.71  | 0.54%             | 2026-12-06      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  18683000 | PA      | $15150997.53  | 0.59%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                       | Altice France Holding SA                                                    | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |  33946000 | PA      | $20111025.95  | 0.79%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                 | ARD Finance SA                                                              | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   8075311 | PA      | $5629400.24   | 0.22%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                 | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    436920 | PA      | $368743.00    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KCA-KELLY TOPCO                                | KCA-KELLY TOPCO                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    164333 | NS      | $10572089.67  | 0.41%             |  |  |  | No            |                  3 | On Loan: No      |
| AHERN RENTALS INC                              | Ahern Rentals Inc                                                           | CUSIP: 008674AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19386000 | PA      | $19386000.00  | 0.76%             | 2023-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                       | Connect Finco SARL / Connect US Finco LLC                                   | CUSIP: 20752TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |  24994000 | PA      | $23214914.58  | 0.91%             | 2026-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                       | Midcap Financial Issuer Trust                                               | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8116000 | PA      | $6991649.94   | 0.27%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                  | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7489000 | PA      | $7041781.63   | 0.28%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                              | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   7463000 | PA      | $6910290.22   | 0.27%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                  | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |  23788878 | PA      | $16339480.63  | 0.64%             | 2028-03-26      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                            | CNT Holdings I Corp                                                         | CUSIP: 12656AAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9822000 | PA      | $9314526.73   | 0.36%             | 2028-11-06      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                         | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   3924000 | PA      | $3123719.82   | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599DK8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3985000 | PA      | $3192411.40   | 0.13%             | 2044-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Laureate Education Inc                         | Laureate Education Inc                                                      | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |   2557942 | NS      | $24607402.04  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDAGH METAL PACKAGING                         | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2126000 | PA      | $1808620.52   | 0.07%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WHITE CAP PARENT LLC                           | White Cap Parent LLC                                                        | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $112546.20    | 0.00%             | 2026-03-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CORP                      | CALIFORNIA RESOURCES -CW27                                                  | CUSIP: 13057Q123<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     40269 | NS      | $507389.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LIGADO NETWORKS LLC                            | Ligado Networks LLC                                                         | CUSIP: 53225HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  41886467 | PA      | $13659176.79  | 0.54%             | 2023-11-01      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                         | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  22131000 | PA      | $17876204.60  | 0.70%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MLN US HOLDCO LLC                              | MLN US HOLDCO LLC                                                           | CUSIP: 55292HAL7<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |  13596147 | PA      | $10537014.06  | 0.41%             | 2027-10-18      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                               | Altice France SA/France                                                     | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   5739000 | PA      | $4386403.79   | 0.17%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599CN3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    955000 | PA      | $735010.98    | 0.03%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                 | CUSIP: 97789LAC0<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |  31156000 | PA      | $15422220.00  | 0.60%             | 2024-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HUNTER DOUGLAS INC                             | Hunter Douglas Inc                                                          | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |   7181355 | PA      | $6358192.18   | 0.25%             | 2029-02-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                               | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  24678000 | PA      | $17663772.06  | 0.69%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                           | Pilgrim's Pride Corp                                                        | CUSIP: 72147KAF5<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |  17908000 | PA      | $15257616.00  | 0.60%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                            | Avantor Funding Inc                                                         | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |  36068000 | PA      | $30334089.70  | 1.19%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                       | PetSmart Inc / PetSmart Finance Corp                                        | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24727000 | PA      | $23269776.07  | 0.91%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   2801178 | PA      | $2676068.85   | 0.10%             | 2029-04-13      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                 | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    464106 | PA      | $380854.67    | 0.01%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUNSET DEBT MERGER SUB INC                     | Sunset Debt Merger Sub Inc                                                  | CUSIP: 78489HAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  16403868 | PA      | $13483979.13  | 0.53%             | 2028-10-06      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                    | CUSIP: 62886EAZ1<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3706000 | PA      | $3063509.31   | 0.12%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                            | White Cap Buyer LLC                                                         | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17234000 | PA      | $14935739.25  | 0.59%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                    | Staples Inc                                                                 | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  35046000 | PA      | $25291997.28  | 0.99%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: —       |
| BELLATRIX EXPLORATION                          | Bellatrix Exploration Ltd                                                   | CUSIP: 078314AK7<br>LEI: 549300S2235IL73TH941 | Long             | DBT              | CORP              | CA        |   7293000 | PA      | $0.07         | 0.00%             | 2023-12-15      | Variable      | 12.50%                | No            |                  3 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                    | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1650318.07   | 0.06%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRE-PAID LEGAL SERVICES                        | Pre-Paid Legal Services Inc                                                 | CUSIP: 74006LAU6<br>LEI: 549300DKH5WJ2J8QU878 | Long             | LON              | CORP              | US        |   9410000 | PA      | $8645437.50   | 0.34%             | 2029-12-15      | Floating      | 11.34%                | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL                 | GDB Debt Recovery Authority of Puerto Rico                                  | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17937528 | PA      | $15022679.48  | 0.59%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                    | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26815000 | PA      | $24041256.40  | 0.94%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                              | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   5690179 | NS      | $5690179.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE SA                               | Altice France SA/France                                                     | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |  11143000 | PA      | $8374278.73   | 0.33%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15295000 | PA      | $12673895.85  | 0.50%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  12020000 | PA      | $8749297.90   | 0.34%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                       | Consensus Cloud Solutions Inc                                               | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6252000 | PA      | $5873789.64   | 0.23%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                     | Air Canada                                                                  | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |  14170000 | PA      | $12574921.36  | 0.49%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1750000 | PA      | $1474375.00   | 0.06%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                          | NESCO Holdings II Inc                                                       | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |  22390000 | PA      | $19620357.00  | 0.77%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL                       | Digicel International Finance Ltd/Digicel international Holdings Ltd        | CUSIP: 25381VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |  15719000 | PA      | $13543176.02  | 0.53%             | 2024-05-25      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                             | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   9964172 | PA      | $9124798.12   | 0.36%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WEST CORP                                      | Intrado Corp                                                                | CUSIP: 68162RAC5<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |  14372764 | PA      | $13234914.99  | 0.52%             | 2024-10-10      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                               | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |  23552000 | PA      | $22164316.16  | 0.87%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Corp                                                                 | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |  24815000 | PA      | $22615850.03  | 0.89%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                 | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    366000 | PA      | $301584.00    | 0.01%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UKG INC                                        | UKG Inc                                                                     | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |  24051000 | PA      | $22217111.25  | 0.87%             | 2027-05-03      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                       | Cheplapharm Arzneimittel GmbH                                               | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |  18185000 | PA      | $15235029.30  | 0.60%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                                               | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5690179 | NS      | $5690179.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FORM TECHNOLOGIES LLC                          | Form Technologies LLC                                                       | CUSIP: 000000000<br>LEI: X7KHAIMGSSPZ1XIJIL51 | Long             | LON              | CORP              | US        |  55306808 | PA      | $48209119.03  | 1.89%             | 2025-07-22      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24785000 | PA      | $23339167.03  | 0.91%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTL ADR                           | STUDIO CITY INTL ADR                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   3843131 | NS      | $22905060.76  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SEASPAN CORP                                   | Seaspan Corp                                                                | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |  27880000 | PA      | $21164544.40  | 0.83%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                               | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18330000 | PA      | $14664000.00  | 0.57%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                     | Air Canada                                                                  | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |   6600000 | PA      | $6539497.80   | 0.26%             | 2028-08-11      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| AERCAP HOLDINGS NV                             | AerCap Holdings NV                                                          | CUSIP: 00774YAA7<br>LEI: 549300SZYINBBLJQU475 | Long             | DBT              | CORP              | NL        |  13600000 | PA      | $12401976.00  | 0.49%             | 2079-10-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| NFP CORP                                       | NFP Corp                                                                    | CUSIP: 65342RAF7<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |   6740000 | PA      | $6379906.74   | 0.25%             | 2030-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                          | Encompass Health Corp                                                       | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   5620000 | PA      | $4839504.52   | 0.19%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM                               | Callon Petroleum Co                                                         | CUSIP: 13123XBD3<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |  16270000 | PA      | $15530997.08  | 0.61%             | 2028-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13515000 | PA      | $10984248.68  | 0.43%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DREYFUS INST PREF GOVT PLUS MMF - SL #4134     | DREYFUS INST PREF GOVT PLUS MMF - SL #4134                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  35119190 | NS      | $35119189.73  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDONAGH MIDCO 2 PLC                           | Ardonagh Midco 2 PLC                                                        | CUSIP: 03985RAA1<br>LEI: 9845003AD1386OH58D80 | Long             | DBT              | CORP              | GB        |  40708402 | PA      | $38876523.87  | 1.52%             | 2027-01-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: —       |
| NEW COTAI EQUITY                               | NEW COTAI EQUITY                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  20316462 | NS      | $18736877.03  | 0.73%             |  |  |  | No            |                  3 | On Loan: No      |
| ATHENAHEALTH GROUP INC                         | AthenaHealth Group Inc                                                      | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $7018668.40   | 0.27%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                             | Cerdia Finanz GmbH                                                          | CUSIP: 15679GAA0<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |  12970000 | PA      | $10882341.02  | 0.43%             | 2027-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10030000 | PA      | $9335623.10   | 0.37%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                        | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  13002000 | PA      | $10476175.57  | 0.41%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRUE RELIGION PREFERRED                        | TRUE RELIGION PREFERRED                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       410 | NS      | $2050430.00   | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                        | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  10143000 | PA      | $6795285.61   | 0.27%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM                        | Kronos Acquisition Holdings Inc / KIK Custom Products Inc                   | CUSIP: 50106GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11043000 | PA      | $9565998.75   | 0.37%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                             | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22288000 | PA      | $21080436.16  | 0.83%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                      | USD/CAD FORWARD                                                             | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |         1 | NC      | $396288.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                             | CNX Resources Corp                                                          | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |  25370000 | PA      | $23381730.27  | 0.92%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                        | VZ Secured Financing BV                                                     | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |  11580000 | PA      | $9431115.61   | 0.37%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                    | Staples Inc                                                                 | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  13597000 | PA      | $11730675.78  | 0.46%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                         | Southwestern Energy Co                                                      | CUSIP: 845467AS8<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |  21650000 | PA      | $19786887.60  | 0.78%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                      | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |  16910000 | PA      | $14772024.73  | 0.58%             | N/A             | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE                       | Compass Group Diversified Holdings LLC                                      | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   9213000 | PA      | $7896379.38   | 0.31%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                              | Nexstar Media Inc                                                           | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |  15495000 | PA      | $13426572.45  | 0.53%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                         | Sable International Finance Ltd                                             | CUSIP: 785712AG5<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |   3004000 | PA      | $2776447.00   | 0.11%             | 2027-09-07      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                             | CP Atlas Buyer Inc                                                          | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   5339000 | PA      | $3972240.56   | 0.16%             | 2028-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                   | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   4835000 | PA      | $5007295.23   | 0.20%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                           | Grupo Aeromexico SAB de CV                                                  | CUSIP: 40054JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |  15550000 | PA      | $13753844.38  | 0.54%             | 2027-03-17      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                               | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   8613000 | PA      | $6841863.16   | 0.27%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                            | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7627000 | PA      | $5306020.00   | 0.21%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                         | Par Pharmaceutical Inc                                                      | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |  16977000 | PA      | $12938166.61  | 0.51%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   6560000 | PA      | $4958193.63   | 0.19%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                 | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    366000 | PA      | $308838.12    | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                         | FMG Resources August 2006 Pty Ltd                                           | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |  13205000 | PA      | $12319901.86  | 0.48%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp          | CUSIP: 226373AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3421000 | PA      | $3143747.45   | 0.12%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MLN US HOLDCO LLC                              | MLN US HOLDCO LLC                                                           | CUSIP: 55292HAJ2<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |  32191651 | PA      | $26075237.08  | 1.02%             | 2027-10-18      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| HEXION INC                                     | Hexion Inc                                                                  | CUSIP: 42829JAB5<br>LEI: 54930030FZF8HYAEHM46 | Long             | LON              | CORP              | US        |  14490000 | PA      | $11519550.00  | 0.45%             | 2030-03-15      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5107000 | PA      | $1485275.45   | 0.06%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                 | CUSIP: 97789LAB2<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |  34006000 | PA      | $23039065.00  | 0.90%             | 2026-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| MIDAS OPCO HOLDINGS LLC                        | Stagwell Global LLC                                                         | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18723000 | PA      | $15473716.97  | 0.61%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2329236.65   | 0.09%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                         | Goodyear Tire & Rubber Co/The                                               | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  18975000 | PA      | $15545079.00  | 0.61%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                          | CMG Media Corp                                                              | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17022000 | PA      | $12839354.16  | 0.50%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3564000 | PA      | $2804414.66   | 0.11%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL                       | Digicel International Finance Ltd/Digicel international Holdings Ltd        | CUSIP: 25381XAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5756095 | PA      | $2545114.97   | 0.10%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                    | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |  11115000 | PA      | $9494036.19   | 0.37%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                            | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7623000 | PA      | $4316104.49   | 0.17%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND COAL                              | WESTMORELAND COAL                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211917 | NS      | $368735.58    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| HADRIAN MERGER SUB                             | Hadrian Merger Sub Inc                                                      | CUSIP: 42239PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8941000 | PA      | $7914617.91   | 0.31%             | 2026-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                        | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5789667 | PA      | $4486851.82   | 0.18%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MARITIME FINANCE CO LTD                        | MARITIME FINANCE CO LTD                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1750000 | NS      | $2228981.26   | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| ORGANON & CO/ORG                               | Organon & Co / Organon Foreign Debt Co-Issuer BV                            | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26785000 | PA      | $23239611.51  | 0.91%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                    | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8530000 | PA      | $7373210.87   | 0.29%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BIS INDUSTRIES (ARTSONIG)                      | BIS INDUSTRIES (ARTSONIG)                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  19682813 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LARCHMONT RESOURCES                            | LARCHMONT RESOURCES                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18339 | NS      | $706035.33    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| CALPINE CORP                                   | Calpine Corp                                                                | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1256560.81   | 0.05%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                            | MESQUITE ENERGY INC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3888000 | PA      | $63180.00     | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                  | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   9340000 | PA      | $9210679.29   | 0.36%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                               | Deutsche Bank AG                                                            | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |  15400000 | PA      | $13137302.64  | 0.51%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                  | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2291734.58   | 0.09%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT                       | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                       | CUSIP: 667449AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10425000 | PA      | $9185599.90   | 0.36%             | 2027-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                         | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |  16710000 | PA      | $15480807.39  | 0.61%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                   | Calpine Corp                                                                | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |  13165000 | PA      | $11317409.42  | 0.44%             | 2029-02-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                 | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |  12623650 | PA      | $10574788.68  | 0.41%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  36986000 | PA      | $29582142.52  | 1.16%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                    | CUSIP: 62886EAV0<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   5323000 | PA      | $4985841.18   | 0.20%             | 2029-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                   | Calpine Corp                                                                | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |  21855000 | PA      | $19545534.07  | 0.77%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES INC                            | Spirit Airlines Inc                                                         | CUSIP: 848577AB8<br>LEI: 549300DCAFIXFNFR3304 | Long             | DBT              | CORP              | US        |   4857000 | PA      | $3934170.00   | 0.15%             | 2026-05-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: —       |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                      | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8867000 | PA      | $7917610.31   | 0.31%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                    | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |  24765000 | PA      | $20755749.57  | 0.81%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                         | Southwestern Energy Co                                                      | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |   2990000 | PA      | $2776229.95   | 0.11%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                            | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |  18049000 | PA      | $14508598.41  | 0.57%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                          | CNX Midstream Partners LP                                                   | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1553513.85   | 0.06%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                         | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   8380000 | PA      | $7188753.67   | 0.28%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                 | CUSIP: 97789LAA4<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |   4540000 | PA      | $1146350.00   | 0.04%             | 2027-11-15      | Fixed         | 13.12%                | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKETING                    | Advantage Sales & Marketing Inc                                             | CUSIP: 00769EAZ3<br>LEI: 549300T4O24KQDED1182 | Long             | LON              | CORP              | US        |   6448120 | PA      | $5365035.41   | 0.21%             | 2027-10-28      | Floating      | 8.88%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL CORP                                | Murphy Oil Corp                                                             | CUSIP: 626717AN2<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |  29207000 | PA      | $28154955.10  | 1.10%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                            | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  29266000 | PA      | $16237921.10  | 0.64%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES UTICA                         | Ascent Resources Utica Holdings LLC                                         | CUSIP: 000000000<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | LON              | CORP              | US        |   5650000 | PA      | $5984293.55   | 0.23%             | 2025-11-01      | Floating      | 13.37%                | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications Inc                                             | CUSIP: 20903XAH6<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   5170000 | PA      | $3819426.94   | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                           | Entegris Escrow Corp                                                        | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21920000 | PA      | $20243120.00  | 0.79%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                       | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |  26605000 | PA      | $23270925.25  | 0.91%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                        | United Rentals North America Inc                                            | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |  10255000 | PA      | $10210647.13  | 0.40%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                       | MajorDrive Holdings IV LLC                                                  | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |  29962000 | PA      | $22396325.34  | 0.88%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                               | AMC Networks Inc                                                            | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |  16881000 | PA      | $10543323.97  | 0.41%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                            | Sirius XM Radio Inc                                                         | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  34885000 | PA      | $28866116.53  | 1.13%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                       | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  16925000 | PA      | $15189002.75  | 0.59%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration