# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043075
**Filing Date:** 2023-2
**Character Count:** 137018
**Document Hash:** 6931979ad71c13a23c498b31d5f01b79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043075.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043075

**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:** 23674011

**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 Limited-Term Bond Fund (Series ID: S000006292)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017294 | Class A      | WLTAX           |
| C000017296 | Class C      | WLBCX           |
| C000017297 | Class Y      | WLTYX           |
| C000045548 | Class I      | ILTIX           |
| C000122151 | Class R      | IYLTX           |
| C000146683 | Class R6     | ILMDX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Limited-Term Bond Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.38%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.38%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-39 PA 2.00% 3/16/42 | 1763272 | $1588566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-151 KC 3.50% 4/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;857933 | &nbsp;&nbsp; 830522 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $2,646,553)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $2,646,553)** | &nbsp;&nbsp; **2419088** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.34%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.34%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-K30 C 144A 3.547% 6/25/45 #, • | 1000000 | &nbsp;&nbsp; 984624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-K31 C 144A 3.627% 7/25/46 #, • | 3000000 | &nbsp;&nbsp; 2963774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-K33 B 144A 3.495% 8/25/46 #, • | 3000000 | &nbsp;&nbsp; 2945068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-K33 C 144A 3.495% 8/25/46 #, • | 3750000 | &nbsp;&nbsp; 3671269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-K47 B 144A 3.586% 6/25/48 #, • | 2500000 | &nbsp;&nbsp; 2371434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-KF12 B 144A 11.242% (LIBOR01M + 7.10%, Floor 7.10%) 9/25/22 #, • | 2415445 | &nbsp;&nbsp; 2410932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K723 C 144A 3.568% 11/25/23 #, • | 4899000 | &nbsp;&nbsp; 4762947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K724 C 144A 3.498% 12/25/49 #, • | 1500000 | &nbsp;&nbsp; 1457103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K728 C 144A 3.651% 11/25/50 #, • | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp; 867232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KF33 B 144A 6.692% (LIBOR01M + 2.55%, Floor 2.55%) 6/25/27 #, • | &nbsp;&nbsp;&nbsp;&nbsp;968036 | &nbsp;&nbsp; 949395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KF39 B 144A 6.642% (LIBOR01M + 2.50%, Floor 2.50%) 11/25/24 #, • | 1852558 | &nbsp;&nbsp; 1822053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KF40 B 144A 6.842% (LIBOR01M + 2.70%, Floor 2.70%) 11/25/27 #, • | 1447006 | &nbsp;&nbsp; 1397867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K732 B 144A 4.052% 5/25/25 #, • | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 937206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KF46 B 144A 6.092% (LIBOR01M + 1.95%, Floor 1.95%) 3/25/28 #, • | 1423361 | &nbsp;&nbsp; 1359275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KF47 B 144A 6.142% (LIBOR01M + 2.00%, Floor 2.00%) 5/25/25 #, • | &nbsp;&nbsp;&nbsp;&nbsp;989299 | &nbsp;&nbsp; 966646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KF48 B 144A 6.192% (LIBOR01M + 2.05%, Floor 2.05%) 6/25/28 #, • | &nbsp;&nbsp;&nbsp;&nbsp;798326 | &nbsp;&nbsp;&nbsp; 750111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KF49 B 144A 6.042% #, • | &nbsp;&nbsp;&nbsp;&nbsp;841095 | &nbsp;&nbsp; 791836 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KF51 B 144A 5.992% (LIBOR01M + 1.85%, Floor 1.85%) 8/25/25 #, • | 2421495 | $2358134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF60 B 144A 6.492% (LIBOR01M + 2.35%, Floor 2.35%) 2/25/26 #, • | 3055799 | &nbsp;&nbsp; 2851551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF61 B 144A 6.342% (LIBOR01M + 2.20%, Floor 2.20%) 4/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;995768 | &nbsp;&nbsp; 923616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF68 B 144A 6.342% (LIBOR01M + 2.20%, Floor 2.20%) 7/25/26 #, • | 2152106 | &nbsp;&nbsp; 1988484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF69 B 144A 6.442% (LIBOR01M + 2.30%, Floor 2.30%) 8/25/29 #, • | 1703883 | &nbsp;&nbsp; 1591042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF70 B 144A 6.442% (LIBOR01M + 2.30%, Floor 2.30%) 9/25/29 #, • | 1177320 | &nbsp;&nbsp; 1137901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF73 B 144A 6.592% (LIBOR01M + 2.45%, Floor 2.45%) 11/25/29 #, • | 2661436 | &nbsp;&nbsp; 2571225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF74 B 144A 6.292% (LIBOR01M + 2.15%, Floor 2.15%) 1/25/27 #, • | 1237090 | &nbsp;&nbsp; 1205092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF75 B 144A 6.392% (LIBOR01M + 2.25%, Floor 2.25%) 12/25/29 #, • | 1322789 | &nbsp;&nbsp; 1219653 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $49,390,422)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $49,390,422)** | &nbsp;&nbsp; **47255470** |
| &nbsp;&nbsp;**Collateralized Debt Obligations — 9.56%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 9.56%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 9.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XX Series 2020-20A AR 144A 5.249% (LIBOR03M + 1.17%, Floor 1.17%) 7/15/34 #, • | 5000000 | &nbsp;&nbsp; 4845175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueMountain CLO XXX Series 2020-30A AR 144A 5.234% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 3000000 | &nbsp;&nbsp; 2895024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO Series 2020-1A AR 144A 5.259% (LIBOR03M + 1.18%, Floor 1.18%) 7/15/34 #, • | 4600000 | &nbsp;&nbsp; 4471048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Series 2022-2A A1 144A 5.275% (TSFR03M + 1.32%, Floor 1.32%) 4/19/35 #, • | 5000000 | &nbsp;&nbsp; 4833575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 77 CLO Series 2020-77A AR 144A 5.795% (LIBOR03M + 1.12%, Floor 1.12%) 5/20/34 #, • | 2600000 | &nbsp;&nbsp; 2526176 |

---

NQ-IV003 [12/22] 2/23 (2741193) 1

------

Delaware Ivy Limited-Term Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** | &nbsp;&nbsp;**Collateralized Debt Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy XXI CLO Series 2015-21A AR 144A 5.263% (LIBOR03M + 1.02%) 4/20/31 #, • | 4900000 | $4814137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 50B-R Series 2020-50A A1R 144A 5.333% (TSFR03M + 1.37%, Floor 1.37%) 4/20/35 # | 5000000 | &nbsp;&nbsp; 4796390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 41Series 2022-41A A1 144A 5.194% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 5000000 | &nbsp;&nbsp; 4788595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO XX Series 2015-20A ARR 144A 5.239% (LIBOR03M + 1.16%, Floor 1.16%) 7/15/34 # | 2000000 | &nbsp;&nbsp; 1950252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 48 Series 2020-3A AR 144A 5.393% (LIBOR03M + 1.15%, Floor 1.15%) 10/20/34 #, • | 5000000 | &nbsp;&nbsp; 4855145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPM CLO 3Series 2019-3A AR 144A 5.169% (LIBOR03M + 1.09%, Floor 1.09%) 4/17/34 # | 3750000 | &nbsp;&nbsp; 3604511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regatta XIX Funding Series 2022-1A A1 144A 5.283% (TSFR03M + 1.32%, Floor 1.32%) 4/20/35 #, • | 5000000 | &nbsp;&nbsp; 4842115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXV Series 2019-4A A1R 144A 5.34% (TSFR03M + 1.28%, Floor 1.28%) 4/25/33 #, • | 5000000 | &nbsp;&nbsp; 4858650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya CLO Series 2020-3A AR 144A 5.393% (LIBOR03M + 1.15%, Floor 1.15%) 10/20/34 #, • | 3000000 | &nbsp;&nbsp; 2929242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wind River CLO Series 2021-3A A 144A 5.393% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/33 # | 4700000 | &nbsp;&nbsp; 4508076 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $63,261,077)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations<br> (cost $63,261,077)** | &nbsp;&nbsp; **61518111** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** |  |
| &nbsp;&nbsp;**Corporate Bonds — 60.04%** | &nbsp;&nbsp;**Corporate Bonds — 60.04%** | &nbsp;&nbsp;**Corporate Bonds — 60.04%** |
| &nbsp;&nbsp;Basic Industry — 1.32% | &nbsp;&nbsp;Basic Industry — 1.32% | &nbsp;&nbsp;Basic Industry — 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% 3/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.165% 7/15/27 | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1170698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International 144A 0.821% 4/15/24 # | 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;3417824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic 4.25% 11/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor 3.95% 5/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881361 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien 5.95% 11/7/25 | 1920000 | $1961161 |
|  |  | &nbsp;&nbsp; 8504042 |
| &nbsp;&nbsp;Brokerage — 0.21% | &nbsp;&nbsp;Brokerage — 0.21% | &nbsp;&nbsp;Brokerage — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSEGA Financing 144A 0.65% 4/6/24 # | 1460000 | &nbsp;&nbsp; 1371289 |
|  |  | &nbsp;&nbsp; 1371289 |
| &nbsp;&nbsp;Capital Goods — 5.15% | &nbsp;&nbsp;Capital Goods — 5.15% | &nbsp;&nbsp;Capital Goods — 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 2.80% 3/1/23 \* | 5623000 | &nbsp;&nbsp; 5602396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric 5.012% 1/1/24 | 2067050 | &nbsp;&nbsp; 2063702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries 0.67% 8/16/23 | 5000000 | &nbsp;&nbsp; 4856065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International 1.35% 8/1/25 | 3925000 | &nbsp;&nbsp; 3556286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials 0.65% 7/15/23 | 1800000 | &nbsp;&nbsp; 1753966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% 6/15/24 | 3315000 | &nbsp;&nbsp; 3245441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 9/15/27 | 2440000 | &nbsp;&nbsp; 2371430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services 0.875% 11/15/25 | 2200000 | &nbsp;&nbsp; 1972659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies 1.00% 9/15/25 | 3600000 | &nbsp;&nbsp; 3228968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management 0.75% 11/15/25 | 5045000 | &nbsp;&nbsp; 4516080 |
|  |  | &nbsp;&nbsp; 33166993 |
| &nbsp;&nbsp;Communications — 6.43% | &nbsp;&nbsp;Communications — 6.43% | &nbsp;&nbsp;Communications — 6.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% 3/25/26 | 3650000 | &nbsp;&nbsp; 3293588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% 7/15/26 • | 3750000 | &nbsp;&nbsp; 3493998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications<br> Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/24 | 3285000 | &nbsp;&nbsp; 3247612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.908% 7/23/25 | 4015000 | &nbsp;&nbsp; 3938988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 3.15% 7/15/23 | 1195000 | &nbsp;&nbsp; 1181885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle Towers 144A 3.663% 5/15/45 # | 2050000 | &nbsp;&nbsp; 1985875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix 5.875% 2/15/25 | 3750000 | &nbsp;&nbsp; 3803362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust 144A 3.869% 10/15/49 #, • | 6500000 | &nbsp;&nbsp; 6210685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint 7.875% 9/15/23 | 5130000 | &nbsp;&nbsp; 5213034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA 3.75% 4/15/27 | 3500000 | &nbsp;&nbsp; 3301973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications 1.45% 3/20/26 | 2200000 | &nbsp;&nbsp; 1977525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warnermedia Holdings 144A 3.638% 3/15/25 # | 3890000 | &nbsp;&nbsp; 3702440 |
|  |  | &nbsp;&nbsp; 41350965 |
| &nbsp;&nbsp;Consumer Cyclical — 5.68% | &nbsp;&nbsp;Consumer Cyclical — 5.68% | &nbsp;&nbsp;Consumer Cyclical — 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7-Eleven 144A 0.80% 2/10/24 # | 2000000 | &nbsp;&nbsp; 1904090 |

---

2 NQ-IV003 [12/22] 2/23 (2741193)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv 2.396% 2/18/25 | 2805000 | $2647333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DR Horton 2.60% 10/15/25 | 2139000 | &nbsp;&nbsp; 1993647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% 2/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 214926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% 8/10/26 | 1700000 | &nbsp;&nbsp; 1478405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/13/25 | 3095000 | &nbsp;&nbsp; 2803398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors 4.875% 10/2/23 | 4223000 | &nbsp;&nbsp; 4211133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America 144A 1.25% 9/18/23 # | 2200000 | &nbsp;&nbsp; 2132782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America 144A 5.25% 11/29/27 # | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp; 412790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International 5.75% 6/15/25 | 4825000 | &nbsp;&nbsp; 4696346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 3.043% 9/15/23 # | 3750000 | &nbsp;&nbsp; 3675183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordstrom 2.30% 4/8/24 | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 685335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH 4.625% 7/10/25 | 3650000 | &nbsp;&nbsp; 3527917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | 1310000 | &nbsp;&nbsp; 1248780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance 144A 0.875% 11/22/23 # | 5150000 | &nbsp;&nbsp; 4955507 |
|  |  | &nbsp;&nbsp; 36587572 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 4.75% | &nbsp;&nbsp;Consumer Non-Cyclical — 4.75% | &nbsp;&nbsp;Consumer Non-Cyclical — 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson and Co. 3.734% 12/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp; 973948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands 0.50% 8/11/23 | 1125000 | &nbsp;&nbsp; 1093318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients 144A 5.25% 4/15/27 # | 4355000 | &nbsp;&nbsp; 4198481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo Capital 3.50% 9/18/23 | 3500000 | &nbsp;&nbsp; 3466846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.60% 11/15/25 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 402893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.65% 11/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 405382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper 0.75% 3/15/24 | 1820000 | &nbsp;&nbsp; 1728489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% 2/15/26 | 2975000 | &nbsp;&nbsp; 2609207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/1/23 | 1320000 | &nbsp;&nbsp; 1306400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital 3.00% 11/20/25 | 3750000 | &nbsp;&nbsp; 3598770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% 9/2/23 | 5200000 | &nbsp;&nbsp; 5039041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% 9/2/25 | 3940000 | &nbsp;&nbsp; 3529837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods 3.95% 8/15/24 | 2000000 | &nbsp;&nbsp; 1969042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis 5.40% 11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 234846 |
|  |  | &nbsp;&nbsp; 30556500 |
| &nbsp;&nbsp;Electric — 3.56% | &nbsp;&nbsp;Electric — 3.56% | &nbsp;&nbsp;Electric — 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 1.037% 8/23/24 | 2500000 | &nbsp;&nbsp; 2333030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas 3.95% 11/15/28 | 2545000 | &nbsp;&nbsp; 2447142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International 3.55% 11/15/24 | 3700000 | &nbsp;&nbsp; 3574534 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International 144A 4.25% 6/15/25 # | &nbsp;&nbsp;&nbsp;&nbsp;680000 | $659021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy 2.90% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp; 562527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fells Point Funding Trust 144A 3.046% 1/31/27 # | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp; 519564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidAmerican Energy 3.70% 9/15/23 | 3000000 | &nbsp;&nbsp; 2972747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance 1.875% 2/7/25 | 3685000 | &nbsp;&nbsp; 3458600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric and Power 2.75% 3/15/23 | 5425000 | &nbsp;&nbsp; 5403263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 5.125% 5/13/25 # | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 964990 |
|  |  | &nbsp;&nbsp; 22895418 |
| &nbsp;&nbsp;Energy — 4.78% | &nbsp;&nbsp;Energy — 4.78% | &nbsp;&nbsp;Energy — 4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips 2.40% 3/7/25 | 2855000 | &nbsp;&nbsp; 2715844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings 3.55% 11/1/23 | 3765000 | &nbsp;&nbsp; 3717024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge 2.50% 2/14/25 | 2200000 | &nbsp;&nbsp; 2077332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 4/1/24 | 3200000 | &nbsp;&nbsp; 3143970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/15/28 | 2700000 | &nbsp;&nbsp; 2681721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 3410358 | &nbsp;&nbsp; 3164905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Operations 144A 1.00% 4/26/24 # | 3600000 | &nbsp;&nbsp; 3402954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners 3.45% 2/15/23 | 4090000 | &nbsp;&nbsp; 4081355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum 5.875% 9/1/25 | 4560000 | &nbsp;&nbsp; 4550920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | 1275000 | &nbsp;&nbsp; 1218375 |
|  |  | &nbsp;&nbsp; 30754400 |
| &nbsp;&nbsp;Finance Companies — 1.54% | &nbsp;&nbsp;Finance Companies — 1.54% | &nbsp;&nbsp;Finance Companies — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 1.65% 10/29/24 | 5000000 | &nbsp;&nbsp; 4615363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 5.85% 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 380241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 4.375% 1/30/24 # | 3000000 | &nbsp;&nbsp; 2926035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAA Capital 144A 1.50% 5/1/23 # | 2000000 | &nbsp;&nbsp; 1979804 |
|  |  | &nbsp;&nbsp; 9901443 |

---

NQ-IV003 [12/22] 2/23 (2741193) 3

------

Delaware Ivy Limited-Term Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financials — 15.25% | &nbsp;&nbsp;Financials — 15.25% | &nbsp;&nbsp;Financials — 15.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.523% 6/14/24 μ | 2175000 | $2123647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 1/22/25 | 4000000 | &nbsp;&nbsp; 3918213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 1/22/24 | 3000000 | &nbsp;&nbsp; 2975424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 8/26/24 | 3675000 | &nbsp;&nbsp; 3620516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon 5.802% 10/25/28 μ | 1264000 | &nbsp;&nbsp; 1309313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 7.325% 11/2/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp; 731009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/13/25 | 1900000 | &nbsp;&nbsp; 1913607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% 9/29/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp; 387052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank 4.119% 5/23/25 μ | 3925000 | &nbsp;&nbsp; 3842808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank 6.064% 10/24/25 μ | 1185000 | &nbsp;&nbsp; 1199209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group 144A 6.442% 8/11/28 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 702366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank 5.852% 10/27/25 μ | 1935000 | &nbsp;&nbsp; 1955927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.714% 12/9/26 • | 3700000 | &nbsp;&nbsp; 3564323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 7/8/24 | 5000000 | &nbsp;&nbsp; 4895570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/21/25 | 7209000 | &nbsp;&nbsp; 7043238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington National Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.008% 5/16/25 μ | 2230000 | &nbsp;&nbsp; 2182669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% 1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp; 464602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.653% 9/16/24 \*, μ | 3000000 | &nbsp;&nbsp; 2893867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 9/10/24 | 2542000 | &nbsp;&nbsp; 2489957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% 4/26/26 μ | 10270000 | &nbsp;&nbsp; 9980418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.851% 7/25/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 507741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 8/8/25 | 1880000 | &nbsp;&nbsp; 1838588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 294681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp 3.878% 5/23/25 μ | 1910000 | &nbsp;&nbsp; 1869901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.835% (LIBOR03M + 0.79%) 5/31/23 • | 1700000 | &nbsp;&nbsp; 1700728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.138% 10/16/26 μ | 14460000 | &nbsp;&nbsp; 14784177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp; 837603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada 2.10% 2/1/23 | 3600000 | &nbsp;&nbsp; 3592308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 5.671% 10/28/25 μ | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 707951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.751% 11/4/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 158833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% 11/4/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 108621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank 4.108% 6/8/27 \* | 5795000 | &nbsp;&nbsp; 5611081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp 5.727% 10/21/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp; 499604 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.908% 4/25/26 μ | 6870000 | $6683071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808% 7/25/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp; 748433 |
|  |  | &nbsp;&nbsp; 98137056 |
| &nbsp;&nbsp;Insurance — 3.84% | &nbsp;&nbsp;Insurance — 3.84% | &nbsp;&nbsp;Insurance — 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 0.914% 8/19/24 # | 2150000 | &nbsp;&nbsp; 1974051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 0.95% 1/8/24 # | 3000000 | &nbsp;&nbsp; 2855600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana 5.75% 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp; 650562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MassMutual Global Funding II 144A 0.60% 4/12/24 # | 5100000 | &nbsp;&nbsp; 4816934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Met Tower Global Funding 144A 3.70% 6/13/25 #, \* | 2100000 | &nbsp;&nbsp; 2038293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 0.90% 6/8/23 # | 3750000 | &nbsp;&nbsp; 3688399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A 0.85% 1/15/26 #, \* | 5000000 | &nbsp;&nbsp; 4448390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Life Global Funding II 144A 0.75% 4/12/24 # | 2200000 | &nbsp;&nbsp; 2079087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding 144A 0.631% 10/13/23 #, \* | 2250000 | &nbsp;&nbsp; 2170234 |
|  |  | &nbsp;&nbsp; 24721550 |
| &nbsp;&nbsp;Natural Gas — 0.46% | &nbsp;&nbsp;Natural Gas — 0.46% | &nbsp;&nbsp;Natural Gas — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy 3.30% 4/1/25 | 3110000 | &nbsp;&nbsp; 2984991 |
|  |  | &nbsp;&nbsp; 2984991 |
| &nbsp;&nbsp;No Match To Sector File or Replacements File — 2.57% | &nbsp;&nbsp;No Match To Sector File or Replacements File — 2.57% | &nbsp;&nbsp;No Match To Sector File or Replacements File — 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Trust #1 Series 13 2A 144A 3.07% 3/15/48 # | 8265000 | &nbsp;&nbsp; 8218726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.884% 1/15/26 # | 3222000 | &nbsp;&nbsp; 2833679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.836% 1/15/50 # | 5840000 | &nbsp;&nbsp; 5504299 |
|  |  | &nbsp;&nbsp; 16556704 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.18% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.18% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 403175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp; 741183 |
|  |  | &nbsp;&nbsp; 1144358 |
| &nbsp;&nbsp;Technology — 3.16% | &nbsp;&nbsp;Technology — 3.16% | &nbsp;&nbsp;Technology — 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu 1.72% 4/9/26 | 1050000 | &nbsp;&nbsp; 935288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology 0.983% 9/1/24 | 4750000 | &nbsp;&nbsp; 4401256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle 5.80% 11/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 158642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings 1.65% 6/1/25 | 7907000 | &nbsp;&nbsp; 7347588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global 144A 2.45% 3/1/27 # | 2005000 | &nbsp;&nbsp; 1834115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman 4.75% 6/1/23 | 1950000 | &nbsp;&nbsp; 1942434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters 4.30% 11/23/23 | 3630000 | &nbsp;&nbsp; 3605854 |

---

4 NQ-IV003 [12/22] 2/23 (2741193)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday 3.50% 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | $121690 |
|  |  | &nbsp;&nbsp; 20346867 |
| &nbsp;&nbsp;Technology & Electronics — 0.71% | &nbsp;&nbsp;Technology & Electronics — 0.71% | &nbsp;&nbsp;Technology & Electronics — 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/25 # | 3720000 | &nbsp;&nbsp; 3639391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 11/1/24 # | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp; 945497 |
|  |  | &nbsp;&nbsp; 4584888 |
| &nbsp;&nbsp;Transportation — 0.45% | &nbsp;&nbsp;Transportation — 0.45% | &nbsp;&nbsp;Transportation — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing 144A 4.40% 7/1/27 # | 3055000 | &nbsp;&nbsp; 2903786 |
|  |  | &nbsp;&nbsp; 2903786 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $404,976,195)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $404,976,195)** | &nbsp;&nbsp; **386468822** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** |  |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 5.44%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 5.44%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 5.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMW Vehicle Lease Trust Series 2022-1 A3 1.10% 3/25/25 | 4770000 | &nbsp;&nbsp;&nbsp;&nbsp;4614687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1873418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2022-A B 1.91% 7/15/27 | 3550000 | &nbsp;&nbsp;&nbsp;&nbsp;3244014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust A Series 2020-2 A 1.06% 9/15/27 | 7600000 | &nbsp;&nbsp;&nbsp;&nbsp;6829917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2022-1 B 2.23% 2/20/26 | 4150000 | &nbsp;&nbsp;&nbsp;&nbsp;3932182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust Series 2021-B A3 144A 0.42% 10/21/24 # | 4850000 | &nbsp;&nbsp;&nbsp;&nbsp;4714825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 A 1.53% 7/20/28 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2803934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 B 1.83% 7/20/28 | 3550000 | &nbsp;&nbsp;&nbsp;&nbsp;3309022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3669393 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $36,166,804)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $36,166,804)** | **34991392** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Supranational Bank — 0.23%** | &nbsp;&nbsp;**Supranational Bank — 0.23%** | &nbsp;&nbsp;**Supranational Bank — 0.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Andina de Fomento<br> 2.375% 5/12/23 | 1500000 | $1483139 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Bank<br> (cost $1,499,580)** | &nbsp;&nbsp;&nbsp;**Total Supranational Bank<br> (cost $1,499,580)** | &nbsp;&nbsp; **1483139** |
| &nbsp;&nbsp;**US Treasury Obligations — 15.83%** | &nbsp;&nbsp;**US Treasury Obligations — 15.83%** | &nbsp;&nbsp;**US Treasury Obligations — 15.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 49720000 | &nbsp;&nbsp; 49906450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 12/31/24 | 10210000 | &nbsp;&nbsp; 10175302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 10/15/25 | 32405000 | &nbsp;&nbsp; 32384747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/30/24 | 9455000 | &nbsp;&nbsp; 9456108 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $101,547,548)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $101,547,548)** | &nbsp;&nbsp; **101922607** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 2.11%** | &nbsp;&nbsp;**Short-Term Investments — 2.11%** | &nbsp;&nbsp;**Short-Term Investments — 2.11%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.11% | &nbsp;&nbsp;Money Market Mutual Funds — 2.11% | &nbsp;&nbsp;Money Market Mutual Funds — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3388146 | &nbsp;&nbsp;&nbsp;&nbsp;3388146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 3388146 | &nbsp;&nbsp;&nbsp;&nbsp;3388146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 3388146 | &nbsp;&nbsp;&nbsp;&nbsp;3388146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%) | 3388147 | &nbsp;&nbsp;&nbsp;&nbsp;3388147 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,552,585)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $13,552,585)** | **13552585** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—100.93%<br> (cost $673,040,764)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—100.93%<br> (cost $673,040,764)** | **649611214** |

---

NQ-IV003 [12/22] 2/23 (2741193) 5

------

Delaware Ivy Limited-Term Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral — 0.07%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.07%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.07%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 0.07% | &nbsp;&nbsp;Money Market Mutual Fund — 0.07% | &nbsp;&nbsp;Money Market Mutual Fund — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;452656 | $452656 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $452,656)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $452,656)** | &nbsp;&nbsp; **452656** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.00%<br> (cost $673,493,420)** |  | &nbsp;&nbsp;**650,063,870■** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (0.07%)** |  | &nbsp;&nbsp;&nbsp; **(452656)** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.93%)** |  | &nbsp;&nbsp;&nbsp; **(5959435)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 62,488,765 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$643651779** |

---

---

| | |
|:---|:---|
| <sup>°</sup> | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |

---

---

| | |
|:---|:---|
| <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 $214,407,165, which represents 33.31% of the Fund's net assets. |
| • | 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> | 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. |
| ■ | Includes $6,935,007 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,728,418. |

---

The following futures contracts and were outstanding at December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to Buy (Sell) | Contracts to Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 333 | US Treasury 2 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68291016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68229351 | 3/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(52031) |
| (207) | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22341446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22337720) | 3/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17789 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45891631 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(34242) |

---

The use of futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the variation margin is reflected in the Fund's net assets.

---

| |
|:---|
| **Summary of abbreviations:** |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |

---

6 NQ-IV003 [12/22] 2/23 (2741193)

------

(Unaudited)

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| LIBOR06M – ICE LIBOR USD 6 Month |
| S&P – Standard & Poor's Financial Services LLC |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

NQ-IV003 [12/22] 2/23 (2741193) 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 Limited-Term Bond Fund

- **b. EDGAR series identifier (if any):** S000006292

- **c. LEI of Series:** 3G504G43XM30ONCWSP89

**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:** $646611516.91

**Total Liabilities:** $3848456.18

**Net Assets:** $642763060.73

**Cash Not Reported:** $620278.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2752.19894000 | **1-Year:** 46025.38365000 | **5-Year:** 64547.25655000 | **10-Year:** 3189.53423000 | **30-Year:** 0.00000000

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

- **3-Month:** 63.04883000 | **1-Year:** 4837.06138000 | **5-Year:** 5508.61410000 | **10-Year:** 95.00181000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017296 | -0.18%               | 1.12%                | 0.06%                |
| Class ID C000017294 | -0.11%               | 1.18%                | 0.12%                |
| Class ID C000017297 | -0.11%               | 1.18%                | 0.12%                |
| Class ID C000122151 | -0.13%               | 1.16%                | 0.10%                |
| Class ID C000045548 | -0.09%               | 1.21%                | 0.15%                |
| Class ID C000146683 | -0.09%               | 1.20%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7176735.49             | $5430707.95                                |
| Month 2  | $-1747886.25             | $8284476.01                                |
| Month 3  | $-1505604.28             | $807756.82                                 |

**Designated Index Information**

- **Index Name:** BBG Government/Credit 1-3 Yr Index

- **Index Identifier:** LEH1-3YRGC

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CROWN CASTLE TOWERS LLC                        | Crown Castle Towers LLC                                                         | CUSIP: 22822RBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1985874.77   | 0.31%             | 2025-05-15      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                        | Regatta XIX Funding Ltd                                                         | CUSIP: 75888EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4842115.00   | 0.75%             | 2035-04-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                       | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1218375.47   | 0.19%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL                       | Martin Marietta Materials Inc                                                   | CUSIP: 573284AY2<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1753965.72   | 0.27%             | 2023-07-15      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                              | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2681721.00   | 0.42%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                             | Wind River 2021-3 CLO Ltd                                                       | CUSIP: 97316DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4700000 | PA      | $4508075.50   | 0.70%             | 2033-07-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 48                 | Octagon Investment Partners 48 Ltd                                              | CUSIP: 67577UAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4855145.00   | 0.76%             | 2034-10-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                         | Protective Life Global Funding                                                  | CUSIP: 74368CAZ7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2170234.35   | 0.34%             | 2023-10-13      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                 | S&P Global Inc                                                                  | CUSIP: 78409VBA1<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $1834115.25   | 0.29%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                       | AT&T Inc                                                                        | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3493998.00   | 0.54%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| FREMF Mortgage Trust                           | FREMF 2015-K47 Mortgage Trust                                                   | CUSIP: 30293AAN0<br>LEI: 549300S586ZSTJQXPJ92 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2371433.75   | 0.37%             | 2048-06-25      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                          | Republic Services Inc                                                           | CUSIP: 760759AY6<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1972658.82   | 0.31%             | 2025-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                            | CUSIP: 06051GJY6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2175000 | PA      | $2123646.73   | 0.33%             | 2024-06-14      | Fixed         | 0.52%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                              | General Motors Co                                                               | CUSIP: 37045VAE0<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   4223000 | PA      | $4211133.37   | 0.66%             | 2023-10-02      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2020-KF74 Mortgage Trust                                                  | CUSIP: 30313MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1237090 | PA      | $1205092.17   | 0.19%             | 2027-01-25      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                        | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEH8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3688399.13   | 0.57%             | 2023-06-08      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                       | Microchip Technology Inc                                                        | CUSIP: 595017BC7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4401255.95   | 0.68%             | 2024-09-01      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBL0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1264000 | PA      | $1309312.76   | 0.20%             | 2028-10-25      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                            | CUSIP: 06051GFH7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3675000 | PA      | $3620515.55   | 0.56%             | 2024-08-26      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    385000 | PA      | $387051.86    | 0.06%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                        | Sensata Technologies BV                                                         | CUSIP: 81725WAH6<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    950000 | PA      | $945497.00    | 0.15%             | 2024-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                          | Athene Global Funding                                                           | CUSIP: 04685A2S9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2855600.40   | 0.44%             | 2024-01-08      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF68 Mortgage Trust                                                  | CUSIP: 30312LAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2152106 | PA      | $1988484.15   | 0.31%             | 2026-07-25      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                     | Sprint LLC                                                                      | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   5130000 | PA      | $5213034.18   | 0.81%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-KF49 Mortgage Trust                                                  | CUSIP: 30307PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    841095 | PA      | $791836.27    | 0.12%             | 2025-06-25      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2017-K724 Mortgage Trust                                                  | CUSIP: 30295XAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1457102.55   | 0.23%             | 2049-12-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                     | Humana Inc                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    636000 | PA      | $650561.79    | 0.10%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3301973.15   | 0.51%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                          | Athene Global Funding                                                           | CUSIP: 04685A3A7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1974051.10   | 0.31%             | 2024-08-19      | Fixed         | 0.91%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                          | MidAmerican Energy Co                                                           | CUSIP: 595620AK1<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2972747.10   | 0.46%             | 2023-09-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1170698.12   | 0.18%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| LENNOX INTERNATIONAL INC                       | Lennox International Inc                                                        | CUSIP: 526107AE7<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |   3925000 | PA      | $3556285.89   | 0.55%             | 2025-08-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP                               | Black Hills Corp                                                                | CUSIP: 092113AU3<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2333030.25   | 0.36%             | 2024-08-23      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348KAH6<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2803933.80   | 0.44%             | 2028-07-20      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                       | CUSIP: 674599EB7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   4560000 | PA      | $4550919.67   | 0.71%             | 2025-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Neuberger Berman CLO Ltd                       | Neuberger Berman CLO XX Ltd                                                     | CUSIP: 64130TBA2<br>LEI: 549300NPF57YF6WBDP72 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1950252.00   | 0.30%             | 2034-07-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| LSEGA FINANCING PLC                            | LSEGA Financing PLC                                                             | CUSIP: 50220PAA1<br>LEI: 2138009YFYTGEHZNNZ09 | Long             | DBT              | CORP              | GB        |   1460000 | PA      | $1371289.09   | 0.21%             | 2024-04-06      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL PLC                             | Diageo Capital PLC                                                              | CUSIP: 25243YAY5<br>LEI: 213800L23DJLALFC4O95 | Long             | DBT              | CORP              | GB        |   3500000 | PA      | $3466845.90   | 0.54%             | 2023-09-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                              | State Street Corp                                                               | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158833.31    | 0.02%             | 2026-11-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                             | Royalty Pharma PLC                                                              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   3940000 | PA      | $3529836.54   | 0.55%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                    | Netflix Inc                                                                     | CUSIP: 64110LAL0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3803362.50   | 0.59%             | 2025-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                         | Galaxy Pipeline Assets Bidco Ltd                                                | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |   3410358 | PA      | $3164905.33   | 0.49%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                            | Sound Point CLO XXV Ltd                                                         | CUSIP: 83614DAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4858650.00   | 0.76%             | 2033-04-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2015-KF12 Mortgage Trust                                                  | CUSIP: 30293RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2415445 | PA      | $2410931.66   | 0.38%             | 2022-09-25      | Floating      | 11.24%                | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-KF47 Mortgage Trust                                                  | CUSIP: 30296WAG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    989299 | PA      | $966645.90    | 0.15%             | 2025-05-25      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2013-K31 Mortgage Trust                                                   | CUSIP: 30291MAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2963773.80   | 0.46%             | 2046-07-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                  | Nordstrom Inc                                                                   | CUSIP: 655664AX8<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    730000 | PA      | $685334.95    | 0.11%             | 2024-04-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2017-K728 Mortgage Trust                                                  | CUSIP: 30305GAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    910000 | PA      | $867231.82    | 0.13%             | 2050-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                           | Parker-Hannifin Corp                                                            | CUSIP: 701094AQ7<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |   3315000 | PA      | $3245440.69   | 0.50%             | 2024-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                    | KeyBank NA/Cleveland OH                                                         | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1838587.92   | 0.29%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                              | State Street Corp                                                               | CUSIP: 857477BY8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    105000 | PA      | $108620.79    | 0.02%             | 2028-11-04      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF73 Mortgage Trust                                                  | CUSIP: 30313BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2661436 | PA      | $2571225.48   | 0.40%             | 2029-11-25      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141EC23<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4895570.00   | 0.76%             | 2024-07-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                  | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  14460000 | PA      | $14784177.29  | 2.30%             | 2026-10-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: —       |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 2 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       333 | NC      | $61664.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                       | MassMutual Global Funding II                                                    | CUSIP: 57629WDB3<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |   5100000 | PA      | $4816934.19   | 0.75%             | 2024-04-12      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                           | Parker-Hannifin Corp                                                            | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2371429.90   | 0.37%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FELLS POINT FUNDING TR                         | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $519564.41    | 0.08%             | 2027-01-31      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                       | Huntington National Bank/The                                                    | CUSIP: 44644MAD3<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   2230000 | PA      | $2182669.14   | 0.34%             | 2025-05-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                                     | CUSIP: 68389XCF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158642.33    | 0.02%             | 2025-11-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: —       |
| FREMF Mortgage Trust                           | FREMF 2016-K723 Mortgage Trust                                                  | CUSIP: 30295MAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4899000 | PA      | $4762947.42   | 0.74%             | 2023-11-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                                                     | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   3388146 | NS      | $3388146.19   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAE3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3702439.76   | 0.58%             | 2025-03-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                            | CUSIP: 06051GFM6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3918212.80   | 0.61%             | 2025-01-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAU9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   5000000 | PA      | $4615363.50   | 0.72%             | 2024-10-29      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                             | Seagate HDD Cayman                                                              | CUSIP: 81180WAH4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1950000 | PA      | $1942434.00   | 0.30%             | 2023-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                              | Eversource Energy                                                               | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    610000 | PA      | $562526.99    | 0.09%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                             | CUSIP: 46625HJY7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2542000 | PA      | $2489956.87   | 0.39%             | 2024-09-10      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                             | CUSIP: 46647PBS4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2893867.20   | 0.45%             | 2024-09-16      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                       | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3055000 | PA      | $2903785.75   | 0.45%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                       | Virginia Electric and Power Co                                                  | CUSIP: 927804FN9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |   5425000 | PA      | $5403262.57   | 0.84%             | 2023-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1478405.00   | 0.23%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust                        | BMW Vehicle Lease Trust 2022-1                                                  | CUSIP: 05601XAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4770000 | PA      | $4614687.37   | 0.72%             | 2025-03-25      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3095000 | PA      | $2803397.77   | 0.44%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MOSAIC CO                                      | Mosaic Co/The                                                                   | CUSIP: 61945CAC7<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |    750000 | PA      | $744002.93    | 0.12%             | 2023-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2017-KF40 Mortgage Trust                                                  | CUSIP: 30306JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1447006 | PA      | $1397866.59   | 0.22%             | 2027-11-25      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| MCCORMICK & CO                                 | McCormick & Co Inc/MD                                                           | CUSIP: 579780AR8<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   2975000 | PA      | $2609207.39   | 0.41%             | 2026-02-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                         | Verizon Communications Inc                                                      | CUSIP: 92343VGG3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $1977524.78   | 0.31%             | 2026-03-20      | Fixed         | 1.45%                 | No            |                  2 | On Loan: —       |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                             | CUSIP: 654744AA9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   3750000 | PA      | $3675183.00   | 0.57%             | 2023-09-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                   | 7-Eleven Inc                                                                    | CUSIP: 817826AB6<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1904090.40   | 0.30%             | 2024-02-10      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| THOMSON REUTERS CORP                           | Thomson Reuters Corp                                                            | CUSIP: 884903BQ7<br>LEI: 549300561UZND4C7B569 | Long             | DBT              | CORP              | CA        |   3630000 | PA      | $3605853.97   | 0.56%             | 2023-11-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                         | Corp Andina de Fomento                                                          | CUSIP: 219868CC8<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | CORP              | N/A       |   1500000 | PA      | $1483139.40   | 0.23%             | 2023-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF70 Mortgage Trust                                                  | CUSIP: 30298UAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1177320 | PA      | $1137900.53   | 0.18%             | 2029-09-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                            | Citizens Bank NA/Providence RI                                                  | CUSIP: 75524KNQ3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   3925000 | PA      | $3842808.15   | 0.60%             | 2025-05-23      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-K732 Mortgage Trust                                                  | CUSIP: 30307NAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    985000 | PA      | $937206.22    | 0.15%             | 2025-05-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    810000 | PA      | $837602.94    | 0.13%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                           | Waste Management Inc                                                            | CUSIP: 94106LBL2<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   5045000 | PA      | $4516080.18   | 0.70%             | 2025-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK                               | Fifth Third Bank NA                                                             | CUSIP: 31677QBT5<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1955927.41   | 0.30%             | 2025-10-27      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                      | Boeing Co/The                                                                   | CUSIP: 097023BW4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   5623000 | PA      | $5602396.20   | 0.87%             | 2023-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 17-KSW3 Mortgage Trust                                                    | CUSIP: 30303DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    282168 | PA      | $282168.43    | 0.04%             | 2027-05-25      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                 | Galaxy XXI CLO Ltd                                                              | CUSIP: 36320WAL0<br>LEI: 549300BW4412X0TZDD77 | Long             | ABS-CBDO         | CORP              | KY        |   4900000 | PA      | $4814137.30   | 0.75%             | 2031-04-20      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON AND CO                        | Becton Dickinson and Co                                                         | CUSIP: 075887BF5<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    998000 | PA      | $973947.70    | 0.15%             | 2024-12-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                                  | CUSIP: 00914AAT9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380241.07    | 0.06%             | 2027-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-KF46                                                                 | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1423361 | PA      | $1359274.67   | 0.21%             | 2028-03-25      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B85<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    235000 | PA      | $214926.30    | 0.03%             | 2025-02-10      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                         | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAC7<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402892.56    | 0.06%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                             | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    520000 | PA      | $507741.10    | 0.08%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BH7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    700000 | PA      | $707950.95    | 0.11%             | 2025-10-28      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL                      | MGM RESORTS INTERNATIONAL                                                       | CUSIP: 552953CE9<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $4696345.72   | 0.73%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| HARVEST OPERATIONS CORP                        | Harvest Operations Corp                                                         | CUSIP: 41754WAT8<br>LEI: B1EEF6ML54YDWRC6ZK53 | Long             | DBT              | CORP              | CA        |   3600000 | PA      | $3402953.64   | 0.53%             | 2024-04-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                          | KKR CLO 41 Ltd                                                                  | CUSIP: 48255PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4788595.00   | 0.75%             | 2035-04-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                        | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550BM7<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   4090000 | PA      | $4081354.56   | 0.63%             | 2023-02-15      | Fixed         | 3.45%                 | 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        |    452656 | NS      | $452656.27    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| USAA CAPITAL CORP                              | USAA Capital Corp                                                               | CUSIP: 90327QD48<br>LEI: 5493007XLF4LU3U2W757 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1979804.00   | 0.31%             | 2023-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                 | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34528QHQ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   7600000 | PA      | $6829917.08   | 1.06%             | 2027-09-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                   | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1913606.66   | 0.30%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2017-KF39 Mortgage Trust                                                  | CUSIP: 35708UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1852558 | PA      | $1822052.54   | 0.28%             | 2024-11-25      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                           | Mercedes-Benz Finance North America LLC                                         | CUSIP: 58769JAC1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    410000 | PA      | $412789.56    | 0.06%             | 2027-11-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                              | CUSIP: 86765BAN9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3143970.24   | 0.49%             | 2024-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2013-K30 Mortgage Trust                                                   | CUSIP: 30291KAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $984624.30    | 0.15%             | 2045-06-25      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                    | KeyBank NA/Cleveland OH                                                         | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    285000 | PA      | $294680.94    | 0.05%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                   | Enbridge Inc                                                                    | CUSIP: 29250NBL8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2200000 | PA      | $2077332.40   | 0.32%             | 2025-02-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                    | Workday Inc                                                                     | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121690.47    | 0.02%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                        | Digital Realty Trust LP                                                         | CUSIP: 25389JAV8<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    735000 | PA      | $741182.82    | 0.12%             | 2028-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3222000 | PA      | $2833679.08   | 0.44%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                       | Graphic Packaging International LLC                                             | CUSIP: 38869PAN4<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3417824.23   | 0.53%             | 2024-04-15      | Fixed         | 0.82%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                       | New York Life Global Funding                                                    | CUSIP: 64952WDW0<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4448390.00   | 0.69%             | 2026-01-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                          | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CAX2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2447141.95   | 0.38%             | 2028-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-KF48 Mortgage Trust                                                  | CUSIP: 30308EAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    798326 | PA      | $750110.60    | 0.12%             | 2028-06-25      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| BAIDU INC                                      | Baidu Inc                                                                       | CUSIP: 056752AS7<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |   1050000 | PA      | $935287.50    | 0.15%             | 2026-04-09      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                     | Zoetis Inc                                                                      | CUSIP: 98978VAU7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234845.76    | 0.04%             | 2025-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                        | CUSIP: 92840VAL6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    985000 | PA      | $964989.73    | 0.15%             | 2025-05-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                       | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AW6<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4856065.50   | 0.76%             | 2023-08-16      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                    | Nutrien Ltd                                                                     | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   1920000 | PA      | $1961161.54   | 0.31%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                           | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAL4<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1728488.94   | 0.27%             | 2024-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                   | Voya CLO 2020-3 Ltd                                                             | CUSIP: 92918NAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2929242.00   | 0.46%             | 2034-10-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                        | Digital Realty Trust LP                                                         | CUSIP: 25389JAT3<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    425000 | PA      | $403175.53    | 0.06%             | 2028-07-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                         | ConocoPhillips Co                                                               | CUSIP: 20826FAU0<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |   2855000 | PA      | $2715843.59   | 0.42%             | 2025-03-07      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2013-K33 Mortgage Trust                                                   | CUSIP: 30265AAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3671268.75   | 0.57%             | 2046-08-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                             | VICI Properties LP                                                              | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1248780.16   | 0.19%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38379QZ73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    857933 | PA      | $830522.09    | 0.13%             | 2034-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                           | BlueMountain CLO XXX Ltd                                                        | CUSIP: 09630QAL5<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2895024.00   | 0.45%             | 2035-04-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                            | General Electric Co                                                             | CUSIP: 36962GU44<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   2067050 | PA      | $2063701.57   | 0.32%             | 2024-01-01      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                 | GM Financial Automobile Leasing Trust 2022-1                                    | CUSIP: 36265MAE5<br>LEI: 2549001DWK2615D9KR84 | Long             | ABS-O            | CORP              | US        |   4150000 | PA      | $3932181.44   | 0.61%             | 2026-02-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    765000 | PA      | $748432.85    | 0.12%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                                                      | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3388146 | NS      | $3388146.22   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3285000 | PA      | $3247611.77   | 0.51%             | 2024-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                                      | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    490000 | PA      | $499603.76    | 0.08%             | 2026-10-21      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                        | National Bank of Canada                                                         | CUSIP: 63307A2J3<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   3600000 | PA      | $3592307.88   | 0.56%             | 2023-02-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5840000 | PA      | $5504299.28   | 0.86%             | 2025-01-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| PVH CORP                                       | PVH Corp                                                                        | CUSIP: 693656AC4<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3527916.99   | 0.55%             | 2025-07-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                                             | CUSIP: 46647PCZ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10270000 | PA      | $9980417.84   | 1.55%             | 2026-04-26      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| SEMPRA ENERGY                                  | Sempra Energy                                                                   | CUSIP: 816851BN8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3110000 | PA      | $2984990.75   | 0.46%             | 2025-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2017-KF33 Mortgage Trust                                                  | CUSIP: 30303CAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    968036 | PA      | $949395.29    | 0.15%             | 2027-06-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                            | Citizens Bank NA/Providence RI                                                  | CUSIP: 75524KPT5<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1199209.45   | 0.19%             | 2025-10-24      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                          | Wells Fargo & Co                                                                | CUSIP: 95000U2X0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6870000 | PA      | $6683070.74   | 1.04%             | 2026-04-25      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                           | Edison International                                                            | CUSIP: 281020AQ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3574534.48   | 0.56%             | 2024-11-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFC1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   3685000 | PA      | $3458599.86   | 0.54%             | 2025-02-07      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                       | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BJ0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   5150000 | PA      | $4955506.65   | 0.77%             | 2023-11-22      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2C5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5795000 | PA      | $5611081.19   | 0.87%             | 2027-06-08      | Fixed         | 4.11%                 | No            |                  2 | On Loan: —       |
| Verizon Master Trust                           | Verizon Master Trust                                                            | CUSIP: 92348KAJ2<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   3550000 | PA      | $3309021.74   | 0.51%             | 2028-07-20      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                          | CUSIP: 225401AV0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    770000 | PA      | $702365.90    | 0.11%             | 2028-08-11      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3938987.62   | 0.61%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                               | CIFC Funding 2022-II Ltd                                                        | CUSIP: 12567MAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4833575.00   | 0.75%             | 2035-04-19      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF60 Mortgage Trust                                                  | CUSIP: 30308HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3055799 | PA      | $2851551.44   | 0.44%             | 2026-02-25      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                       | Huntington National Bank/The                                                    | CUSIP: 44644MAJ0<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    460000 | PA      | $464602.16    | 0.07%             | 2030-01-10      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                 | Golub Capital Partners CLO 50B-R Ltd                                            | CUSIP: 38178DAA5<br>LEI: 254900N3E7Y6I5DRGW52 | Long             | ABS-CBDO         | CORP              | JE        |   5000000 | PA      | $4796390.00   | 0.75%             | 2035-04-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                                | DR Horton Inc                                                                   | CUSIP: 23331ABN8<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   2139000 | PA      | $1993647.25   | 0.31%             | 2025-10-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV                        | Sensata Technologies BV                                                         | CUSIP: 81725WAJ2<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   3720000 | PA      | $3639390.95   | 0.57%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                | CUSIP: 22822VAJ0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1181884.76   | 0.18%             | 2023-07-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| APTIV PLC / APTIV CORP                         | Aptiv PLC / Aptiv Corp                                                          | CUSIP: 00217GAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   2805000 | PA      | $2647333.19   | 0.41%             | 2025-02-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                         | Canyon CLO 2020-1 Ltd                                                           | CUSIP: 13876LAJ6<br>LEI: 549300IVUME0ILZ1W208 | Long             | ABS-CBDO         | CORP              | KY        |   4600000 | PA      | $4471048.20   | 0.70%             | 2034-07-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                | CUSIP: 91282CFX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9455000 | PA      | $9456108.13   | 1.47%             | 2024-11-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                             | Royalty Pharma PLC                                                              | CUSIP: 78081BAG8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   5200000 | PA      | $5039040.76   | 0.78%             | 2023-09-02      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                       | AT&T Inc                                                                        | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3293588.45   | 0.51%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                        | Darling Ingredients Inc                                                         | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |   4355000 | PA      | $4198481.30   | 0.65%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2018-KF51 Mortgage Trust                                                  | CUSIP: 30297GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2421495 | PA      | $2358134.32   | 0.37%             | 2025-08-25      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                                  | CUSIP: 61745ES44<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | SN               | CORP              | US        |   1700000 | PA      | $1700727.60   | 0.26%             | 2023-05-31      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                        | KeyCorp                                                                         | CUSIP: 49326EEL3<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1869901.27   | 0.29%             | 2025-05-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                 | Enterprise Fleet Financing 2022-2 LLC                                           | CUSIP: 29374JAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1873418.43   | 0.29%             | 2029-05-21      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3564322.85   | 0.55%             | 2026-12-09      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC                             | Conagra Brands Inc                                                              | CUSIP: 205887CG5<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1093318.20   | 0.17%             | 2023-08-11      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                         | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAE3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405381.80    | 0.06%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBAL FUNDING                       | Met Tower Global Funding                                                        | CUSIP: 58989V2E3<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2038292.76   | 0.32%             | 2025-06-13      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                           | Enel Finance International NV                                                   | CUSIP: 29278GAV0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    680000 | PA      | $659020.64    | 0.10%             | 2025-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                                         | CUSIP: 44891ABM8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2132781.42   | 0.33%             | 2023-09-18      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   7209000 | PA      | $7043238.42   | 1.10%             | 2025-10-21      | Fixed         | 4.25%                 | 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        |   3388146 | NS      | $3388146.22   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                                                   | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3388146 | NS      | $3388146.22   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS CAPITAL CORP                          | Novartis Capital Corp                                                           | CUSIP: 66989HAJ7<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3598770.38   | 0.56%             | 2025-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                | SBA Tower Trust                                                                 | CUSIP: 78403DAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6210685.00   | 0.97%             | 2049-10-15      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF69 Mortgage Trust                                                  | CUSIP: 30313LAG7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1703883 | PA      | $1591042.41   | 0.25%             | 2029-08-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2013-K33 Mortgage Trust                                                   | CUSIP: 30265AAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2945068.20   | 0.46%             | 2046-08-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC                                | Tyson Foods Inc                                                                 | CUSIP: 902494AX1<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1969042.40   | 0.31%             | 2024-08-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PPM CLO 3 Ltd.                                 | PPM CLO 3 Ltd                                                                   | CUSIP: 69355EAL9<br>LEI: 549300UEAJV6RALDS969 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3604511.25   | 0.56%             | 2034-04-17      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust                    | Volkswagen Auto Lease Trust 2022-A                                              | CUSIP: 92868AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3669393.00   | 0.57%             | 2025-07-21      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2022-A                                             | CUSIP: 345286AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3550000 | PA      | $3244014.14   | 0.50%             | 2027-07-15      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                                     | Nucor Corp                                                                      | CUSIP: 670346AX3<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    900000 | PA      | $881360.55    | 0.14%             | 2025-05-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                             | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 257375AE5<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |   3765000 | PA      | $3717024.11   | 0.58%             | 2023-11-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 5 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -207 | NC      | $-3726.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  49720000 | PA      | $49906450.00  | 7.76%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2020-KF75 Mortgage Trust                                                  | CUSIP: 30294SAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1322789 | PA      | $1219653.18   | 0.19%             | 2029-12-25      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                         | Aviation Capital Group LLC                                                      | CUSIP: 05369AAF8<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2926034.70   | 0.46%             | 2024-01-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32405000 | PA      | $32384746.88  | 5.04%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                            | PayPal Holdings Inc                                                             | CUSIP: 70450YAG8<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   7907000 | PA      | $7347587.66   | 1.14%             | 2025-06-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                       | Principal Life Global Funding II                                                | CUSIP: 74256LEL9<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2079086.68   | 0.32%             | 2024-04-12      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MCCORMICK & CO                                 | McCormick & Co Inc/MD                                                           | CUSIP: 579780AJ6<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1306399.78   | 0.20%             | 2023-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I                         | American Tower Trust #1                                                         | CUSIP: 03027WAJ1<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              | CORP              | US        |   8265000 | PA      | $8218725.92   | 1.28%             | 2048-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC                         | Roper Technologies Inc                                                          | CUSIP: 776743AM8<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3228968.16   | 0.50%             | 2025-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                            | CUSIP: 06051GFB0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2975424.30   | 0.46%             | 2024-01-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                    | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    705000 | PA      | $731009.49    | 0.11%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                 | Benefit Street Partners CLO XX Ltd                                              | CUSIP: 08182FAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4845175.00   | 0.75%             | 2034-07-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                        | Dryden 77 CLO Ltd                                                               | CUSIP: 26252VAS0<br>LEI: 254900XGNUOV0Y3IBA68 | Long             | ABS-CBDO         | CORP              | KY        |   2600000 | PA      | $2526175.60   | 0.39%             | 2034-05-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                       | Toyota Lease Owner Trust 2021-B                                                 | CUSIP: 89239CAC3<br>LEI: 5493006AB33TXC4NJ781 | Long             | ABS-O            | CORP              | US        |   4850000 | PA      | $4714824.68   | 0.73%             | 2024-10-21      | Fixed         | 0.42%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                       | Celanese US Holdings LLC                                                        | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328995.02    | 0.05%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                        | CUSIP: 38378DPF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1763272 | PA      | $1588566.07   | 0.25%             | 2042-03-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                           | FREMF 2019-KF61 Mortgage Trust                                                  | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    995768 | PA      | $923615.78    | 0.14%             | 2029-04-25      | Floating      | 6.34%                 | 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