# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043062
**Filing Date:** 2023-2
**Character Count:** 130755
**Document Hash:** 6e64945d2ca84eacb32bc607c3920d60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043062.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043062

**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:** 23673997

**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 Municipal High Income Fund (Series ID: S000025600)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076687 | Class A      | IYIAX           |
| C000076689 | Class C      | IYICX           |
| C000076690 | Class I      | WYMHX           |
| C000076691 | Class Y      | IYIYX           |
| C000193505 | Class R6     | IYINX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Municipal High Income Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds — 99.07%** | &nbsp;&nbsp;**Municipal Bonds — 99.07%** | &nbsp;&nbsp;**Municipal Bonds — 99.07%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 22.38% | &nbsp;&nbsp;Corporate Revenue Bonds — 22.38% | &nbsp;&nbsp;Corporate Revenue Bonds — 22.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;5350000 | $3745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.75% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Ohio Tobacco<br> Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 5.00% 6/1/55 | 12470000 | &nbsp;&nbsp; 10839922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco<br> Securitization Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 8.238% 6/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;6250000 | &nbsp;&nbsp; 388750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois O'Hare<br> International Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trips Obligated Group)<br> 5.00% 7/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 984090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 7.713% 5/15/57 ^ | 225000000 | &nbsp;&nbsp; 14874750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco<br> Settlement Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asset Backed Bonds)<br> Series C 0.15% 6/15/55 ^ | 60000000 | &nbsp;&nbsp; 5364000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Tobacco Asset Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asset Backed Bonds)<br> Series D 0.675% 6/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 186280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Authority of Maine Solid<br> Waste Disposal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Casella Waste System Project)<br> Series R-2 144A 4.375% 8/1/35 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 983610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance<br> Surface Transportation Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Passenger Rail Project)<br> Series B 144A 7.375% 1/1/49 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp; 6562500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II Congress<br> Center Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel)<br> Series A 4.00% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 3090400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland California Empire Tobacco<br> Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 144A 0.63% 6/1/57 #, ^ | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp; 382410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 144A 0.24% 6/1/57 #, ^ | 163120000 | &nbsp;&nbsp; 7482314 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Corporate Revenue Bonds (continued) | &nbsp;&nbsp;Corporate Revenue Bonds (continued) | &nbsp;&nbsp;Corporate Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Louisiana Pellets Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 8.375% 7/1/39 (AMT) ‡ | 13547003 | $135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 10.50% 7/1/39 (AMT) ‡ | 12201586 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series LA 144A 7.75% 7/1/39 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1976705 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gas Project Revenue Bonds)<br> Series A 5.00% 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp; 6008040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2262775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco<br> Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-3 5.125% 6/1/46 | 10000000 | &nbsp;&nbsp; 9171600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business<br> Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 3.75% 7/1/45 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1596420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Tobacco Settlement<br> Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> Series B 5.00% 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp; 5736660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial<br> Development Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yankee Stadium Project)<br> Series A 3.00% 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 711200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco<br> Trust IV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Pass-Through Bonds)<br> Series F 7.084% 6/1/60 ^ | 55000000 | &nbsp;&nbsp; 2730750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco<br> Trust V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pass Through Program)<br> Series 4B 144A 0.622% 6/1/60 #, ^ | 322800000 | &nbsp;&nbsp; 10984884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco<br> Trust VI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Pass-Through Bonds)<br> Series C 5.00% 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 913790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado<br> Energy Natural Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp; 10553760 |

---

NQ-IV056 [12/22] 2/23 (2742180) 1

------

Delaware Ivy Municipal High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Corporate Revenue Bonds (continued) | &nbsp;&nbsp;Corporate Revenue Bonds (continued) | &nbsp;&nbsp;Corporate Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority<br> Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grand Hyatt San Antonio Hotel Acquisition Project)<br> Series A 5.00% 2/1/62 | &nbsp;&nbsp;&nbsp;&nbsp;3030000 | $2749695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanger Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Texas Pellets Project)<br> Series B 8.00% 7/1/38 (AMT) ‡ | 17870000 | &nbsp;&nbsp; 4467500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority<br> of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 1.746% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3515000 | &nbsp;&nbsp; 542962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Restructured)<br> Series D 2.151% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;6540000 | &nbsp;&nbsp; 791079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Diego County Tobacco Asset Securitization Corporation)<br> Series B-1 5.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp; 871281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 4949650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Economic Development<br> Authority Solid Waste Disposal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Casella Waste System Project)<br> 144A 4.625% 4/1/36 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 974700 |
|  |  | &nbsp;&nbsp;121601049 |
| &nbsp;&nbsp;Education Revenue Bonds — 16.01% | &nbsp;&nbsp;Education Revenue Bonds — 16.01% | &nbsp;&nbsp;Education Revenue Bonds — 16.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education<br> Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Newman International Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 181678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 541956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;4585000 | &nbsp;&nbsp; 4500132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanford University)<br> Series V-1 5.00% 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp; 10285740 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Julian Charter School)<br> Series A 144A 5.625% 3/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | $467991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Palmdale Aerospace Academy)<br> Series A 144A 5.00% 7/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp; 1611085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspire Public School)<br> 144A 5.00% 8/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp; 1380816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rocketship Public Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 144A 5.00% 6/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 602498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 144A 5.00% 6/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 591280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lutz Preparatory School Project)<br> Series A 4.00% 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 310206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester Economic Development<br> Authority Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chester Community Charter School Project)<br> Series A 144A 5.625% 8/15/48 # | 12000000 | &nbsp;&nbsp; 11489640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance<br> Corporation Educational Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Renaissance Charter School project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2018420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.125% 6/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp; 5370967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 144A 5.00% 9/15/50 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1709800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Childserve Project)<br> Series B 5.00% 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp; 2247902 |

---

2 NQ-IV056 [12/22] 2/23 (2742180)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority<br> Limited Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hanley International Academy Project)<br> 5.00% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1115000 | $1001226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Old Redford Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.90% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp; 1612885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.50% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2821770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Public Educational<br> Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Old Redford Project)<br> Series A 5.875% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1720000 | &nbsp;&nbsp; 1638902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada State Department of<br> Business & Industry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Somerset Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/48 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 456645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 12/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;2515000 | &nbsp;&nbsp; 2364729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for<br> Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mast Community Charter School II Project)<br> 5.00% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 369960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Arizona Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Noah webster Schools)<br> Series A 7.00% 12/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1530135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority<br> Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cornerstone Charter Academy Project)<br> Series A 144A 5.125% 2/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2729850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Triad Educational Services)<br> Series A 144A 5.50% 6/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp; 6021600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wittenberg University Project)<br> 144A 5.25% 12/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 4609700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas System<br> Board of Regents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;8320000 | &nbsp;&nbsp; 9457344 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Virginia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bond)<br> Series 2 3.57% 4/1/45 | 10000000 | $9089200 |
|  |  | &nbsp;&nbsp; 87014057 |
| &nbsp;&nbsp;Electric Revenue Bonds — 4.65% | &nbsp;&nbsp;Electric Revenue Bonds — 4.65% | &nbsp;&nbsp;Electric Revenue Bonds — 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas River Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 4918450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development Authority of Burke<br> County Pollution Control Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Oglethrope Power Corporation Vogtle Project)<br> Series A 1.50% 1/1/40 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 661829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 140927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp; 1238052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp; 602199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp; 1490658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1027300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/23 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2785000 | &nbsp;&nbsp; 2040012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/37 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3730000 | &nbsp;&nbsp; 2732225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2635000 | &nbsp;&nbsp; 1930138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp; 316050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;9505000 | &nbsp;&nbsp; 6986175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp; 1206200 |
|  |  | &nbsp;&nbsp; 25290215 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 13.94% | &nbsp;&nbsp;Healthcare Revenue Bonds — 13.94% | &nbsp;&nbsp;Healthcare Revenue Bonds — 13.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project)<br> Series D-2 144A 7.75% 1/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp; 1223775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Third Tier - Great Lakes Senior Living Communities)<br> Series C 144A 5.50% 1/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 2184280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County Health Facilities<br> Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Army Retirement Residence Foundation Project)<br> 5.00% 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;5395000 | &nbsp;&nbsp; 4954606 |

---

NQ-IV056 [12/22] 2/23 (2742180) 3

------

Delaware Ivy Municipal High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanford University)<br> Series V-2 5.00% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;6210000 | $7096912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goldblatts Supportive Living Project)<br> 6.125% 12/1/43 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;8395000 | &nbsp;&nbsp; 5323689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health &<br> Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Church Home of Hartford Incorporated Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 9/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 895280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 9/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp; 1396848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County<br> Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northeast Georgia Health System Project)<br> Series A 3.00% 2/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;3775000 | &nbsp;&nbsp; 2714301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirkwood, Missouri Industrial<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aberdeen Heights)<br> Series A 5.25% 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 3324240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenexa City, Kansas health Care<br> Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakeview Village) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 880630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1441545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority<br> Limited Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 12/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp; 5067090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muskingum County Ohio<br> Hospital Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Genesis HealthCare System Obligated Group Project)<br> 5.00% 2/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1721580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Industrial<br> Development Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Amsterdam at Harborside Project)<br> Series B 5.00% 1/1/58 ~, • | 10884206 | &nbsp;&nbsp; 5322486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education<br> Facilities Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary LTC Project)<br> Series A-1 5.50% 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;3805000 | &nbsp;&nbsp; 2752461 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(OU Medicine Project)<br> Series B 5.50% 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | $2711490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County New York<br> Funding Corporation Assisted Living Residence Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Hamlet at Wallkill Assisted Living Project)<br> 6.50% 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp; 3912895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;4375000 | &nbsp;&nbsp; 3972894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salem, Oregon Hospital Facility<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Manor Project)<br> 5.00% 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;1895000 | &nbsp;&nbsp; 1750525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seminole County, Florida<br> Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Pointe at UCF Project)<br> Series A 5.25% 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1684460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural<br> Education Facilities Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1005120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Air Force Villages Obligated Group Project)<br> 5.00% 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;3650000 | &nbsp;&nbsp; 3096258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Buckner Senior Living - Ventana Project)<br> Series A 6.75% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2508125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terre Haute Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westminster Village Project)<br> 6.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 3607360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing<br> Finance Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rockwood Retirement Communities Project)<br> Series A 144A 7.50% 1/1/49-24 #, § | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5209700 |
|  |  | &nbsp;&nbsp; 75758550 |

---

4 NQ-IV056 [12/22] 2/23 (2742180)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Housing Revenue Bonds — 0.10% | &nbsp;&nbsp;Housing Revenue Bonds — 0.10% | &nbsp;&nbsp;Housing Revenue Bonds — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community<br> Improvement Authority Essential Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parallel - Anaheim)<br> Series A 144A 4.00% 8/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | $533918 |
|  |  | &nbsp;&nbsp; 533918 |
| &nbsp;&nbsp;Lease Revenue Bonds — 1.61% | &nbsp;&nbsp;Lease Revenue Bonds — 1.61% | &nbsp;&nbsp;Lease Revenue Bonds — 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide<br> Communities Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lancer Plaza Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1405628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1890000 | &nbsp;&nbsp; 1895916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(World Trade Center Project)<br> 144A 7.25% 11/15/44 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2010060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St Louis Municipal Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Capital Improvement Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.43% 7/15/36 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp; 1278990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.44% 7/15/37 ^ | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 2143000 |
|  |  | &nbsp;&nbsp; 8733594 |
| &nbsp;&nbsp;Local General Obligation Bonds — 3.29% | &nbsp;&nbsp;Local General Obligation Bonds — 3.29% | &nbsp;&nbsp;Local General Obligation Bonds — 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 4/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220100 | &nbsp;&nbsp; 220195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fairfield, Alabama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/1/37 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;8485000 | &nbsp;&nbsp; 6788000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIDA Golf and Equestrian<br> Center Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Utah Limited Tax) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 6/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;2665000 | &nbsp;&nbsp; 1992380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/57 # | &nbsp;&nbsp;&nbsp;&nbsp;2310000 | &nbsp;&nbsp; 1702424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Riverdale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;7140000 | &nbsp;&nbsp; 7154280 |
|  |  | &nbsp;&nbsp; 17857279 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 5.32% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 5.32% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspire Public School)<br> 144A 5.00% 8/1/41-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 132325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/45-25 § | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4228520 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State California Tobacco<br> Securitization Corporate Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 6/1/29-27 § | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | $1384112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Asset-Backed Enhanced)<br> Series A 5.00% 6/1/35-25 § | &nbsp;&nbsp;&nbsp;&nbsp;6265000 | &nbsp;&nbsp; 6631315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Transportation<br> Infrastructure Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Downtown Crossing Project)<br> Series A 5.75% 7/1/49-23 § | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4042600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority<br> Revenue Special Project System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Hamlet at Wallkill Assisted Living Project)<br> Series C 12.219% 9/1/43-31 §, ~ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 6242000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osceola County Expressway<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Poinciana Parkway Project)<br> Series A 5.375% 10/1/47-24 § | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2090520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savannah Economic<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Marshes of Skidway Island Project)<br> 7.25% 1/1/49-24 § | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4164080 |
|  |  | &nbsp;&nbsp; 28915472 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 16.54% | &nbsp;&nbsp;Special Tax Revenue Bonds — 16.54% | &nbsp;&nbsp;Special Tax Revenue Bonds — 16.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp; 9011790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branson Industrial Development<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Branson Shoppes Redevelopment Project)<br> Series A 3.90% 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 474975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadway-Fairview<br> Transportation Development District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Columbia, Missouri) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.875% 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 423562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp; 658875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.633% 6/15/34 ‡, • | &nbsp;&nbsp;&nbsp;&nbsp;6960244 | &nbsp;&nbsp; 6264220 |

---

NQ-IV056 [12/22] 2/23 (2742180) 5

------

Delaware Ivy Municipal High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of<br> Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/20/40 | 32212405 | $26977889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandview Missouri Industrial<br> Development Authority Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grandview Crossing Project)<br> 5.75% 12/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Tax Increment<br> Financing Commission Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brywood Centre Project)<br> Series A 8.00% 4/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp; 1343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeside 370 Levee District -<br> Subdistrict B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-B 0.00% 4/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853802 | &nbsp;&nbsp; 768422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lees Summit Industrial<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kensington Farms Improvement Project)<br> 5.75% 3/1/29 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2185000 | &nbsp;&nbsp; 1354700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marquis Community<br> Development Authority of York County Virginia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.625% 9/1/41 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;2779000 | &nbsp;&nbsp; 1232959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds)<br> Series C 0.00% 9/1/41 ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821000 | &nbsp;&nbsp; 39424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convertible Capital Appreciation Bonds)<br> 144A 7.50% 9/1/45 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp; 383784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose<br> Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp; 1293844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 0.751% 7/1/51 ^ | 28564000 | &nbsp;&nbsp; 5177511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 2.706% 7/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;9915000 | &nbsp;&nbsp; 2455351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.55% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 542747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 11100000 | &nbsp;&nbsp; 10105773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.784% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;8072000 | &nbsp;&nbsp; 7023366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 4.75% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;5484000 | &nbsp;&nbsp; 4861237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Buenaventura<br> Redevelopment Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Merged San Buenaventura Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1003560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1505475 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Canyon Community<br> Improvement District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Infrastructure Improvement Project)<br> 5.75% 4/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1250000 | $325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of East Dundee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Route 25 South Redevelopment Project)<br> 5.625% 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp; 1404933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whiting Redevelopment District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp; 2264106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County-Kansas City<br> Unified Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Wyandotte Plaza Redevelopment Project)<br> 5.00% 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2778450 |
|  |  | &nbsp;&nbsp; 89894953 |
| &nbsp;&nbsp;State General Obligation Bonds — 5.59% | &nbsp;&nbsp;State General Obligation Bonds — 5.59% | &nbsp;&nbsp;State General Obligation Bonds — 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of<br> Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 2.75% 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 3405100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;5360400 | &nbsp;&nbsp; 4212416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;2071000 | &nbsp;&nbsp; 1558966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> Series C 3.357% 11/1/43 • | 40956182 | &nbsp;&nbsp; 17969525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3410000 | &nbsp;&nbsp; 3232544 |
|  |  | &nbsp;&nbsp; 30378551 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 9.64% | &nbsp;&nbsp;Transportation Revenue Bonds — 9.64% | &nbsp;&nbsp;Transportation Revenue Bonds — 9.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Texas Airport System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/24 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp; 1702239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LINXS APM Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/31/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;6650000 | &nbsp;&nbsp; 5619583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/31/43 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1510140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.81% 1/1/36 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 1388475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85% 1/1/40 ^ | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 863360 |

---

6 NQ-IV056 [12/22] 2/23 (2742180)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance<br> Transportation Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior U.S. 36 & I-25 Managed Lanes)<br> 5.75% 1/1/44 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;3250000 | $3252275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance<br> Corporation Taxable Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Expansion Project)<br> Series A 144A 7.25% 7/1/57 (AMT) #, • | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2493050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation<br> Corridor Agency, California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 3.95% 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp; 2490964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 3.50% 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp; 1300608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bond)<br> Series B 4.00% 11/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 4078750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports<br> Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convertible Capital Appreciation Bonds)<br> Series B 6.50% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1114160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Bay Bridge Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2006160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Toll Road<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1001860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation<br> Development Corporation Special Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Delta Air Lines - LaGuardia Airport Terminals C&D Redevelopment Project)<br> 4.00% 1/1/36 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 921240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority<br> Triangle Expressway System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds)<br> Series C 0.001% 7/1/41 ^ | &nbsp;&nbsp;&nbsp;&nbsp;4160000 | &nbsp;&nbsp; 1592198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Triangle Expressway System Senior Lien Turnpike Revenue Bonds)<br> 4.00% 1/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 885480 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike<br> Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 6.375% 12/1/38 | 13500000 | $15255945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Civic<br> Improvement Corporation Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 3.25% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp; 1163249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business<br> Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transform 66 P3 Project)<br> 5.00% 12/31/52 | &nbsp;&nbsp;&nbsp;&nbsp;3930000 | &nbsp;&nbsp; 3720020 |
|  |  | &nbsp;&nbsp; 52359756 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $640,180,723)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $640,180,723)** | &nbsp;&nbsp;**538337394** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.15%** | &nbsp;&nbsp;**Short-Term Investments — 0.15%** | &nbsp;&nbsp;**Short-Term Investments — 0.15%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.06% | &nbsp;&nbsp;Money Market Mutual Funds — 0.06% | &nbsp;&nbsp;Money Market Mutual Funds — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 4.04%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290675 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** |  |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.09%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 0.09%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 0.09%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of<br> Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Power System) Series A 2.50% 7/1/50 (SPA - Royal Bank of Canada)• | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.50% 11/1/37 (SPA - TD BANK) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300000 |
|  |  | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $790,675)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $790,675)** | &nbsp;&nbsp; **790675** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.22%<br> (cost $640,971,398)** |  | &nbsp;&nbsp;**539128069** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.78%** |  | &nbsp;&nbsp; **4256862** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 128,105,065 Shares Outstanding—100.00%** |  | **$543384931** |

---

NQ-IV056 [12/22] 2/23 (2742180) 7

------

Delaware Ivy Municipal High Income Fund (Unaudited)

---

| | |
|:---|:---|
| <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 $94,994,703, which represents 17.48% of the Fund's net assets. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>‡</sup> | Non-income producing security. Security is currently in default. |
| <sup>~</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at December 31, 2022. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| <sup>¤</sup> | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of December 31, 2022. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AMT – Subject to Alternative Minimum Tax |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LLC – Limited Liability Corporation |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

8 NQ-IV056 [12/22] 2/23 (2742180)

## 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 Municipal High Income Fund

- **b. EDGAR series identifier (if any):** S000025600

- **c. LEI of Series:** 549300JI7EVOS1XIIM39

**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:** $548947558.79

**Total Liabilities:** $6141148.49

**Net Assets:** $542806410.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 468.62712000 | **1-Year:** 6396.29898000 | **5-Year:** 58239.33709000 | **10-Year:** 292259.00267000 | **30-Year:** 174126.86122000

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

- **3-Month:** 11.14624000 | **1-Year:** 655.82377000 | **5-Year:** 4013.65427000 | **10-Year:** 45178.05995000 | **30-Year:** 6529.98315000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000076687 | -2.22%               | 6.04%                | -0.99%               |
| Class ID C000076690 | -2.20%               | 6.07%                | -0.97%               |
| Class ID C000076689 | -2.28%               | 5.98%                | -1.05%               |
| Class ID C000193505 | -2.20%               | 6.06%                | -0.97%               |
| Class ID C000076691 | -2.22%               | 6.04%                | -0.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5140373.95             | $-12015619.39                              |
| Month 2  | $-5223838.13             | $38545360.43                               |
| Month 3  | $-767938.86              | $-6997889.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAIN STREET NATURAL GAS INC GA                             | Main Street Natural Gas Inc                                         | CUSIP: 56035DBU5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2262775.00   | 0.42%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust V                                   | CUSIP: 649441AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 322800000 | PA      | $10984884.00  | 2.02%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                             | North Carolina Turnpike Authority                                   | CUSIP: 65830RCU1<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885480.00    | 0.16%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                             | CSCDA Community Improvement Authority                               | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $533918.00    | 0.10%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY INDL DEV AGY CC                             | Nassau County Industrial Development Agency                         | CUSIP: 63166UAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10884206 | PA      | $5322485.58   | 0.98%             | 2058-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                              | Metropolitan Transportation Authority                               | CUSIP: 59261AYX9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4078750.00   | 0.75%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                             | New Hope Cultural Education Facilities Finance Corp                 | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $2752460.90   | 0.51%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                             | Metropolitan Washington Airports Authority Dulles Toll Road Revenue | CUSIP: 592643BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114160.00   | 0.21%             | 2044-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $181678.00    | 0.03%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $542746.90    | 0.10%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TFZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $602498.25    | 0.11%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OSCEOLA CNTY FL EXPRESSWAY SYS                             | Osceola County Expressway Authority                                 | CUSIP: 688023AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090520.00   | 0.39%             | 2047-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE                                  | City of Chicago IL                                                  | CUSIP: 167570TL4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   8395000 | PA      | $5323689.25   | 0.98%             | 2043-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                                      | Guam Power Authority                                                | CUSIP: 400653KK6<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027300.00   | 0.19%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                             | Michigan Finance Authority                                          | CUSIP: 594479AJ6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2821770.00   | 0.52%             | 2040-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP                               | St Louis Municipal Finance Corp                                     | CUSIP: 79165TPN5<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1278990.00   | 0.24%             | 2036-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806F21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $541956.00    | 0.10%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2635000 | PA      | $1930137.50   | 0.36%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                             | Tarrant County Cultural Education Facilities Finance Corp           | CUSIP: 87638RJE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508125.00   | 0.46%             | 2052-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE                             | Salem Hospital Facility Authority                                   | CUSIP: 794458EY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1750525.20   | 0.32%             | 2053-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                              | Louisiana Public Facilities Authority                               | CUSIP: 54640TAE9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  13547003 | PA      | $135.47       | 0.00%             | 2039-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3730000 | PA      | $2732225.00   | 0.50%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BUENAVENTURA CA REDEV AGY                              | San Buenaventura Redevelopment Agency                               | CUSIP: 797048BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003560.00   | 0.18%             | 2028-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUB TRANSPRTN INFRAST                             | Kentucky Public Transportation Infrastructure Authority             | CUSIP: 491397AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4042600.00   | 0.74%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority              | CUSIP: 13080SAS3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1405628.00   | 0.26%             | 2033-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR                             | George L Smith II Congress Center Authority                         | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3090400.00   | 0.57%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF VIRGINIA VA UNIV REVEN                             | University of Virginia                                              | CUSIP: 915217WF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9089200.00   | 1.67%             | 2045-04-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                         | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6210000 | PA      | $7096912.20   | 1.31%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LENEXA KS HLTH CARE FAC REVENU                             | City of Lenexa KS                                                   | CUSIP: 526039DL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1441545.00   | 0.27%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6650000 | PA      | $5619582.50   | 1.04%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                              | Philadelphia Authority for Industrial Development                   | CUSIP: 71780CAK6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    375000 | PA      | $369960.00    | 0.07%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2071000 | PA      | $1558965.96   | 0.29%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust IV                                  | CUSIP: 62947YAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  55000000 | PA      | $2730750.00   | 0.50%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                             | Washington State Housing Finance Commission                         | CUSIP: 939783RX6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5209700.00   | 0.96%             | 2049-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ARPT SYS REVENUE                                 | City of Austin TX Airport System Revenue                            | CUSIP: 052398GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1702239.00   | 0.31%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRANDVIEW MO INDL DEV AUTH TAX                             | Grandview Industrial Development Authority                          | CUSIP: 386781AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $220000.00    | 0.04%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                             | Tobacco Settlement Financing Corp                                   | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5736660.00   | 1.06%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund          | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1097579 | NS      | $1097578.74   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5484000 | PA      | $4861236.96   | 0.90%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                             | New York Liberty Development Corp                                   | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010060.00   | 0.37%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH                             | California Municipal Finance Authority                              | CUSIP: 13048DBQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1611085.00   | 0.30%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS                             | Gainesville & Hall County Hospital Authority                        | CUSIP: 362762PT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $2714300.50   | 0.50%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                 | City of Detroit MI                                                  | CUSIP: 251093X88<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    220100 | PA      | $220194.64    | 0.04%             | 2023-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                              | New York City Industrial Development Agency                         | CUSIP: 64971PKM6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $711200.00    | 0.13%             | 2049-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FING A                             | Virginia Small Business Financing Authority                         | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3930000 | PA      | $3720020.10   | 0.69%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                             | Arizona Industrial Development Authority                            | CUSIP: 04052TCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2184280.00   | 0.40%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN BUENAVENTURA CA REDEV AGY                              | San Buenaventura Redevelopment Agency                               | CUSIP: 797048BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505475.00   | 0.28%             | 2038-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI                             | Foothill-Eastern Transportation Corridor Agency                     | CUSIP: 345105GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2490964.00   | 0.46%             | 2053-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F                             | Capital Trust Agency Inc                                            | CUSIP: 14054CDJ5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    330000 | PA      | $310206.60    | 0.06%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28564000 | PA      | $5177510.64   | 0.95%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                                    | CUSIP: 709223XW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |  13500000 | PA      | $15255945.00  | 2.81%             | 2038-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTHS                             | Louisiana Public Facilities Authority                               | CUSIP: 54640TAH2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1976705 | PA      | $19.77        | 0.00%             | 2039-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO TAX INCR REVENU                             | City of Kansas City MO                                              | CUSIP: 485107CX2<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   3950000 | PA      | $1343000.00   | 0.25%             | 2033-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California             | CUSIP: 888804CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $871281.25    | 0.16%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                             | North Carolina Turnpike Authority                                   | CUSIP: 65830UAW2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   4160000 | PA      | $1592198.40   | 0.29%             | 2041-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ECON SETTLEMENT AUTH B                             | Alabama Economic Settlement Authority                               | CUSIP: 01026CAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9011790.00   | 1.66%             | 2033-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                             | Michigan Finance Authority                                          | CUSIP: 594479FV4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1001225.40   | 0.18%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                             | Florida Development Finance Corp                                    | CUSIP: 34061UFC7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1709800.00   | 0.31%             | 2050-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY-FAIRVIEW MO TRANSPRTN                             | Broadway-Fairview Transportation Development District               | CUSIP: 11144RAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $423562.50    | 0.08%             | 2031-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5360400 | PA      | $4212416.74   | 0.78%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                              | Connecticut State Health & Educational Facilities Authority         | CUSIP: 20774YJ40<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1396848.00   | 0.26%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                             | Central Texas Regional Mobility Authority                           | CUSIP: 155498BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1388475.00   | 0.26%             | 2036-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                              | Connecticut State Health & Educational Facilities Authority         | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895280.00    | 0.16%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                             | Florida Development Finance Corp                                    | CUSIP: 34061UBU1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018420.00   | 0.37%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                              | CUSIP: 13048VBY3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510140.00   | 0.28%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRE HAUTE IN REVENUE                                     | City of Terre Haute IN                                              | CUSIP: 881093AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3607360.00   | 0.66%             | 2039-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANGER TX INDL DEV CORP DEV RE                             | Sanger Industrial Development Corp                                  | CUSIP: 800888AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17870000 | PA      | $4467500.00   | 0.82%             | 2038-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA REVENUE                                    | Palomar Health                                                      | CUSIP: 697528AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4375000 | PA      | $3972893.75   | 0.73%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                                      | Guam Power Authority                                                | CUSIP: 400653KG5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1238052.00   | 0.23%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                             | City of Phoenix Civic Improvement Corp                              | CUSIP: 71883MQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1163248.85   | 0.21%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERMONT ST ECON DEV AUTH SOLID                             | Vermont Economic Development Authority                              | CUSIP: 924157AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974700.00    | 0.18%             | 2036-04-01      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                             | Florida Development Finance Corp                                    | CUSIP: 34061UBQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5370967.00   | 0.99%             | 2044-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAKESIDE 370 MO LEVEE DIST-SUB                             | Lakeside 370 Levee District - Subdistrict B                         | CUSIP: 512096AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    853802 | PA      | $768421.80    | 0.14%             | 2055-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV                             | Lower Alabama Gas District/The                                      | CUSIP: 547804AE4<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6008040.00   | 1.11%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                   | Iowa Finance Authority                                              | CUSIP: 46246K2S0<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2247902.25   | 0.41%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                             | Michigan Finance Authority                                          | CUSIP: 594479AH0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1612885.30   | 0.30%             | 2030-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R                             | Tobacco Settlement Financing Corp/RI                                | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4949650.00   | 0.91%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9915000 | PA      | $2455350.60   | 0.45%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA TOBACCO SETTL                             | District of Columbia Tobacco Settlement Financing Corp              | CUSIP: 254842BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  60000000 | PA      | $5364000.00   | 0.99%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO                             | Children's Trust Fund                                               | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 225000000 | PA      | $14874750.00  | 2.74%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BROADWAY-FAIRVIEW MO TRANSPRTN                             | Broadway-Fairview Transportation Development District               | CUSIP: 11144RAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $658875.00    | 0.12%             | 2036-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                               | Michigan Finance Authority                                          | CUSIP: 59447TXJ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5067090.00   | 0.93%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES                             | Board of Regents of the University of Texas System                  | CUSIP: 91514AJV8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   8320000 | PA      | $9457344.00   | 1.74%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11100000 | PA      | $10105773.00  | 1.86%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                             | State of Nevada Department of Business & Industry                   | CUSIP: 25490LAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2364728.75   | 0.44%             | 2045-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LENEXA KS HLTH CARE FAC REVENU                             | City of Lenexa KS                                                   | CUSIP: 526039DK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880630.00    | 0.16%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU                             | Industrial Development Authority of the County of Pima/The          | CUSIP: 72177MPT8<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530135.00   | 0.28%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN                             | Public Authority for Colorado Energy                                | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $10553760.00  | 1.94%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE                             | Marquis Community Development Authority of York County Virginia     | CUSIP: 57161CAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    859000 | PA      | $383784.02    | 0.07%             | 2045-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority              | CUSIP: 13080SAT1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1895915.70   | 0.35%             | 2043-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                         | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  40956182 | PA      | $17969524.89  | 3.31%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY TOBACCO SETTLEM                             | Nassau County Tobacco Settlement Corp                               | CUSIP: 63166MCB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9171600.00   | 1.69%             | 2046-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS                             | Oklahoma Development Finance Authority                              | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2711490.00   | 0.50%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                             | Los Angeles Department of Water & Power                             | CUSIP: 544532BQ6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.04%             | 2050-07-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   9505000 | PA      | $6986175.00   | 1.29%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                | State of Illinois                                                   | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3232543.60   | 0.60%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP                                    | Florida Development Finance Corp                                    | CUSIP: 340618DF1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2493050.00   | 0.46%             | 2057-07-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY NY FUNDING CORP AS                             | Orange County Funding Corp                                          | CUSIP: 684593AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $3912895.00   | 0.72%             | 2046-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARKANSAS RIVER PWR AUTH CO PWR                             | Arkansas River Power Authority                                      | CUSIP: 041036DP6<br>LEI: 549300JY7B7H80DT6195 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4918450.00   | 0.91%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKINGUM CNTY OH HOSP FACS                                | County of Muskingum OH                                              | CUSIP: 628077CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1721580.00   | 0.32%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                             | State of Nevada Department of Business & Industry                   | CUSIP: 25490LAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456645.00    | 0.08%             | 2048-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    430000 | PA      | $316050.00    | 0.06%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC                             | Erie Tobacco Asset Securitization Corp                              | CUSIP: 295095BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $186280.00    | 0.03%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD AL                                               | City of Fairfield AL                                                | CUSIP: 304117GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8485000 | PA      | $6788000.00   | 1.25%             | 2037-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                             | New York Transportation Development Corp                            | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921240.00    | 0.17%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                                  | North Texas Tollway Authority                                       | CUSIP: 66285WHF6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6242000.00   | 1.15%             | 2043-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122NYL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6265000 | PA      | $6631314.55   | 1.22%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E DUNDEE IL TAX INCR REVENUE                               | Village of East Dundee IL                                           | CUSIP: 272104AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1404932.55   | 0.26%             | 2031-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue              | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8072000 | PA      | $7023366.48   | 1.29%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                             | Public Finance Authority                                            | CUSIP: 74442EBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2729850.00   | 0.50%             | 2046-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL                             | GDB Debt Recovery Authority of Puerto Rico                          | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  32212405 | PA      | $26977888.89  | 4.97%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California             | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6540000 | PA      | $791078.40    | 0.15%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU                             | Matching Fund Special Purpose Securitization Corp                   | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1293844.20   | 0.24%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR                             | Inland Empire Tobacco Securitization Corp                           | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $382410.00    | 0.07%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                             | Tarrant County Cultural Education Facilities Finance Corp           | CUSIP: 87638RJD0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005120.00   | 0.19%             | 2047-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                             | Chicago O'Hare International Airport                                | CUSIP: 167590FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984090.00    | 0.18%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                                      | Guam Power Authority                                                | CUSIP: 400653KJ9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1490658.00   | 0.27%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                               | New Hampshire Business Finance Authority                            | CUSIP: 63607YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1596420.00   | 0.29%             | 2045-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                         | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $10285740.00  | 1.89%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                              | Arlington Higher Education Finance Corp                             | CUSIP: 041806FU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4585000 | PA      | $4500131.65   | 0.83%             | 2036-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNIV OF DELAWARE DE REVENUE                                | University of Delaware                                              | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.06%             | 2037-11-01      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                              | Louisiana Public Facilities Authority                               | CUSIP: 54640TAB5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |  12201586 | PA      | $122.02       | 0.00%             | 2039-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI                             | Foothill-Eastern Transportation Corridor Agency                     | CUSIP: 345105GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1300608.00   | 0.24%             | 2053-01-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST PUBLIC EDUCTNL FAC                             | Michigan Public Educational Facilities Authority                    | CUSIP: 594569AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1638902.00   | 0.30%             | 2030-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California             | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $542962.05    | 0.10%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE                             | Marquis Community Development Authority of York County Virginia     | CUSIP: 57161CAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    821000 | PA      | $39424.42     | 0.01%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                             | Central Texas Regional Mobility Authority                           | CUSIP: 155498BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $863360.00    | 0.16%             | 2040-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust VI                                  | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913790.00    | 0.17%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR                             | Inland Empire Tobacco Securitization Corp                           | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 163120000 | PA      | $7482314.40   | 1.38%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132325.00    | 0.02%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                              | Arizona Industrial Development Authority                            | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $700000.00    | 0.13%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                              | Arizona Industrial Development Authority                            | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $3745000.00   | 0.69%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                                      | Guam Power Authority                                                | CUSIP: 400653KH3<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    585000 | PA      | $602199.00    | 0.11%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH POLL CO                             | Development Authority of Burke County/The                           | CUSIP: 121342NR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $661829.00    | 0.12%             | 2040-01-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1206200.00   | 0.22%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                             | Tarrant County Cultural Education Facilities Finance Corp           | CUSIP: 87638RHJ9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3096258.50   | 0.57%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                     | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6250000 | PA      | $388750.00    | 0.07%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12470000 | PA      | $10839921.60  | 2.00%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                            | CUSIP: 38122NZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1384112.50   | 0.25%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRANSON MO INDL DEV AUTH TAX I                             | Branson Industrial Development Authority                            | CUSIP: 10544RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $474975.40    | 0.09%             | 2029-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HGR EDU FAC                             | Public Finance Authority                                            | CUSIP: 74445FAC8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4609700.00   | 0.85%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                             | Public Finance Authority                                            | CUSIP: 74442EAX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6021600.00   | 1.11%             | 2045-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WHITING IN REDEV DIST TAX INCR                             | Whiting Redevelopment District                                      | CUSIP: 966348AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2264106.00   | 0.42%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERDALE IL                                               | Village of Riverdale IL                                             | CUSIP: 768670KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7140000 | PA      | $7154280.00   | 1.32%             | 2036-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                           | Commonwealth of Massachusetts                                       | CUSIP: 57582RB21<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3405100.00   | 0.63%             | 2050-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KS KANSAS CITY                              | Wyandotte County-Kansas City Unified Government                     | CUSIP: 98267VDG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2778450.00   | 0.51%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH                             | Mid-Bay Bridge Authority                                            | CUSIP: 342814DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006160.00   | 0.37%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR CNTY TX HLTH FACS DEV CO                             | Bexar County Health Facilities Development Corp                     | CUSIP: 088354FM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5395000 | PA      | $4954606.15   | 0.91%             | 2041-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1380816.25   | 0.25%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP                               | St Louis Municipal Finance Corp                                     | CUSIP: 79165TPP0<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2143000.00   | 0.39%             | 2037-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARQUIS VA CMNTY DEV AUTH REVE                             | Marquis Community Development Authority of York County Virginia     | CUSIP: 57161CAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2779000 | PA      | $1232958.93   | 0.23%             | 2041-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEES SUMMIT MO INDL DEV AUTH I                             | Lees Summit Industrial Development Authority                        | CUSIP: 524289AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $1354700.00   | 0.25%             | 2029-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T                             | Florida Development Finance Corp                                    | CUSIP: 34061YAH3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6562500.00   | 1.21%             | 2049-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DETROIT MI RETMNT SYS FUNDING                              | City of Detroit MI                                                  | CUSIP: 251228AC6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | ABS-O            | CORP              | US        |   6960244 | PA      | $6264219.91   | 1.15%             | 2034-06-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH                             | California Municipal Finance Authority                              | CUSIP: 13048DBB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    510000 | PA      | $467991.30    | 0.09%             | 2045-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R                             | Central Texas Regional Mobility Authority                           | CUSIP: 155498DV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4228520.00   | 0.78%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STONE CANYON MO CMNTY IMPT DIS                             | Stone Canyon Community Improvement District                         | CUSIP: 861585AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $325000.00    | 0.06%             | 2027-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN                              | Colorado High Performance Transportation Enterprise                 | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3252275.00   | 0.60%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH SOL WST DISP                             | Finance Authority of Maine                                          | CUSIP: 56042CAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983610.00    | 0.18%             | 2035-08-01      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| KIRKWOOD MO INDL DEV AUTH RETM                             | Kirkwood Industrial Development Authority                           | CUSIP: 497609BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3324240.00   | 0.61%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                             | Public Finance Authority                                            | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3030000 | PA      | $2749694.70   | 0.51%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER PA ECON DEV AUTH LEASE                             | Chester Economic Development Authority                              | CUSIP: 16617CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $11489640.00  | 2.12%             | 2048-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE                                      | Guam Power Authority                                                | CUSIP: 400653KD2<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140926.50    | 0.03%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB                             | Mida Golf and Equestrian Center Public Infrastructure District      | CUSIP: 59561BAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2665000 | PA      | $1992380.65   | 0.37%             | 2051-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2040012.50   | 0.38%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                             | Arizona Industrial Development Authority                            | CUSIP: 04052TCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1223775.00   | 0.23%             | 2054-01-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                             | Seminole County Industrial Development Authority                    | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1684460.00   | 0.31%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAVANNAH GA ECON DEV AUTH                                  | Savannah Economic Development Authority                             | CUSIP: 80483CLM1<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4164080.00   | 0.77%             | 2049-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY TX TOLL ROAD A                             | Montgomery County Toll Road Authority                               | CUSIP: 61371DAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001860.00   | 0.18%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                 | CUSIP: 13058TGA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $591279.75    | 0.11%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB                             | Mida Golf and Equestrian Center Public Infrastructure District      | CUSIP: 59561BAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $1702423.80   | 0.31%             | 2057-06-01      | Fixed         | 4.62%                 | 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