# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043078
**Filing Date:** 2023-2
**Character Count:** 200594
**Document Hash:** cb804597de9c3eeb43e23d02710e735e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043078.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043078

**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**: 20230930

**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:** 23674013

**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 Strategic Income Fund (Series ID: S000051065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000160881 | Class A      | IAPOX           |
| C000160882 | Class C      | ICPOX           |
| C000160883 | Class I      | IIPOX           |
| C000160884 | Class R6     | IRPOX           |
| C000160885 | Class Y      | IYPOX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Strategic Income Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 7.09%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 7.09%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 7.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMIC Series 2014-34 MA 3.00% 2/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59336 | $56424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes Series 2022-DNA2 M2 144A 7.678% (SOFR + 3.75%) 2/25/42 #, • | 3000000 | &nbsp;&nbsp; 2821333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2021-DNA5 M2 144A 5.578% (SOFR + 1.65%) 1/25/34 #, • | 2433281 | &nbsp;&nbsp; 2399850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured<br> Agency Credit Risk REMICs Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA1 M2 144A 6.178% (SOFR + 2.25%) 8/25/33 #, • | 3000000 | &nbsp;&nbsp; 2825497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA1 M2 144A 6.428% (SOFR + 2.50%) 1/25/42 #, • | 3000000 | &nbsp;&nbsp; 2709711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2015-151 KC 3.50% 4/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22127 | &nbsp;&nbsp; 21420 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11,555,071)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11,555,071)** | &nbsp;&nbsp; **10834235** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 2.17%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 2.17%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 2.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;713075 | &nbsp;&nbsp; 703214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 10/1/52 | 1735877 | &nbsp;&nbsp; 1740537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;866689 | &nbsp;&nbsp; 879744 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $3,275,236)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $3,275,236)** | &nbsp;&nbsp; **3323495** |
| &nbsp;&nbsp;**Convertible Bonds — 1.07%** | &nbsp;&nbsp;**Convertible Bonds — 1.07%** | &nbsp;&nbsp;**Convertible Bonds — 1.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband 144A 2.75% exercise price $857.56, maturity date 9/30/50 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp; 421950 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Convertible Bonds (continued)** | &nbsp;&nbsp;**Convertible Bonds (continued)** | &nbsp;&nbsp;**Convertible Bonds (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | $769300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;518000 | &nbsp;&nbsp; 419580 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bonds<br> (cost $1,728,200)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bonds<br> (cost $1,728,200)** | &nbsp;&nbsp; **1627430** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 55.27%** | &nbsp;&nbsp;**Corporate Bonds — 55.27%** | &nbsp;&nbsp;**Corporate Bonds — 55.27%** |
| &nbsp;&nbsp;Banking — 8.71% | &nbsp;&nbsp;Banking — 8.71% | &nbsp;&nbsp;Banking — 8.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BBVA Peru 5.25% 9/22/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Credito del Peru 144A 4.25% 4/1/23 # | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco del Estado de Chile 144A 2.704% 1/9/25 # | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1229290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco General 144A 5.25% 5/7/31 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Internacional del Peru 144A 3.25% 10/4/26 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1382325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Mexico 144A 5.95% 10/1/28 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America 6.125% 4/27/27 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBVA Bancomer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 1.875% 9/18/25 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 9/13/34 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/13/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup 5.61% 9/29/26 μ | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank 6.064% 10/24/25 μ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse 1.00% 5/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.091% 5/14/32 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.442% 8/11/28 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.337% 4/25/33 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.361% 10/27/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Bank 144A 3.50% 10/19/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank 144A 4.00% 3/18/26 # | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1145335 |

---

NQ-IV940 [12/22] 2/23 (2747685) 1

------

Delaware Ivy Strategic Income Fund (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding 144A 3.25% 1/24/25 # |  | &nbsp;&nbsp;&nbsp;&nbsp;470000 | $454944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp 4.789% 6/1/33 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp; 285083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC 144A 1.625% 9/15/27 #, μ |  | 1800000 | &nbsp;&nbsp; 1586110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK Tier 1 144A 3.625% 8/24/26 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp; 180330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK Tier 1 Financing 2 144A 4.50% 8/27/25 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 276197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 6.00% 5/15/27 \*, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp; 103633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Finance 3.90% 9/16/29 |  | 1100000 | &nbsp;&nbsp; 972714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Group 4.57% 4/29/33 μ |  | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 186376 |
|  |  |  | &nbsp;&nbsp; 13321117 |
| &nbsp;&nbsp;Basic Industry — 2.67% | &nbsp;&nbsp;Basic Industry — 2.67% | &nbsp;&nbsp;Basic Industry — 2.67% | &nbsp;&nbsp;Basic Industry — 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 10/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 303864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/40 |  | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 115253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals 144A 6.875% 10/15/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 474843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GUSAP III 144A 4.25% 1/21/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 833943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrias Penoles 144A 4.15% 9/12/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 647703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria 2.50% 9/15/28 |  | 1000000 | &nbsp;&nbsp; 842810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake 1.625% 7/17/29 | EUR | 1000000 | &nbsp;&nbsp; 868453 |
|  |  |  | &nbsp;&nbsp; 4086869 |
| &nbsp;&nbsp;Brokerage — 1.69% | &nbsp;&nbsp;Brokerage — 1.69% | &nbsp;&nbsp;Brokerage — 1.69% | &nbsp;&nbsp;Brokerage — 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings 144A 5.25% 4/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;436000 | &nbsp;&nbsp; 373692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFP 144A 6.875% 8/15/28 # |  | 1687000 | &nbsp;&nbsp; 1394270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP 144A 3.25% 7/1/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 809973 |
|  |  |  | &nbsp;&nbsp; 2577935 |
| &nbsp;&nbsp;Capital Goods — 3.19% | &nbsp;&nbsp;Capital Goods — 3.19% | &nbsp;&nbsp;Capital Goods — 3.19% | &nbsp;&nbsp;Capital Goods — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahern Rentals 144A 7.375% 5/15/23 # |  | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems Holdings 144A 3.80% 10/7/24 # |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 488572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canpack 144A 3.875% 11/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp; 134191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer 144A 7.00% 12/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp; 104161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAE Funding 144A 1.55% 8/1/24 # |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 278973 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental 144A 5.125% 12/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | $72803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ 144A 4.125% 6/30/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp; 35175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NESCO Holdings II 144A 5.50% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;612000 | &nbsp;&nbsp; 536296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN Miguel Industrias Pet 144A 3.50% 8/2/28 # | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 384601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 7/15/30 # | 1392000 | &nbsp;&nbsp; 1137277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp; 34251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 195448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesco Aircraft Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 11/15/24 # | &nbsp;&nbsp;&nbsp;&nbsp;807000 | &nbsp;&nbsp; 399465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 11/15/26 #, \* | &nbsp;&nbsp;&nbsp;&nbsp;876000 | &nbsp;&nbsp; 593490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 13.125% 11/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp; 33077 |
|  |  | &nbsp;&nbsp; 4882780 |
| &nbsp;&nbsp;Communications — 6.07% | &nbsp;&nbsp;Communications — 6.07% | &nbsp;&nbsp;Communications — 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;881000 | &nbsp;&nbsp; 673066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice Financing 144A 5.75% 8/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp; 421814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATP Tower Holdings 144A 4.05% 4/27/26 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 264951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp; 32980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 439057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones 144A 4.95% 7/17/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 159974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated<br> Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp; 107860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp; 239325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International 3.70% 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 761678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 2/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp; 277086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 1/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp; 140416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 12/31/26 # | &nbsp;&nbsp;&nbsp;&nbsp;165386 | &nbsp;&nbsp; 73127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 5/25/24 # | 1132000 | &nbsp;&nbsp; 975309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 5.875% 8/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp; 349658 |

---

2 NQ-IV940 [12/22] 2/23 (2747685)

------

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications<br> Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 5/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;203000 | $177424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 10/15/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp; 312739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;338226 | &nbsp;&nbsp; 262117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp; 169965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 #, \* |  | &nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp; 181470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globo Comunicacao e Participacoes 144A 4.875% 1/22/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 167862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHS Holding 144A 5.625% 11/29/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 166800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks 144A PIK 15.50% 11/1/23 #, >> |  | 1219655 | &nbsp;&nbsp; 397729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Telecom 3.125% 9/15/26 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp; 67118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular 144A 4.50% 4/27/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 168579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network i2i 144A 5.65% 1/15/25 #, μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 239688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Telecom 144A 3.75% 4/16/23 # |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 498067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp; 280168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Digitel Infrastructure 144A 2.875% 8/12/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 538622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telesat Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 12/6/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp; 342726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/15/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 42171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTR Comunicaciones 144A 4.375% 4/15/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 173211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warnermedia Holdings 144A 5.141% 3/15/52 # |  | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 171744 |
|  |  |  | &nbsp;&nbsp; 9274501 |
| &nbsp;&nbsp;Consumer Cyclical — 7.16% | &nbsp;&nbsp;Consumer Cyclical — 7.16% | &nbsp;&nbsp;Consumer Cyclical — 7.16% | &nbsp;&nbsp;Consumer Cyclical — 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding 3.40% 12/6/27 |  | 1000000 | &nbsp;&nbsp; 921572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alsea 144A 7.75% 12/14/26 # |  | 1570000 | &nbsp;&nbsp; 1559355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp; 372180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados 144A 6.125% 5/27/29 # |  | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp; 820018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2W Digital 144A 4.375% 12/20/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 126788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 3/1/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;291000 | &nbsp;&nbsp; 208289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 3/1/26 # |  | 1598000 | &nbsp;&nbsp; 1269395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Falabella 144A 3.75% 10/30/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 452567 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) | &nbsp;&nbsp;Consumer Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services 144A 3.75% 3/5/23 # | &nbsp;&nbsp;&nbsp;&nbsp;900000 | $897213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia 144A 1.75% 10/16/26 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 172135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 6/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp; 182829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp; 132092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 12/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 15362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp; 423656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/1/28 #, \* | &nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp; 282813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 5/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp; 570796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart 144A 7.75% 2/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 555230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp; 287935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sands China 5.625% 8/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 574435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 4/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 621173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.75% 4/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 360840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 47663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 88148 |
|  |  | &nbsp;&nbsp; 10942484 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 3.25% | &nbsp;&nbsp;Consumer Non-Cyclical — 3.25% | &nbsp;&nbsp;Consumer Non-Cyclical — 3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Greetings 144A 8.75% 4/15/25 # | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp; 113547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World 4.70% 9/30/49 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 168866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Crescent 3.875% 7/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 562544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health 4.625% 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 133474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Luxembourg Finance I 144A 6.125% 4/1/29 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp; 31940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols Escrow Issuer 144A 4.75% 10/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp; 127104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hadrian Merger Sub 144A 8.50% 5/1/26 # | &nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp; 211564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.00% 2/2/29 # | &nbsp;&nbsp;&nbsp;&nbsp;268000 | &nbsp;&nbsp; 222390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.625% 1/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 324578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Acquisition Holdings 144A 5.00% 12/31/26 # | &nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp; 265072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MajorDrive Holdings IV 144A 6.375% 6/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp; 555386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARB BondCo 144A 3.95% 1/29/31 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 153926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 2.403% 10/1/29 #, \* | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp; 81994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 4/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp; 467684 |

---

NQ-IV940 [12/22] 2/23 (2747685) 3

------

Delaware Ivy Strategic Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ModivCare Escrow Issuer 144A 5.00% 10/1/29 #, \* | &nbsp;&nbsp;&nbsp;&nbsp;402000 | $339529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp; 260638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride 144A 4.25% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;433000 | &nbsp;&nbsp; 368916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III 6.75% 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 390918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Renal Care 144A 10.625% 7/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;851000 | &nbsp;&nbsp; 187220 |
|  |  | &nbsp;&nbsp; 4967290 |
| &nbsp;&nbsp;Electric — 2.08% | &nbsp;&nbsp;Electric — 2.08% | &nbsp;&nbsp;Electric — 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Electricity Mumbai 144A 3.949% 2/12/30 # | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp; 474999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Transmission 4.25% 5/21/36 | &nbsp;&nbsp;&nbsp;&nbsp;169000 | &nbsp;&nbsp; 130273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Chile 4.875% 6/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp; 820066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International 144A 6.80% 10/14/25 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 205581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kallpa Generacion 144A 4.875% 5/24/26 # | 1000000 | &nbsp;&nbsp; 961892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minejesa Capital 5.625% 8/10/37 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 156061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TerraForm Power Operating 144A 5.00% 1/31/28 # | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 103697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.30% 7/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp; 46894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 5/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp; 157181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/31/27 # | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp; 122799 |
|  |  | &nbsp;&nbsp; 3179443 |
| &nbsp;&nbsp;Energy — 8.08% | &nbsp;&nbsp;Energy — 8.08% | &nbsp;&nbsp;Energy — 8.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Resources Utica<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/30/29 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp; 85721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 11/1/26 # | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp; 229290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellatrix Exploration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% 9/11/23 = | &nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50% 12/15/23 = | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America 2.721% 1/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp; 238306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 6/15/30 #, \* | 1605000 | &nbsp;&nbsp; 1470661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp; 71593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan 144A 5.50% 9/20/29 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 660016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crestwood Midstream<br> Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 5/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 195661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 45029 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecopetrol 6.875% 4/29/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | $44547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer 6.50% 11/15/26 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp; 230288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQM Midstream Partners 144A 4.75% 1/15/31 # |  | 2475000 | &nbsp;&nbsp; 2028151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas 144A 5.375% 4/1/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp; 170338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 318111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% 1/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp; 558034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark 144A 5.50% 1/17/27 # |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 516795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum 10.125% 1/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp; 342834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesquite Energy 144A 7.25% 2/15/23 ‡ |  | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp; 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss Creek Resources Holdings 144A 7.50% 1/15/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp; 289914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil 6.375% 7/15/28 |  | 1627000 | &nbsp;&nbsp; 1568395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 |  | 1210000 | &nbsp;&nbsp; 1167199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 |  | 1225000 | &nbsp;&nbsp; 1134889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrobras Global Finance 5.60% 1/3/31 \* |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 476392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos 6.70% 2/16/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp; 186567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petronas Capital 144A 3.50% 4/21/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 320099 |
|  |  |  | &nbsp;&nbsp; 12350813 |
| &nbsp;&nbsp;Finance Companies — 0.52% | &nbsp;&nbsp;Finance Companies — 0.52% | &nbsp;&nbsp;Finance Companies — 0.52% | &nbsp;&nbsp;Finance Companies — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aircastle 4.40% 9/25/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 792263 |
|  |  |  | &nbsp;&nbsp; 792263 |
| &nbsp;&nbsp;Financials — 1.15% | &nbsp;&nbsp;Financials — 1.15% | &nbsp;&nbsp;Financials — 1.15% | &nbsp;&nbsp;Financials — 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta 144A 3.625% 5/13/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 321700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Garden Holdings 7.25% 4/8/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 127672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank 4.50% 4/5/26 μ, ψ |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 192038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Mauritius 144A 6.25% 2/21/23 #, \* |  | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 448312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, > |  | &nbsp;&nbsp;&nbsp;&nbsp;320897 | &nbsp;&nbsp; 300242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logan Group 5.75% 1/14/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 45500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vonovia 0.625% 12/14/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 315589 |
|  |  |  | &nbsp;&nbsp; 1751053 |

---

4 NQ-IV940 [12/22] 2/23 (2747685)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Industrials — 0.80% | &nbsp;&nbsp;Industrials — 0.80% | &nbsp;&nbsp;Industrials — 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education 144A 5.50% 3/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;653000 | $593394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton 144A 3.875% 9/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp; 65692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InRetail Shopping Malls 144A 5.75% 4/3/28 # | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 566297 |
|  |  | &nbsp;&nbsp; 1225383 |
| &nbsp;&nbsp;Insurance — 1.78% | &nbsp;&nbsp;Insurance — 1.78% | &nbsp;&nbsp;Insurance — 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIA Group 144A 3.375% 4/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 176187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >> | &nbsp;&nbsp;&nbsp;&nbsp;850984 | &nbsp;&nbsp; 812690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife 10.75% 8/1/69 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 705382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagicor Financial 144A 5.30% 5/13/28 # | 1100000 | &nbsp;&nbsp; 1032097 |
|  |  | &nbsp;&nbsp; 2726356 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.44% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.44% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent 3.625% 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 88603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I 144A 3.375% 6/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | &nbsp;&nbsp; 75707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Fibra Uno 144A 4.869% 1/15/30 #, \* | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 516315 |
|  |  | &nbsp;&nbsp; 680625 |
| &nbsp;&nbsp;Technology — 3.39% | &nbsp;&nbsp;Technology — 3.39% | &nbsp;&nbsp;Technology — 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk 2.40% 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 180320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 81513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 10/15/26 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp; 91132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 10/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp; 214609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris Escrow 144A 4.75% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp; 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL America 144A 1.375% 3/10/26 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 664141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain 144A 5.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp; 303197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 1065000 | &nbsp;&nbsp; 886235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp; 268208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 4/15/29 # | 1118000 | &nbsp;&nbsp; 937005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 10/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp; 87623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp; 132069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 9/1/25 # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 38508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/25 # | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp; 101783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings 144A 2.985% 1/19/23 # |  | 1000000 | $999139 |
|  |  |  | &nbsp;&nbsp; 5181982 |
| &nbsp;&nbsp;Transportation — 3.34% | &nbsp;&nbsp;Transportation — 3.34% | &nbsp;&nbsp;Transportation — 3.34% | &nbsp;&nbsp;Transportation — 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abertis Infraestructuras Finance 3.248% 11/24/25 μ, ψ | EUR | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 727079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani International Container Terminal 144A 3.00% 2/16/31 # |  | &nbsp;&nbsp;&nbsp;&nbsp;187500 | &nbsp;&nbsp; 147067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azul Investments 144A 7.25% 6/15/26 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 122588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group 1.375% 9/13/27 | EUR | 1250000 | &nbsp;&nbsp; 1117680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe 2.875% 6/15/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 120868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa de Transporte de Pasajeros Metro 144A 3.65% 5/7/30 #, \* |  | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 546166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENA Master Trust 144A 4.00% 5/19/48 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 141104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico 144A 8.50% 3/17/27 # |  | 1500000 | &nbsp;&nbsp; 1326737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lima Metro Line 2 Finance 144A 5.875% 7/5/34 # |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94621 | &nbsp;&nbsp; 92069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg 144A 5.25% 1/10/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 759000 |
|  |  |  | &nbsp;&nbsp; 5100358 |
| &nbsp;&nbsp;Utilities — 0.95% | &nbsp;&nbsp;Utilities — 0.95% | &nbsp;&nbsp;Utilities — 0.95% | &nbsp;&nbsp;Utilities — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad 144A 3.875% 7/26/33 #, \* |  | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 570601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Energia Bogota 144A 4.875% 5/15/30 # |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 179820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perusahaan Listrik Negara 144A 5.45% 5/21/28 # |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 694467 |
|  |  |  | &nbsp;&nbsp; 1444888 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $97,028,777)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $97,028,777)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $97,028,777)** | &nbsp;&nbsp; **84486140** |
| &nbsp;&nbsp;**Municipal Bonds — 0.87%** | &nbsp;&nbsp;**Municipal Bonds — 0.87%** | &nbsp;&nbsp;**Municipal Bonds — 0.87%** | &nbsp;&nbsp;**Municipal Bonds — 0.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto<br> Rico<br> (Restructured) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 2.986% 7/1/24^ |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31434 | &nbsp;&nbsp; 29146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68614 | &nbsp;&nbsp; 57908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22930 | &nbsp;&nbsp; 18817 |

---

NQ-IV940 [12/22] 2/23 (2747685) 5

------

Delaware Ivy Strategic Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico<br> 7.50% 8/20/40 | 1457999 | $1221074 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,504,207)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $1,504,207)** | &nbsp;&nbsp; **1326945** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.71%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.71%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue<br> Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01 1M2 144A 5.828% (SOFR + 1.90%) 12/25/41 #, • | 3000000 | &nbsp;&nbsp; 2848900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R02 2M2 144A 6.928% (SOFR + 3.00%) 1/25/42 #, • | 3000000 | &nbsp;&nbsp; 2826696 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $6,000,000)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $6,000,000)** | &nbsp;&nbsp; **5675596** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 0.53%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 0.53%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 0.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK Series 2022-BNK39 B 3.239% 2/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 446530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust Series 2020-B21 C 3.346% 12/17/53 • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 358370 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $957,542)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $957,542)** | &nbsp;&nbsp; **804900** |
| &nbsp;&nbsp;**Loan Agreements — 4.72%** | &nbsp;&nbsp;**Loan Agreements — 4.72%** | &nbsp;&nbsp;**Loan Agreements — 4.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amynta Agency Borrower Tranche B 1st Lien 8.884% (LIBOR01M + 4.50%) 2/28/25 • | &nbsp;&nbsp;&nbsp;&nbsp;884807 | &nbsp;&nbsp; 840566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 11.33% (LIBOR03M + 3.50%) 9/17/27 • | &nbsp;&nbsp;&nbsp;&nbsp;539334 | &nbsp;&nbsp; 537986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings 2nd Lien 12.941% (LIBOR01M + 4.50%) 11/1/25 • | &nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp; 189591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNT Holdings I 2nd Lien 10.489% (SOFR03M + 6.75%) 11/6/28 • | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp; 355625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer Tranche B 7.884% (LIBOR03M + 9.00%) 11/23/27 • | &nbsp;&nbsp;&nbsp;&nbsp;790193 | &nbsp;&nbsp; 694876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endo Luxembourg Finance I 13.50% (SOFR01M + 4.275%) 3/27/28 • | &nbsp;&nbsp;&nbsp;&nbsp;246875 | &nbsp;&nbsp; 201203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy Tranche A 12.73% (SOFR03M + 6.75%) 6/30/27 • | &nbsp;&nbsp;&nbsp;&nbsp;287978 | &nbsp;&nbsp; 285099 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies Tranche B 9.199% (SOFR03M + 6.65%) 7/22/25 • | 1870117 | $1630119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Tranche B 8.50% (LIBOR01M + 3.50%) 5/1/28 • | &nbsp;&nbsp;&nbsp;&nbsp;245625 | &nbsp;&nbsp; 235186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones DesLauriers Insurance Management 1st Lien 8.812% (LIBOR03M + 8.00%) 3/27/28 • | &nbsp;&nbsp;&nbsp;&nbsp;177961 | &nbsp;&nbsp; 122233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones DesLauriers Insurance Management 1st Lien TBD 8.812% (LIBOR03M + 4.50%) 3/27/28 X, • | &nbsp;&nbsp;&nbsp;&nbsp;781331 | &nbsp;&nbsp; 536660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MLN US HoldCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.154% (SOFR01M + 5.00%) 10/18/27 • | 1413880 | &nbsp;&nbsp; 1145243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.704% (SOFR03M + 4.65%)Tranche B 10/18/27 • | &nbsp;&nbsp;&nbsp;&nbsp;427200 | &nbsp;&nbsp; 331080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United PF Holdings 1st Lien 13.23% (SOFR01M + 7.54%) 12/30/26 • | &nbsp;&nbsp;&nbsp;&nbsp;122495 | &nbsp;&nbsp; 110245 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,852,595)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $7,852,595)** | &nbsp;&nbsp; **7215712** |
| &nbsp;&nbsp;**Sovereign Bonds — 6.30%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 6.30%Δ** | &nbsp;&nbsp;**Sovereign Bonds — 6.30%Δ** |
| &nbsp;&nbsp;Brazil — 0.17% | &nbsp;&nbsp;Brazil — 0.17% | &nbsp;&nbsp;Brazil — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government International Bond 3.75% 9/12/31 \* | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 252831 |
|  |  | &nbsp;&nbsp; 252831 |
| &nbsp;&nbsp;Chile — 0.51% | &nbsp;&nbsp;Chile — 0.51% | &nbsp;&nbsp;Chile — 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile Government International Bond 2.55% 7/27/33 | 1000000 | &nbsp;&nbsp; 785618 |
|  |  | &nbsp;&nbsp; 785618 |
| &nbsp;&nbsp;Colombia — 0.32% | &nbsp;&nbsp;Colombia — 0.32% | &nbsp;&nbsp;Colombia — 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 149143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 347020 |
|  |  | &nbsp;&nbsp; 496163 |
| &nbsp;&nbsp;Costa Rica — 0.13% | &nbsp;&nbsp;Costa Rica — 0.13% | &nbsp;&nbsp;Costa Rica — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond 144A 4.25% 1/26/23 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 199519 |
|  |  | &nbsp;&nbsp; 199519 |

---

6 NQ-IV940 [12/22] 2/23 (2747685)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** | &nbsp;&nbsp;**Sovereign BondsΔ (continued)** |
| &nbsp;&nbsp;Dominican Republic — 0.11% | &nbsp;&nbsp;Dominican Republic — 0.11% | &nbsp;&nbsp;Dominican Republic — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond 144A 4.875% 9/23/32 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $166762 |
|  |  | &nbsp;&nbsp; 166762 |
| &nbsp;&nbsp;Indonesia — 2.11% | &nbsp;&nbsp;Indonesia — 2.11% | &nbsp;&nbsp;Indonesia — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95% 1/11/23 | 2400000 | &nbsp;&nbsp; 2380920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% 10/15/30 \* | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 844364 |
|  |  | &nbsp;&nbsp; 3225284 |
| &nbsp;&nbsp;Mexico — 0.73% | &nbsp;&nbsp;Mexico — 0.73% | &nbsp;&nbsp;Mexico — 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% 4/16/30 \* | &nbsp;&nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp; 571366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50% 2/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp; 537855 |
|  |  | &nbsp;&nbsp; 1109221 |
| &nbsp;&nbsp;Morocco — 0.29% | &nbsp;&nbsp;Morocco — 0.29% | &nbsp;&nbsp;Morocco — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond 144A 2.375% 12/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 436889 |
|  |  | &nbsp;&nbsp; 436889 |
| &nbsp;&nbsp;Panama — 0.55% | &nbsp;&nbsp;Panama — 0.55% | &nbsp;&nbsp;Panama — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Notas del Tesoro 3.75% 4/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 848709 |
|  |  | &nbsp;&nbsp; 848709 |
| &nbsp;&nbsp;Peru — 1.19% | &nbsp;&nbsp;Peru — 1.19% | &nbsp;&nbsp;Peru — 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Financiera DE Desarrollo 5.25% 7/15/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 191859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government<br> International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.392% 1/23/26 | 1000000 | &nbsp;&nbsp; 922463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.783% 1/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 705270 |
|  |  | &nbsp;&nbsp; 1819592 |
| &nbsp;&nbsp;Serbia — 0.19% | &nbsp;&nbsp;Serbia — 0.19% | &nbsp;&nbsp;Serbia — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond 144A 2.125% 12/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 288840 |
|  |  | &nbsp;&nbsp; 288840 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $10,772,162)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $10,772,162)** | &nbsp;&nbsp; **9629428** |
| &nbsp;&nbsp;**Supranational Banks — 0.69%** | &nbsp;&nbsp;**Supranational Banks — 0.69%** | &nbsp;&nbsp;**Supranational Banks — 0.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior<br> 144A 2.375% 9/14/25 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp; 731376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Andina de Fomento<br> 2.375% 5/12/23 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 316403 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Supranational Banks (continued)** | &nbsp;&nbsp;**Supranational Banks (continued)** | &nbsp;&nbsp;**Supranational Banks (continued)** |
| &nbsp;&nbsp;&nbsp;**Total Supranational Banks<br> (cost $1,117,760)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks<br> (cost $1,117,760)** | &nbsp;&nbsp; **1047779** |
| &nbsp;&nbsp;**US Treasury Obligations — 12.20%** | &nbsp;&nbsp;**US Treasury Obligations — 12.20%** | &nbsp;&nbsp;**US Treasury Obligations — 12.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 5/15/52 | 2400000 | $1923750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 8/15/52 | 1940000 | &nbsp;&nbsp; 1598984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 90155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% 8/15/32 | 2975000 | &nbsp;&nbsp; 2709574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 5/15/32 | 2220000 | &nbsp;&nbsp; 2046563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 11/30/27 \* | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 119363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 253346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 3420000 | &nbsp;&nbsp; 3432825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 265383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/30/24 \* | 6205000 | &nbsp;&nbsp; 6205727 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $19,085,671)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $19,085,671)** | &nbsp;&nbsp; **18645670** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<sup>°</sup>** |  |
| &nbsp;&nbsp;**Common Stocks — 1.18%** | &nbsp;&nbsp;**Common Stocks — 1.18%** | &nbsp;&nbsp;**Common Stocks — 1.18%** |
| &nbsp;&nbsp;Basic Industry — 0.43% | &nbsp;&nbsp;Basic Industry — 0.43% | &nbsp;&nbsp;Basic Industry — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662359 |
| &nbsp;&nbsp;Consumer Cyclical — 0.28% | &nbsp;&nbsp;Consumer Cyclical — 0.28% | &nbsp;&nbsp;Consumer Cyclical — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19076 | 113693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR \*, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion Apparel =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426993 |
| &nbsp;&nbsp;Energy — 0.22% | &nbsp;&nbsp;Energy — 0.22% | &nbsp;&nbsp;Energy — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KCA Deutag International =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330673 |
| &nbsp;&nbsp;Financials — 0.25% | &nbsp;&nbsp;Financials — 0.25% | &nbsp;&nbsp;Financials — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, † | &nbsp;&nbsp;&nbsp;&nbsp;414307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverbed Holdings = | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390170 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $6,298,072)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $6,298,072)** | **1810195** |

---

NQ-IV940 [12/22] 2/23 (2747685) 7

------

Delaware Ivy Strategic Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Preferred Stock — 0.01%** | &nbsp;&nbsp;**Preferred Stock — 0.01%** | &nbsp;&nbsp;**Preferred Stock — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;True Religion Apparel 0.000% =, ω | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$11435 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $37,635)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $37,635)** | &nbsp;&nbsp;&nbsp;&nbsp; **11435** |
| &nbsp;&nbsp;**Warrants — 0.01%** | &nbsp;&nbsp;**Warrants — 0.01%** | &nbsp;&nbsp;**Warrants — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 17237 |
| &nbsp;&nbsp;&nbsp;**Total Warrants<br> (cost $119,109)** | &nbsp;&nbsp;&nbsp;**Total Warrants<br> (cost $119,109)** | &nbsp;&nbsp;&nbsp;&nbsp; **17237** |
| &nbsp;&nbsp;**Short-Term Investments — 2.32%** | &nbsp;&nbsp;**Short-Term Investments — 2.32%** | &nbsp;&nbsp;**Short-Term Investments — 2.32%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.32% | &nbsp;&nbsp;Money Market Mutual Funds — 2.32% | &nbsp;&nbsp;Money Market Mutual Funds — 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;888517 | &nbsp;&nbsp;&nbsp;&nbsp; 888517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | &nbsp;&nbsp;&nbsp;&nbsp;888517 | &nbsp;&nbsp;&nbsp;&nbsp; 888517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;888517 | &nbsp;&nbsp;&nbsp;&nbsp; 888517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | &nbsp;&nbsp;&nbsp;&nbsp;888517 | &nbsp;&nbsp;&nbsp;&nbsp; 888517 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,554,068)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $3,554,068)** | &nbsp;&nbsp;&nbsp;&nbsp; **3554068** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.14%<br> (cost $170,886,105)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.14%<br> (cost $170,886,105)** | &nbsp;&nbsp; **150,010,265■** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral — 6.69%** | &nbsp;&nbsp;**Securities Lending Collateral — 6.69%** | &nbsp;&nbsp;**Securities Lending Collateral — 6.69%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 6.69% | &nbsp;&nbsp;Money Market Mutual Fund — 6.69% | &nbsp;&nbsp;Money Market Mutual Fund — 6.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 10221645 | $10221645 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $10,221,645)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $10,221,645)** | &nbsp;&nbsp; **10221645** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—104.83%<br> (cost $181,107,750)** |  | &nbsp;&nbsp; **160231910** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (6.69%)** |  | &nbsp;&nbsp;&nbsp; **(10221645)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 1.86%** |  | &nbsp;&nbsp; **2839735** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 17,696,118 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$152850000** |

---

---

| | |
|:---|:---|
| <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 $81,990,384, which represents 53.64% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>μ</sup> | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date. |
| <sup>ψ</sup> | Perpetual security. Maturity date represents next call date. |
| <sup>\*</sup> | Fully or partially on loan. |
| <sup>>></sup> | PIK. 100% of the income received was in the form of principal. |
| <sup>‡</sup> | Non-income producing security. Security is currently in default. |

---

8 NQ-IV940 [12/22] 2/23 (2747685)

------

(Unaudited)

---

| | |
|:---|:---|
| <sup>=</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in "Notes to financial statements." |
| <sup>></sup> | PIK. 100% of the income received was in the form of cash. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| <sup>X</sup> | This loan will settle after December 31, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |

---

---

| | |
|:---|:---|
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <sup>†</sup> | Non-income producing security. |
| <sup>ω</sup> | Perpetual security with no stated maturity date. |
| ■ | Includes $9,677,796 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $788,417. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| JPMCB | EUR | (1962784) | USD | 2050226 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(47752) |
| TD | CAD | &nbsp;&nbsp;&nbsp;(995000) | USD | &nbsp;&nbsp;&nbsp;747962 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TD | EUR | (1062784) | USD | 1109462 | 1/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26526) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(74278) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |
| Contracts to Buy (Sell) | Contracts to Buy (Sell) | Notional<br> Amount | Notional<br> Cost<br> (Proceeds) | Expiration<br> Date | Value/<br> Unrealized<br> Appreciation | Value/<br> Unrealized<br> Depreciation | Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers |
| 8 | US Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1002750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1002583 | 3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1250) |
| 58 | US Treasury 5 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259576 | 3/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4985) |
| 16 | US Treasury 10 yr Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801788 | 3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4985) |
| 45 | US Treasury 10 yr Ultra Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351462 | 3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2812) |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14415409 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(33844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14032) |

---

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

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| GNMA – Government National Mortgage Association |
| JPMCB – JPMorgan Chase Bank |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| PIK – Payment-in-kind |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |

---

NQ-IV940 [12/22] 2/23 (2747685) 9

------

Delaware Ivy Strategic Income Fund (Unaudited)

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TBD – To be determined |
| TD – TD Bank |
| yr – Year |

---

---

| |
|:---|
| **Summary of currencies:** |
| CAD – Canadian Dollar |
| EUR – European Monetary Unit |
| USD – US Dollar |

---

10 NQ-IV940 [12/22] 2/23 (2747685)

## 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 Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000051065

- **c. LEI of Series:** 5493004G8WU6FXUCVD08

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

- **a. Date of fiscal year-end:** 2023-09-30

- **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:** $163775967.49

**Total Liabilities:** $10908765.16

**Net Assets:** $152867202.33

**Cash Not Reported:** $630811.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 99.85320000 | **1-Year:** 3468.44872000 | **5-Year:** 16304.81754000 | **10-Year:** 6350.15125000 | **30-Year:** 190.68700000

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

- **3-Month:** 30.06231000 | **1-Year:** 5694.06409000 | **5-Year:** 16686.44312000 | **10-Year:** 1669.69413000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000160883 | 0.06%                | 2.89%                | 0.95%                |
| Class ID C000160882 | 0.13%                | 2.69%                | 0.79%                |
| Class ID C000160881 | 0.17%                | 2.87%                | 0.79%                |
| Class ID C000160885 | 0.17%                | 2.75%                | 0.91%                |
| Class ID C000160884 | 0.06%                | 2.89%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1384902.43             | $1060491.26                                |
| Month 2  | $-704499.90              | $4256694.88                                |
| Month 3  | $-1691785.47             | $2670612.68                                |

**Designated Index Information**

- **Index Name:** BBG U.S. Aggregate Index

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COMISION FEDERAL DE ELEC                       | Comision Federal de Electricidad                                                 | CUSIP: 200447AK6<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    750000 | PA      | $570601.05    | 0.37%             | 2033-07-26      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SVB FINANCIAL GROUP                            | SVB Financial Group                                                              | CUSIP: 78486QAS0<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186376.39    | 0.12%             | 2033-04-29      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                            | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2709711.30   | 1.77%             | 2042-01-25      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                           | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAF5<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    433000 | PA      | $368916.00    | 0.24%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                               | NEW COTAI EQUITY                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    414307 | NS      | $382095.04    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| VICI PROPERTIES LP                             | VICI Properties LP                                                               | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47663.37     | 0.03%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BELLATRIX EXPLORATION                          | Bellatrix Exploration Ltd                                                        | CUSIP: 078314AF8<br>LEI: 549300S2235IL73TH941 | Long             | DBT              | CORP              | CA        |    228000 | PA      | $0.00         | 0.00%             | 2023-09-11      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| ENEL FINANCE INTL NV                           | Enel Finance International NV                                                    | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $205581.36    | 0.13%             | 2025-10-14      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |    781331 | PA      | $536660.22    | 0.35%             | 2028-03-26      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780CS3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    900000 | PA      | $844363.80    | 0.55%             | 2030-10-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: —       |
| GEOPARK LTD                                    | Geopark Ltd                                                                      | CUSIP: 37255BAB5<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |    600000 | PA      | $516795.30    | 0.34%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | US TREASURY LONG BOND                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        45 | NC      | $-28806.41    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| DP WORLD PLC                                   | DP World Ltd/United Arab Emirates                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $168865.80    | 0.11%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                          | DP World Crescent Ltd                                                            | CUSIP: 000000000<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $562544.40    | 0.37%             | 2029-07-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM                               | Callon Petroleum Co                                                              | CUSIP: 13123XBD3<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71593.41     | 0.05%             | 2028-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                   | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    888517 | NS      | $888516.89    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $169964.52    | 0.11%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                            | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    535000 | PA      | $421814.28    | 0.28%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                         | Par Pharmaceutical Inc                                                           | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    342000 | PA      | $260638.10    | 0.17%             | 2027-04-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                       | Warnermedia Holdings Inc                                                         | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    235000 | PA      | $171744.42    | 0.11%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                      | CUSIP: 97789LAA4<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |    131000 | PA      | $33077.50     | 0.02%             | 2027-11-15      | Fixed         | 13.12%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    400000 | PA      | $347019.96    | 0.23%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                             | CUSIP: 716743AP4<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    350000 | PA      | $320099.15    | 0.21%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                                 | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    463000 | PA      | $372180.24    | 0.24%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAS PENOLES SAB D                       | Industrias Penoles SAB de CV                                                     | CUSIP: 456472AB5<br>LEI: 549300WA2HB7776CB324 | Long             | DBT              | CORP              | MX        |    700000 | PA      | $647703.00    | 0.42%             | 2029-09-12      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| DREYFUS INST PREF GOVT PLUS MMF - SL #4134     | DREYFUS INST PREF GOVT PLUS MMF - SL #4134                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10221645 | NS      | $10221645.46  | 6.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ENA MASTER TRUST                               | ENA Master Trust                                                                 | CUSIP: 29249BAA3<br>LEI: 549300CBCHB6Q73VG753 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $141104.20    | 0.09%             | 2048-05-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    336000 | PA      | $312738.72    | 0.20%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO                           | Sagicor Financial Co Ltd                                                         | CUSIP: 78669QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1100000 | PA      | $1032097.00   | 0.68%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CORP ANDINA DE FOMENTO                         | Corp Andina de Fomento                                                           | CUSIP: 219868CC8<br>LEI: UKZ46SXGNYCZK0UOZE76 | Long             | DBT              | CORP              | N/A       |    320000 | PA      | $316403.07    | 0.21%             | 2023-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications Inc                                                  | CUSIP: 20903XAH6<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    146000 | PA      | $107860.03    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER MEXICO                         | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | CUSIP: 05969BAC7<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $349667.50    | 0.23%             | 2028-10-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                       | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $120868.29    | 0.08%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CORP                      | CALIFORNIA RESOURCES -CW27                                                       | CUSIP: 13057Q123<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1368 | NS      | $17236.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    237000 | PA      | $186566.87    | 0.12%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                       | Banco de Credito del Peru S.A.                                                   | CUSIP: 05990GAA3<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    550000 | PA      | $549296.00    | 0.36%             | 2023-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                        | Standard Industries Inc/NJ                                                       | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1392000 | PA      | $1137277.36   | 0.74%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AHERN RENTALS INC                              | Ahern Rentals Inc                                                                | CUSIP: 008674AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $455000.00    | 0.30%             | 2023-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    338226 | PA      | $262116.96    | 0.17%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3420000 | PA      | $3432825.00   | 2.25%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                         | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    350000 | PA      | $303863.81    | 0.20%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PANAMA NOTAS DEL TESORO                        | Panama Notas del Tesoro                                                          | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    900000 | PA      | $848709.00    | 0.56%             | 2026-04-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KALLPA GENERACION SA                           | Kallpa Generacion SA                                                             | CUSIP: 48344FAA8<br>LEI: 549300NG1PWEI5BZG095 | Long             | DBT              | CORP              | PE        |   1000000 | PA      | $961892.60    | 0.63%             | 2026-05-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                                | CUSIP: 3136AKEN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59335 | PA      | $56423.73     | 0.04%             | 2044-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ICICI BANK LTD/DUBAI                           | ICICI Bank Ltd/Dubai                                                             | CUSIP: 45112EAG4<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | DBT              | CORP              | IN        |   1200000 | PA      | $1145334.96   | 0.75%             | 2026-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    579000 | PA      | $467684.36    | 0.31%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     52000 | PA      | $46894.19     | 0.03%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                        | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1065000 | PA      | $886234.96    | 0.58%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARATEK PHARMACEUTICALS                        | Paratek Pharmaceuticals Inc                                                      | CUSIP: 699374AB0<br>LEI: 5493007V5QDIWECEYV79 | Long             | DBT              | CORP              | US        |    875000 | PA      | $769300.00    | 0.50%             | 2024-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FALABELLA SA                                   | Falabella SA                                                                     | CUSIP: 78386FAD8<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    500000 | PA      | $452566.85    | 0.30%             | 2027-10-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITED PF HOLDINGS LLC                         | United PF Holdings LLC                                                           | CUSIP: 91132UAK9<br>LEI: 2549002AF6PASVP2G486 | Long             | LON              | CORP              | US        |    122495 | PA      | $110245.24    | 0.07%             | 2026-11-12      | Floating      | 12.79%                | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                          | GFL Environmental Inc                                                            | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     76000 | PA      | $72803.26     | 0.05%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103633.44    | 0.07%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENDO LUX FIN CO I SARL                         | Endo Luxembourg Finance Co I Sarl / Endo US Inc                                  | CUSIP: 29280BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     42000 | PA      | $31939.89     | 0.02%             | 2029-04-01      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTL ADR                           | STUDIO CITY INTL ADR                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     19076 | NS      | $113692.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                           | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    850000 | PA      | $705270.25    | 0.46%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| COSAN SA                                       | Cosan SA                                                                         | CUSIP: 22113AAB1<br>LEI: 549300PGFCX2JMKKLC96 | Long             | DBT              | CORP              | BR        |    700000 | PA      | $660016.00    | 0.43%             | 2029-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                                                      | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    888517 | NS      | $888516.92    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL AMERICA INC                                | HCL America Inc                                                                  | CUSIP: 40480HAA5<br>LEI: 549300CBM0L7W7N2EB94 | Long             | DBT              | CORP              | US        |    750000 | PA      | $664141.28    | 0.43%             | 2026-03-10      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND COAL                              | WESTMORELAND COAL                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7276 | NS      | $12660.24     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| MODIVCARE ESCROW ISSUER                        | ModivCare Escrow Issuer Inc                                                      | CUSIP: 60783XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    402000 | PA      | $339529.20    | 0.22%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2975000 | PA      | $2709574.37   | 1.77%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TRUE RELIGION PREFERRED                        | TRUE RELIGION PREFERRED                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |         2 | NS      | $11435.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| SPIRIT AIRLINES INC                            | Spirit Airlines Inc                                                              | CUSIP: 848577AB8<br>LEI: 549300DCAFIXFNFR3304 | Long             | DBT              | CORP              | US        |    518000 | PA      | $419580.00    | 0.27%             | 2026-05-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SK TELECOM CO LTD                              | SK Telecom Co Ltd                                                                | CUSIP: 78440PAE8<br>LEI: 9884003WEA1PHW006037 | Long             | DBT              | CORP              | KR        |    500000 | PA      | $498066.85    | 0.33%             | 2023-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                       | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $170337.74    | 0.11%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                           | CUSIP: 715638DE9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   1000000 | PA      | $922462.30    | 0.60%             | 2026-01-23      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| CORPORACION INMOBILIARIA                       | Corp Inmobiliaria Vesta SAB de CV                                                | CUSIP: 21989DAA0<br>LEI: 4469000001BIRIFZJ959 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $321700.00    | 0.21%             | 2031-05-13      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $181469.97    | 0.12%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                       | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    653000 | PA      | $593394.16    | 0.39%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                            | Minejesa Capital BV                                                              | CUSIP: 000000000<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $156061.12    | 0.10%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                       | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    505000 | PA      | $474843.07    | 0.31%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BANCO DEL ESTADO -CHILE                        | Banco del Estado de Chile                                                        | CUSIP: 05965MAG8<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | CORP              | CL        |   1300000 | PA      | $1229290.14   | 0.80%             | 2025-01-09      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $119362.50    | 0.08%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| TRUE RELIGION COMMON                           | TRUE RELIGION COMMON                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2 | NS      | $37333.98     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    103000 | PA      | $81993.67     | 0.05%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| STAPLES INC                                    | Staples Inc                                                                      | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    500000 | PA      | $360840.00    | 0.24%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                            | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KRN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2821332.90   | 1.85%             | 2042-02-25      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $318110.70    | 0.21%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                            | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KHE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2433281 | PA      | $2399849.83   | 1.57%             | 2034-01-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                                    | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    540000 | PA      | $542877.93    | 0.36%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| LAREDO PETROLEUM INC                           | Laredo Petroleum Inc                                                             | CUSIP: 516806AG1<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    351000 | PA      | $342833.74    | 0.22%             | 2028-01-15      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                       | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    115000 | PA      | $103696.65    | 0.07%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                       | Petrobras Global Finance BV                                                      | CUSIP: 71647NBH1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $476392.50    | 0.31%             | 2031-01-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| CRESTWOOD MID PARTNER LP                       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp               | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $195661.20    | 0.13%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                       | Corp Financiera de Desarrollo SA                                                 | CUSIP: 21987DAE4<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | NUSS              | PE        |    500000 | PA      | $418827.50    | 0.27%             | 2027-09-28      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                      | CUSIP: 97789LAC0<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |    807000 | PA      | $399465.00    | 0.26%             | 2024-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| POWER FINANCE CORP LTD                         | Power Finance Corp Ltd                                                           | CUSIP: 000000000<br>LEI: 3358003Q6D9LIJJZ1614 | Long             | DBT              | CORP              | IN        |   1100000 | PA      | $972713.50    | 0.64%             | 2029-09-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LIMA METRO LINE 2 FIN LT                       | Lima Metro Line 2 Finance Ltd                                                    | CUSIP: 532522AA7<br>LEI: 5493009BVQNQT1UKQ352 | Long             | DBT              | CORP              | KY        |     94621 | PA      | $92069.31     | 0.06%             | 2034-07-05      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| XP INC                                         | XP Inc                                                                           | CUSIP: 98379XAA2<br>LEI: 5493008KDA8NBZRJST80 | Long             | DBT              | CORP              | KY        |    900000 | PA      | $809973.00    | 0.53%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                                  | Westlake Corp                                                                    | CUSIP: 960413AV4<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $868452.87    | 0.57%             | 2029-07-17      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| MATTERHORN TELECOM SA                          | Matterhorn Telecom SA                                                            | CUSIP: 000000000<br>LEI: 549300MTB0YI26SMUT22 | Long             | DBT              | CORP              | LU        |     69000 | PA      | $67117.83     | 0.04%             | 2026-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BANCO GENERAL SA                               | Banco General SA                                                                 | CUSIP: 059597AF1<br>LEI: 549300B5C08LGDFB7205 | Long             | DBT              | CORP              | PA        |    200000 | PA      | $165760.00    | 0.11%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT US Long Bond                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         8 | NC      | $167.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFOLS ESCROW ISSUER                          | Grifols Escrow Issuer SA                                                         | CUSIP: 39843UAA0<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |    147000 | PA      | $127103.55    | 0.08%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                            | Fifth Third Bancorp                                                              | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60809.21     | 0.04%             | 2028-10-27      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| ENDO LUXEMBOURG FINANCE                        | Endo Luxembourg Finance Co I Sarl                                                | CUSIP: 000000000<br>LEI: 222100B15VY0VVCTG251 | Long             | LON              | CORP              | LU        |    246875 | PA      | $201203.13    | 0.13%             | 2028-03-25      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                        | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $390918.00    | 0.26%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     41000 | PA      | $32980.40     | 0.02%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $149142.74    | 0.10%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL                       | Digicel International Finance Ltd/Digicel international Holdings Ltd             | CUSIP: 25381VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1132000 | PA      | $975308.56    | 0.64%             | 2024-05-25      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CORP FINANCIERA DE DESAR                       | Corp Financiera de Desarrollo SA                                                 | CUSIP: 000000000<br>LEI: 254900BOM7T4MG6T0J30 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $191859.00    | 0.13%             | 2029-07-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CE8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    300000 | PA      | $252831.42    | 0.17%             | 2031-09-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE                       | Compass Group Diversified Holdings LLC                                           | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |    436000 | PA      | $373691.68    | 0.24%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS HOLDINGS INC                       | BAE Systems Holdings Inc                                                         | CUSIP: 05523UAK6<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488571.65    | 0.32%             | 2024-10-07      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                       | PetSmart Inc / PetSmart Finance Corp                                             | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $555229.83    | 0.36%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6205000 | PA      | $6205727.23   | 4.06%             | 2024-11-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| ALSEA S.A.                                     | Alsea SAB de CV                                                                  | CUSIP: 021151AA3<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |   1570000 | PA      | $1559355.40   | 1.02%             | 2026-12-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    222000 | PA      | $182829.21    | 0.12%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                           | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1326737.40   | 0.87%             | 2027-03-17      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HIGHLAND HOLDINGS BOND                         | Highlands Holdings Bond Issuer Ltd / Highlands Holdings Bond Co-Issuer Inc       | CUSIP: 43103QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    320897 | PA      | $300241.89    | 0.20%             | 2025-10-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                        | Booz Allen Hamilton Inc                                                          | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     74000 | PA      | $65692.21     | 0.04%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                             | CP Atlas Buyer Inc                                                               | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |    790193 | PA      | $694876.10    | 0.45%             | 2027-11-23      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                            | Suzano Austria GmbH                                                              | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |   1000000 | PA      | $842810.00    | 0.55%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                       | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     97000 | PA      | $91132.05     | 0.06%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAR BIDCO SARL                                 | MAR Bidco Sarl                                                                   | CUSIP: 000000000<br>LEI: 259400BFVFGTIQA6ZC28 | Long             | LON              | CORP              | LU        |        21 | PA      | $19.04        | 0.00%             | 2028-06-28      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                         | Millicom International Cellular SA                                               | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $168578.62    | 0.11%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL CORP                                | Murphy Oil Corp                                                                  | CUSIP: 626717AN2<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |   1627000 | PA      | $1568394.97   | 1.03%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KCA-KELLY TOPCO                                | KCA-KELLY TOPCO                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5140 | NS      | $330673.33    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780CC8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   2400000 | PA      | $2380920.00   | 1.56%             | 2023-01-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                       | Moss Creek Resources Holdings Inc                                                | CUSIP: 61965RAA3<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    321000 | PA      | $289914.36    | 0.19%             | 2026-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bank                                           | BANK 2022-BNK39                                                                  | CUSIP: 06539VAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $446530.32    | 0.29%             | 2055-02-15      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 FNC LTD                             | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAA5<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |    206000 | PA      | $180329.72    | 0.12%             | N/A             | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 FINANCING 2                         | NBK Tier 1 Financing 2 Ltd                                                       | CUSIP: 62878WAA6<br>LEI: 549300HMWSJFNREWT164 | Long             | DBT              | CORP              | AE        |    300000 | PA      | $276197.40    | 0.18%             | N/A             | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORESIGHT ENERGY LLC                           | Foresight Energy LLC                                                             | CUSIP: 34552KAB2<br>LEI: 549300HM3UR1W0JJ7F28 | Long             | LON              | CORP              | US        |    287978 | PA      | $285098.67    | 0.19%             | 2027-06-30      | Floating      | 12.37%                | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp               | CUSIP: 226373AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $45028.83     | 0.03%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    852000 | PA      | $570795.95    | 0.37%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                         | Credit Suisse AG/New York NY                                                     | CUSIP: 22550L2D2<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $244235.45    | 0.16%             | 2023-05-05      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| MLN US HOLDCO LLC                              | MLN US HOLDCO LLC                                                                | CUSIP: 55292HAJ2<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |   1413880 | PA      | $1145242.78   | 0.75%             | 2027-10-18      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                              | CUSIP: 168863DT2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   1000000 | PA      | $785617.90    | 0.51%             | 2033-07-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                       | EQM Midstream Partners LP                                                        | CUSIP: 26885BAL4<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2028151.13   | 1.33%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                               | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2826696.00   | 1.85%             | 2042-01-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| GRUPO ENERGIA BOGOTA                           | Grupo Energia Bogota SA ESP                                                      | CUSIP: 40053XAA7<br>LEI: 529900LG618OWYVHI655 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $179820.00    | 0.12%             | 2030-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                    | MetLife Inc                                                                      | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    530000 | PA      | $705382.30    | 0.46%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Operations Co LLC                                                         | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    132000 | PA      | $122798.74    | 0.08%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    182000 | PA      | $157181.01    | 0.10%             | 2029-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                 | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    248000 | PA      | $140416.36    | 0.09%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2020-B21 Mortgage Trust                                                | CUSIP: 08163LAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $358369.65    | 0.23%             | 2053-12-17      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                         | VTR Comunicaciones SpA                                                           | CUSIP: 918367AC7<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |    295000 | PA      | $173210.73    | 0.11%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                          | American Homes 4 Rent LP                                                         | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    105000 | PA      | $88602.96     | 0.06%             | 2032-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     42000 | PA      | $35175.00     | 0.02%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| KEYCORP                                        | KeyCorp                                                                          | CUSIP: 49326EEN9<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    301000 | PA      | $285082.67    | 0.19%             | 2033-06-01      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| ENEL CHILE SA                                  | Enel Chile SA                                                                    | CUSIP: 29278DAA3<br>LEI: 549300YM5CWCAUVOPB53 | Long             | DBT              | CORP              | CL        |    840000 | PA      | $820065.62    | 0.54%             | 2028-06-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     22930 | PA      | $18816.82     | 0.01%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL INDUSTRIAS                          | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA                       | CUSIP: 79911QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    450000 | PA      | $384600.78    | 0.25%             | 2028-08-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC                          | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    612000 | PA      | $536295.60    | 0.35%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET                       | Advantage Sales & Marketing Inc                                                  | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |    881000 | PA      | $673066.38    | 0.44%             | 2028-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ADANI TRANS STEP-ONE LTD                       | Adani Transmission Step-One Ltd                                                  | CUSIP: 000000000<br>LEI: 335800Z8CGS7O7D72N41 | Long             | DBT              | CORP              | IN        |    169000 | PA      | $130273.12    | 0.09%             | 2036-05-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                    | Staples Inc                                                                      | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    720000 | PA      | $621172.80    | 0.41%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BBVA BANCO CONTINENTAL                         | Banco BBVA Peru SA                                                               | CUSIP: 000000000<br>LEI: 549300H1JNU0HLNFU552 | Long             | DBT              | CORP              | PE        |    125000 | PA      | $121644.48    | 0.08%             | 2029-09-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CNT HOLDINGS I CORP                            | CNT Holdings I Corp                                                              | CUSIP: 12656AAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    375000 | PA      | $355624.88    | 0.23%             | 2028-11-06      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                      | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-29927.32    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                           | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                           | CUSIP: 46590XAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    268000 | PA      | $222390.31    | 0.15%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                       | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                        | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    700000 | PA      | $694466.50    | 0.45%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| COLOMBIA TELECOMUNICACIO                       | Colombia Telecomunicaciones SA ESP                                               | CUSIP: 19533PAC4<br>LEI: 549300CK4YN0V1C3MN55 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $159974.00    | 0.10%             | 2030-07-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                             | Serbia International Bond                                                        | CUSIP: 817477AF9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    400000 | PA      | $288840.00    | 0.19%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    291000 | PA      | $208289.07    | 0.14%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $265382.81    | 0.17%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BANCO INTERNAC DEL PERU                        | Banco Internacional del Peru SAA Interbank                                       | CUSIP: 05968DAC4<br>LEI: 5493001TRCGXJLRLHN14 | Long             | DBT              | CORP              | PE        |   1500000 | PA      | $1367187.45   | 0.89%             | 2026-10-04      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                            | Fifth Third Bancorp                                                              | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     86000 | PA      | $78819.96     | 0.05%             | 2033-04-25      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                         | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    120000 | PA      | $115253.75    | 0.08%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2400000 | PA      | $1923750.00   | 1.26%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                     | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    743000 | PA      | $342725.69    | 0.22%             | 2026-12-06      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                             | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    267000 | PA      | $230287.50    | 0.15%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM                        | Kronos Acquisition Holdings Inc / KIK Custom Products Inc                        | CUSIP: 50106GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    306000 | PA      | $265072.50    | 0.17%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203000 | PA      | $177424.03    | 0.12%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $127672.16    | 0.08%             | 2026-04-08      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    360000 | PA      | $287935.20    | 0.19%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                              | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1167198.91   | 0.76%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                   | Ecopetrol SA                                                                     | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     49000 | PA      | $44546.76     | 0.03%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                          | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAT9<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $921571.90    | 0.60%             | 2027-12-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AZUL INVESTMENTS LLP                           | Azul Investments LLP                                                             | CUSIP: 05502FAC2<br>LEI: 549300C6XNC8IDH04C74 | Long             | DBT              | CORP              | US        |    200000 | PA      | $122587.72    | 0.08%             | 2026-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                         | BBVA Bancomer SA/Texas                                                           | CUSIP: 05533UAH1<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $544782.00    | 0.36%             | 2025-09-18      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| WESCO AIRCRAFT HOLDINGS                        | Wesco Aircraft Holdings Inc                                                      | CUSIP: 97789LAB2<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |    876000 | PA      | $593490.00    | 0.39%             | 2026-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    348000 | PA      | $303196.74    | 0.20%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                  | CUSIP: 3140QQPB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1735877 | PA      | $1740536.53   | 1.14%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RUMO LUXEMBOURG SARL                           | Rumo Luxembourg Sarl                                                             | CUSIP: 781467AC9<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $759000.00    | 0.50%             | 2028-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96000 | PA      | $85721.28     | 0.06%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                         | CUSIP: 62886EAV0<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    141000 | PA      | $132069.06    | 0.09%             | 2029-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $90154.69     | 0.06%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     68614 | PA      | $57907.47     | 0.04%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                            | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $166762.22    | 0.11%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BAH3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    654000 | PA      | $571366.32    | 0.37%             | 2030-04-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1940000 | PA      | $1598984.47   | 1.05%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                         | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    314000 | PA      | $268207.59    | 0.18%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NETWORK I2I LTD                                | Network i2i Ltd                                                                  | CUSIP: 64132NAA4<br>LEI: 2549003L8M1FGHLHOX45 | Long             | DBT              | CORP              | MU        |    250000 | PA      | $239687.50    | 0.16%             | N/A             | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MESQUITE ENERGY INC                            | MESQUITE ENERGY INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $1982.50      | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $349658.40    | 0.23%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                | IHS Holding Ltd                                                                  | CUSIP: 44963HAA3<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $166800.00    | 0.11%             | 2026-11-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    255000 | PA      | $253346.48    | 0.17%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MAYFIELD AGENCY BORROWER                       | Amynta Agency Borrower Inc                                                       | CUSIP: 57810JAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    887123 | PA      | $842766.58    | 0.55%             | 2025-02-28      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                              | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1134888.63   | 0.74%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Riverbed Holdings Inc.                         | Riverbed Holdings Inc.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32302 | NS      | $8075.50      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                       | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    743000 | PA      | $555385.81    | 0.36%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BABCOCK INTL GROUP PLC                         | Babcock International Group PLC                                                  | CUSIP: 000000000<br>LEI: 213800TSKOLX4EU6L377 | Long             | DBT              | CORP              | GB        |   1250000 | PA      | $1117679.65   | 0.73%             | 2027-09-13      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                | Sands China Ltd                                                                  | CUSIP: 80007RAF2<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    600000 | PA      | $574435.26    | 0.38%             | 2025-08-08      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                          | Form Technologies LLC                                                            | CUSIP: 000000000<br>LEI: X7KHAIMGSSPZ1XIJIL51 | Long             | LON              | CORP              | US        |   1874875 | PA      | $1634266.82   | 1.07%             | 2025-07-22      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| BANCO LATINOAMERICANO SA                       | Banco Latinoamericano de Comercio Exterior SA                                    | CUSIP: 05968CAC6<br>LEI: 549300CN3134K4LC0651 | Long             | DBT              | NUSS              | PA        |    800000 | PA      | $731376.00    | 0.48%             | 2025-09-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| LSF9 ATL HLDG/VICTRA FIN                       | LSF9 Atlantis Holdings LLC / Victra Finance Corp                                 | CUSIP: 50220MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478000 | PA      | $423656.18    | 0.28%             | 2026-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARCOS DORADOS BV                               | Arcos Dorados BV                                                                 | CUSIP: 03965TAB9<br>LEI: 549300T91OYP6I7P8G39 | Long             | DBT              | CORP              | NL        |    845000 | PA      | $820017.58    | 0.54%             | 2029-05-27      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL SERVICES                       | Hyundai Capital Services Inc                                                     | CUSIP: 44920UAM0<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    900000 | PA      | $897212.52    | 0.59%             | 2023-03-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $558033.80    | 0.37%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                             | VICI Properties LP                                                               | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     95000 | PA      | $88148.13     | 0.06%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    102000 | PA      | $101783.45    | 0.07%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| B2W DIGITAL LUX SARL                           | B2W Digital Lux Sarl                                                             | CUSIP: 05609AAA9<br>LEI: 222100KMO43GQ28M6N31 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $126787.42    | 0.08%             | 2030-12-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES UTICA                         | Ascent Resources Utica Holdings LLC                                              | CUSIP: 000000000<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | LON              | CORP              | US        |    179000 | PA      | $189590.89    | 0.12%             | 2025-11-01      | Floating      | 13.37%                | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP                         | Liberty Broadband Corp                                                           | CUSIP: 530307AC1<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |    435000 | PA      | $421950.00    | 0.28%             | 2050-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                 | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    800000 | PA      | $761678.40    | 0.50%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LOGAN GROUP CO LTD                             | Logan Group Co Ltd                                                               | CUSIP: 000000000<br>LEI: 549300NJ0E6Q0S1VOG90 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $45500.00     | 0.03%             | 2025-01-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TURK SISE VE CAM FABRIKA                       | Turkiye Sise ve Cam Fabrikalari AS                                               | CUSIP: 90016AAB6<br>LEI: 789000KWOK751Q6R8875 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $195447.80    | 0.13%             | 2026-03-14      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                           | Bank of America Corp                                                             | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    145000 | PA      | $142643.75    | 0.09%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                          | Canpack SA / Canpack US LLC                                                      | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    170000 | PA      | $134191.15    | 0.09%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    162000 | PA      | $132091.61    | 0.09%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MLN US HOLDCO LLC                              | MLN US HOLDCO LLC                                                                | CUSIP: 55292HAL7<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |    427200 | PA      | $331080.00    | 0.22%             | 2027-10-18      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                           | Entegris Escrow Corp                                                             | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $196499.74    | 0.13%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $439057.30    | 0.29%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARB BONDCO PLC                                | MARB BondCo PLC                                                                  | CUSIP: 566007AC4<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $153925.78    | 0.10%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                          | Encompass Health Corp                                                            | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    155000 | PA      | $133473.88    | 0.09%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    236000 | PA      | $229290.40    | 0.15%             | 2026-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                       | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |    177961 | PA      | $122233.44    | 0.08%             | 2028-03-26      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                            | Citizens Bank NA/Providence RI                                                   | CUSIP: 75524KPT5<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    285000 | PA      | $288417.46    | 0.19%             | 2025-10-24      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| FIRST ABU DHABI BANK PJS                       | First Abu Dhabi Bank PJSC                                                        | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $192037.60    | 0.13%             | N/A             | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                  | CUSIP: 31418EM23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    866689 | PA      | $879744.40    | 0.58%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KIA CORP                                       | Kia Corp                                                                         | CUSIP: 49374JAA1<br>LEI: 988400V8MJK9N7OI5X76 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $172135.22    | 0.11%             | 2026-10-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                  | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    713075 | PA      | $703214.01    | 0.46%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                         | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87000 | PA      | $75706.53     | 0.05%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                         | CUSIP: 62886EAZ1<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    106000 | PA      | $87623.31     | 0.06%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                       | Itau Unibanco Holding SA/Cayman Island                                           | CUSIP: 46556JAB5<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    470000 | PA      | $454943.55    | 0.30%             | 2025-01-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ADANI INTERNATIONAL CONT                       | Adani International Container Terminal Pvt Ltd                                   | CUSIP: 00654UAA0<br>LEI: 335800J4SLERP6S94P28 | Long             | DBT              | CORP              | IN        |    187500 | PA      | $147066.96    | 0.10%             | 2031-02-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association      | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-54034.19    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                            | Applied Systems Inc                                                              | CUSIP: 000000000<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |    539334 | PA      | $537985.66    | 0.35%             | 2027-09-19      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                           | CUSIP: 225401AV0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    625000 | PA      | $570102.19    | 0.37%             | 2028-08-11      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     31434 | PA      | $29146.23     | 0.02%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                            | CDW LLC / CDW Finance Corp                                                       | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $81513.33     | 0.05%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Studio City International Hold                 | Studio City International Holdings Ltd                                           | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     46303 | NS      | $275965.88    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| CALLON PETROLEUM CO                            | Callon Petroleum Co                                                              | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1470661.50   | 0.96%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Freddie Mac - STACR                            | Freddie Mac STACR REMIC Trust 2021-HQA1                                          | CUSIP: 35564KBS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2825496.90   | 1.85%             | 2033-08-25      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                                                       | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    888517 | NS      | $888516.89    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                           | CUSIP: 225401AU2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    760000 | PA      | $526636.07    | 0.34%             | 2032-05-14      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| GLOBO COMMUNICACOES PART                       | Globo Comunicacao e Participacoes SA                                             | CUSIP: 37959DAB0<br>LEI: 52990054HEKS017PVR75 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $167861.62    | 0.11%             | 2030-01-22      | Fixed         | 4.88%                 | 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        |   1457999 | PA      | $1221074.08   | 0.80%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GUSAP III LP                                   | GUSAP III LP                                                                     | CUSIP: 36258GAA5<br>LEI: 549300WY05UJ7WTHIN64 | Long             | DBT              | CORP              | US        |    900000 | PA      | $833942.88    | 0.55%             | 2030-01-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NFP CORP                                       | NFP Corp                                                                         | CUSIP: 65342RAD2<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |   1687000 | PA      | $1394270.07   | 0.91%             | 2028-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                          | Costa Rica Government International Bond                                         | CUSIP: 221597BR7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    200000 | PA      | $199518.72    | 0.13%             | 2023-01-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                   | Autodesk Inc                                                                     | CUSIP: 052769AH9<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    225000 | PA      | $180319.75    | 0.12%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| INRETAIL SHOPPIN                               | InRetail Shopping Malls                                                          | CUSIP: 45780UAB0<br>LEI: 254900340JT2D5SHMA49 | Long             | DBT              | CORP              | PE        |    600000 | PA      | $566296.62    | 0.37%             | 2028-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                           | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    351000 | PA      | $282813.23    | 0.19%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREENKO MAURITIUS LTD                          | Greenko Mauritius Ltd                                                            | CUSIP: 39531LAA7<br>LEI: 2138005EDWGI4914B264 | Long             | DBT              | CORP              | MU        |    450000 | PA      | $448312.50    | 0.29%             | 2023-02-21      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| KINGDOM OF MOROCCO                             | Morocco Government International Bond                                            | CUSIP: 617726AK0<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |    500000 | PA      | $436889.50    | 0.29%             | 2027-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                       | Adani Electricity Mumbai Ltd                                                     | CUSIP: 00654GAA1<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |    620000 | PA      | $474998.86    | 0.31%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                                                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    888517 | NS      | $888516.89    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                               | Connecticut Avenue Securities Trust 2022-R01                                     | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2848899.90   | 1.86%             | 2041-12-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                 | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    343000 | PA      | $277085.69    | 0.18%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                              | US Renal Care Inc                                                                | CUSIP: 07335BAA4<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |    851000 | PA      | $187220.00    | 0.12%             | 2027-07-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                  | AIA Group Ltd                                                                    | CUSIP: 00131LAJ4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $176187.42    | 0.12%             | 2030-04-07      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HADRIAN MERGER SUB                             | Hadrian Merger Sub Inc                                                           | CUSIP: 42239PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    239000 | PA      | $211564.00    | 0.14%             | 2026-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                         | BP Capital Markets America Inc                                                   | CUSIP: 10373QBT6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    285000 | PA      | $238306.03    | 0.16%             | 2032-01-12      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    307000 | PA      | $239325.13    | 0.16%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NBK SPC LTD                                    | NBK SPC Ltd                                                                      | CUSIP: 62877PAB0<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |   1800000 | PA      | $1586109.60   | 1.04%             | 2027-09-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 10 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        16 | NC      | $-5037.92     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARDONAGH MIDCO 2 PLC                           | Ardonagh Midco 2 PLC                                                             | CUSIP: 03985RAA1<br>LEI: 9845003AD1386OH58D80 | Long             | DBT              | CORP              | GB        |    850984 | PA      | $812689.76    | 0.53%             | 2027-01-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 5 Year US Treasury Note                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        58 | NC      | $346.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DAE FUNDING LLC                                | DAE Funding LLC                                                                  | CUSIP: 23371DAJ3<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $278972.52    | 0.18%             | 2024-08-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                     | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    145000 | PA      | $42170.54     | 0.03%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                 | Trust Fibra Uno                                                                  | CUSIP: 898339AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    600000 | PA      | $516315.00    | 0.34%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: —       |
| CARNIVAL CORP                                  | Carnival Corp                                                                    | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1598000 | PA      | $1269394.79   | 0.83%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN GREETINGS CORP                        | American Greetings Corp                                                          | CUSIP: 026375AR6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | DBT              | CORP              | US        |    118000 | PA      | $113546.68    | 0.07%             | 2025-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38507.80     | 0.03%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                        | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    339000 | PA      | $280168.25    | 0.18%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                         | BBVA Bancomer SA/Texas                                                           | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $185060.74    | 0.12%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                                         | CUSIP: 38379QZ73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     22127 | PA      | $21420.09     | 0.01%             | 2034-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORESIGHT ENERGY                               | FORESIGHT ENERGY                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42271 | NS      | $649698.66    | 0.43%             |  |  |  | No            |                  3 | On Loan: No      |
| CP ATLAS BUYER INC                             | CP Atlas Buyer Inc                                                               | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    140000 | PA      | $104160.64    | 0.07%             | 2028-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATP TOW / AND TELECOM                          | ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par | CUSIP: 00216DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    300000 | PA      | $264951.00    | 0.17%             | 2026-04-27      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| SUMMIT DIGITEL INFRASTR                        | Summit Digitel Infrastructure Ltd                                                | CUSIP: 86608CAA6<br>LEI: 3358004TNI1SSIQ9BQ37 | Long             | DBT              | CORP              | IN        |    700000 | PA      | $538621.86    | 0.35%             | 2031-08-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                     | Vonovia SE                                                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $315589.17    | 0.21%             | 2029-12-14      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                        | Standard Industries Inc/NJ                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     38000 | PA      | $34251.30     | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                           | Tencent Holdings Ltd                                                             | CUSIP: 88032WAE6<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $999139.30    | 0.65%             | 2023-01-19      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| ABERTIS FINANCE BV                             | Abertis Infraestructuras Finance BV                                              | CUSIP: 000000000<br>LEI: 5493007WHKI5H75YJ358 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $727078.76    | 0.48%             | N/A             | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                  | Aircastle Ltd                                                                    | CUSIP: 00928QAR2<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    800000 | PA      | $792262.72    | 0.52%             | 2023-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                           | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                           | CUSIP: 46590XAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    400000 | PA      | $324578.00    | 0.21%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EMPRESA DE TRANSPORTE ME                       | Empresa de Transporte de Pasajeros Metro SA                                      | CUSIP: 29246QAD7<br>LEI: 959800T4M5QUPYMSCH69 | Long             | DBT              | CORP              | CL        |    600000 | PA      | $546165.66    | 0.36%             | 2030-05-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: —       |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    670000 | PA      | $537855.03    | 0.35%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                       | NCR Corp                                                                         | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   1118000 | PA      | $937004.97    | 0.61%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIG INTL HL                       | Digicel International Finance Ltd/Digicel international Holdings Ltd             | CUSIP: 25381XAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    165386 | PA      | $73127.07     | 0.05%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BELLATRIX EXPLORATION                          | Bellatrix Exploration Ltd                                                        | CUSIP: 078314AK7<br>LEI: 549300S2235IL73TH941 | Long             | DBT              | CORP              | CA        |    249000 | PA      | $0.00         | 0.00%             | 2023-12-15      | Variable      | 12.50%                | No            |                  3 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                         | BBVA Bancomer SA/Texas                                                           | CUSIP: 05533UAG3<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    600000 | PA      | $555182.22    | 0.36%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                       | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $214608.96    | 0.14%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                             | CUSIP: 35906EAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    245625 | PA      | $235185.94    | 0.15%             | 2027-10-08      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     17000 | PA      | $15362.21     | 0.01%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LIGADO NETWORKS LLC                            | Ligado Networks LLC                                                              | CUSIP: 53225HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1219655 | PA      | $397729.36    | 0.26%             | 2023-11-01      | Fixed         | 15.50%                | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                      | CAD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |         1 | NC      | $13026.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HANA BANK                                      | Hana Bank                                                                        | CUSIP: 482466AG4<br>LEI: 6RPK2YDJN6L35AS0M510 | Long             | DBT              | CORP              | KR        |    200000 | PA      | $174018.48    | 0.11%             | N/A             | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP                         | Liberty Broadband Corp                                                           | CUSIP: 530307AA5<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16599.68     | 0.01%             | 2050-09-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2220000 | PA      | $2046562.50   | 1.34%             | 2032-05-15      | Fixed         | 2.88%                 | 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