# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043257
**Filing Date:** 2023-2
**Character Count:** 52429
**Document Hash:** 2b1282f4faf30f5af92ae6eb0846c916
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043257.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043257

**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:** 23674379

**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 California Municipal High Income Fund (Series ID: S000055249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173730 | Class A      | IMHAX           |
| C000173731 | Class C      | IMHCX           |
| C000173732 | Class I      | IMHIX           |
| C000173733 | Class Y      | IMHYX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy California Municipal High Income Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds — 97.36%** | &nbsp;&nbsp;**Municipal Bonds — 97.36%** | &nbsp;&nbsp;**Municipal Bonds — 97.36%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 13.42% | &nbsp;&nbsp;Corporate Revenue Bonds — 13.42% | &nbsp;&nbsp;Corporate Revenue Bonds — 13.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco<br> Securitization Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gold Country Settlement Funding Corporation)<br> Series 1 4.00% 6/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | $143250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Merced County Tobacco Funding Corporation)<br> 5.00% 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 247045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sonoma County Securitization Corporation)<br> 0.001% 6/1/55 ^ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 49187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanislaus County Tobacco Funding Corporation)<br> Series D 0.001% 6/1/55 ^ | 1000000 | &nbsp;&nbsp; 62200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Los Angeles International Airport Project)<br> 4.00% 7/15/29 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 243818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control<br> Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Waste Management Project)<br> Series A1 3.375% 7/1/25 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 293160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Beach Bond Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NATURAL GAS PURCHASE REVENUE BONDS<br> Series A 5.50% 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 180079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority California<br> Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 7.00% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 371028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Natural Gas Project)<br> 5.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 316892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of<br> Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Restructured)<br> Third Subordinate Series D 0.032% 6/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 36893 |
|  |  | &nbsp;&nbsp; 1943552 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds — 21.09% | &nbsp;&nbsp;Education Revenue Bonds — 21.09% | &nbsp;&nbsp;Education Revenue Bonds — 21.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Art Center College of Design)<br> Series 2018A 5.00% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | $250592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loma Linda University)<br> Series A 5.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 306825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(California Baptist University)<br> Series A 144A 5.00% 11/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 473970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF-Davis I - West Village Student Housing Project)<br> 4.00% 5/15/48 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 275631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Learning Choice Academy)<br> Series A 4.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp; 94330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Palmdale Aerospace Academy Project)<br> Series A 144A 5.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 263676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Dot Public Schools California Projects)<br> Series A 144A 5.00% 8/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 248835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(HTH Learning Project)<br> Series A 144A 5.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 271089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Larchmont Charter School Project)<br> Series A 144A 5.00% 6/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 244975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rocketship Public Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 144A 5.00% 6/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp; 311079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 144A 5.00% 6/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp; 313081 |
|  |  | &nbsp;&nbsp; 3054083 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.90% | &nbsp;&nbsp;Electric Revenue Bonds — 5.90% | &nbsp;&nbsp;Electric Revenue Bonds — 5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/37 ‡ | 1165000 | &nbsp;&nbsp; 853362 |
|  |  | &nbsp;&nbsp; 853362 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 12.15% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.15% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eisenhower Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 256242 |

---

NQ-IV051 [12/22] 2/23 (2740529) 1

------

Delaware Ivy California Municipal High Income Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eisenhower Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | $254615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Retirement Housing Foundation Obligated Group)<br> Series A 5.00% 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp; 507480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loma Linda University Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 250132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 12/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 247863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Township Health Care<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.75% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp; 243334 |
|  |  | &nbsp;&nbsp; 1759666 |
| &nbsp;&nbsp;Housing Revenue Bond — 3.16% | &nbsp;&nbsp;Housing Revenue Bond — 3.16% | &nbsp;&nbsp;Housing Revenue Bond — 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement<br> Authority Essential Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parallel - Anaheim)<br> Series A 144A 4.00% 8/1/56 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 228822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Housing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Union Portfolio Project)<br> Series A 3.25% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 228028 |
|  |  | &nbsp;&nbsp; 456850 |
| &nbsp;&nbsp;Local General Obligation Bond — 2.00% | &nbsp;&nbsp;Local General Obligation Bond — 2.00% | &nbsp;&nbsp;Local General Obligation Bond — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oro Grande Elementary School<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Bernardino County,California)<br> 4.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 289851 |
|  |  | &nbsp;&nbsp; 289851 |
| &nbsp;&nbsp;Pre-Refunded Bonds — 2.10% | &nbsp;&nbsp;Pre-Refunded Bonds — 2.10% | &nbsp;&nbsp;Pre-Refunded Bonds — 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspire Public School)<br> 144A 5.00% 8/1/41-25 #, § | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 26465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State, California Tobacco<br> Securitization Corporate Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Asset-Backed Bonds<br> Series A-1 5.00% 6/1/29-27 § | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 276823 |
|  |  | &nbsp;&nbsp; 303288 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 30.23% | &nbsp;&nbsp;Special Tax Revenue Bonds — 30.23% | &nbsp;&nbsp;Special Tax Revenue Bonds — 30.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chino Community Facilities District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 152078 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chino Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.50% 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | $202018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of<br> Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;541627 | &nbsp;&nbsp; 453612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurupa Community Services District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eastvale Area) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 185074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 273684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lammersville Joint Unified School<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lammersville School District Community Facilities District No. 2002 (Mountain House))<br> 5.00% 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 261457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murrieta CA Community Facilities<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Golden City)<br> Series A 5.00% 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 304713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ontario CA Community Facilities<br> District No 28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New Haven Facilities - Area A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 132800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp; 233379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ontario CA Community Facilities<br> District No 31 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Carriage House / Amberly Lane)<br> 5.00% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 136813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poway Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DEL SUR East)<br> Series C 5.00% 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 249985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.596% 7/1/51 ^ | &nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp; 50571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.668% 7/1/46 ^ | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 178301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roseville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fiddyment Ranch Community Facilities)<br> Series A 5.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 260175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Natomas Central Community Facilities)<br> 5.00% 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 254312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Bernardino County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lyte Creek North)<br> 4.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 227665 |

---

2 NQ-IV051 [12/22] 2/23 (2740529)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulare Redevelopment Agency<br> Successor Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/1/40 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | $247728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Riverside Water &<br> Wastewater Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Local Agency Revenue Bonds)<br> Series A 5.00% 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 269790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William S Hart Union High School<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 303231 |
|  |  | &nbsp;&nbsp; 4377386 |
| &nbsp;&nbsp;State General Obligation Bonds — 2.57% | &nbsp;&nbsp;State General Obligation Bonds — 2.57% | &nbsp;&nbsp;State General Obligation Bonds — 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.357% 11/1/43 • | &nbsp;&nbsp;&nbsp;&nbsp;641088 | &nbsp;&nbsp; 281277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A1 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp; 91158 |
|  |  | &nbsp;&nbsp; 372435 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 4.74% | &nbsp;&nbsp;Transportation Revenue Bonds — 4.74% | &nbsp;&nbsp;Transportation Revenue Bonds — 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation<br> Corridor Agency, California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 3.95% 1/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 266889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norman Y Mineta San Jose<br> International Airport SJC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 202122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County Airport<br> Comm-San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 217350 |
|  |  | &nbsp;&nbsp; 686361 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $15,239,878)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $15,239,878)** | &nbsp;&nbsp;**14096834** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.50%** | &nbsp;&nbsp;**Short-Term Investments — 1.50%** | &nbsp;&nbsp;**Short-Term Investments — 1.50%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.12% | &nbsp;&nbsp;Money Market Mutual Funds — 0.12% | &nbsp;&nbsp;Money Market Mutual Funds — 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 4.04%) | &nbsp;&nbsp;&nbsp;&nbsp;16899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;Variable Rate Demand Note — 1.38%¤ | &nbsp;&nbsp;Variable Rate Demand Note — 1.38%¤ | &nbsp;&nbsp;Variable Rate Demand Note — 1.38%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water &<br> Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Power System) Series A 2.50% 7/1/50 (SPA - Royal Bank of Canada N.A.)• | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $200000 |
|  |  | &nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $216,899)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $216,899)** | &nbsp;&nbsp; **216899** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.86%<br> (cost $15,456,777)** |  | &nbsp;&nbsp;**14313733** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.14%** |  | &nbsp;&nbsp; **164861** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 1,594,566 Shares Outstanding—100.00%** |  | **$14478594** |

---

---

| | |
|:---|:---|
| <sup>°</sup> | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| <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 $2,629,855, which represents 18.16% of the Fund's net assets. |
| <sup>‡</sup> | Non-income producing security. Security is currently in default. |
| <sup>§</sup> | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>¤</sup> | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of December 31, 2022. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AMT – Subject to Alternative Minimum Tax |

---

NQ-IV051 [12/22] 2/23 (2740529) 3

------

Delaware Ivy California Municipal High Income Fund (Unaudited)

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| BAM – Insured by Build America Mutual Assurance |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| LIBOR06M – ICE LIBOR USD 6 Month |
| N.A. – National Association |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

4 NQ-IV051 [12/22] 2/23 (2740529)

## 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 California Municipal High Income Fund

- **b. EDGAR series identifier (if any):** S000055249

- **c. LEI of Series:** 549300N7FP2I4UTKN228

**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:** $14584759.14

**Total Liabilities:** $133723.51

**Net Assets:** $14451035.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00544000 | **1-Year:** 167.07963000 | **5-Year:** 1745.73095000 | **10-Year:** 8279.60768000 | **30-Year:** 1390.86630000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 439.36008000 | **10-Year:** 1478.51867000 | **30-Year:** 148.12175000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173731 | -1.85%               | 5.22%                | -0.42%               |
| Class ID C000173732 | -1.74%               | 5.33%                | -0.33%               |
| Class ID C000173730 | -1.76%               | 5.31%                | -0.34%               |
| Class ID C000173733 | -1.76%               | 5.31%                | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42698.37               | $-308276.97                                |
| Month 2  | $-156224.09              | $969671.72                                 |
| Month 3  | $-10424.06               | $-74299.08                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA ST MUNI FIN AUTH SP                             | California Municipal Finance Authority                                       | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243817.50    | 1.69%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLIAM S HART CA UNION HIGH S                             | William S Hart Union High School District                                    | CUSIP: 969281HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303231.00    | 2.10%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURRIETA CA CMNTY FACS DIST SP                             | City of Murrieta CA Community Facilities District                            | CUSIP: 62718PSA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304713.00    | 2.11%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORO GRANDE CA ELEM SCH DIST CO                             | Oro Grande Elementary School District                                        | CUSIP: 686865AV8<br>LEI: 549300C5E570MP6EW139 | Long             | DBT              | MUN               | US        |    300000 | PA      | $289851.00    | 2.01%             | 2032-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                          | CUSIP: 13058TLK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26465.00     | 0.18%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                                      | City of Sacramento CA                                                        | CUSIP: 786071LW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254312.50    | 1.76%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA ARPT REVENUE                                   | Norman Y Mineta San Jose International Airport SJC                           | CUSIP: 798136VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202122.00    | 1.40%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #28                             | City of Ontario CA Community Facilities District No 28                       | CUSIP: 68302TBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132800.20    | 0.92%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                         | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $853362.50    | 5.91%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                             | M-S-R Energy Authority                                                       | CUSIP: 55374SAH3<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $371028.00    | 2.57%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                              | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $49187.50     | 0.34%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority                       | CUSIP: 13080SEW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250132.50    | 1.73%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                          | CUSIP: 13058TFX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311078.80    | 2.15%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                                       | City of Roseville CA                                                         | CUSIP: 777870XX9<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260175.00    | 1.80%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN RIVERSIDE CA WTR & WSTWT                             | Western Riverside Water & Wastewater Financing Authority                     | CUSIP: 95942TFF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269790.00    | 1.87%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                             | Tobacco Securitization Authority of Southern California                      | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $36892.80     | 0.26%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                             | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DMC0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $217350.00    | 1.50%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH                             | California Municipal Finance Authority                                       | CUSIP: 13048DDD7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     95000 | PA      | $94330.25     | 0.65%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST SPL TAX                             | Poway Unified School District                                                | CUSIP: 738855YR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249985.00    | 1.73%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA                             | California School Finance Authority                                          | CUSIP: 13059TEF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $271089.00    | 1.88%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                             | CSCDA Community Improvement Authority                                        | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $228822.00    | 1.58%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JURUPA CA CMNTY SVCS DIST SPLT                             | Jurupa Community Services District                                           | CUSIP: 4820976T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273684.00    | 1.89%             | 2047-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                          | CUSIP: 13058TFY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $313080.90    | 2.17%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    116000 | PA      | $91157.44     | 0.63%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #28                             | City of Ontario CA Community Facilities District No 28                       | CUSIP: 68302TBF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $233378.70    | 1.61%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH                             | California Municipal Finance Authority                                       | CUSIP: 13048DCQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $263676.00    | 1.82%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                              | CUSIP: 13016NGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247045.00    | 1.71%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST                             | California Municipal Finance Authority                                       | CUSIP: 13049YBL4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $275631.00    | 1.91%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI                             | Golden State Tobacco Securitization Corp                                     | CUSIP: 38122NZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276822.50    | 1.92%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMMERSVILLE CA JT UNIF SCH DI                             | Lammersville Joint Unified School District                                   | CUSIP: 513533CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261457.50    | 1.81%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                              | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $62200.00     | 0.43%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MTGE R                             | Los Angeles Housing Authority                                                | CUSIP: 54456FBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228027.50    | 1.58%             | 2035-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                             | Los Angeles Department of Water & Power                                      | CUSIP: 544532BQ6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 1.38%             | 2050-07-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATUR                             | Southern California Public Power Authority                                   | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    295000 | PA      | $316891.95    | 2.19%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $178300.80    | 1.23%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                                  | CUSIP: 130179PL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250592.50    | 1.73%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                                       | CUSIP: 13048TG23<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473970.00    | 3.28%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA                             | California School Finance Authority                                          | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248835.00    | 1.72%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI                             | Washington Township Health Care District                                     | CUSIP: 940204DW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $243333.75    | 1.68%             | 2031-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    279000 | PA      | $50571.54     | 0.35%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA                             | Long Beach Bond Finance Authority                                            | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |    165000 | PA      | $180079.35    | 1.25%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                             | California Statewide Communities Development Authority                       | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247862.50    | 1.72%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                                       | CUSIP: 13048T5E9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256242.50    | 1.77%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULARE CA REDEV AGY SUCCESSOR                              | Tulare Redevelopment Agency Successor Agency                                 | CUSIP: 899115AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247727.50    | 1.71%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                                       | CUSIP: 13048T5T6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    425000 | PA      | $507479.75    | 3.51%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CNTY CA SPL TAX                             | County of San Bernardino CA                                                  | CUSIP: 796844QM3<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227665.00    | 1.58%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA PUBLIC FING AUTH REVE                             | Chino Public Financing Authority                                             | CUSIP: 169548DR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $202017.50    | 1.40%             | 2043-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                                  | CUSIP: 130179JF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306825.00    | 2.12%             | 2047-04-01      | Fixed         | 5.00%                 | 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        |    541627 | PA      | $453612.42    | 3.14%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T                             | Chino Community Facilities District                                          | CUSIP: 169511SS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152077.50    | 1.05%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI                             | Foothill-Eastern Transportation Corridor Agency                              | CUSIP: 345105GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $266889.00    | 1.85%             | 2053-01-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                             | California Pollution Control Financing Authority                             | CUSIP: 130536QR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $293160.00    | 2.03%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA CMNTY FACS DIST #31                             | City of Ontario CA Community Facilities District No 31                       | CUSIP: 68303JBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $136813.05    | 0.95%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    641088 | PA      | $281277.38    | 1.95%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                             | California County Tobacco Securitization Agency                              | CUSIP: 13016NJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $143249.85    | 0.99%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund                   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     54449 | NS      | $54449.24     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                             | California School Finance Authority                                          | CUSIP: 13058TGU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244975.00    | 1.70%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                             | California Municipal Finance Authority                                       | CUSIP: 13048T5G4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254615.00    | 1.76%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JURUPA CA CMNTY SVCS DIST SPLT                             | Jurupa Community Services District                                           | CUSIP: 4820976S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $185074.00    | 1.28%             | 2042-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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