# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043070
**Filing Date:** 2023-2
**Character Count:** 85375
**Document Hash:** c50bcd4c2804b68d2eada9400411a4f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043070.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043070

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 23674004

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

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

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

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

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

## Series and Classes Contracts Data

### Delaware Ivy Municipal Bond Fund (Series ID: S000006284)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017259 | Class A      | WMBAX           |
| C000017261 | Class C      | WMBCX           |
| C000081154 | Class I      | IMBIX           |
| C000193497 | Class R6     | IMBNX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Municipal Bond Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds — 97.68%** | &nbsp;&nbsp;**Municipal Bonds — 97.68%** | &nbsp;&nbsp;**Municipal Bonds — 97.68%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 11.94% | &nbsp;&nbsp;Corporate Revenue Bonds — 11.94% | &nbsp;&nbsp;Corporate Revenue Bonds — 11.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Ohio Tobacco<br> Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 3.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;6110000 | $4307366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 6/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;4010000 | &nbsp;&nbsp; 3436490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 5.00% 6/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1303920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chandler, Arizona Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intel Corporation Project)<br> 5.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2087720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance<br> Surface Transportation Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Passenger Rail Project)<br> Series B 144A 7.375% 1/1/49 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;4360000 | &nbsp;&nbsp; 3815000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II Congress<br> Center Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.375% 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 862980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II World<br> Congress Center Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel 1st Tier)<br> Series A 4.00% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1545200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority<br> Exempt Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Polyflow Indiana Project - Green Bond)<br> 144A 7.00% 3/1/39 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;2680000 | &nbsp;&nbsp; 2012305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority<br> Midwestern Disaster Area Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp; 1999680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial<br> Development Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000% 3/1/25 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp; 2946464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000% 3/1/26 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3185000 | &nbsp;&nbsp; 2851626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000% 3/1/27 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2582400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco<br> Trust V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4B 144A 0.00% 6/1/60 #, ^ | 402200000 | &nbsp;&nbsp; 13686866 |
|  |  | &nbsp;&nbsp; 43438017 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 4.71% | &nbsp;&nbsp;Education Revenue Bonds — 4.71% | &nbsp;&nbsp;Education Revenue Bonds — 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Leman Academy Of Excellence Projects)<br> Series A 4.50% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;1320000 | $1151080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U-7 5.00% 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp; 7449650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-1 5.00% 5/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp; 3542866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1021950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 2942670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1025090 |
|  |  | &nbsp;&nbsp; 17133306 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.71% | &nbsp;&nbsp;Electric Revenue Bonds — 5.71% | &nbsp;&nbsp;Electric Revenue Bonds — 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;3695000 | &nbsp;&nbsp; 3833895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric<br> Utility Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;5650000 | &nbsp;&nbsp; 5808030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1026810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modesto Irrigation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;4270000 | &nbsp;&nbsp; 4483286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omaha Public Power District<br> Nebraska City Station Unit 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1041540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp; 165375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp; 373575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 134819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp; 105669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp; 231525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TE 5.00% 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp; 3565450 |
|  |  | &nbsp;&nbsp; 20769974 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 11.41% | &nbsp;&nbsp;Healthcare Revenue Bonds — 11.41% | &nbsp;&nbsp;Healthcare Revenue Bonds — 11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Development<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 961260 |

---

NQ-IV004 [12/22] 2/23 (2741185) 1

------

Delaware Ivy Municipal Bond 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;Colorado Health Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 8/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;1015000 | $852590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton County Ohio Hospital<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 5.00% 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;6460000 | &nbsp;&nbsp; 6869564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii Department of Budget &<br> Finance Special Purpose Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 517705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial<br> Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.50% 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 3814300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NorthShore – Edward-Elmhurst Health Credit Group)<br> Series A 5.00% 8/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;3985000 | &nbsp;&nbsp; 4184170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake County Port & Economic<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 12/1/52 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp; 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial<br> Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 4852150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education<br> Facilities Finance Texas Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 6.50% 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;9865000 | &nbsp;&nbsp; 8832233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary LTC Project)<br> Series A-1 5.50% 1/1/57 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp; 2531830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic<br> Development Financing Authority First Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tapestry Moon Senior Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.50% 12/1/38 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3285000 | &nbsp;&nbsp; 1252406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 12/1/53 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;3765000 | &nbsp;&nbsp; 1435407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care<br> Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5070450 |
|  |  | &nbsp;&nbsp; 41499065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Housing Revenue Bonds — 1.17% | &nbsp;&nbsp;Housing Revenue Bonds — 1.17% | &nbsp;&nbsp;Housing Revenue Bonds — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.35% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | $2163225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing<br> Development MultiFamily Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1-B 2.05% 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp; 452218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1-B 2.15% 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp; 829592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance<br> Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 44 2.55% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp; 792388 |
|  |  | &nbsp;&nbsp; 4237423 |
| &nbsp;&nbsp;Lease Revenue Bonds — 8.39% | &nbsp;&nbsp;Lease Revenue Bonds — 8.39% | &nbsp;&nbsp;Lease Revenue Bonds — 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County School District<br> Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/46 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2147380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/47 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;2870000 | &nbsp;&nbsp; 3061946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier &<br> Exposition Authority Illinois Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 0.00% 12/15/54 (BAM) ^ | 25445000 | &nbsp;&nbsp; 5100959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 5.00% 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2626525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey State Transportation<br> Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA 4.00% 6/15/50 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;4210000 | &nbsp;&nbsp; 3702021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust<br> Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation System)<br> Series A 0.00% 12/15/39 ^ | 12890000 | &nbsp;&nbsp; 5566933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional<br> Finance Authority Building Aid Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series S-3A 5.00% 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2151860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 11/15/51 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;6425000 | &nbsp;&nbsp; 4656519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp; 1487521 |
|  |  | &nbsp;&nbsp; 30501664 |
| &nbsp;&nbsp;Local General Obligation Bonds — 5.35% | &nbsp;&nbsp;Local General Obligation Bonds — 5.35% | &nbsp;&nbsp;Local General Obligation Bonds — 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamo Community College<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5352200 |

---

2 NQ-IV004 [12/22] 2/23 (2741185)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Consolidated School<br> District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/35 (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | $531040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Golf and Equestrian Center<br> Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 6/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 1869025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/57 # | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1473960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1022090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 0.000% 8/1/31 ^ | &nbsp;&nbsp;&nbsp;&nbsp;3315000 | &nbsp;&nbsp; 2416171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 0.000% 8/1/32 ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 3483200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 0.000% 8/1/33 ^ | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 3327400 |
|  |  | &nbsp;&nbsp; 19475086 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.51% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.51% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1st Tier 0.00% 8/15/26 ^ | &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp; 1206992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports<br> Authority Dulles Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 6.50% 10/1/41-26 § | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp; 7933660 |
|  |  | &nbsp;&nbsp; 9140652 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 21.68% | &nbsp;&nbsp;Special Tax Revenue Bonds — 21.68% | &nbsp;&nbsp;Special Tax Revenue Bonds — 21.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.109% 6/15/34 ‡, • | &nbsp;&nbsp;&nbsp;&nbsp;3132110 | &nbsp;&nbsp; 2818899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> Series C 3.357% 11/1/43 •, ^ | 25841510 | &nbsp;&nbsp; 11337963 |
| &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 | 20200766 | &nbsp;&nbsp; 16918142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose<br> Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;3130000 | &nbsp;&nbsp; 3139327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional<br> Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5342400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center<br> Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2048440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5176800 |
| &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 0.000% 7/1/46 ^ | 26435000 | &nbsp;&nbsp; 6546363 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Puerto Rico Sales Tax Financing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 0.000% 7/1/51 ^ | 64384000 | $11670244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;3730000 | &nbsp;&nbsp; 3306421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp; 5234973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;2340000 | &nbsp;&nbsp; 2113792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;3080000 | &nbsp;&nbsp; 3217645 |
|  |  | &nbsp;&nbsp; 78871409 |
| &nbsp;&nbsp;State General Obligation Bonds — 2.22% | &nbsp;&nbsp;State General Obligation Bonds — 2.22% | &nbsp;&nbsp;State General Obligation Bonds — 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purpose)<br> 5.00% 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5020650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 3/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp; 3071250 |
|  |  | &nbsp;&nbsp; 8091900 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 17.22% | &nbsp;&nbsp;Transportation Revenue Bonds — 17.22% | &nbsp;&nbsp;Transportation Revenue Bonds — 17.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 0.000% 8/15/26 ^ | 15000000 | &nbsp;&nbsp; 13424700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1022330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International<br> Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/38 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp; 627185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1032490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.25% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2632950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation<br> Corridor Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien)<br> Series A 4.00% 1/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 1852120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2002560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1552095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2625000 | &nbsp;&nbsp; 2649780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1 5.00% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2534700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Florida<br> Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/44 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1341405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp; 1531503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/52 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;2445000 | &nbsp;&nbsp; 2439450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 10/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp; 1126521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 0.00% 1/1/34 ^ | 10000000 | &nbsp;&nbsp; 6380000 |

---

NQ-IV004 [12/22] 2/23 (2741185) 3

------

Delaware Ivy Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1st Tier 0.00% 1/1/30 ^ | 12000000 | $9322440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike<br> Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1027740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 6.25% 6/1/33 (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4460760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Portland Oregon Airport<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 23 5.00% 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp; 3639160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Seattle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2049840 |
|  |  | &nbsp;&nbsp; 62649729 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 5.37% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 5.37% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles California<br> Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1048390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2633150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water<br> Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series HH 5.00% 6/15/37 | 10000000 | &nbsp;&nbsp; 10425100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5416600 |
|  |  | &nbsp;&nbsp; 19523240 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $373,943,600)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $373,943,600)** | &nbsp;&nbsp;**355331465** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.57%** | &nbsp;&nbsp;**Short-Term Investments — 1.57%** | &nbsp;&nbsp;**Short-Term Investments — 1.57%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.31% | &nbsp;&nbsp;Money Market Mutual Funds — 0.31% | &nbsp;&nbsp;Money Market Mutual Funds — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 2.86%) | &nbsp;&nbsp;&nbsp;&nbsp;1123886 | &nbsp;&nbsp;&nbsp;&nbsp;1123886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1123886 |

---

---

| | |
|:---|:---|
|  | **Principal<br> amount°** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 1.26%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 1.26%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department Of<br> Water And Power Revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries B-3 0.35% 7/1/34 (SPA - Barclays Bank) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water<br> Finance Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BB 1.05% 6/15/33 (SPA - Bank of America N.A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount°** | **Value (US $)** |
| &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Of Oregon Oregon<br> Facilities Authority Refunding Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PeaceHealth) Series B 1.05% 8/1/34<br> (LOC - TD Bank N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | $3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Carolina at<br> Chapel Hill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 1.05% 2/15/31<br> (SPA - TD Bank N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp; 4600000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,723,886)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,723,886)** | &nbsp;&nbsp; **5723886** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.25%<br> (cost $379,667,486)** |  | &nbsp;&nbsp;**361055351** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.75%** |  | &nbsp;&nbsp; **2731291** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 36,574,041 Shares Outstanding—100.00%** |  | **$363786642** |

---

---

| | |
|:---|:---|
| <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 $25,869,969, which represents 7.11% of the Fund's net assets. |
| <sup>^</sup> | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| <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. See Note 8 in "Notes to financial statements." |
| • | 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. |

---

4 NQ-IV004 [12/22] 2/23 (2741185)

------

(Unaudited)

---

| | |
|:---|:---|
| <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:** |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LOC – Letter of Credit |
| N.A. – National Association |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

NQ-IV004 [12/22] 2/23 (2741185) 5

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Delaware Ivy Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000006284

- **c. LEI of Series:** SV70EC8IL03Q7KL51832

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $371142302.87

**Total Liabilities:** $6957996.67

**Net Assets:** $364184306.20

**Cash Not Reported:** $2812023.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 166.60042000 | **1-Year:** 14598.53443000 | **5-Year:** 51751.04286000 | **10-Year:** 160271.66457000 | **30-Year:** 107466.60346000

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

- **3-Month:** 0.00000000 | **1-Year:** 31.15221000 | **5-Year:** 52.02875000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000081154 | -1.58%               | 5.47%                | -0.41%               |
| Class ID C000017261 | -1.67%               | 5.38%                | -0.50%               |
| Class ID C000193497 | -1.58%               | 5.57%                | -0.51%               |
| Class ID C000017259 | -1.61%               | 5.44%                | -0.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3348900.84             | $-5022158.92                               |
| Month 2  | $-5487097.46             | $26267877.05                               |
| Month 3  | $-619634.05              | $-2422987.50                               |

### 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 ED                             | California Municipal Finance Authority                                  | CUSIP: 13049AAF0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021950.00   | 0.28%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST SEPAR                             | Omaha Public Power District Nebraska City Station Unit 2                | CUSIP: 682004FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041540.00   | 0.29%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB                             | Mida Golf and Equestrian Center Public Infrastructure District          | CUSIP: 59561BAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1473960.00   | 0.40%             | 2057-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                              | Pennsylvania Economic Development Financing Authority                   | CUSIP: 70869PLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $1435406.25   | 0.39%             | 2053-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                             | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3542866.00   | 0.97%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA                                   | Palomar Health                                                          | CUSIP: 69753RCV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3315000 | PA      | $2416170.90   | 0.66%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C                             | Fayette County School District Finance Corp                             | CUSIP: 312432Y84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3061945.60   | 0.84%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                             | Chicago O'Hare International Airport                                    | CUSIP: 167593RL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032490.00   | 0.28%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                             | Arizona Industrial Development Authority                                | CUSIP: 04052BRW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1151079.60   | 0.32%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                                        | CUSIP: 709223XA4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4460760.00   | 1.22%             | 2033-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SURFACE T                             | Florida Development Finance Corp                                        | CUSIP: 34061YAH3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4360000 | PA      | $3815000.00   | 1.05%             | 2049-01-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                              | New York City Industrial Development Agency                             | CUSIP: 64971PHC2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $2851626.05   | 0.78%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                              | New York City Industrial Development Agency                             | CUSIP: 64971PHB4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3175000 | PA      | $2946463.50   | 0.81%             | 2025-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                                       | Texas Water Development Board                                           | CUSIP: 882854Q47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5416600.00   | 1.49%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA WSTWTR SYS REVE                             | City of Los Angeles CA Wastewater System Revenue                        | CUSIP: 53945CDX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2633150.00   | 0.72%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                              | Central Texas Turnpike System                                           | CUSIP: 88283KAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022330.00   | 0.28%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST MUNI ELEC AGY PWR                              | Illinois Municipal Electric Agency                                      | CUSIP: 452024JA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3833895.05   | 1.05%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                              | New Jersey Transportation Trust Fund Authority                          | CUSIP: 646136WU1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  12890000 | PA      | $5566933.20   | 1.53%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $5234972.50   | 1.44%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS                             | New York Counties Tobacco Trust V                                       | CUSIP: 649441AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        | 402200000 | PA      | $13686866.00  | 3.76%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA                                   | Palomar Health                                                          | CUSIP: 69753RCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3483200.00   | 0.96%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE                             | County of Miami-Dade FL Aviation Revenue                                | CUSIP: 59333P4C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1341405.00   | 0.37%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                             | Utah Charter School Finance Authority                                   | CUSIP: 91754TSA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025090.00   | 0.28%             | 2037-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                              | Michigan State Building Authority                                       | CUSIP: 594615BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2626525.00   | 0.72%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                             | New York Liberty Development Corp                                       | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6425000 | PA      | $4656518.75   | 1.28%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE                                | Oregon State Facilities Authority                                       | CUSIP: 68608JXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.82%             | 2034-08-01      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH EXEMPT FAC                             | Indiana Finance Authority                                               | CUSIP: 45470DAA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2012304.80   | 0.55%             | 2039-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN MI CONSOL SCH DIST                                 | Lincoln Consolidated School District                                    | CUSIP: 533883NC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531040.00    | 0.15%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                              | Illinois State Toll Highway Authority                                   | CUSIP: 452252HF9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002560.00   | 0.55%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TURNPIKE AUTH CENTRLT                             | Central Texas Turnpike System                                           | CUSIP: 882762FE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13424700.00  | 3.69%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER                              | New York Convention Center Development Corp                             | CUSIP: 649451DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048440.00   | 0.56%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2113792.20   | 0.58%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                              | Metropolitan Pier & Exposition Authority                                | CUSIP: 592250DB7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  25445000 | PA      | $5100959.15   | 1.40%             | 2054-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                             | Port of Portland OR Airport Revenue                                     | CUSIP: 735240J46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3639160.00   | 1.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64971XAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5342400.00   | 1.47%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                              | New York City Housing Development Corp                                  | CUSIP: 64972ENT2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    520000 | PA      | $452218.00    | 0.12%             | 2031-11-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                | State of Illinois                                                       | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071250.00   | 0.84%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                             | Maricopa County Industrial Development Authority                        | CUSIP: 56682HCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4852150.00   | 1.33%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    315000 | PA      | $231525.00    | 0.06%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                              | Metropolitan Transportation Authority                                   | CUSIP: 59259Y5X3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2534700.00   | 0.70%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR                             | George L Smith II Congress Center Authority                             | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862980.00    | 0.24%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MIDA GOLF & EQUESTRIAN CTR PUB                             | Mida Golf and Equestrian Center Public Infrastructure District          | CUSIP: 59561BAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1869025.00   | 0.51%             | 2051-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HOSP FACS REV                             | County of Hamilton OH                                                   | CUSIP: 407272W25<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   6460000 | PA      | $6869564.00   | 1.89%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKHAVEN DEV AUTH GA                                     | Brookhaven Development Authority                                        | CUSIP: 113073AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961260.00    | 0.26%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMO TX CMNTY CLG DIST                                    | Alamo Community College District                                        | CUSIP: 011415RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5352200.00   | 1.47%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI RETMNT SYS FUNDING                              | City of Detroit MI                                                      | CUSIP: 251228AC6<br>LEI: 549300BQRJP7MKKHOY28 | Long             | ABS-O            | CORP              | US        |   3132110 | PA      | $2818898.96   | 0.77%             | 2034-06-15      | Floating      | 5.11%                 | 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        |  26435000 | PA      | $6546363.40   | 1.80%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT                             | California Educational Facilities Authority                             | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7449650.00   | 2.05%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    145000 | PA      | $105668.75    | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY                              | Missouri Joint Municipal Electric Utility Commission                    | CUSIP: 606092KB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026810.00   | 0.28%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                              | North Carolina Housing Finance Agency                                   | CUSIP: 658207ZT5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    930000 | PA      | $792387.90    | 0.22%             | 2035-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                              | Metropolitan Transportation Authority                                   | CUSIP: 59259Y2G3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2649780.00   | 0.73%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU                             | Utility Debt Securitization Authority                                   | CUSIP: 91802RAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3565450.00   | 0.98%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                              | State of California                                                     | CUSIP: 13063B3W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5020650.00   | 1.38%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                             | Washington Health Care Facilities Authority                             | CUSIP: 93978HKN4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5070450.00   | 1.39%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    185000 | PA      | $134818.75    | 0.04%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI                             | Foothill-Eastern Transportation Corridor Agency                         | CUSIP: 345105JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1852120.00   | 0.51%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                          | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4010000 | PA      | $3436489.80   | 0.94%             | 2048-06-01      | 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        |   1123886 | NS      | $1123885.79   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    225000 | PA      | $165375.00    | 0.05%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO COPS                                | Regional Transportation District                                        | CUSIP: 75913TJT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1487521.00   | 0.41%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TURNPIKE AUTH CENTRLT                             | Central Texas Turnpike System                                           | CUSIP: 882762FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1206991.60   | 0.33%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                              | Pennsylvania Economic Development Financing Authority                   | CUSIP: 70869PLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3285000 | PA      | $1252406.25   | 0.34%             | 2038-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                             | Chicago O'Hare International Airport                                    | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $627185.35    | 0.17%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                             | Nebraska Investment Finance Authority                                   | CUSIP: 63968MVW6<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2163225.00   | 0.59%             | 2035-09-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                | City of New York NY                                                     | CUSIP: 64966LEC1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022090.00   | 0.28%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY                              | Missouri Joint Municipal Electric Utility Commission                    | CUSIP: 606092KA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $5808030.50   | 1.59%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                              | Illinois State Toll Highway Authority                                   | CUSIP: 452252LD9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552095.00   | 0.43%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                              | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CAY4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4210000 | PA      | $3702021.40   | 1.02%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                             | New Hope Cultural Education Facilities Finance Corp                     | CUSIP: 64542PGD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9865000 | PA      | $8832233.15   | 2.43%             | 2031-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                              | New York City Municipal Water Finance Authority                         | CUSIP: 64972FPP5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.11%             | 2033-06-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA WSTWTR SYS REVE                             | City of Los Angeles CA Wastewater System Revenue                        | CUSIP: 53945CCP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048390.00   | 0.29%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                             | Colorado Health Facilities Authority                                    | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $852589.85    | 0.23%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                               | Illinois Finance Authority                                              | CUSIP: 45204FQC2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $4184170.30   | 1.15%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL                              | New York City Transitional Finance Authority Building Aid Revenue       | CUSIP: 64972HY97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2151860.00   | 0.59%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                             | Clifton Higher Education Finance Corp                                   | CUSIP: 187145CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2942670.00   | 0.81%             | 2034-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY OH PORT & ECON DEV A                             | Lake County Port & Economic Development Authority                       | CUSIP: 50944TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $325000.00    | 0.09%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY                              | New York City Industrial Development Agency                             | CUSIP: 64971PHD0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2582400.00   | 0.71%             | 2027-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                          | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6110000 | PA      | $4307366.70   | 1.18%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  64384000 | PA      | $11670243.84  | 3.20%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN AUTH IL                                     | Regional Transportation Authority                                       | CUSIP: 759911TL4<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   3080000 | PA      | $3217645.20   | 0.88%             | 2024-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA                             | Iowa Finance Authority                                                  | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $1999680.20   | 0.55%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                             | New Hope Cultural Education Facilities Finance Corp                     | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2531830.00   | 0.70%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR                              | Los Angeles Department of Water & Power                                 | CUSIP: 544495DH4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2034-07-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                             | Pennsylvania Turnpike Commission                                        | CUSIP: 709224LX5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027740.00   | 0.28%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                             | Chandler Industrial Development Authority                               | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087720.00   | 0.57%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C                             | Fayette County School District Finance Corp                             | CUSIP: 312432Y92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147380.00   | 0.59%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NORTH CAROLINA NC HOSP                             | University of North Carolina at Chapel Hill                             | CUSIP: 91471FAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.27%             | 2031-02-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                         | Commonwealth of Puerto Rico                                             | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  25841510 | PA      | $11337962.66  | 3.11%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT                             | North Carolina Turnpike Authority                                       | CUSIP: 65830RAQ2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $6380000.00   | 1.75%             | 2034-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                 | Port of Seattle WA                                                      | CUSIP: 735389VT2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049840.00   | 0.56%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN                             | State of Hawaii Department of Budget & Finance                          | CUSIP: 419800LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517705.00    | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                              | New York City Housing Development Corp                                  | CUSIP: 64972ENV7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    970000 | PA      | $829592.50    | 0.23%             | 2032-11-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN                              | New York City Municipal Water Finance Authority                         | CUSIP: 64972GHZ0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10425100.00  | 2.86%             | 2037-06-15      | 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        |  20200766 | PA      | $16918141.63  | 4.65%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE                                | County of Monroe FL Airport Revenue                                     | CUSIP: 610466AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2439449.85   | 0.67%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                             | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                  | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3730000 | PA      | $3306421.20   | 0.91%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                              | Buckeye Tobacco Settlement Financing Authority                          | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1303920.00   | 0.36%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO                             | New York State Dormitory Authority                                      | CUSIP: 64990FTW4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176800.00   | 1.42%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR                              | Puerto Rico Electric Power Authority                                    | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    510000 | PA      | $373575.00    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL INDL DEVA                             | Hillsborough County Industrial Development Authority                    | CUSIP: 43233AFE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3814300.00   | 1.05%             | 2055-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PALOMAR POMERADO HLTH CA                                   | Palomar Health                                                          | CUSIP: 69753RCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3327400.00   | 0.91%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                             | Chicago O'Hare International Airport                                    | CUSIP: 167593WP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2632950.00   | 0.72%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MODESTO CA IRR DIST FING AUTH                              | Modesto Irrigation District                                             | CUSIP: 607767AW0<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   4270000 | PA      | $4483286.50   | 1.23%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                                  | North Texas Tollway Authority                                           | CUSIP: 66285WBV7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9322440.00   | 2.56%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE                                | County of Monroe FL Airport Revenue                                     | CUSIP: 610466AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1531503.05   | 0.42%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR                             | George L Smith II Congress Center Authority                             | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1545200.00   | 0.42%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                             | Metropolitan Washington Airports Authority Dulles Toll Road Revenue     | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7933660.00   | 2.18%             | 2041-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE                                | County of Monroe FL Airport Revenue                                     | CUSIP: 610466AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1126521.00   | 0.31%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU                             | Matching Fund Special Purpose Securitization Corp                       | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3139327.40   | 0.86%             | 2039-10-01      | Fixed         | 5.00%                 | 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