# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043084
**Filing Date:** 2023-2
**Character Count:** 32510
**Document Hash:** bf4b501d19908f5a72f6538394bf8ffe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043084.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043084

**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:** 23674019

**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 Value Fund (Series ID: S000024832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073908 | Class A      | IYVAX           |
| C000073910 | Class C      | IYVCX           |
| C000073912 | Class I      | IYAIX           |
| C000073913 | Class Y      | IYVYX           |
| C000122160 | Class R      | IYVLX           |
| C000146692 | Class R6     | IVALX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Value Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.75%** | &nbsp;&nbsp;**Common Stocks — 98.75%** | &nbsp;&nbsp;**Common Stocks — 98.75%** |
| &nbsp;&nbsp;Communication Services — 7.57% | &nbsp;&nbsp;Communication Services — 7.57% | &nbsp;&nbsp;Communication Services — 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 1197500 | $22045975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Global Class C \*, † | 1667103 | &nbsp;&nbsp; 32391811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A † | &nbsp;&nbsp;&nbsp;&nbsp;252600 | &nbsp;&nbsp; 30397884 |
|  |  | &nbsp;&nbsp; 84835670 |
| &nbsp;&nbsp;Consumer Discretionary — 7.60% | &nbsp;&nbsp;Consumer Discretionary — 7.60% | &nbsp;&nbsp;Consumer Discretionary — 7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;&nbsp;324900 | &nbsp;&nbsp; 15166332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;11440 | &nbsp;&nbsp; 28213099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's | &nbsp;&nbsp;&nbsp;&nbsp;89900 | &nbsp;&nbsp; 17911676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target | &nbsp;&nbsp;&nbsp;&nbsp;160359 | &nbsp;&nbsp; 23899906 |
|  |  | &nbsp;&nbsp; 85191013 |
| &nbsp;&nbsp;Consumer Staples — 7.01% | &nbsp;&nbsp;Consumer Staples — 7.01% | &nbsp;&nbsp;Consumer Staples — 7.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International | &nbsp;&nbsp;&nbsp;&nbsp;413670 | &nbsp;&nbsp; 41867541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart | &nbsp;&nbsp;&nbsp;&nbsp;258678 | &nbsp;&nbsp; 36677953 |
|  |  | &nbsp;&nbsp; 78545494 |
| &nbsp;&nbsp;Energy — 8.37% | &nbsp;&nbsp;Energy — 8.37% | &nbsp;&nbsp;Energy — 8.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil | &nbsp;&nbsp;&nbsp;&nbsp;540800 | &nbsp;&nbsp; 59650240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum | &nbsp;&nbsp;&nbsp;&nbsp;292929 | &nbsp;&nbsp; 34094006 |
|  |  | &nbsp;&nbsp; 93744246 |
| &nbsp;&nbsp;Financials — 19.15% | &nbsp;&nbsp;Financials — 19.15% | &nbsp;&nbsp;Financials — 19.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment | 3588224 | &nbsp;&nbsp; 37138119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;258800 | &nbsp;&nbsp; 35093280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial | &nbsp;&nbsp;&nbsp;&nbsp;90973 | &nbsp;&nbsp; 28326263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America | 1218400 | &nbsp;&nbsp; 40353408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial ~ | &nbsp;&nbsp;&nbsp;&nbsp;115522 | &nbsp;&nbsp; 10738925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;95200 | &nbsp;&nbsp; 9313416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;633085 | &nbsp;&nbsp; 20803173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;792504 | &nbsp;&nbsp; 32722490 |
|  |  | &nbsp;&nbsp; 214489074 |
| &nbsp;&nbsp;Healthcare — 16.40% | &nbsp;&nbsp;Healthcare — 16.40% | &nbsp;&nbsp;Healthcare — 16.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health | &nbsp;&nbsp;&nbsp;&nbsp;369181 | &nbsp;&nbsp; 34403977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health | &nbsp;&nbsp;&nbsp;&nbsp;67755 | &nbsp;&nbsp; 34756282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;123429 | &nbsp;&nbsp; 29618023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson | &nbsp;&nbsp;&nbsp;&nbsp;85926 | &nbsp;&nbsp; 32232561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;39707 | &nbsp;&nbsp; 28648204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;83293 | &nbsp;&nbsp; 24053353 |
|  |  | &nbsp;&nbsp; 183712400 |
| &nbsp;&nbsp;Industrials — 10.05% | &nbsp;&nbsp;Industrials — 10.05% | &nbsp;&nbsp;Industrials — 10.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp; 27438036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern | &nbsp;&nbsp;&nbsp;&nbsp;131463 | &nbsp;&nbsp; 32395113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;64200 | &nbsp;&nbsp; 18682200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies | &nbsp;&nbsp;&nbsp;&nbsp;337200 | &nbsp;&nbsp; 34030224 |
|  |  | &nbsp;&nbsp; 112545573 |
| &nbsp;&nbsp;Information Technology — 8.02% | &nbsp;&nbsp;Information Technology — 8.02% | &nbsp;&nbsp;Information Technology — 8.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;60674 | &nbsp;&nbsp; 33924654 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services | &nbsp;&nbsp;&nbsp;&nbsp;158737 | $10770305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;108218 | &nbsp;&nbsp; 17101690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings \* | &nbsp;&nbsp;&nbsp;&nbsp;533044 | &nbsp;&nbsp; 28043445 |
|  |  | &nbsp;&nbsp; 89840094 |
| &nbsp;&nbsp;Materials — 4.98% | &nbsp;&nbsp;Materials — 4.98% | &nbsp;&nbsp;Materials — 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese | &nbsp;&nbsp;&nbsp;&nbsp;264900 | &nbsp;&nbsp; 27083376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries Class A | &nbsp;&nbsp;&nbsp;&nbsp;345800 | &nbsp;&nbsp; 28711774 |
|  |  | &nbsp;&nbsp; 55795150 |
| &nbsp;&nbsp;Real Estate — 2.17% | &nbsp;&nbsp;Real Estate — 2.17% | &nbsp;&nbsp;Real Estate — 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;315700 | &nbsp;&nbsp; 24296272 |
|  |  | &nbsp;&nbsp; 24296272 |
| &nbsp;&nbsp;REIT Diversified — 2.11% | &nbsp;&nbsp;REIT Diversified — 2.11% | &nbsp;&nbsp;REIT Diversified — 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | &nbsp;&nbsp;&nbsp;&nbsp;762500 | &nbsp;&nbsp; 23637500 |
|  |  | &nbsp;&nbsp; 23637500 |
| &nbsp;&nbsp;Utilities — 5.32% | &nbsp;&nbsp;Utilities — 5.32% | &nbsp;&nbsp;Utilities — 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power | &nbsp;&nbsp;&nbsp;&nbsp;320300 | &nbsp;&nbsp; 30412485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon | &nbsp;&nbsp;&nbsp;&nbsp;674000 | &nbsp;&nbsp; 29137020 |
|  |  | &nbsp;&nbsp; 59549505 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $937,764,479)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $937,764,479)** | &nbsp;&nbsp; **1106181991** |
| &nbsp;&nbsp;**Short-Term Investments — 1.11%** | &nbsp;&nbsp;**Short-Term Investments — 1.11%** | &nbsp;&nbsp;**Short-Term Investments — 1.11%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.11% | &nbsp;&nbsp;Money Market Mutual Funds — 1.11% | &nbsp;&nbsp;Money Market Mutual Funds — 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3107895 | &nbsp;&nbsp; 3107895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 3107896 | &nbsp;&nbsp; 3107896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 3107896 | &nbsp;&nbsp; 3107896 |

---

NQ-IV066 [12/22] 2/23 (2747693) 1

------

Delaware Ivy Value Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 3107896 | &nbsp;&nbsp;$3107896 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $12,431,583)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $12,431,583)** | &nbsp;&nbsp;&nbsp;&nbsp; **12431583** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—99.86%<br> (cost $950,196,062)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—99.86%<br> (cost $950,196,062)** | &nbsp;&nbsp; **1,118,613,574■** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Written — (0.01%)** | &nbsp;&nbsp;**Options Written — (0.01%)** | &nbsp;&nbsp;**Options Written — (0.01%)** |
| &nbsp;&nbsp;Equity Call Options — (0.01%) | &nbsp;&nbsp;Equity Call Options — (0.01%) | &nbsp;&nbsp;Equity Call Options — (0.01%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, strike price $2,500, expiration date 1/20/23, notional amount $(4000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, strike price $43, expiration date 2/17/23, notional amount $(5276100) | &nbsp;&nbsp;&nbsp;&nbsp;(1227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin, strike price $350, expiration date 2/17/23, notional amount $(4900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7000) |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** | **Value (US $)** |
| &nbsp;&nbsp;**Options Written (continued)** | &nbsp;&nbsp;**Options Written (continued)** | &nbsp;&nbsp;**Options Written (continued)** |
| &nbsp;&nbsp;Equity Call Options (continued) | &nbsp;&nbsp;Equity Call Options (continued) | &nbsp;&nbsp;Equity Call Options (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., strike price $55, expiration date 1/20/23, notional amount $(5423000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(986) | $(986) |
| &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $338,886)** | &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $338,886)** | &nbsp;&nbsp; **(83081)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.15%** |  | &nbsp;&nbsp; **1715723** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 52,154,653 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$1120246216** |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | Fully or partially on loan. |
| <sup>†</sup> | Non-income producing security. |
| <sup>~</sup> | Fully or partially pledged as collateral for options contracts. |
| ■ | Includes $12,814,610 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $13,194,838. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| REIT – Real Estate Investment Trust |

---

2 NQ-IV066 [12/22] 2/23 (2747693)

## 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 Value Fund

- **b. EDGAR series identifier (if any):** S000024832

- **c. LEI of Series:** ZZZWS8Y6XVKM0Q9RJQ79

**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:** $1122073182.67

**Total Liabilities:** $2482924.26

**Net Assets:** $1119590258.41

**Cash Not Reported:** $2176.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073908 | 9.55%                | 6.39%                | -3.54%               |
| Class ID C000146692 | 9.62%                | 6.40%                | -3.55%               |
| Class ID C000122160 | 9.54%                | 6.37%                | -3.61%               |
| Class ID C000073910 | 9.49%                | 6.34%                | -3.62%               |
| Class ID C000073912 | 9.63%                | 6.39%                | -3.52%               |
| Class ID C000073913 | 9.57%                | 6.36%                | -3.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9708834.83              | $94601988.62                               |
| Month 2  | $9482885.32              | $60138558.23                               |
| Month 3  | $5628411.19              | $-50032093.22                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Weyerhaeuser Co                                | Weyerhaeuser Co                                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    762500 | NS      | $23637500.00  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                       | Ameriprise Financial Inc                       | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     90973 | NS      | $28326263.01  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                    | Exelon Corp                                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    674000 | NS      | $29137020.00  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                        | Marathon Petroleum Corp                        | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    292929 | NS      | $34094006.31  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                           | Parker-Hannifin Corp                           | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     64200 | NS      | $18682200.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                 | American Electric Power Co Inc                 | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    320300 | NS      | $30412485.00  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                                  | Celanese Corp                                  | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |    264900 | NS      | $27083376.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                  | Regeneron Pharmaceuticals Inc                  | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     39707 | NS      | $28648203.43  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    258800 | NS      | $35093280.00  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                           | Bank of America Corp                           | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   1218400 | NS      | $40353408.00  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     11440 | NS      | $28213099.20  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                            | Elevance Health Inc                            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     67755 | NS      | $34756282.35  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                 | CBRE Group Inc                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    315700 | NS      | $24296272.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STOCK EXCHANGE                        | BANK OF AMERICA CORP                           | CUSIP: 000000000<br>LEI: 549300HIIRNTNKXV3M12 | N/A              | DE               | CORP              | US        |     -1227 | NC      | $-4294.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                    | Target Corp                                    | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |    160359 | NS      | $23899905.36  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors NV                          | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |    108218 | NS      | $17101690.54  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                     | Capital One Financial Corp                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    115522 | NS      | $10738925.12  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart Inc                                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    258678 | NS      | $36677953.62  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co                               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    792504 | NS      | $32722490.16  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STOCK EXCHANGE                        | PARKER-HANNIFIN CORP                           | CUSIP: 000000000<br>LEI: 549300HIIRNTNKXV3M12 | N/A              | DE               | CORP              | US        |      -140 | NC      | $-7000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms Inc                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    252600 | NS      | $30397884.00  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     60674 | NS      | $33924653.62  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In                 | Philip Morris International Inc                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    413670 | NS      | $41867540.70  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STOCK EXCHANGE                        | WELLS FARGO & CO                               | CUSIP: 000000000<br>LEI: 549300HIIRNTNKXV3M12 | N/A              | DE               | CORP              | US        |      -986 | NC      | $-986.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STOCK EXCHANGE                        | AUTOZONE INC                                   | CUSIP: 000000000<br>LEI: 549300HIIRNTNKXV3M12 | N/A              | DE               | CORP              | US        |       -16 | NC      | $-70800.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                            | Synchrony Financial                            | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    633085 | NS      | $20803173.10  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                           | Lockheed Martin Corp                           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     56400 | NS      | $27438036.00  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    533044 | NS      | $28043444.84  | 2.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Vertex Pharmaceuticals Inc                     | Vertex Pharmaceuticals Inc                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     83293 | NS      | $24053352.54  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                       | APA Corp                                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    324900 | NS      | $15166332.00  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3107896 | NS      | $3107895.78   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information                  | Fidelity National Information Services Inc     | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    158737 | NS      | $10770305.45  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                          | Norfolk Southern Corp                          | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |    131463 | NS      | $32395112.46  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3107896 | NS      | $3107895.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3107896 | NS      | $3107895.78   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                 | Lowe's Cos Inc                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     89900 | NS      | $17911676.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                               | Exxon Mobil Corp                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    540800 | NS      | $59650240.00  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                    | Discover Financial Services                    | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     95200 | NS      | $9313416.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    369181 | NS      | $34403977.39  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   3107896 | NS      | $3107895.77   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                   | LyondellBasell Industries NV                   | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |    345800 | NS      | $28711774.00  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                  | McKesson Corp                                  | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     85926 | NS      | $32232561.12  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global PLC                             | Liberty Global PLC                             | CUSIP: 000000000<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |   1667103 | NS      | $32391811.29  | 2.89%             |  |  |  | No            |                  1 | On Loan: —       |
| AGNC Investment Corp                           | AGNC Investment Corp                           | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |   3588224 | NS      | $37138118.40  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   1197500 | NS      | $22045975.00  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare Inc                             | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    123429 | NS      | $29618022.84  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp                     | Raytheon Technologies Corp                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    337200 | NS      | $34030224.00  | 3.04%             |  |  |  | No            |                  1 | 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