# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043061
**Filing Date:** 2023-2
**Character Count:** 28106
**Document Hash:** 8b6b038959aeb58f1f8f754b128e90b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043061.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043061

**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:** 23673994

**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 Real Estate Securities Fund (Series ID: S000024830)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073895 | Class Y      | IRSYX           |
| C000073896 | Class A      | IRSAX           |
| C000073898 | Class C      | IRSCX           |
| C000073900 | Class I      | IREIX           |
| C000073901 | Class R      | IRSRX           |
| C000146690 | Class R6     | IRSEX           |

## Nport-Ex

## Schedule of investments
Delaware Real Estate Securities Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.50%** | &nbsp;&nbsp;**Common Stocks — 98.50%** | &nbsp;&nbsp;**Common Stocks — 98.50%** |
| &nbsp;&nbsp;Real Estate — 3.32% | &nbsp;&nbsp;Real Estate — 3.32% | &nbsp;&nbsp;Real Estate — 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust | 132621 | $3754501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities | &nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp; 887307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts | 68454 | &nbsp;&nbsp; 902224 |
|  |  | &nbsp;&nbsp; 5544032 |
| &nbsp;&nbsp;REIT Healthcare — 9.18% | &nbsp;&nbsp;REIT Healthcare — 9.18% | &nbsp;&nbsp;REIT Healthcare — 9.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | 220644 | &nbsp;&nbsp; 5531545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 149540 | &nbsp;&nbsp; 9802347 |
|  |  | &nbsp;&nbsp; 15333892 |
| &nbsp;&nbsp;REIT Hotel — 2.07% | &nbsp;&nbsp;REIT Hotel — 2.07% | &nbsp;&nbsp;REIT Hotel — 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT | 108738 | &nbsp;&nbsp; 1715886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 21284 | &nbsp;&nbsp; 1740605 |
|  |  | &nbsp;&nbsp; 3456491 |
| &nbsp;&nbsp;REIT Industrial — 12.56% | &nbsp;&nbsp;REIT Industrial — 12.56% | &nbsp;&nbsp;REIT Industrial — 12.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 54989 | &nbsp;&nbsp; 2653769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 127906 | &nbsp;&nbsp; 14418843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 63007 | &nbsp;&nbsp; 3442703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Industrial Income REIT | 27259 | &nbsp;&nbsp; 456800 |
|  |  | &nbsp;&nbsp; 20972115 |
| &nbsp;&nbsp;REIT Information Technology — 11.75% | &nbsp;&nbsp;REIT Information Technology — 11.75% | &nbsp;&nbsp;REIT Information Technology — 11.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp; 1665008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | 78170 | &nbsp;&nbsp; 7838106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 13672 | &nbsp;&nbsp; 8955570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications | &nbsp;&nbsp;&nbsp;&nbsp;4159 | &nbsp;&nbsp; 1165809 |
|  |  | &nbsp;&nbsp; 19624493 |
| &nbsp;&nbsp;REIT Mall — 2.66% | &nbsp;&nbsp;REIT Mall — 2.66% | &nbsp;&nbsp;REIT Mall — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 37834 | &nbsp;&nbsp; 4444738 |
|  |  | &nbsp;&nbsp; 4444738 |
| &nbsp;&nbsp;REIT Manufactured Housing — 5.10% | &nbsp;&nbsp;REIT Manufactured Housing — 5.10% | &nbsp;&nbsp;REIT Manufactured Housing — 5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties | 50815 | &nbsp;&nbsp; 3282649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities | 36583 | &nbsp;&nbsp; 5231369 |
|  |  | &nbsp;&nbsp; 8514018 |
| &nbsp;&nbsp;REIT Multifamily — 10.77% | &nbsp;&nbsp;REIT Multifamily — 10.77% | &nbsp;&nbsp;REIT Multifamily — 10.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 106899 | &nbsp;&nbsp; 6307041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | 21994 | &nbsp;&nbsp; 4660969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust | 92726 | &nbsp;&nbsp; 1563360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR | 140848 | &nbsp;&nbsp; 5455043 |
|  |  | &nbsp;&nbsp; 17986413 |
| &nbsp;&nbsp;REIT Office — 6.61% | &nbsp;&nbsp;REIT Office — 6.61% | &nbsp;&nbsp;REIT Office — 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities | 55155 | &nbsp;&nbsp; 8034429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties | 44597 | &nbsp;&nbsp; 3013865 |
|  |  | &nbsp;&nbsp; 11048294 |
| &nbsp;&nbsp;REIT Self-Storage — 9.95% | &nbsp;&nbsp;REIT Self-Storage — 9.95% | &nbsp;&nbsp;REIT Self-Storage — 9.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | 42111 | &nbsp;&nbsp; 6197897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 37211 | &nbsp;&nbsp; 10426150 |
|  |  | &nbsp;&nbsp; 16624047 |
| &nbsp;&nbsp;REIT Shopping Center — 7.16% | &nbsp;&nbsp;REIT Shopping Center — 7.16% | &nbsp;&nbsp;REIT Shopping Center — 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 23223 | &nbsp;&nbsp; 2346452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty | 210571 | &nbsp;&nbsp; 4459894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 161331 | &nbsp;&nbsp; 3396017 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;REIT Shopping Center (continued) | &nbsp;&nbsp;REIT Shopping Center (continued) | &nbsp;&nbsp;REIT Shopping Center (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 95734 | $1754804 |
|  |  | &nbsp;&nbsp; 11957167 |
| &nbsp;&nbsp;REIT Single Family — 3.35% | &nbsp;&nbsp;REIT Single Family — 3.35% | &nbsp;&nbsp;REIT Single Family — 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 110844 | &nbsp;&nbsp; 3340838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 76138 | &nbsp;&nbsp; 2256731 |
|  |  | &nbsp;&nbsp; 5597569 |
| &nbsp;&nbsp;REIT Single Tenant — 13.66% | &nbsp;&nbsp;REIT Single Tenant — 13.66% | &nbsp;&nbsp;REIT Single Tenant — 13.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 49161 | &nbsp;&nbsp; 3486990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 130806 | &nbsp;&nbsp; 8297024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Realty Capital | 52324 | &nbsp;&nbsp; 2089297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 276187 | &nbsp;&nbsp; 8948459 |
|  |  | &nbsp;&nbsp; 22821770 |
| &nbsp;&nbsp;Telecommunication Services — 0.36% | &nbsp;&nbsp;Telecommunication Services — 0.36% | &nbsp;&nbsp;Telecommunication Services — 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | 54171 | &nbsp;&nbsp; 592631 |
|  |  | &nbsp;&nbsp; 592631 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $114,594,708)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $114,594,708)** | &nbsp;&nbsp;**164517670** |
| &nbsp;&nbsp;**Short-Term Investments — 1.26%** | &nbsp;&nbsp;**Short-Term Investments — 1.26%** | &nbsp;&nbsp;**Short-Term Investments — 1.26%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.26% | &nbsp;&nbsp;Money Market Mutual Funds — 1.26% | &nbsp;&nbsp;Money Market Mutual Funds — 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 527749 | &nbsp;&nbsp; 527749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 527749 | &nbsp;&nbsp; 527749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 527750 | &nbsp;&nbsp; 527750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 527749 | &nbsp;&nbsp; 527749 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,110,997)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,110,997)** | &nbsp;&nbsp; **2110997** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.76%<br> (cost $116,705,705)** |  | &nbsp;&nbsp;**166628667** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.24%** |  | &nbsp;&nbsp; **403105** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 10,278,540 Shares Outstanding—100.00%** |  | **$167031772** |

---

NQ-IV063 [12/22] 2/23 (2747697) 1

------

Delaware Real Estate Securities Fund (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM CAD | (168529) | USD | 124239 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(231) |

---

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

---

| |
|:---|
| **Summary of abbreviations:** |
| BNYM – Bank of New York Mellon |
| REIT – Real Estate Investment Trust |

---

---

| |
|:---|
| **Summary of currencies:** |
| CAD – Canadian Dollar |
| USD – US Dollar |

---

2 NQ-IV063 [12/22] 2/23 (2747697)

## 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 Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000024830

- **c. LEI of Series:** TLZV3CL2IEHXP4P6V227

**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:** $167714478.69

**Total Liabilities:** $624430.43

**Net Assets:** $167090048.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146690 | 3.16%                | 6.50%                | -5.20%               |
| Class ID C000073901 | 3.12%                | 6.48%                | -5.28%               |
| Class ID C000073896 | 3.16%                | 6.46%                | -5.21%               |
| Class ID C000073895 | 3.15%                | 6.44%                | -5.23%               |
| Class ID C000073898 | 3.08%                | 6.43%                | -5.30%               |
| Class ID C000073900 | 3.17%                | 6.52%                | -5.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-438378.83              | $7683387.54                                |
| Month 2  | $1646901.58              | $10414148.86                               |
| Month 3  | $902771.05               | $-11361562.35                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mid-America Apartment Communit                 | Mid-America Apartment Communities Inc          | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      5652 | NS      | $887307.48    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    127906 | NS      | $14418843.38  | 8.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                      | Spirit Realty Capital Inc                      | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     52324 | NS      | $2089297.32   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                  | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     63007 | NS      | $3442702.48   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                          | Boston Properties Inc                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     44597 | NS      | $3013865.26   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                  | Independence Realty Trust Inc                  | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     92726 | NS      | $1563360.36   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                              | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49161 | NS      | $3486989.73   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus                 | Federal Realty Investment Trust                | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23223 | NS      | $2346451.92   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     21994 | NS      | $4660968.48   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I                 | Ryman Hospitality Properties Inc               | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     21284 | NS      | $1740605.52   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                            | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    276187 | NS      | $8948458.80   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                              | Kimco Realty Corp                              | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |    210571 | NS      | $4459893.78   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     36583 | NS      | $5231369.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                 | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     55155 | NS      | $8034428.85   | 4.81%             |  |  |  | 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        |    527749 | NS      | $527749.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                 | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     95734 | NS      | $1754804.22   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                        | SBA Communications Corp                        | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      4159 | NS      | $1165809.29   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    527749 | NS      | $527749.17    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                        | DigitalBridge Group Inc                        | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     54171 | NS      | $592630.74    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                  | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    149540 | NS      | $9802347.00   | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    130806 | NS      | $8297024.58   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                        | UDR Inc                                        | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    140848 | NS      | $5455043.04   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    527749 | NS      | $527749.17    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54989 | NS      | $2653769.14   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                     | Apple Hospitality REIT Inc                     | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    108738 | NS      | $1715885.64   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42111 | NS      | $6197896.98   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent                          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    110844 | NS      | $3340838.16   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     37834 | NS      | $4444738.32   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In                 | Equity LifeStyle Properties Inc                | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     50815 | NS      | $3282649.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     78170 | NS      | $7838105.90   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7859 | NS      | $1665007.74   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Industrial Income REIT                  | Summit Industrial Income REIT                  | CUSIP: 866120116<br>LEI: 2549002JNRHTJ9H0MR86 | Long             | EC               | CORP              | CA        |     30274 | NS      | $507324.27    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    106899 | NS      | $6307041.00   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                           | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76138 | NS      | $2256730.32   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                 | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     37211 | NS      | $10426150.09  | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     13672 | NS      | $8955570.16   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                      | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    220644 | NS      | $5531545.08   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                     | Americold Realty Trust Inc                     | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    132621 | NS      | $3754500.51   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                     | Xenia Hotels & Resorts Inc                     | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     68454 | NS      | $902223.72    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                        | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    161331 | NS      | $3396017.55   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    527749 | NS      | $527749.17    | 0.32%             |  |  |  | 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