# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043124
**Filing Date:** 2023-2
**Character Count:** 26356
**Document Hash:** 89ef628d95ba092f2d4e4b59ada9f5c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043124.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043124

**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:** 23674079

**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 Global Value Equity Fund (Series ID: S000037255)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000114758 | Class A      | IBIAX           |
| C000114760 | Class C      | IBICX           |
| C000114761 | Class I      | IBIIX           |
| C000114762 | Class Y      | IBIYX           |
| C000119096 | Class R      | IYGEX           |
| C000146701 | Class R6     | IICNX           |

## Nport-Ex

## Schedule of investments
Delaware Global Value Equity Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks – 99.25%Δ** | &nbsp;&nbsp;**Common Stocks – 99.25%Δ** | &nbsp;&nbsp;**Common Stocks – 99.25%Δ** |
| &nbsp;&nbsp;Denmark - 2.76% | &nbsp;&nbsp;Denmark - 2.76% | &nbsp;&nbsp;Denmark - 2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk Class B | &nbsp;&nbsp;&nbsp;&nbsp;65580 | $8855018 |
|  |  | &nbsp;&nbsp; 8855018 |
| &nbsp;&nbsp;France - 11.72% | &nbsp;&nbsp;France - 11.72% | &nbsp;&nbsp;France - 11.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide | &nbsp;&nbsp;&nbsp;&nbsp;82750 | &nbsp;&nbsp; 11727957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone | &nbsp;&nbsp;&nbsp;&nbsp;177700 | &nbsp;&nbsp; 9364480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange | &nbsp;&nbsp;&nbsp;&nbsp;702370 | &nbsp;&nbsp; 6977938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodexo | &nbsp;&nbsp;&nbsp;&nbsp;99660 | &nbsp;&nbsp; 9545820 |
|  |  | &nbsp;&nbsp; 37616195 |
| &nbsp;&nbsp;Germany - 9.73% | &nbsp;&nbsp;Germany - 9.73% | &nbsp;&nbsp;Germany - 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;65030 | &nbsp;&nbsp; 8872664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. | &nbsp;&nbsp;&nbsp;&nbsp;160660 | &nbsp;&nbsp; 5257383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse | &nbsp;&nbsp;&nbsp;&nbsp;101780 | &nbsp;&nbsp; 5560829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;111970 | &nbsp;&nbsp; 11553140 |
|  |  | &nbsp;&nbsp; 31244016 |
| &nbsp;&nbsp;Japan - 5.01% | &nbsp;&nbsp;Japan - 5.01% | &nbsp;&nbsp;Japan - 5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asahi Group Holdings | &nbsp;&nbsp;&nbsp;&nbsp;106800 | &nbsp;&nbsp; 3351944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kao | &nbsp;&nbsp;&nbsp;&nbsp;192900 | &nbsp;&nbsp; 7723937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | &nbsp;&nbsp;&nbsp;&nbsp;213200 | &nbsp;&nbsp; 5003475 |
|  |  | &nbsp;&nbsp; 16079356 |
| &nbsp;&nbsp;Netherlands - 4.95% | &nbsp;&nbsp;Netherlands - 4.95% | &nbsp;&nbsp;Netherlands - 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | &nbsp;&nbsp;&nbsp;&nbsp;552460 | &nbsp;&nbsp; 15872661 |
|  |  | &nbsp;&nbsp; 15872661 |
| &nbsp;&nbsp;Spain - 3.79% | &nbsp;&nbsp;Spain - 3.79% | &nbsp;&nbsp;Spain - 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Group † | &nbsp;&nbsp;&nbsp;&nbsp;233890 | &nbsp;&nbsp; 12155345 |
|  |  | &nbsp;&nbsp; 12155345 |
| &nbsp;&nbsp;Sweden - 7.85% | &nbsp;&nbsp;Sweden - 7.85% | &nbsp;&nbsp;Sweden - 7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essity Class B | &nbsp;&nbsp;&nbsp;&nbsp;361770 | &nbsp;&nbsp; 9475147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz Class B | &nbsp;&nbsp;&nbsp;&nbsp;566640 | &nbsp;&nbsp; 6094929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitas Class B | 1156400 | &nbsp;&nbsp; 9636990 |
|  |  | &nbsp;&nbsp; 25207066 |
| &nbsp;&nbsp;Switzerland - 10.03% | &nbsp;&nbsp;Switzerland - 10.03% | &nbsp;&nbsp;Switzerland - 10.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle | &nbsp;&nbsp;&nbsp;&nbsp;134300 | &nbsp;&nbsp; 15561458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding | &nbsp;&nbsp;&nbsp;&nbsp;24460 | &nbsp;&nbsp; 7684670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swatch Group | &nbsp;&nbsp;&nbsp;&nbsp;31440 | &nbsp;&nbsp; 8942540 |
|  |  | &nbsp;&nbsp; 32188668 |
| &nbsp;&nbsp;United Kingdom - 13.93% | &nbsp;&nbsp;United Kingdom - 13.93% | &nbsp;&nbsp;United Kingdom - 13.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | &nbsp;&nbsp;&nbsp;&nbsp;299520 | &nbsp;&nbsp; 13216822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intertek Group | &nbsp;&nbsp;&nbsp;&nbsp;133740 | &nbsp;&nbsp; 6522372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew | &nbsp;&nbsp;&nbsp;&nbsp;869790 | &nbsp;&nbsp; 11666754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever | &nbsp;&nbsp;&nbsp;&nbsp;263350 | &nbsp;&nbsp; 13314525 |
|  |  | &nbsp;&nbsp; 44720473 |
| &nbsp;&nbsp;United States - 29.48% | &nbsp;&nbsp;United States - 29.48% | &nbsp;&nbsp;United States - 29.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox | &nbsp;&nbsp;&nbsp;&nbsp;86060 | &nbsp;&nbsp; 12076800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands | &nbsp;&nbsp;&nbsp;&nbsp;106770 | &nbsp;&nbsp; 4131999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein † | &nbsp;&nbsp;&nbsp;&nbsp;164090 | &nbsp;&nbsp; 13105868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion | &nbsp;&nbsp;&nbsp;&nbsp;102120 | &nbsp;&nbsp; 10000611 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) | &nbsp;&nbsp;United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark | &nbsp;&nbsp;&nbsp;&nbsp;86480 | $11739660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings | &nbsp;&nbsp;&nbsp;&nbsp;99630 | &nbsp;&nbsp; 8902937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. | &nbsp;&nbsp;&nbsp;&nbsp;115860 | &nbsp;&nbsp; 12854667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;43760 | &nbsp;&nbsp; 3426846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;12290 | &nbsp;&nbsp; 3576390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer | &nbsp;&nbsp;&nbsp;&nbsp;150586 | &nbsp;&nbsp; 7716027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | &nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp; 7105392 |
|  |  | &nbsp;&nbsp; 94637197 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $341,610,154)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $341,610,154)** | &nbsp;&nbsp;**318575995** |
| &nbsp;&nbsp;**Exchange-Traded Fund – 0.55%** | &nbsp;&nbsp;**Exchange-Traded Fund – 0.55%** | &nbsp;&nbsp;**Exchange-Traded Fund – 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp; 1753187 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,689,754)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Fund<br> (cost $1,689,754)** | &nbsp;&nbsp; **1753187** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-99.80%<br> (cost $343,299,908)** |  | &nbsp;&nbsp;**320329182** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.20%** |  | &nbsp;&nbsp; **649948** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 43,788,981 Shares Outstanding — 100.00%** | **$320979130** |

---

<sup>Δ</sup> Securities have been classified by country of risk. <br> <sup>†</sup> Non-income producing security.

NQ-IV059 [12/22] 2/23 (2742172) 1

------

Delaware Global Value Equity Fund (Unaudited)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM | EUR | &nbsp;&nbsp;&nbsp;(508623) | USD | 543880 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(730) |
| BNYM | GBP | &nbsp;&nbsp;&nbsp;(194236) | USD | 234278 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) |
| BNYM | SEK | (1305249) | USD | 125008 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1411) |

---

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 contracts 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:** |
| AG – Aktiengesellschaft |
| BNYM – Bank of New York Mellon |
| ETF – Exchange-Traded Fund |
| S&P – Standard & Poor's Financial Services LLC |

---

---

| |
|:---|
| **Summary of currencies:** |
| EUR – European Monetary Unit |
| GBP – British Pound Sterling |
| SEK – Swedish Krona |
| USD – US Dollar |

---

2 NQ-IV059 [12/22] 2/23 (2742172)

## 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 Global Value Equity Fund

- **b. EDGAR series identifier (if any):** S000037255

- **c. LEI of Series:** 54930006C13K31Q7KD52

**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:** $329768356.25

**Total Liabilities:** $7986821.40

**Net Assets:** $321781534.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000114762 | 7.24%                | 9.27%                | -0.34%               |
| Class ID C000146701 | 7.22%                | 9.34%                | -0.33%               |
| Class ID C000119096 | 7.25%                | 9.28%                | -0.34%               |
| Class ID C000114761 | 7.23%                | 9.34%                | -0.33%               |
| Class ID C000114758 | 7.24%                | 9.27%                | -0.34%               |
| Class ID C000114760 | 7.17%                | 9.22%                | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4364441.70             | $28319965.11                               |
| Month 2  | $-1487236.86             | $32398366.17                               |
| Month 3  | $-2741521.49             | $1198089.83                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amadeus IT Group SA                        | Amadeus IT Group SA                        | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |    237040 | NS      | $12319051.17  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV              | Koninklijke Ahold Delhaize NV              | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    552460 | NS      | $15872660.86  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                           | Henry Schein Inc                           | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |    165000 | NS      | $13178550.00  | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC                         | Intertek Group PLC                         | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |    133740 | NS      | $6522371.81   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                   | Lamb Weston Holdings Inc                   | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |    100380 | NS      | $8969956.80   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                  | Danone SA                                  | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    177700 | NS      | $9364479.65   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                             | Air Liquide SA                             | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     84240 | NS      | $11939131.34  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                  | adidas AG                                  | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     65030 | NS      | $8872664.39   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc                         | Conagra Brands Inc                         | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    110370 | NS      | $4271319.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                       | Vanguard S&P 500 ETF                       | CUSIP: 922908363<br>LEI: N/A                  | Long             | EC               | RF                | US        |      4990 | NS      | $1753186.60   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Securitas AB                               | Securitas AB                               | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |   1171210 | NS      | $9760410.70   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Makita Corp                                | Makita Corp                                | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    213200 | NS      | $5003474.55   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corp                                   | Kao Corp                                   | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |    192900 | NS      | $7723937.06   | 2.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Otis Worldwide Corp                        | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     47190 | NS      | $3695448.90   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co             | Fresenius Medical Care AG & Co KGaA        | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    160660 | NS      | $5257382.65   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd                   | Asahi Group Holdings Ltd                   | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    106800 | NS      | $3351944.53   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Unilever PLC                               | Unilever PLC                               | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    266920 | NS      | $13495018.50  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                        | Swatch Group AG/The                        | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |     31440 | NS      | $8942540.42   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                         | Smith & Nephew PLC                         | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    873840 | NS      | $11721078.29  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                  | Orange SA                                  | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    702370 | NS      | $6977938.10   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                              | Clorox Co/The                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     86600 | NS      | $12152578.00  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                  | Nestle SA                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    134300 | NS      | $15561457.85  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                            | Knorr-Bremse AG                            | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    101780 | NS      | $5560828.47   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                 | Diageo PLC                                 | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    299520 | NS      | $13216821.70  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                           | Novo Nordisk A/S                           | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     65580 | NS      | $8855018.14   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                             | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    116340 | NS      | $12907923.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                           | Roche Holding AG                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     24460 | NS      | $7684669.88   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                       | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     13030 | NS      | $3791730.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                  | H & M Hennes & Mauritz AB                  | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |    566640 | NS      | $6094929.36   | 1.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Sodexo SA                                  | Sodexo SA                                  | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     99660 | NS      | $9545820.09   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     34490 | NS      | $7165642.40   | 2.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Essity AB                                  | Essity AB                                  | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |    361770 | NS      | $9475147.32   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                        | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     86890 | NS      | $11795317.50  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                 | Pfizer Inc                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    153136 | NS      | $7846688.64   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                              | Ingredion Inc                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |    102540 | NS      | $10041742.20  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                     | SAP SE                                     | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    113570 | NS      | $11718229.32  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS INST PREF GOVT PLUS MMF - SL #4134 | DREYFUS INST PREF GOVT PLUS MMF - SL #4134 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5870765 | NS      | $5870765.09   | 1.82%             |  |  |  | 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