# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043067
**Filing Date:** 2023-2
**Character Count:** 27357
**Document Hash:** 73aefe7f3fe3cc4d939bb678ec3504a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043067.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043067

**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:** 23674001

**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 Mid Cap Income Opportunities Fund (Series ID: S000046881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146475 | Class A      | IVOAX           |
| C000146476 | Class C      | IVOCX           |
| C000146478 | Class I      | IVOIX           |
| C000146479 | Class R      | IVORX           |
| C000146480 | Class Y      | IVOYX           |
| C000146481 | Class R6     | IVOSX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Mid Cap Income Opportunities Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.00%** | &nbsp;&nbsp;**Common Stocks — 99.00%** | &nbsp;&nbsp;**Common Stocks — 99.00%** |
| &nbsp;&nbsp;Consumer Discretionary — 22.80% | &nbsp;&nbsp;Consumer Discretionary — 22.80% | &nbsp;&nbsp;Consumer Discretionary — 22.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;273481 | $37830627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;410079 | &nbsp;&nbsp; 37846191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro | &nbsp;&nbsp;&nbsp;&nbsp;658587 | &nbsp;&nbsp; 40180393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris | &nbsp;&nbsp;&nbsp;&nbsp;364565 | &nbsp;&nbsp; 36821065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;532103 | &nbsp;&nbsp; 36789601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;172162 | &nbsp;&nbsp; 38731285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | 1040422 | &nbsp;&nbsp; 37871361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;150994 | &nbsp;&nbsp; 35989420 |
|  |  | &nbsp;&nbsp; 302059943 |
| &nbsp;&nbsp;Consumer Staples — 8.41% | &nbsp;&nbsp;Consumer Staples — 8.41% | &nbsp;&nbsp;Consumer Staples — 8.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox | &nbsp;&nbsp;&nbsp;&nbsp;263488 | &nbsp;&nbsp; 36975271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;459586 | &nbsp;&nbsp; 38095084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco | &nbsp;&nbsp;&nbsp;&nbsp;475343 | &nbsp;&nbsp; 36339972 |
|  |  | &nbsp;&nbsp; 111410327 |
| &nbsp;&nbsp;Financials — 20.04% | &nbsp;&nbsp;Financials — 20.04% | &nbsp;&nbsp;Financials — 20.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;555770 | &nbsp;&nbsp; 38036899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;203960 | &nbsp;&nbsp; 38454619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;375335 | &nbsp;&nbsp; 36719023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;742907 | &nbsp;&nbsp; 38883752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;730546 | &nbsp;&nbsp; 36103583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust | &nbsp;&nbsp;&nbsp;&nbsp;441363 | &nbsp;&nbsp; 39056212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Umpqua Holdings | 2144071 | &nbsp;&nbsp; 38271667 |
|  |  | &nbsp;&nbsp; 265525755 |
| &nbsp;&nbsp;Healthcare — 2.84% | &nbsp;&nbsp;Healthcare — 2.84% | &nbsp;&nbsp;Healthcare — 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;630178 | &nbsp;&nbsp; 37690946 |
|  |  | &nbsp;&nbsp; 37690946 |
| &nbsp;&nbsp;Industrials — 16.95% | &nbsp;&nbsp;Industrials — 16.95% | &nbsp;&nbsp;Industrials — 16.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;764762 | &nbsp;&nbsp; 36188538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;181604 | &nbsp;&nbsp; 37811769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;995848 | &nbsp;&nbsp; 38310272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;167665 | &nbsp;&nbsp; 38309776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker | &nbsp;&nbsp;&nbsp;&nbsp;492279 | &nbsp;&nbsp; 36979998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco \* | &nbsp;&nbsp;&nbsp;&nbsp;148369 | &nbsp;&nbsp; 37003229 |
|  |  | &nbsp;&nbsp; 224603582 |
| &nbsp;&nbsp;Information Technology — 16.60% | &nbsp;&nbsp;Information Technology — 16.60% | &nbsp;&nbsp;Information Technology — 16.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;272275 | &nbsp;&nbsp; 36520246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;510995 | &nbsp;&nbsp; 35897399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;605226 | &nbsp;&nbsp; 36349874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;321340 | &nbsp;&nbsp; 37134050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings \* | &nbsp;&nbsp;&nbsp;&nbsp;710450 | &nbsp;&nbsp; 37376774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;318980 | &nbsp;&nbsp; 36618904 |
|  |  | &nbsp;&nbsp; 219897247 |
| &nbsp;&nbsp;Materials — 11.36% | &nbsp;&nbsp;Materials — 11.36% | &nbsp;&nbsp;Materials — 11.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;214782 | &nbsp;&nbsp; 38875542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;288159 | &nbsp;&nbsp; 36858418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;382751 | &nbsp;&nbsp; 37299085 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;618394 | $37542700 |
|  |  | &nbsp;&nbsp; 150575745 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,107,646,042)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,107,646,042)** | &nbsp;&nbsp; **1311763545** |
| &nbsp;&nbsp;**Short-Term Investments — 0.94%** | &nbsp;&nbsp;**Short-Term Investments — 0.94%** | &nbsp;&nbsp;**Short-Term Investments — 0.94%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.94% | &nbsp;&nbsp;Money Market Mutual Funds — 0.94% | &nbsp;&nbsp;Money Market Mutual Funds — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3115653 | &nbsp;&nbsp;&nbsp; 3115653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 3115652 | &nbsp;&nbsp;&nbsp; 3115652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 3115653 | &nbsp;&nbsp;&nbsp; 3115653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 3115653 | &nbsp;&nbsp;&nbsp; 3115653 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $12,462,611)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $12,462,611)** | &nbsp;&nbsp; **12462611** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—99.94%<br> (cost $1,120,108,653)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—99.94%<br> (cost $1,120,108,653)** | &nbsp;&nbsp; **1324226156** |
| &nbsp;&nbsp;**Securities Lending Collateral — 0.18%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.18%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.18%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 0.18% | &nbsp;&nbsp;Money Market Mutual Fund — 0.18% | &nbsp;&nbsp;Money Market Mutual Fund — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 2371301 | &nbsp;&nbsp;&nbsp; 2371301 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $2,371,301)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $2,371,301)** | &nbsp;&nbsp; **2371301** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.12%<br> (cost $1,122,479,954)** |  | &nbsp;&nbsp;**1,326,597,457■** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (0.18%)** |  | &nbsp;&nbsp;&nbsp; **(2371301)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.05%** |  | &nbsp;&nbsp;&nbsp; **726025** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 80,203,048 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$1324952181** |

---

<sup>\*</sup> Fully or partially on loan.

NQ-IV012 [12/22] 2/23 (2745494) 1

------

Delaware Ivy Mid Cap Income Opportunities Fund (Unaudited)

■ Includes $8,965,041 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,898,953.

2 NQ-IV012 [12/22] 2/23 (2745494)

## 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 Mid Cap Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000046881

- **c. LEI of Series:** 549300HSHG88TJ1MUX88

**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:** $1331363634.59

**Total Liabilities:** $7105832.93

**Net Assets:** $1324257801.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146476 | 9.20%                | 6.01%                | -6.38%               |
| Class ID C000146475 | 9.21%                | 6.09%                | -6.32%               |
| Class ID C000146478 | 9.27%                | 6.14%                | -6.28%               |
| Class ID C000146479 | 9.24%                | 6.05%                | -6.35%               |
| Class ID C000146480 | 9.21%                | 6.09%                | -6.28%               |
| Class ID C000146481 | 9.26%                | 6.14%                | -6.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $832864.92               | $112714389.04                              |
| Month 2  | $8952410.78              | $73049719.34                               |
| Month 3  | $6704829.16              | $-99997446.53                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sonoco Products Co                             | Sonoco Products Co                             | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    618394 | NS      | $37542699.74  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    459586 | NS      | $38095083.54  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Corp                           | Umpqua Holdings Corp                           | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |   2144071 | NS      | $38271667.35  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                     | Stanley Black & Decker Inc                     | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |    492279 | NS      | $36979998.48  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                            | TE Connectivity Ltd                            | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | US        |    318980 | NS      | $36618904.00  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   3115653 | NS      | $3115652.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                     | Hasbro Inc                                     | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |    658587 | NS      | $40180392.87  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                     | Watsco Inc                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |    148369 | NS      | $37003228.60  | 2.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Packaging Corp of America                      | Packaging Corp of America                      | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    288159 | NS      | $36858417.69  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                                  | Clorox Co/The                                  | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |    263488 | NS      | $36975271.04  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services                    | Discover Financial Services                    | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |    375335 | NS      | $36719023.05  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3115653 | NS      | $3115652.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                       | Microchip Technology Inc                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    510995 | NS      | $35897398.75  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    172162 | NS      | $38731285.14  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                                    | Polaris Inc                                    | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |    364565 | NS      | $36821065.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    764762 | NS      | $36188537.84  | 2.73%             |  |  |  | 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        |   3115653 | NS      | $3115652.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                            | Avery Dennison Corp                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    214782 | NS      | $38875542.00  | 2.94%             |  |  |  | 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        |   2371301 | NS      | $2371301.28   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions                 | Broadridge Financial Solutions Inc             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    272275 | NS      | $36520245.75  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                        | Arthur J Gallagher & Co                        | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    203960 | NS      | $38454618.40  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                         | Darden Restaurants Inc                         | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |    273481 | NS      | $37830626.73  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                           | Ares Management Corp                           | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    555770 | NS      | $38036898.80  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3115653 | NS      | $3115652.58   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                      | L3Harris Technologies Inc                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |    181604 | NS      | $37811768.84  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                          | RPM International Inc                          | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    382751 | NS      | $37299084.95  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                            | Glacier Bancorp Inc                            | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    730546 | NS      | $36103583.32  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                            | Northern Trust Corp                            | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    441363 | NS      | $39056211.87  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                    | Paychex Inc                                    | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    321340 | NS      | $37134050.40  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    710450 | NS      | $37376774.50  | 2.82%             |  |  |  | No            |                  1 | On Loan: —       |
| nVent Electric PLC                             | nVent Electric PLC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    995848 | NS      | $38310272.56  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd                                     | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |    410079 | NS      | $37846190.91  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                     | Sysco Corp                                     | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    475343 | NS      | $36339972.35  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts Inc                               | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    150994 | NS      | $35989419.90  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                    | Snap-on Inc                                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    167665 | NS      | $38309775.85  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                  | Service Corp International/US                  | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    532103 | NS      | $36789601.42  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                  | First American Financial Corp                  | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    742907 | NS      | $38883752.38  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                     | NetApp Inc                                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    605226 | NS      | $36349873.56  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    630178 | NS      | $37690946.18  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                            | Travel + Leisure Co                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |   1040422 | NS      | $37871360.80  | 2.86%             |  |  |  | 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