# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043083
**Filing Date:** 2023-2
**Character Count:** 31201
**Document Hash:** beb8e514447921126fe36bef1461b0d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043083.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043083

**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:** 23674018

**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 Natural Resources Fund (Series ID: S000024838)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073944 | Class C      | IGNCX           |
| C000073946 | Class I      | IGNIX           |
| C000073947 | Class R      | IGNRX           |
| C000073948 | Class Y      | IGNYX           |
| C000073949 | Class A      | IGNAX           |
| C000146698 | Class R6     | INRSX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Natural Resources Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Closed-Ended Trust – 3.19%** | &nbsp;&nbsp;**Closed-Ended Trust – 3.19%** | &nbsp;&nbsp;**Closed-Ended Trust – 3.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Physical Uranium<br> Trust † | &nbsp;&nbsp;&nbsp;&nbsp;737837 | $8626263 |
| &nbsp;&nbsp;&nbsp;**Total Closed-Ended Trust<br> (cost $8,790,581)** | &nbsp;&nbsp;&nbsp;**Total Closed-Ended Trust<br> (cost $8,790,581)** | &nbsp;&nbsp; **8626263** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 94.90%Δ** | &nbsp;&nbsp;**Common Stocks – 94.90%Δ** | &nbsp;&nbsp;**Common Stocks – 94.90%Δ** |
| &nbsp;&nbsp;Brazil - 6.49% | &nbsp;&nbsp;Brazil - 6.49% | &nbsp;&nbsp;Brazil - 6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERO Copper † | &nbsp;&nbsp;&nbsp;&nbsp;517748 | &nbsp;&nbsp;&nbsp;&nbsp;7127639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals \* | &nbsp;&nbsp;&nbsp;&nbsp;266957 | &nbsp;&nbsp;&nbsp;&nbsp;10432679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17560318 |
| &nbsp;&nbsp;Canada - 10.13% | &nbsp;&nbsp;Canada - 10.13% | &nbsp;&nbsp;Canada - 10.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals | 1247013 | &nbsp;&nbsp;&nbsp;&nbsp;6322356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold \* | &nbsp;&nbsp;&nbsp;&nbsp;973194 | &nbsp;&nbsp;&nbsp;&nbsp;3980364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li-Cycle Holdings \*, † | &nbsp;&nbsp;&nbsp;&nbsp;533232 | &nbsp;&nbsp;&nbsp;&nbsp;2538184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrien \* | &nbsp;&nbsp;&nbsp;&nbsp;104878 | &nbsp;&nbsp;&nbsp;&nbsp;7659240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver | &nbsp;&nbsp;&nbsp;&nbsp;251540 | &nbsp;&nbsp;&nbsp;&nbsp;4105638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources | &nbsp;&nbsp;&nbsp;&nbsp;187839 | &nbsp;&nbsp;&nbsp;&nbsp;2795389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27401171 |
| &nbsp;&nbsp;Hong Kong - 0.00% | &nbsp;&nbsp;Hong Kong - 0.00% | &nbsp;&nbsp;Hong Kong - 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Metal Recycling<br> Holdings † | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Netherlands - 3.92% | &nbsp;&nbsp;Netherlands - 3.92% | &nbsp;&nbsp;Netherlands - 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | &nbsp;&nbsp;&nbsp;&nbsp;377512 | &nbsp;&nbsp;&nbsp;&nbsp;10615704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10615704 |
| &nbsp;&nbsp;South Africa - 3.56% | &nbsp;&nbsp;South Africa - 3.56% | &nbsp;&nbsp;South Africa - 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American | &nbsp;&nbsp;&nbsp;&nbsp;246527 | &nbsp;&nbsp;&nbsp;&nbsp;9646026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9646026 |
| &nbsp;&nbsp;United States - 70.80% | &nbsp;&nbsp;United States - 70.80% | &nbsp;&nbsp;United States - 70.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa | &nbsp;&nbsp;&nbsp;&nbsp;202049 | &nbsp;&nbsp;&nbsp;&nbsp;9187168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73982 | &nbsp;&nbsp;&nbsp;&nbsp;6869229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;162393 | &nbsp;&nbsp;&nbsp;&nbsp;8824436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78236 | &nbsp;&nbsp;&nbsp;&nbsp;7805606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;102857 | &nbsp;&nbsp;&nbsp;&nbsp;8763416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy \* | &nbsp;&nbsp;&nbsp;&nbsp;125272 | 11821919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46581 | &nbsp;&nbsp;&nbsp;&nbsp;6372747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46189 | &nbsp;&nbsp;&nbsp;&nbsp;2714989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93264 | &nbsp;&nbsp;&nbsp;&nbsp;5837394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denbury † | &nbsp;&nbsp;&nbsp;&nbsp;132679 | 11545726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66887 | &nbsp;&nbsp;&nbsp;&nbsp;8663204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT | &nbsp;&nbsp;&nbsp;&nbsp;184908 | &nbsp;&nbsp;&nbsp;&nbsp;6255438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan | &nbsp;&nbsp;&nbsp;&nbsp;262861 | &nbsp;&nbsp;&nbsp;&nbsp;9988718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimbell Royalty Partners | &nbsp;&nbsp;&nbsp;&nbsp;543706 | &nbsp;&nbsp;&nbsp;&nbsp;9079890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67861 | &nbsp;&nbsp;&nbsp;&nbsp;4017371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont | &nbsp;&nbsp;&nbsp;&nbsp;234281 | 11058063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuScale Power \*, † | &nbsp;&nbsp;&nbsp;&nbsp;332410 | &nbsp;&nbsp;&nbsp;&nbsp;3410527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;&nbsp;102171 | &nbsp;&nbsp;&nbsp;&nbsp;6435751 |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **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;Rice Acquisition Class A † | &nbsp;&nbsp;&nbsp;&nbsp;137495 | $1398324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | &nbsp;&nbsp;&nbsp;&nbsp;213135 | &nbsp;&nbsp; 11394197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spruce Power Holding † | 1450931 | &nbsp;&nbsp; 1333551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun \*, † | &nbsp;&nbsp;&nbsp;&nbsp;139862 | &nbsp;&nbsp; 3359485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54995 | &nbsp;&nbsp; 2672207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit † | &nbsp;&nbsp;&nbsp;&nbsp;142777 | &nbsp;&nbsp; 8261077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valaris † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98559 | &nbsp;&nbsp; 6664560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97562 | &nbsp;&nbsp; 12376715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser | &nbsp;&nbsp;&nbsp;&nbsp;176376 | &nbsp;&nbsp; 5467656 |
|  |  | &nbsp;&nbsp; 191579364 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $276,262,435)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $276,262,435)** | &nbsp;&nbsp; **256802587** |
| &nbsp;&nbsp;**Short-Term Investments – 2.09%** | &nbsp;&nbsp;**Short-Term Investments – 2.09%** | &nbsp;&nbsp;**Short-Term Investments – 2.09%** |
| &nbsp;&nbsp;Money Market Mutual Funds – 2.09% | &nbsp;&nbsp;Money Market Mutual Funds – 2.09% | &nbsp;&nbsp;Money Market Mutual Funds – 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1412479 | &nbsp;&nbsp; 1412479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 1412480 | &nbsp;&nbsp; 1412480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 1412480 | &nbsp;&nbsp; 1412480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 1412479 | &nbsp;&nbsp; 1412479 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,649,918)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $5,649,918)** | &nbsp;&nbsp; **5649918** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral-100.18%<br> (cost $290,702,934)** |  | &nbsp;&nbsp; **271078768** |

---

NQ-IV955 [12/22] 2/23 (2747710) 1

------

Delaware Ivy Natural Resources Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral – 2.64%** | &nbsp;&nbsp;**Securities Lending Collateral – 2.64%** | &nbsp;&nbsp;**Securities Lending Collateral – 2.64%** |
| &nbsp;&nbsp;Money Market Mutual Fund - 2.64% | &nbsp;&nbsp;Money Market Mutual Fund - 2.64% | &nbsp;&nbsp;Money Market Mutual Fund - 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 7163869 | $7163869 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $7,163,869)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $7,163,869)** | &nbsp;&nbsp; **7163869** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-102.82%<br> (cost $297,866,803)** |  | &nbsp;&nbsp;**278,242,637■** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (2.65%)** | &nbsp;&nbsp; **(7163869)** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.18%)** | &nbsp;&nbsp; **(479183)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 16,851,786 Shares Outstanding — 100.00%** | **$270599585** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Non-income producing security. |
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <sup>\*</sup> | Fully or partially on loan. |
| ■ | Includes $23,579,420 of securities loaned for which the counterparty pledged additional cash and non-cash collateral valued at $4,999,980 and $12,089,693 respectively. |

---

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** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM CAD | (330105) | USD | 243492 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(312) |

---

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 |

---

---

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

---

2 NQ-IV955 [12/22] 2/23 (2747710)

## 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 Natural Resources Fund

- **b. EDGAR series identifier (if any):** S000024838

- **c. LEI of Series:** H5O0FZSRUYD7KTKCRI50

**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:** $279523020.35

**Total Liabilities:** $8964194.90

**Net Assets:** $270558825.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073946 | 10.03%               | 5.17%                | -5.99%               |
| Class ID C000073947 | 10.00%               | 5.07%                | -6.04%               |
| Class ID C000073944 | 9.98%                | 5.10%                | -6.08%               |
| Class ID C000073949 | 9.99%                | 5.18%                | -6.02%               |
| Class ID C000073948 | 9.98%                | 5.16%                | -6.02%               |
| Class ID C000146698 | 10.05%               | 5.14%                | -5.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $646007.15               | $23817362.75                               |
| Month 2  | $695953.86               | $12201402.83                               |
| Month 3  | $2900926.08              | $-20526973.97                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Newmont Corp                                   | Newmont Corp                                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    234281 | NS      | $11058063.20  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                    | Nutrien Ltd                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    104878 | NS      | $7659240.34   | 2.83%             |  |  |  | No            |                  1 | On Loan: —       |
| EOG Resources Inc                              | EOG Resources Inc                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     66887 | NS      | $8663204.24   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1412480 | NS      | $1412479.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings                 | China Metal Recycling Holdings Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |  30000000 | NS      | $3.84         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sprott Physical Uranium Trust                  | Sprott Physical Uranium Trust                  | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    737837 | NS      | $8626262.71   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                     | Alcoa Corp                                     | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    202049 | NS      | $9187168.03   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                               | Schlumberger Ltd                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    213135 | NS      | $11394197.10  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |    162393 | NS      | $8824435.62   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1412479 | NS      | $1412479.20   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp                         | Chesapeake Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    125272 | NS      | $11821918.64  | 4.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Unit Corp                                      | Unit Corp                                      | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |    142777 | NS      | $8261077.22   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                       | Pan American Silver Corp                       | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |    251540 | NS      | $4105638.11   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1412480 | NS      | $1412479.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                       | EQT Corp                                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    184908 | NS      | $6255437.64   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Spruce Power Holding Corp                      | Spruce Power Holding Corp                      | CUSIP: 9837FR100<br>LEI: 549300W71XJ8DIF9RQ35 | Long             | EC               | CORP              | US        |   1339870 | NS      | $1231474.52   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ERO Copper Corp                                | ERO Copper Corp                                | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |    522157 | NS      | $7188335.66   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Li-Cycle Holdings Corp                         | Li-Cycle Holdings Corp                         | CUSIP: 50202P105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    533232 | NS      | $2538184.32   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    246527 | NS      | $9646026.30   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP                    | Kimbell Royalty Partners LP                    | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    543706 | NS      | $9079890.20   | 3.36%             |  |  |  | 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        |   1412480 | NS      | $1412479.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                              | Kinross Gold Corp                              | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    973194 | NS      | $3980363.46   | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Weyerhaeuser Co                                | Weyerhaeuser Co                                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    176376 | NS      | $5467656.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rice Acquisition Corp II                       | Rice Acquisition Corp II                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137495 | NS      | $1398324.15   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc                            | Parex Resources Inc                            | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    187839 | NS      | $2795388.37   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp                   | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    266957 | NS      | $10432679.56  | 3.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Corteva Inc                                    | Corteva Inc                                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     46189 | NS      | $2714989.42   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                     | CF Industries Holdings Inc                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |    102857 | NS      | $8763416.40   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                         | Louisiana-Pacific Corp                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     67861 | NS      | $4017371.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                           | Freeport-McMoRan Inc                           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    262861 | NS      | $9988718.00   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                        | Darling Ingredients Inc                        | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     93264 | NS      | $5837393.76   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                                    | Valaris Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98559 | NS      | $6664559.58   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co                      | Archer-Daniels-Midland Co                      | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     73982 | NS      | $6869228.70   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                                     | Sunrun Inc                                     | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |    139862 | NS      | $3359485.24   | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    377512 | NS      | $10615704.26  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp                             | NuScale Power Corp                             | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    332410 | NS      | $3410526.60   | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Occidental Petroleum Corp                      | Occidental Petroleum Corp                      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    102171 | NS      | $6435751.29   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                                      | Bunge Ltd                                      | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | US        |     78236 | NS      | $7805605.72   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                             | Valero Energy Corp                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     97562 | NS      | $12376715.32  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Denbury Inc                                    | Denbury Inc                                    | CUSIP: 24790A101<br>LEI: 549300KCWA5W52MS5559 | Long             | EC               | CORP              | US        |    132679 | NS      | $11545726.58  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                              | Chord Energy Corp                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     46581 | NS      | $6372746.61   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                                   | Sylvamo Corp                                   | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |     54995 | NS      | $2672207.05   | 0.99%             |  |  |  | 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        |   7163869 | NS      | $7163869.25   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc                            | Hudbay Minerals Inc                            | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |   1247013 | NS      | $6322355.91   | 2.34%             |  |  |  | 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