# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043133
**Filing Date:** 2023-2
**Character Count:** 49954
**Document Hash:** 86b2f2e69a6f10a3a4fd1ebf8038568b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043133.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043133

**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:** 23674085

**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 Real Estate Fund (Series ID: S000040037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124273 | Class A      | IREAX           |
| C000124275 | Class C      | IRECX           |
| C000124276 | Class I      | IRESX           |
| C000124277 | Class R      | IRERX           |
| C000124278 | Class Y      | IREYX           |
| C000193507 | Class R6     | IRENX           |

## Nport-Ex

## Schedule of investments
Delaware Global Real Estate Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks – 98.77%Δ** | &nbsp;&nbsp;**Common Stocks – 98.77%Δ** | &nbsp;&nbsp;**Common Stocks – 98.77%Δ** |
| &nbsp;&nbsp;Australia - 3.01% | &nbsp;&nbsp;Australia - 3.01% | &nbsp;&nbsp;Australia - 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Hall Group | 29308 | $239053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 33806 | &nbsp;&nbsp; 399572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthCo REIT | 120748 | &nbsp;&nbsp; 142226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Communities | 10752 | &nbsp;&nbsp; 139602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Storage REIT | 126505 | &nbsp;&nbsp; 199824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 14246 | &nbsp;&nbsp; 88264 |
|  |  | &nbsp;&nbsp; 1208541 |
| &nbsp;&nbsp;Belgium - 1.30% | &nbsp;&nbsp;Belgium - 1.30% | &nbsp;&nbsp;Belgium - 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aedifica | &nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp; 159440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 12640 | &nbsp;&nbsp; 361264 |
|  |  | &nbsp;&nbsp; 520704 |
| &nbsp;&nbsp;Canada - 0.76% | &nbsp;&nbsp;Canada - 0.76% | &nbsp;&nbsp;Canada - 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SmartCentres Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp; 171618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Industrial Income REIT | &nbsp;&nbsp;&nbsp;&nbsp;7829 | &nbsp;&nbsp; 131196 |
|  |  | &nbsp;&nbsp; 302814 |
| &nbsp;&nbsp;France - 1.72% | &nbsp;&nbsp;France - 1.72% | &nbsp;&nbsp;France - 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covivio | &nbsp;&nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp; 218966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gecina | &nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp; 328986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield † | &nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp; 143050 |
|  |  | &nbsp;&nbsp; 691002 |
| &nbsp;&nbsp;Germany - 2.34% | &nbsp;&nbsp;Germany - 2.34% | &nbsp;&nbsp;Germany - 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aroundtown | 72698 | &nbsp;&nbsp; 169880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien | &nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp; 245932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vonovia | 22254 | &nbsp;&nbsp; 524556 |
|  |  | &nbsp;&nbsp; 940368 |
| &nbsp;&nbsp;Hong Kong - 5.23% | &nbsp;&nbsp;Hong Kong - 5.23% | &nbsp;&nbsp;Hong Kong - 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Asset Holdings | 65500 | &nbsp;&nbsp; 403215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Link REIT | 74572 | &nbsp;&nbsp; 547435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties | 66500 | &nbsp;&nbsp; 909903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wharf Real Estate Investment | 41000 | &nbsp;&nbsp; 238999 |
|  |  | &nbsp;&nbsp; 2099552 |
| &nbsp;&nbsp;Japan - 11.51% | &nbsp;&nbsp;Japan - 11.51% | &nbsp;&nbsp;Japan - 11.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Infrastructure Fund Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp; 318081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Real Estate Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp; 325343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenedix Retail REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp; 197720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Estate | 71950 | &nbsp;&nbsp; 938025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Estate Logistics REIT Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp; 369781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan | 13300 | &nbsp;&nbsp; 244941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Real Estate Master Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp; 706698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Realty & Development | 28400 | &nbsp;&nbsp; 675377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyu REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp; 286174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Urban Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp; 556545 |
|  |  | &nbsp;&nbsp; 4618685 |
| &nbsp;&nbsp;Singapore - 3.38% | &nbsp;&nbsp;Singapore - 3.38% | &nbsp;&nbsp;Singapore - 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | 213800 | &nbsp;&nbsp; 325632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitaland Investment | 125500 | &nbsp;&nbsp; 346685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Core REIT Management Pte | 138900 | &nbsp;&nbsp; 76395 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Singapore (continued) | &nbsp;&nbsp;Singapore (continued) | &nbsp;&nbsp;Singapore (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mapletree Commercial Trust | 309000 | $385270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mapletree Logistics Trust | 189100 | &nbsp;&nbsp; 224480 |
|  |  | &nbsp;&nbsp; 1358462 |
| &nbsp;&nbsp;Spain - 1.27% | &nbsp;&nbsp;Spain - 1.27% | &nbsp;&nbsp;Spain - 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom 144A # | &nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp; 200079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmobiliaria Colonial Socimi | 48125 | &nbsp;&nbsp; 309608 |
|  |  | &nbsp;&nbsp; 509687 |
| &nbsp;&nbsp;Sweden - 1.16% | &nbsp;&nbsp;Sweden - 1.16% | &nbsp;&nbsp;Sweden - 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castellum | &nbsp;&nbsp;&nbsp;&nbsp;9947 | &nbsp;&nbsp; 120348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabege | 16318 | &nbsp;&nbsp; 138709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastighets Balder Class B † | 23927 | &nbsp;&nbsp;&nbsp; 111256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wihlborgs Fastigheter | 12874 | &nbsp;&nbsp; 96849 |
|  |  | &nbsp;&nbsp; 467162 |
| &nbsp;&nbsp;United Kingdom - 3.81% | &nbsp;&nbsp;United Kingdom - 3.81% | &nbsp;&nbsp;United Kingdom - 3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Yellow Group | 23035 | &nbsp;&nbsp; 319418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derwent London | &nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp; 154476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land Securities Group | 40262 | &nbsp;&nbsp; 302465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segro | 39736 | &nbsp;&nbsp; 366825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaftesbury | 26227 | &nbsp;&nbsp; 116682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITE Group | 24533 | &nbsp;&nbsp; 269899 |
|  |  | &nbsp;&nbsp; 1529765 |
| &nbsp;&nbsp;United States - 63.28% | &nbsp;&nbsp;United States - 63.28% | &nbsp;&nbsp;United States - 63.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | &nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp; 563255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities | &nbsp;&nbsp;&nbsp;&nbsp;9820 | &nbsp;&nbsp; 1430479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent Class A | 22495 | &nbsp;&nbsp; 677999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp; 365670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust | 20263 | &nbsp;&nbsp; 573646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT | 17708 | &nbsp;&nbsp; 279432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties | &nbsp;&nbsp;&nbsp;&nbsp;6440 | &nbsp;&nbsp; 435215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | 12936 | &nbsp;&nbsp; 1297093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | &nbsp;&nbsp;&nbsp;&nbsp;8147 | &nbsp;&nbsp; 89128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | &nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp; 1152198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties | &nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp; 550780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 17374 | &nbsp;&nbsp; 1025066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp; 810806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp; 1040857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp; 348386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;8989 | &nbsp;&nbsp; 433809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | 32118 | &nbsp;&nbsp; 805198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | &nbsp;&nbsp;&nbsp;&nbsp;8473 | &nbsp;&nbsp; 251140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty | 31150 | &nbsp;&nbsp; 659757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 23916 | &nbsp;&nbsp; 503432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities | &nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp; 184149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 18544 | &nbsp;&nbsp; 339912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 20367 | &nbsp;&nbsp; 2295972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;5632 | &nbsp;&nbsp; 1578030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 20682 | &nbsp;&nbsp; 1311859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 10155 | &nbsp;&nbsp; 554869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | &nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp; 216390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp; 176876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | &nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp; 312497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Realty Capital | &nbsp;&nbsp;&nbsp;&nbsp;8412 | &nbsp;&nbsp; 335891 |

---

NQ-IV015 [12/22] 2/23 (2745484) 1

------

Delaware Global Real Estate Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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;Sun Communities | &nbsp;&nbsp;&nbsp;&nbsp;5962 | $852566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR | 23297 | &nbsp;&nbsp; 902293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 43110 | &nbsp;&nbsp; 1396764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 22280 | &nbsp;&nbsp; 1460454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts | 14465 | &nbsp;&nbsp; 190649 |
|  |  | &nbsp;&nbsp;25402517 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $40,091,845)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $40,091,845)** | &nbsp;&nbsp;**39649259** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments – 0.45%** | &nbsp;&nbsp;**Short-Term Investments – 0.45%** |
| &nbsp;&nbsp;Money Market Mutual Funds – 0.45% | &nbsp;&nbsp;Money Market Mutual Funds – 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 45283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 45284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 45284 |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 45283 | $45283 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $181,134)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $181,134)** | &nbsp;&nbsp; **181134** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-99.22%<br> (cost $40,272,979)** |  | &nbsp;&nbsp;**39830393** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.78%** |  | &nbsp;&nbsp; **312958** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 4,724,565 Shares Outstanding — 100.00%** | **$40143351** |

---

---

| | |
|:---|:---|
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <sup>†</sup> | Non-income producing security. |
| <sup>#</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $200,079, which represents 0.50% of the Fund's net assets. |

---

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 | (48396) | USD | 35678 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(66) |
| BNYM HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(66) |

---

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 |
| CVA – Certified Dutch Certificate |
| REIT – Real Estate Investment Trust |

---

---

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

---

2 NQ-IV015 [12/22] 2/23 (2745484)

## 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 Real Estate Fund

- **b. EDGAR series identifier (if any):** S000040037

- **c. LEI of Series:** 549300B79QZ54YUHH408

**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:** $40358303.07

**Total Liabilities:** $165104.20

**Net Assets:** $40193198.87

**Cash Not Reported:** $175034.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000124276 | 1.99%                | 7.90%                | -3.82%               |
| Class ID C000124273 | 2.00%                | 7.94%                | -3.84%               |
| Class ID C000124277 | 2.01%                | 7.87%                | -3.86%               |
| Class ID C000124275 | 1.91%                | 7.93%                | -3.99%               |
| Class ID C000193507 | 1.99%                | 7.89%                | -3.82%               |
| Class ID C000124278 | 1.97%                | 7.95%                | -3.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-677221.35              | $1521810.10                                |
| Month 2  | $-342550.17              | $3621258.31                                |
| Month 3  | $-334016.99              | $-1463381.48                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UDR Inc                                        | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     23297 | NS      | $902292.81    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabege AB                                      | Fabege AB                                        | CUSIP: 000000000<br>LEI: 549300JNPI46XNH0PM97 | Long             | EC               | CORP              | SE        |     16318 | NS      | $138708.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |     32118 | NS      | $805198.26    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                       | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |     45284 | NS      | $45283.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                         | Warehouses De Pauw CVA                           | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               | CORP              | BE        |     12640 | NS      | $361264.03    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury PLC                                | Shaftesbury PLC                                  | CUSIP: 000000000<br>LEI: 213800N7LHKFNTDKAT98 | Long             | EC               | CORP              | GB        |     26227 | NS      | $116682.24    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                              | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      5962 | NS      | $852566.00    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthCo REIT                                  | HealthCo REIT                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    120748 | NS      | $142225.51    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Industrial Income REIT                  | Summit Industrial Income REIT                    | CUSIP: 866120116<br>LEI: 2549002JNRHTJ9H0MR86 | Long             | EC               | CORP              | CA        |      8695 | NS      | $145708.68    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                                | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7941 | NS      | $563255.13    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Real Estate Master Fund                 | Nomura Real Estate Master Fund Inc               | CUSIP: 000000000<br>LEI: 353800TNNZOQ1CPZE086 | Long             | EC               | CORP              | JP        |       569 | NS      | $706697.65    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                          | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23916 | NS      | $503431.80    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                          | National Storage REIT                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    126505 | NS      | $199823.76    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Castellum AB                                   | Castellum AB                                     | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | EC               | CORP              | SE        |      9947 | NS      | $120347.56    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     20367 | NS      | $2295971.91   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                        | DigitalBridge Group Inc                          | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |      8147 | NS      | $89128.18     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitaland Investment Ltd/Sing                 | Capitaland Investment Ltd/Singapore              | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    125500 | NS      | $346685.08    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastighets AB Balder                           | Fastighets AB Balder                             | CUSIP: 000000000<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     23927 | NS      | $111255.84    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8473 | NS      | $251139.72    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                      | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |     45284 | NS      | $45283.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartCentres Real Estate Inves                 | SmartCentres Real Estate Investment Trust        | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |      8677 | NS      | $171617.47    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co Ltd                          | Mitsui Fudosan Co Ltd                            | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     13300 | NS      | $244941.33    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fu                 | Industrial & Infrastructure Fund Investment Corp | CUSIP: 000000000<br>LEI: 353800WCHFY04YKYCI19 | Long             | EC               | CORP              | JP        |       275 | NS      | $318081.38    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Hung Kai Properties Ltd                    | Sun Hung Kai Properties Ltd                      | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     66500 | NS      | $909902.70    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                   | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      5632 | NS      | $1578030.08   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I                 | Ryman Hospitality Properties Inc                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      2646 | NS      | $216389.88    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                             | Derwent London PLC                               | CUSIP: 000000000<br>LEI: 213800BXKQ9KZNUR1M61 | Long             | EC               | CORP              | GB        |      5396 | NS      | $154476.34    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent                            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     22495 | NS      | $677999.30    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                          | Boston Properties Inc                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      6440 | NS      | $435215.20    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                     | Vonovia SE                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     22254 | NS      | $524555.91    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmobiliaria Colonial Socimi S                 | Inmobiliaria Colonial Socimi SA                  | CUSIP: 000000000<br>LEI: 95980020140005007414 | Long             | EC               | CORP              | ES        |     48125 | NS      | $309607.59    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     20682 | NS      | $1311859.26   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Group                             | Charter Hall Group                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     29308 | NS      | $239053.13    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus                 | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3448 | NS      | $348385.92    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                              | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |     31150 | NS      | $659757.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                      | Land Securities Group PLC                        | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |     40262 | NS      | $302464.86    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Realty & Development                  | Sumitomo Realty & Development Co Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28400 | NS      | $675376.41    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit                 | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      1173 | NS      | $184149.27    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     10155 | NS      | $554869.20    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                           | Big Yellow Group PLC                             | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               | CORP              | GB        |     23035 | NS      | $319418.43    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Pan Asia Commercial                  | Mapletree Pan Asia Commercial Trust              | CUSIP: 000000000<br>LEI: 549300BF18K4IC5LZ208 | Long             | EC               | CORP              | SG        |    309000 | NS      | $385269.52    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie                 | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      9820 | NS      | $1430479.40   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                     | Apple Hospitality REIT Inc                       | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     17708 | NS      | $279432.24    | 0.70%             |  |  |  | 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        |     45284 | NS      | $45283.52     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Logistics RE                 | Mitsubishi Estate Logistics REIT Investment Corp | CUSIP: 000000000<br>LEI: 353800YYSGZU31ICQK38 | Long             | EC               | CORP              | JP        |       115 | NS      | $369780.55    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                     | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |     20263 | NS      | $573645.53    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Link REIT                                      | Link REIT                                        | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |     74572 | NS      | $547434.88    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Mapletree Logistics Trust                      | Mapletree Logistics Trust                        | CUSIP: 000000000<br>LEI: 549300M9EBZIYH387075 | Long             | EC               | CORP              | SG        |    189100 | NS      | $224480.36    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      2660 | NS      | $312496.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Core REIT Management P                 | Digital Core REIT Management Pte Ltd             | CUSIP: 000000000<br>LEI: 549300IIGO612K0POE26 | Long             | EC               | CORP              | SG        |    138900 | NS      | $76395.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                  | Goodman Group                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     33806 | NS      | $399571.91    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CK Asset Holdings Ltd                          | CK Asset Holdings Ltd                            | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |     65500 | NS      | $403215.06    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd                                     | NEXTDC Ltd                                       | CUSIP: 000000000<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |     14246 | NS      | $88264.44     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                      | Spirit Realty Capital Inc                        | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |      8412 | NS      | $335891.16    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                             | Cellnex Telecom SA                               | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      6045 | NS      | $200079.31    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      3826 | NS      | $810805.92    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      1726 | NS      | $365670.36    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment C                 | Wharf Real Estate Investment Co Ltd              | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | HK        |     41000 | NS      | $238999.67    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                        | SBA Communications Corp                          | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       631 | NS      | $176875.61    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                      | Unibail-Rodamco-Westfield                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      2748 | NS      | $143049.84    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     45284 | NS      | $45283.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Aroundtown SA                                  | Aroundtown SA                                    | CUSIP: 000000000<br>LEI: 529900H4DWG3KWMBMQ39 | Long             | EC               | CORP              | LU        |     72698 | NS      | $169880.13    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7072 | NS      | $1040856.96   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                     | Xenia Hotels & Resorts Inc                       | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     14465 | NS      | $190648.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     43110 | NS      | $1396764.00   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                      | Gecina SA                                        | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |      3230 | NS      | $328986.22    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     17374 | NS      | $1025066.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc                | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8989 | NS      | $433809.14    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In                 | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      8526 | NS      | $550779.60    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| United Urban Investment Corp                   | United Urban Investment Corp                     | CUSIP: 000000000<br>LEI: 353800GYZWBD7BDCN841 | Long             | EC               | CORP              | JP        |       485 | NS      | $556545.26    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu REIT Inc                                 | Tokyu REIT Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       181 | NS      | $286174.18    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wihlborgs Fastigheter AB                       | Wihlborgs Fastigheter AB                         | CUSIP: 000000000<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |     12874 | NS      | $96849.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                            | UNITE Group PLC/The                              | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |     24533 | NS      | $269898.45    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |     22280 | NS      | $1460454.00   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1759 | NS      | $1152197.77   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenedix Retail REIT Corp                       | Kenedix Retail REIT Corp                         | CUSIP: 000000000<br>LEI: 353800IOH9ONLGE3AQ55 | Long             | EC               | CORP              | JP        |       102 | NS      | $197720.21    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifestyle Communities Ltd                      | Lifestyle Communities Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     10752 | NS      | $139601.92    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci                 | CapitaLand Integrated Commercial Trust           | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    213800 | NS      | $325632.37    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     12936 | NS      | $1297092.72   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment C                 | Japan Real Estate Investment Corp                | CUSIP: 000000000<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               | CORP              | JP        |        74 | NS      | $325342.88    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Co Ltd                       | Mitsubishi Estate Co Ltd                         | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     71950 | NS      | $938025.37    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio                                        | Covivio                                          | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      3689 | NS      | $218965.95    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     18544 | NS      | $339911.52    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                                    | Aedifica SA                                      | CUSIP: 000000000<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               | CORP              | BE        |      1965 | NS      | $159440.32    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                      | Segro PLC                                        | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     39736 | NS      | $366824.56    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG Immobilien SE                              | LEG Immobilien SE                                | CUSIP: 000000000<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |      3775 | NS      | $245932.14    | 0.61%             |  |  |  | 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