# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207342
**Filing Date:** 2025-8
**Character Count:** 26107
**Document Hash:** 38352533814b7d566975ffb78ded2dfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207342.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207342

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 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:** 251261402

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**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

### Macquarie Real Estate Securities Fund (Series ID: S000024830)

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

## Nport-Ex

## Schedule of investments
Macquarie Real Estate Securities Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.24%♣** | &nbsp;&nbsp;**Common Stocks — 99.24%♣** | &nbsp;&nbsp;**Common Stocks — 99.24%♣** |
| &nbsp;&nbsp;Internet Services & Infrastructure — 2.54% | &nbsp;&nbsp;Internet Services & Infrastructure — 2.54% | &nbsp;&nbsp;Internet Services & Infrastructure — 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 242400 | $2313266 |
|  |  | &nbsp;&nbsp; 2313266 |
| &nbsp;&nbsp;Real Estate Operating Companies/Developer — 0.62% | &nbsp;&nbsp;Real Estate Operating Companies/Developer — 0.62% | &nbsp;&nbsp;Real Estate Operating Companies/Developer — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta ADR | 20669 | &nbsp;&nbsp; 566124 |
|  |  | &nbsp;&nbsp; 566124 |
| &nbsp;&nbsp;Real Estate Services — 0.89% | &nbsp;&nbsp;Real Estate Services — 0.89% | &nbsp;&nbsp;Real Estate Services — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp; 805690 |
|  |  | &nbsp;&nbsp; 805690 |
| &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.95% | &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.95% | &nbsp;&nbsp;REIT Asset Management & Custody Banks — 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | 171241 | &nbsp;&nbsp; 1772344 |
|  |  | &nbsp;&nbsp; 1772344 |
| &nbsp;&nbsp;REIT Data Center — 15.07% | &nbsp;&nbsp;REIT Data Center — 15.07% | &nbsp;&nbsp;REIT Data Center — 15.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | 13552 | &nbsp;&nbsp; 2362520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 13681 | &nbsp;&nbsp;10882825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keppel REIT | 255200 | &nbsp;&nbsp; 467649 |
|  |  | &nbsp;&nbsp;13712994 |
| &nbsp;&nbsp;REIT Healthcare — 18.84% | &nbsp;&nbsp;REIT Healthcare — 18.84% | &nbsp;&nbsp;REIT Healthcare — 18.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT | 72872 | &nbsp;&nbsp; 2677317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas | 54618 | &nbsp;&nbsp; 3449127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 71682 | &nbsp;&nbsp;11019674 |
|  |  | &nbsp;&nbsp;17146118 |
| &nbsp;&nbsp;REIT Hotel — 3.01% | &nbsp;&nbsp;REIT Hotel — 3.01% | &nbsp;&nbsp;REIT Hotel — 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Class A | &nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp; 1020143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 17407 | &nbsp;&nbsp; 1717549 |
|  |  | &nbsp;&nbsp; 2737692 |
| &nbsp;&nbsp;REIT Industrial — 12.13% | &nbsp;&nbsp;REIT Industrial — 12.13% | &nbsp;&nbsp;REIT Industrial — 12.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 74685 | &nbsp;&nbsp; 3594589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 69249 | &nbsp;&nbsp; 1560530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | 127443 | &nbsp;&nbsp; 1052679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 32826 | &nbsp;&nbsp; 3450669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 38775 | &nbsp;&nbsp; 1379227 |
|  |  | &nbsp;&nbsp;11037694 |
| &nbsp;&nbsp;REIT Multifamily — 10.33% | &nbsp;&nbsp;REIT Multifamily — 10.33% | &nbsp;&nbsp;REIT Multifamily — 10.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities | 18298 | &nbsp;&nbsp; 3723643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | 41620 | &nbsp;&nbsp; 2808934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp; 2091492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterRent Real Estate Investment Trust | 78369 | &nbsp;&nbsp; 778079 |
|  |  | &nbsp;&nbsp; 9402148 |
| &nbsp;&nbsp;REIT Office — 1.77% | &nbsp;&nbsp;REIT Office — 1.77% | &nbsp;&nbsp;REIT Office — 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | 46970 | &nbsp;&nbsp; 1611541 |
|  |  | &nbsp;&nbsp; 1611541 |
| &nbsp;&nbsp;REIT Retail — 16.40% | &nbsp;&nbsp;REIT Retail — 16.40% | &nbsp;&nbsp;REIT Retail — 16.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | 88324 | &nbsp;&nbsp; 1640176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 49569 | &nbsp;&nbsp; 3621511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 97247 | &nbsp;&nbsp; 1646392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 27086 | &nbsp;&nbsp; 1560424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 29409 | &nbsp;&nbsp; 4727791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger | 56515 | &nbsp;&nbsp; 1728229 |
|  |  | &nbsp;&nbsp;14924523 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;REIT Self-Storage — 4.75% | &nbsp;&nbsp;REIT Self-Storage — 4.75% | &nbsp;&nbsp;REIT Self-Storage — 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;5762 | $849549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 11819 | &nbsp;&nbsp; 3467931 |
|  |  | &nbsp;&nbsp; 4317480 |
| &nbsp;&nbsp;REIT Single Family — 4.35% | &nbsp;&nbsp;REIT Single Family — 4.35% | &nbsp;&nbsp;REIT Single Family — 4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 63915 | &nbsp;&nbsp; 2096412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities | 14709 | &nbsp;&nbsp; 1860541 |
|  |  | &nbsp;&nbsp; 3956953 |
| &nbsp;&nbsp;REIT Specialty — 4.74% | &nbsp;&nbsp;REIT Specialty — 4.74% | &nbsp;&nbsp;REIT Specialty — 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 132161 | &nbsp;&nbsp; 4308449 |
|  |  | &nbsp;&nbsp; 4308449 |
| &nbsp;&nbsp;REIT Telecom Tower — 1.85% | &nbsp;&nbsp;REIT Telecom Tower — 1.85% | &nbsp;&nbsp;REIT Telecom Tower — 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp; 1679973 |
|  |  | &nbsp;&nbsp; 1679973 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $56,446,391)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $56,446,391)** | &nbsp;&nbsp;**90292989** |
| &nbsp;&nbsp;**Short-Term Investments — 0.50%** | &nbsp;&nbsp;**Short-Term Investments — 0.50%** | &nbsp;&nbsp;**Short-Term Investments — 0.50%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.50% | &nbsp;&nbsp;Money Market Mutual Funds — 0.50% | &nbsp;&nbsp;Money Market Mutual Funds — 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 113643 | &nbsp;&nbsp; 113643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 113643 | &nbsp;&nbsp; 113643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 113643 | &nbsp;&nbsp; 113643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 113642 | &nbsp;&nbsp; 113642 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $454,571)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $454,571)** | &nbsp;&nbsp; **454571** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.74%<br> (cost $56,900,962)** |  | &nbsp;&nbsp;**90747560** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.26%** |  | &nbsp;&nbsp; **236187** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 6,051,824 Shares Outstanding—100.00%** |  | **$90983747** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| REIT – Real Estate Investment Trust |

---

NQ- IV063 [0625] 0825 (4730784) 1

## 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:** Macquarie Real Estate Securities Fund

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

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

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $91422981.73

**Total Liabilities:** $339973.33

**Net Assets:** $91083008.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146690 | -0.98%               | 2.58%                | -0.83%               |
| Class ID C000073901 | -1.08%               | 2.52%                | -0.87%               |
| Class ID C000073896 | -1.01%               | 2.57%                | -0.90%               |
| Class ID C000073895 | -0.99%               | 2.54%                | -0.88%               |
| Class ID C000073898 | -1.00%               | 2.39%                | -0.87%               |
| Class ID C000073900 | -0.98%               | 2.51%                | -0.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $286376.86               | $-1282276.18                               |
| Month 2  | $372396.09               | $1886836.26                                |
| Month 3  | $1103639.45              | $-2226475.59                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Welltower Inc                                  | Welltower Inc                                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     71682 | NS      | $11019673.86  | 12.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     13681 | NS      | $10882825.07  | 11.95%            |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                        | DigitalBridge Group Inc                        | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    171241 | NS      | $1772344.35   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTDC Ltd                                     | NEXTDC Ltd                                     | CUSIP: 000000000<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |    242400 | NS      | $2313265.62   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                      | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     18298 | NS      | $3723643.00   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                  | Goodman Group                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     69249 | NS      | $1560530.09   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                           | LXP Industrial Trust                           | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    127443 | NS      | $1052679.18   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                            | Acadia Realty Trust                            | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     88324 | NS      | $1640176.68   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     29409 | NS      | $4727790.84   | 5.19%             |  |  |  | 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        |    113643 | NS      | $113642.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    113643 | NS      | $113642.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     13552 | NS      | $2362520.16   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74685 | NS      | $3594589.05   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5762 | NS      | $849549.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                 | CBRE Group Inc                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      5750 | NS      | $805690.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                     | Tanger Inc                                     | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     56515 | NS      | $1728228.70   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I                 | Ryman Hospitality Properties Inc               | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     17407 | NS      | $1717548.69   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                             | Kilroy Realty Corp                             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     46970 | NS      | $1611540.70   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     14709 | NS      | $1860541.41   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                  | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     38775 | NS      | $1379226.75   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    113643 | NS      | $113642.64    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7601 | NS      | $1679973.02   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     41620 | NS      | $2808933.80   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     27086 | NS      | $1560424.46   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                              | Hyatt Hotels Corp                              | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      7305 | NS      | $1020143.25   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      7380 | NS      | $2091492.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme                 | InterRent Real Estate Investment Trust         | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     78369 | NS      | $778078.85    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de                 | Corp Inmobiliaria Vesta SAB de CV              | CUSIP: 92540K109<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |     20669 | NS      | $566123.91    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                            | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    132161 | NS      | $4308448.60   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                              | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49569 | NS      | $3621511.14   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                   | American Healthcare REIT Inc                   | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     72872 | NS      | $2677317.28   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     32826 | NS      | $3450669.12   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel DC REIT                                 | Keppel DC REIT                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    255200 | NS      | $467649.23    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                           | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63915 | NS      | $2096412.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    113643 | NS      | $113642.65    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                 | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     11819 | NS      | $3467930.98   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                 | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     97247 | NS      | $1646391.71   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     54618 | NS      | $3449126.70   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration