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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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          <other otherDesc="Primary Identifier" value="31412UK90"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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          <other otherDesc="Primary Identifier" value="3133KHDD5"/>
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      <invstOrSec>
        <name>Federal National Mortgage Association Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index)</name>
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          <other otherDesc="Primary Identifier" value="3136AT5C4"/>
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        <fairValLevel>2</fairValLevel>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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          <other otherDesc="Primary Identifier" value="912828U81"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>State Street Institutional U.S. Government Money Market Fund - Premier Class</name>
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          <other otherDesc="Primary Identifier" value="857492706"/>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Farm Credit Bank</name>
        <lei>N/A</lei>
        <title>Federal Farm Credit Bank</title>
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          <other otherDesc="Primary Identifier" value="3133EDWZ1"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
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        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</title>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</title>
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      <invstOrSec>
        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <title>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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        <title>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. International Development Finance Corp. (GTD by U.S. Government)</name>
        <lei>549300IDY55XMYWXSD28</lei>
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        <cusip>690353NL7</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>N/A</lei>
        <title>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</title>
        <cusip>3140JVPY2</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="3140JVPY2"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</title>
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        <identifiers>
          <other otherDesc="Primary Identifier" value="3132DMHK4"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>912828Z94</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="912828Z94"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810SJ8</cusip>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</title>
        <cusip>3137F3TU8</cusip>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
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        <title>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</title>
        <cusip>3137FBAJ5</cusip>
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      <invstOrSec>
        <name>Federal National Mortgage Association Agency REMIC/CMO (Mortgage spread to 5-year U.S. Treasury index)</name>
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        <name>U.S. Treasury Bonds</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bonds</title>
        <cusip>912810RK6</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Federal Home Loan Bank</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Bank</title>
        <cusip>3130AJYK9</cusip>
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          <other otherDesc="Primary Identifier" value="3130AJYK9"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
        <lei>N/A</lei>
        <title>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</title>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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      <invstOrSec>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
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      <invstOrSec>
        <name>Federal Farm Credit Bank</name>
        <lei>N/A</lei>
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        <name>U.S. Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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        <name>Federal Home Loan Mortgage Corp. Fixed Rate Participation Certificates</name>
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        <name>U.S. Department of Transportation</name>
        <lei>N/A</lei>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association Agency REMIC/CMO</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Bonds</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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      <invstOrSec>
        <name>Government National Mortgage Association Fixed Rate Pass-Through Certificates</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>U.S. Treasury Notes</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
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        <name>Tennessee Valley Authority</name>
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        <name>Federal Home Loan Mortgage Corp. Agency REMIC/CMO</name>
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        <name>U.S. Treasury Notes</name>
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        <name>Federal National Mortgage Association Fixed Rate Pass-Through Certificates</name>
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    <signature>
      <ncom:dateSigned>2020-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joseph W. Kauten</ncom:signature>
      <ncom:signerName>Joseph W. Kauten</ncom:signerName>
      <ncom:title>Treasurer, Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
