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      <invstOrSec>
        <name>HEICO Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Genpact Ltd</name>
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      <invstOrSec>
        <name>Envista Holdings Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BorgWarner Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
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      <invstOrSec>
        <name>Guidewire Software Inc</name>
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      <invstOrSec>
        <name>Tyler Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fastenal Co</name>
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        <title>Fastenal Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Levi Strauss &amp; Co</name>
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        <title>Levi Strauss &amp; Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pinnacle Financial Partners In</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Workiva Inc</name>
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        <name>Five9 Inc</name>
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        <name>MarketAxess Holdings Inc</name>
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        <name>Clarivate PLC</name>
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        <name>Novanta Inc</name>
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        <name>Floor &amp; Decor Holdings Inc</name>
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        <name>Paycom Software Inc</name>
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        <name>Crowdstrike Holdings Inc</name>
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        <name>First Republic Bank/CA</name>
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        <name>A O Smith Corp</name>
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        <name>ABIOMED Inc</name>
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        <title>ABIOMED Inc</title>
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        <name>Trex Co Inc</name>
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        <title>Trex Co Inc</title>
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        <name>Chipotle Mexican Grill Inc</name>
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        <name>Intuitive Surgical Inc</name>
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        <name>Hershey Co/The</name>
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        <name>Agilent Technologies Inc</name>
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        <name>Horizon Therapeutics Plc</name>
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        <name>DREYFUS INST PREF GOVT PLUS MMF - SL #4134</name>
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        <name>Marvell Technology Inc</name>
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        <name>Seagen Inc</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Display Corp</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <title>PINTEREST INC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="PINS 5 C45"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG012KYCG53"/>
        </identifiers>
        <balance>16468.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>123510.00000000</valUSD>
        <pctVal>0.001707422467</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NEW YORK STOCK EXCHANGE</counterpartyName>
              <counterpartyLei>549300HIIRNTNKXV3M12</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pinterest Inc</issuerName>
                <issueTitle>Pinterest Inc</issueTitle>
                <identifiers>
                  <cusip value="72352L106"/>
                  <isin value="US72352L1061"/>
                  <ticker value="PINS"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>45.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-05-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-699890.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDEX Corp</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX Corp</title>
        <cusip>45167R104</cusip>
        <identifiers>
          <isin value="US45167R1041"/>
          <ticker value="IEX"/>
        </identifiers>
        <balance>526596.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100964251.08000000</valUSD>
        <pctVal>1.395746342088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-04-01</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
