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        <pctVal>3.265854848828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Mid Cap Growth Equity</name>
        <lei>549300BXU042DTUJ9261</lei>
        <title>Delaware Mid Cap Growth Equity</title>
        <cusip>24610A505</cusip>
        <identifiers>
          <isin value="US24610A5056"/>
          <ticker value="DFZRX"/>
        </identifiers>
        <balance>213116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6080199.48000000</valUSD>
        <pctVal>1.113749569143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity FedFund</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BlackRock Liquidity FedFund</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>696794.03000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696794.03000000</valUSD>
        <pctVal>0.127636281218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Ivy Core Bond Fund</name>
        <lei>M1PELDZXWHGTDBU07228</lei>
        <title>Delaware Ivy Core Bond Fund</title>
        <cusip>46600A302</cusip>
        <identifiers>
          <isin value="US46600A3023"/>
          <ticker value="IBNDX"/>
        </identifiers>
        <balance>5430193.73700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50500801.75000000</valUSD>
        <pctVal>9.250559356722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSILF Government Portfolio</name>
        <lei>549300BI6Y5SI6BYPB26</lei>
        <title>MSILF Government Portfolio</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <isin value="US61747C7074"/>
          <ticker value="MVRXX"/>
        </identifiers>
        <balance>696794.04000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696794.04000000</valUSD>
        <pctVal>0.127636283050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Financial Square Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>696794.04000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696794.04000000</valUSD>
        <pctVal>0.127636283050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Limited-Term Diversified Income Fund</name>
        <lei>CPYJ7BXGHNWDE01BCD50</lei>
        <title>Delaware Limited-Term Diversified Income Fund</title>
        <cusip>245912886</cusip>
        <identifiers>
          <isin value="US2459128862"/>
          <ticker value="DLTZX"/>
        </identifiers>
        <balance>1279397.76800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10004890.55000000</valUSD>
        <pctVal>1.832660684249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Ivy Core Equity Fund</name>
        <lei>W3XFT5PC8KN6APIOIR50</lei>
        <title>Delaware Ivy Core Equity Fund</title>
        <cusip>46600A401</cusip>
        <identifiers>
          <isin value="US46600A4013"/>
          <ticker value="ICEQX"/>
        </identifiers>
        <balance>2578154.36200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48263049.66000000</valUSD>
        <pctVal>8.840655794465</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COTA SERIES D</name>
        <lei>N/A</lei>
        <title>COTA SERIES D</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="172742AD0"/>
        </identifiers>
        <balance>6475372.77000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>867699.95000000</valUSD>
        <pctVal>0.158942226918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-20</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Ivy Global Bond Fund</name>
        <lei>549300BUZB6CSOP46X59</lei>
        <title>Delaware Ivy Global Bond Fund</title>
        <cusip>46600A872</cusip>
        <identifiers>
          <isin value="US46600A8725"/>
          <ticker value="IVBDX"/>
        </identifiers>
        <balance>9346502.31300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>86268216.35000000</valUSD>
        <pctVal>15.80230864244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDIA GROUP HLDGS SER T</name>
        <lei>N/A</lei>
        <title>MEDIA GROUP HLDGS SER T</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="MGHTZ"/>
        </identifiers>
        <balance>9113.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Ivy International Core Equity Fund</name>
        <lei>08BZIW7S4NU6VLSVN005</lei>
        <title>Delaware Ivy International Core Equity Fund</title>
        <cusip>46600A823</cusip>
        <identifiers>
          <isin value="US46600A8238"/>
          <ticker value="IINCX"/>
        </identifiers>
        <balance>4642492.11900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93081966.99000000</valUSD>
        <pctVal>17.05042753467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Ivy Large Cap Growth Fund</name>
        <lei>55GF8UT7OPVYKJTN2Y17</lei>
        <title>Delaware Ivy Large Cap Growth Fund</title>
        <cusip>46600A799</cusip>
        <identifiers>
          <isin value="US46600A7990"/>
          <ticker value="ILGRX"/>
        </identifiers>
        <balance>1986042.48800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65658564.65000000</valUSD>
        <pctVal>12.02710508595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Value Fund</name>
        <lei>N/A</lei>
        <title>Delaware Value Fund</title>
        <cusip>24610C840</cusip>
        <identifiers>
          <isin value="US24610C8405"/>
          <ticker value="DDZRX"/>
        </identifiers>
        <balance>3699275.19600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62036845.04000000</valUSD>
        <pctVal>11.36369121795</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>
      <invstOrSec>
        <name>Delaware Opportunity Fund</name>
        <lei>549300HRBRR0WUE96N92</lei>
        <title>Delaware Opportunity Fund</title>
        <cusip>24611D755</cusip>
        <identifiers>
          <isin value="US24611D7553"/>
          <ticker value="FIVVX"/>
        </identifiers>
        <balance>169609.90600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5722638.23000000</valUSD>
        <pctVal>1.048252756178</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>
      <invstOrSec>
        <name>Delaware Global Real Estate Fund</name>
        <lei>549300B79QZ54YUHH408</lei>
        <title>Delaware Global Real Estate Fund</title>
        <cusip>46600A245</cusip>
        <identifiers>
          <isin value="US46600A2454"/>
          <ticker value="IRENX"/>
        </identifiers>
        <balance>1296747.81700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11709632.79000000</valUSD>
        <pctVal>2.144929375686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delaware Emerging Markets Debt Corporate Fund</name>
        <lei>549300M1MSKMKF5XEN15</lei>
        <title>Delaware Emerging Markets Debt Corporate Fund</title>
        <cusip>246094817</cusip>
        <identifiers>
          <isin value="US2460948175"/>
          <ticker value="DEDIX"/>
        </identifiers>
        <balance>1381107.29600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10427360.08000000</valUSD>
        <pctVal>1.910047167794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Government Portfolio</name>
        <lei>549300FQDFZGLUOCWN51</lei>
        <title>Fidelity Government Portfolio</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
          <ticker value="FIGXX"/>
        </identifiers>
        <balance>696793.77000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>696793.77000000</valUSD>
        <pctVal>0.127636233592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>2024-02-21</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>
