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        <title>AutoZone Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Financial Square Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
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          <isin value="US38141W2733"/>
          <ticker value="FGTXX"/>
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      <invstOrSec>
        <name>Aon PLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
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          <isin value="US0028241000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BlackRock Liquidity FedFund</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cummins Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NextEra Energy Inc</name>
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        <name>HCA Healthcare Inc</name>
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        <name>UnitedHealth Group Inc</name>
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        <name>CDW Corp/DE</name>
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        <name>Vertex Pharmaceuticals Inc</name>
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        <name>United Rentals Inc</name>
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        <name>KKR &amp; Co Inc</name>
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        <name>MSILF Government Portfolio</name>
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        <name>TE Connectivity PLC</name>
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        <name>Progressive Corp/The</name>
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        <name>Amazon.com Inc</name>
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        <name>Microsoft Corp</name>
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        <name>Sherwin-Williams Co/The</name>
        <lei>Z15BMIOX8DDH0X2OBP21</lei>
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        <name>Seagate Technology Holdings PL</name>
        <lei>635400RUXIFEZSRU8X70</lei>
        <title>Seagate Technology Holdings PLC</title>
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        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Airbus SE</name>
        <lei>MINO79WLOO247M1IL051</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fiserv Inc</name>
        <lei>GI7UBEJLXYLGR2C7GV83</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crown Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Applied Materials Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Apple Inc</name>
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      <invstOrSec>
        <name>Danaher Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Live Nation Entertainment Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Howmet Aerospace Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Linde PLC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase &amp; Co</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SAP SE</name>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NVIDIA Corp</name>
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        <name>Lockheed Martin Corp</name>
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        <name>Eaton Corp PLC</name>
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        <name>Allstate Corp/The</name>
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        <name>Zebra Technologies Corp</name>
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        <name>Alphabet Inc</name>
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        <name>American Express Co</name>
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        <name>Micron Technology Inc</name>
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        <name>AT&amp;T Inc</name>
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        <name>CME Group Inc</name>
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        <assetCat>EC</assetCat>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meta Platforms Inc</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>Meta Platforms Inc</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
          <ticker value="META"/>
        </identifiers>
        <balance>160829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94166987.79000000</valUSD>
        <pctVal>2.473548880976</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>Home Depot Inc/The</name>
        <lei>QEKMOTMBBKA8I816DO57</lei>
        <title>Home Depot Inc/The</title>
        <cusip>437076102</cusip>
        <identifiers>
          <isin value="US4370761029"/>
          <ticker value="HD"/>
        </identifiers>
        <balance>176946.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68830224.54000000</valUSD>
        <pctVal>1.808010735863</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>Hubbell Inc</name>
        <lei>54930088VDQ6840Y6597</lei>
        <title>Hubbell Inc</title>
        <cusip>443510607</cusip>
        <identifiers>
          <isin value="US4435106079"/>
          <ticker value="HUBB"/>
        </identifiers>
        <balance>89111.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37327706.79000000</valUSD>
        <pctVal>0.980512486665</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>2025-02-27</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>
  <documents>XXXX</documents>
</edgarSubmission>
