# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-25-010122
**Filing Date:** 2025-11
**Character Count:** 25312
**Document Hash:** 20b278f6768f527d9514b850a183c69c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010122.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010122

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251515880

**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 International Core Equity Fund (Series ID: S000024840)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073956 | Class Y             | IVVYX           |
| C000073958 | Class C             | IVIFX           |
| C000073960 | Institutional Class | ICEIX           |
| C000073961 | Class A             | IVIAX           |
| C000122166 | Class R             | IYITX           |
| C000146700 | Class R6            | IINCX           |

## 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 International Core Equity Fund

- **b. EDGAR series identifier (if any):** S000024840

- **c. LEI of Series:** 08BZIW7S4NU6VLSVN005

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1483685489.48

**Total Liabilities:** $19950719.82

**Net Assets:** $1463734769.66

**Cash Not Reported:** $12118539.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146700 | -2.72%               | 2.54%                | 1.44%                |
| Class ID C000073960 | -2.73%               | 2.56%                | 1.41%                |
| Class ID C000122166 | -2.76%               | 2.50%                | 1.38%                |
| Class ID C000073958 | -2.81%               | 2.45%                | 1.31%                |
| Class ID C000073961 | -2.76%               | 2.50%                | 1.42%                |
| Class ID C000073956 | -2.73%               | 2.48%                | 1.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15748249.26             | $-59616240.07                              |
| Month 2  | $20323122.08             | $15179463.48                               |
| Month 3  | $24520697.07             | $-5634213.42                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   1633217 | NS      | $17502706.89  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BBVA                                           | Banco Bilbao Vizcaya Argentaria SA             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |   1523958 | NS      | $29366111.89  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  11542640 | NS      | $11542639.82  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1805000 | NS      | $78405278.07  | 5.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific SE                         | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    186815 | NS      | $13623742.98  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                        | Siemens Healthineers AG                        | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    443884 | NS      | $24043507.32  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                      | Mondi PLC                                      | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |   1552433 | NS      | $21473394.11  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                      | Orkla ASA                                      | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |   2033912 | NS      | $21264200.58  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| KION Group AG                                  | KION Group AG                                  | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |    262856 | NS      | $17833611.89  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                         | Melrose Industries PLC                         | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |   2321011 | NS      | $19108598.49  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                  | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1844344 | NS      | $23495921.56  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                       | SMC Corp                                       | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     49000 | NS      | $15145518.86  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                                | Schlumberger NV                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    187682 | NS      | $6450630.34   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA                            | Henkel AG & Co KGaA                            | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |    187458 | NS      | $15125297.67  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                   | Experian PLC                                   | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    685012 | NS      | $34406215.56  | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                         | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |    176837 | NS      | $14595399.92  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    431411 | NS      | $14697943.82  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                       | Adyen NV                                       | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     18782 | NS      | $30221717.81  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                              | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    810668 | NS      | $27632235.07  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  11542640 | NS      | $11542639.79  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    101559 | NS      | $25176271.70  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group                 | Mitsubishi UFJ Financial Group Inc             | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   2304000 | NS      | $37166696.23  | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    151189 | NS      | $35306560.67  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    271056 | NS      | $16249896.04  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                             | Midea Group Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   1881194 | NS      | $19237332.52  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |   1019107 | NS      | $28368301.56  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |   1587043 | NS      | $41605531.66  | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                         | XP Inc                                         | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |   1325822 | NS      | $24912195.38  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    139037 | NS      | $37229552.62  | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| BioNTech SE                                    | BioNTech SE                                    | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    129911 | NS      | $12811822.82  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                     | Haleon PLC                                     | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   6549563 | NS      | $29474226.57  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ascendis Pharma A/S                            | Ascendis Pharma A/S                            | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     86259 | NS      | $17149151.79  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                                  | Marubeni Corp                                  | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |   1248600 | NS      | $31155337.59  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    128538 | NS      | $22494150.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    320800 | NS      | $27335240.39  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  11542640 | NS      | $11542639.79  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont SA                    | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     77955 | NS      | $14964741.62  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     21400 | NS      | $50010516.00  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HENDERSON LAND                                 | Henderson Land Development Co Ltd              | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |   6015000 | NS      | $21187594.89  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    184099 | NS      | $25584599.15  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  11542640 | NS      | $11542639.79  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                        | Sea Ltd                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    186662 | NS      | $33362099.26  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                     | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    128926 | NS      | $34807187.68  | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                       | Alcon AG                                       | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    249960 | NS      | $18624519.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    464471 | NS      | $16659386.82  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                   | Alimentation Couche-Tard Inc                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    541644 | NS      | $28897799.09  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    209216 | NS      | $19699406.94  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                              | Grab Holdings Ltd                              | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |   4224340 | NS      | $25430526.80  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                 | Prudential PLC                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | HK        |   1856356 | NS      | $25988467.48  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                                | Nintendo Co Ltd                                | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    340800 | NS      | $29485760.70  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                    | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   4710500 | NS      | $28192229.46  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                             | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   4802741 | NS      | $19852562.73  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                      | Flutter Entertainment PLC                      | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |    114425 | NS      | $29063950.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Makita Corp                                    | Makita Corp                                    | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    819900 | NS      | $26574114.42  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                     | L'Oreal SA                                     | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     31332 | NS      | $13613350.54  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                  | Eastroc Beverage Group Co Ltd                  | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |    745651 | NS      | $31863617.61  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                        | Vale SA                                        | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   1449823 | NS      | $15745077.78  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   1633887 | NS      | $34555878.16  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                        | IMCD NV                                        | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    214428 | NS      | $22224914.74  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    221049 | NS      | $16958879.28  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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