# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-25-010119
**Filing Date:** 2025-11
**Character Count:** 38086
**Document Hash:** 53160aa3a293e57f6313e538b402bdea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010119.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010119

**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:** 251515877

**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 Systematic Emerging Markets Equity Fund (Series ID: S000024829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073889 | Class Y             | IPOYX           |
| C000073890 | Class A             | IPOAX           |
| C000073892 | Class C             | IPOCX           |
| C000073894 | Institutional Class | IPOIX           |
| C000122158 | Class R             | IYPCX           |
| C000146689 | Class R6            | IMEGX           |

## 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 Systematic Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000024829

- **c. LEI of Series:** 77VGKXRY5E61QSTHBN95

**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:** $690249871.05

**Total Liabilities:** $4599803.54

**Net Assets:** $685650067.51

**Cash Not Reported:** $779943.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073890 | 0.97%                | 1.25%                | 4.59%                |
| Class ID C000073889 | 0.94%                | 1.26%                | 4.57%                |
| Class ID C000073892 | 0.90%                | 1.19%                | 4.54%                |
| Class ID C000073894 | 0.97%                | 1.28%                | 4.61%                |
| Class ID C000146689 | 1.01%                | 1.27%                | 4.62%                |
| Class ID C000122158 | 0.94%                | 1.27%                | 4.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6632961.24              | $-3110516.01                               |
| Month 2  | $7225809.43              | $-189108.00                                |
| Month 3  | $15851744.83             | $13804036.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PICC P&C                                       | PICC Property & Casualty Co Ltd                     | CUSIP: 000000000<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |   1244000 | NS      | $2806282.05   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruti Suzuki India Ltd                        | Maruti Suzuki India Ltd                             | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |     23106 | NS      | $4173306.47   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| United Tractors Tbk PT                         | United Tractors Tbk PT                              | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    879700 | NS      | $1414654.26   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuliangye Yibin Co Ltd                         | Wuliangye Yibin Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    122161 | NS      | $2088814.54   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                   | MediaTek Inc                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    362879 | NS      | $15737971.89  | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                         | Kweichow Moutai Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |         1 | NS      | $203.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                        | Vale SA                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    204603 | NS      | $2213545.16   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    181862 | NS      | $1948961.64   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     78074 | NS      | $6443907.40   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Petroleum Corp Ltd                      | Bharat Petroleum Corp Ltd                           | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |   1847021 | NS      | $7074585.64   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Pop Mart International Group L                 | Pop Mart International Group Ltd                    | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |    153200 | NS      | $5247381.49   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                          | Hyundai Glovis Co Ltd                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |     19620 | NS      | $2314583.28   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| China Unicom                                   | China United Network Communications Ltd             | CUSIP: 000000000<br>LEI: 300300UTFDNZL9GJRR78 | Long             | EC               | CORP              | CN        |   1392900 | NS      | $1078934.40   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Qfin Holdings Inc                              | Qfin Holdings Inc                                   | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | CN        |     81565 | NS      | $2347440.70   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                         | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   5289305 | NS      | $5289304.79   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                       | Kia Corp                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |    109755 | NS      | $7877873.36   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Oil & Natural Gas Corp Ltd                     | Oil & Natural Gas Corp Ltd                          | CUSIP: 000000000<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               | CORP              | IN        |    965171 | NS      | $2601478.10   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                    | Xiaomi Corp                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |    618800 | NS      | $4300627.44   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                       | Ambev SA                                            | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   3131497 | NS      | $7101727.43   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Coal India Ltd                                 | Coal India Ltd                                      | CUSIP: 000000000<br>LEI: 335800NLJQZNHM9LBB31 | Long             | EC               | CORP              | IN        |   2520034 | NS      | $11073102.27  | 1.61%             |  |  |  | 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        |   5289306 | NS      | $5289306.37   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd                                  | MTN Group Ltd                                       | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    776365 | NS      | $6533131.57   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica SAB de CV                 | Sitios Latinoamerica SAB de CV                      | CUSIP: 000000000<br>LEI: 984500D2C0CDC0BFDD35 | Long             | EC               | CORP              | MX        |         1 | NS      | $0.22         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Electronics Ltd                         | Bharat Electronics Ltd                              | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    297561 | NS      | $1354449.50   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                                 | Bajaj Auto Ltd                                      | CUSIP: 000000000<br>LEI: 335800DLAO5NCNN8G863 | Long             | EC               | CORP              | IN        |     22293 | NS      | $2179366.55   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical E                 | Shenzhen Mindray Bio-Medical Electronics Co Ltd     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     62200 | NS      | $2152425.98   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                     | JD.com Inc                                          | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    382161 | NS      | $6695656.42   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmony Gold Mining Co Ltd                     | Harmony Gold Mining Co Ltd                          | CUSIP: 000000000<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    220666 | NS      | $3986996.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    549120 | NS      | $46790296.77  | 6.82%             |  |  |  | No            |                  2 | On Loan: No      |
| PGE Polska Grupa Energetyczna                  | PGE Polska Grupa Energetyczna SA                    | CUSIP: 000000000<br>LEI: 259400MP9VXR0E69MJ89 | Long             | EC               | CORP              | PL        |    221501 | NS      | $654897.22    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                          | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   5289306 | NS      | $5289306.37   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                        | Dubai Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |    757491 | NS      | $1975649.87   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Shaanxi Coal Industry Co Ltd                   | Shaanxi Coal Industry Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    424600 | NS      | $1194761.39   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| NANSHAN ALUMINIUM                              | Shandong Nanshan Aluminum Co Ltd                    | CUSIP: 000000000<br>LEI: 836800YU5J3RT2VPUO65 | Long             | EC               | CORP              | CN        |   5799100 | NS      | $3233821.16   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Eva Airways Corp                               | Eva Airways Corp                                    | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |   5790000 | NS      | $7261677.12   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                              | SK Telecom Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |    236468 | NS      | $9166733.84   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Cathay Financial Holding Co Lt                 | Cathay Financial Holding Co Ltd                     | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |   2118000 | NS      | $4575196.82   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   2032404 | NS      | $88283213.73  | 12.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Vipshop Holdings Ltd                           | Vipshop Holdings Ltd                                | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |    119041 | NS      | $2337965.24   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Electric Power Corp                      | Korea Electric Power Corp                           | CUSIP: 000000000<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |    233178 | NS      | $6016171.84   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci B                 | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |    387173 | NS      | $7523040.09   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hero MotoCorp Ltd                              | Hero MotoCorp Ltd                                   | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |    160367 | NS      | $9888595.65   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                        | Meituan                                             | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |    253412 | NS      | $3385272.26   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co                  | Hon Hai Precision Industry Co Ltd                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   1536000 | NS      | $10967260.74  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Aeronautics Ltd                      | Hindustan Aeronautics Ltd                           | CUSIP: 000000000<br>LEI: 335800AKDC7T933T3I86 | Long             | EC               | CORP              | IN        |     33672 | NS      | $1799366.41   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                  | FirstRand Ltd                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   2648052 | NS      | $11906138.44  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HCL Technologies Ltd                           | HCL Technologies Ltd                                | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    322033 | NS      | $5027399.44   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                         | Emaar Development PJSC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2562572 | NS      | $9390263.43   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                             | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   4129544 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NetEase Inc                                    | NetEase Inc                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    670600 | NS      | $20367706.86  | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                       | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5289306 | NS      | $5289306.37   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                    | Naspers Ltd                                         | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     20406 | NS      | $7414962.19   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A                 | Turkcell Iletisim Hizmetleri AS                     | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |   2263001 | NS      | $5333214.78   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                         | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    276569 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PETROBRAS                                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    318171 | NS      | $2012238.41   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Asustek Computer Inc                           | Asustek Computer Inc                                | CUSIP: 000000000<br>LEI: 254900B3WB4OGRB7HM13 | Long             | EC               | CORP              | TW        |    260000 | NS      | $5743989.89   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   2088474 | NS      | $12301876.07  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero                  | Bank Rakyat Indonesia Persero Tbk PT                | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  11247200 | NS      | $2636146.72   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                    | Infosys Ltd                                         | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    813976 | NS      | $13238900.29  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Yutong Bus Co Ltd                              | Yutong Bus Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |   1555800 | NS      | $5946985.37   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek Microelectronics Corp                  | Novatek Microelectronics Corp                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    333000 | NS      | $4674987.72   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   3020500 | NS      | $3656242.38   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                         | Accton Technology Corp                              | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    155000 | NS      | $5360087.46   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd                           | Weichai Power Co Ltd                                | CUSIP: 000000000<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |   2565394 | NS      | $5064807.70   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| BB Seguridade Participacoes SA                 | BB Seguridade Participacoes SA                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1293323 | NS      | $8077421.49   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                        | Saudi National Bank/The                             | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    120000 | NS      | $1253693.14   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    154525 | NS      | $3268125.07   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| ICBC                                           | Industrial & Commercial Bank of China Ltd           | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  12798000 | NS      | $9423746.64   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     22979 | NS      | $5696447.85   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC                               | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   3106967 | NS      | $11038760.53  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                                  | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |    856225 | NS      | $3539283.20   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                              | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |   6168879 | NS      | $4489352.31   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    439711 | NS      | $26360818.57  | 3.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                      | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   1219543 | NS      | $18482476.57  | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |   1224500 | NS      | $27384860.59  | 3.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                       | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    147558 | NS      | $1879807.23   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                               | Hyundai Motor Co                                    | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     15274 | NS      | $2341557.61   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA TAIPING                                  | China Taiping Insurance Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 529900C2G37NOIADYW07 | Long             | EC               | CORP              | HK        |   1715200 | NS      | $3352763.45   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                       | Hana Financial Group Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     43441 | NS      | $2700942.08   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                          | Delta Electronics Inc                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    177000 | NS      | $4986108.66   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Steel Ltd                                 | Tata Steel Ltd                                      | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |   1332556 | NS      | $2534260.44   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| PZU                                            | Powszechny Zaklad Ubezpieczen SA                    | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |    565377 | NS      | $8466649.26   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Unilever Ltd                         | Hindustan Unilever Ltd                              | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |    101548 | NS      | $2876297.07   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offsho                 | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     40056 | NS      | $11737193.47  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangxi Copper Co Ltd                          | Jiangxi Copper Co Ltd                               | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |    913500 | NS      | $4563153.39   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  14375000 | NS      | $13788015.21  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp                     | Realtek Semiconductor Corp                          | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |    511000 | NS      | $9250904.88   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| China Everbright Bank Co Ltd                   | China Everbright Bank Co Ltd                        | CUSIP: 000000000<br>LEI: 549300U6PKQ4H1P34E17 | Long             | EC               | CORP              | CN        |   3141000 | NS      | $1307749.34   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OOIL                                           | Orient Overseas International Ltd                   | CUSIP: 000000000<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | HK        |    170500 | NS      | $2763821.60   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                  | Geely Automobile Holdings Ltd                       | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |   4160000 | NS      | $10450851.01  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                               | Lenovo Group Ltd                                    | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |    516000 | NS      | $764603.46    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd                              | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |  23188000 | NS      | $12674722.09  | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Fix Price Group PLC                            | Fix Price Group PLC                                 | CUSIP: 000000000<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | GB        |   1489220 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tata Consultancy Services Ltd                  | Tata Consultancy Services Ltd                       | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     97394 | NS      | $3170109.13   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Uplus Corp                                  | LG Uplus Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    632310 | NS      | $6916214.01   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Logistics Inc                               | JD Logistics Inc                                    | CUSIP: 000000000<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |   2507400 | NS      | $4212579.57   | 0.61%             |  |  |  | No            |                  2 | 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