# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043069
**Filing Date:** 2023-2
**Character Count:** 86755
**Document Hash:** f8bfbd330f63cf2798e52697af06a34d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043069.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043069

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622
- **IRS NUMBER:** 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:** 23674003

**BUSINESS ADDRESS:**
- **STREET 1:** 6300 LAMAR AVE
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66202
- **BUSINESS PHONE:** 9132362000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 29217
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66201-9217

**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

### Delaware Ivy 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 | Class I      | IPOIX           |
| C000122158 | Class R      | IYPCX           |
| C000146689 | Class R6     | IMEGX           |

## Nport-Ex

## Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.81%** | &nbsp;&nbsp;**Common Stocks — 98.81%** | &nbsp;&nbsp;**Common Stocks — 98.81%** |
| &nbsp;&nbsp;Communication Services — 11.86% | &nbsp;&nbsp;Communication Services — 11.86% | &nbsp;&nbsp;Communication Services — 11.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;200100 | $520996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Info Service PCL | &nbsp;&nbsp;&nbsp;&nbsp;710500 | &nbsp;&nbsp; 4000217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;America Movil Class L | 10950933 | &nbsp;&nbsp; 9890767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu Class A † | &nbsp;&nbsp;&nbsp;&nbsp;165800 | &nbsp;&nbsp; 2372683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19197 | &nbsp;&nbsp; 2195753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 1830731 | &nbsp;&nbsp; 17838176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;246800 | &nbsp;&nbsp; 2246525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Group | &nbsp;&nbsp;&nbsp;&nbsp;586684 | &nbsp;&nbsp; 4395490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;753700 | &nbsp;&nbsp; 11056204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Telecom | &nbsp;&nbsp;&nbsp;&nbsp;613117 | &nbsp;&nbsp; 5971283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | 1081120 | &nbsp;&nbsp; 46261789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yandex Class A =, † | &nbsp;&nbsp;&nbsp;&nbsp;195088 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 106749883 |
| &nbsp;&nbsp;Consumer Discretionary — 13.35% | &nbsp;&nbsp;Consumer Discretionary — 13.35% | &nbsp;&nbsp;Consumer Discretionary — 13.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding † | 1255000 | &nbsp;&nbsp; 13867714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87975 | &nbsp;&nbsp; 7749718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYD Class H | &nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp; 3960348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fix Price Group GDR 144A #, =, † | 1489220 | &nbsp;&nbsp; 1130874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Otomotiv Sanayi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60935 | &nbsp;&nbsp; 1708907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 3801000 | &nbsp;&nbsp; 5551429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Wall Motor Class H | 1889500 | &nbsp;&nbsp; 2459476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84696 | &nbsp;&nbsp; 10136585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;382161 | &nbsp;&nbsp; 10781166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;175332 | &nbsp;&nbsp; 8249460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li Auto Class A † | &nbsp;&nbsp;&nbsp;&nbsp;164200 | &nbsp;&nbsp; 1615610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li Ning | &nbsp;&nbsp;&nbsp;&nbsp;767500 | &nbsp;&nbsp; 6661772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lojas Renner | 1261294 | &nbsp;&nbsp; 4892523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp; 2344562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;652300 | &nbsp;&nbsp; 14599646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naspers Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41575 | &nbsp;&nbsp; 6910730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinduoduo ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93962 | &nbsp;&nbsp; 7662601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | &nbsp;&nbsp;&nbsp;&nbsp;295700 | &nbsp;&nbsp; 3326196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Titan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55902 | &nbsp;&nbsp; 1755173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29747 | &nbsp;&nbsp; 1023297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70297 | &nbsp;&nbsp; 3841731 |
|  |  | &nbsp;&nbsp; 120229518 |
| &nbsp;&nbsp;Consumer Staples — 7.76% | &nbsp;&nbsp;Consumer Staples — 7.76% | &nbsp;&nbsp;Consumer Staples — 7.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev | 3335313 | &nbsp;&nbsp; 9172545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | &nbsp;&nbsp;&nbsp;&nbsp;333262 | &nbsp;&nbsp; 2439469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy † | 1899000 | &nbsp;&nbsp; 8612521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Resources Beer Holdings | 1002000 | &nbsp;&nbsp; 7002684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chongqing Brewery Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36601 | &nbsp;&nbsp; 670661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP ALL PCL | 1465000 | &nbsp;&nbsp; 2886856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Unilever | &nbsp;&nbsp;&nbsp;&nbsp;104115 | &nbsp;&nbsp; 3223060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC | 3039292 | &nbsp;&nbsp; 12180313 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Consumer Staples (continued) | &nbsp;&nbsp;Consumer Staples (continued) | &nbsp;&nbsp;Consumer Staples (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Yanghe Brewery Joint-Stock Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 | $1059734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15501 | &nbsp;&nbsp; 3850889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85015 | &nbsp;&nbsp; 3485252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 3419669 | &nbsp;&nbsp; 12087691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | &nbsp;&nbsp;&nbsp;&nbsp;122161 | &nbsp;&nbsp; 3175233 |
|  |  | &nbsp;&nbsp; 69846908 |
| &nbsp;&nbsp;Energy — 5.53% | &nbsp;&nbsp;Energy — 5.53% | &nbsp;&nbsp;Energy — 5.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Class H | 2319500 | &nbsp;&nbsp; 6701052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Class A | &nbsp;&nbsp;&nbsp;&nbsp;479592 | &nbsp;&nbsp; 1905481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL = | &nbsp;&nbsp;&nbsp;&nbsp;276569 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroChina Class H | 5788000 | &nbsp;&nbsp; 2647273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro | &nbsp;&nbsp;&nbsp;&nbsp;318171 | &nbsp;&nbsp; 1689761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 1900600 | &nbsp;&nbsp; 9685460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries | &nbsp;&nbsp;&nbsp;&nbsp;434439 | &nbsp;&nbsp; 13376079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Oil 144A # | &nbsp;&nbsp;&nbsp;&nbsp;861811 | &nbsp;&nbsp; 7361398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Class A | 1611000 | &nbsp;&nbsp; 4305764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanxi Coking Coal Energy Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;480700 | &nbsp;&nbsp; 805580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yankuang Energy Group Class H | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp; 1347725 |
|  |  | &nbsp;&nbsp; 49825573 |
| &nbsp;&nbsp;Financials — 21.28% | &nbsp;&nbsp;Financials — 21.28% | &nbsp;&nbsp;Financials — 21.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Class A | 14155000 | &nbsp;&nbsp; 5925320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Bank † | &nbsp;&nbsp;&nbsp;&nbsp;670584 | &nbsp;&nbsp; 13418818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;548427 | &nbsp;&nbsp; 4750213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1071624 | &nbsp;&nbsp; 12095116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29824 | &nbsp;&nbsp; 2370346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 1757811 | &nbsp;&nbsp; 11562816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 27910500 | &nbsp;&nbsp; 15329036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Chengdu Class A | 1659800 | &nbsp;&nbsp; 3653055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 34775000 | &nbsp;&nbsp; 12652826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class A | 8299579 | &nbsp;&nbsp; 3772699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 48301000 | &nbsp;&nbsp; 15327248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;445203 | &nbsp;&nbsp; 2842520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp; 2446224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 14273000 | &nbsp;&nbsp; 8941825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Life Insurance Class H | &nbsp;&nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp; 1423185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | &nbsp;&nbsp;&nbsp;&nbsp;566500 | &nbsp;&nbsp; 3168008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credicorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65638 | &nbsp;&nbsp; 8904451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank | &nbsp;&nbsp;&nbsp;&nbsp;406246 | &nbsp;&nbsp; 1891523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2166154 | &nbsp;&nbsp; 7919458 |

---

NQ-IV9630 [12/22] 2/23 (2747706) 1

------

Delaware Ivy Systematic Emerging Markets Equity Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte Class O | &nbsp;&nbsp;&nbsp;&nbsp;983000 | $7074432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 2309731 | &nbsp;&nbsp; 24871556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp; 6591287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL | &nbsp;&nbsp;&nbsp;&nbsp;442300 | &nbsp;&nbsp; 1883622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37825 | &nbsp;&nbsp; 1449176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Class H | &nbsp;&nbsp;&nbsp;&nbsp;337500 | &nbsp;&nbsp; 2233295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;676662 | &nbsp;&nbsp; 9092983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC ADR =, † | 1032386 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 191591038 |
| &nbsp;&nbsp;Healthcare — 2.52% | &nbsp;&nbsp;Healthcare — 2.52% | &nbsp;&nbsp;Healthcare — 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL | 1868700 | &nbsp;&nbsp; 1578157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomage Biotechnology Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62950 | &nbsp;&nbsp; 1225006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Class A | &nbsp;&nbsp;&nbsp;&nbsp;359300 | &nbsp;&nbsp; 2419384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 5732000 | &nbsp;&nbsp; 6021741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daan Gene Class A | &nbsp;&nbsp;&nbsp;&nbsp;736540 | &nbsp;&nbsp; 1648599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imeik Technology Development Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29574 | &nbsp;&nbsp; 2409373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp; 2827126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;596500 | &nbsp;&nbsp; 4573795 |
|  |  | &nbsp;&nbsp; 22703181 |
| &nbsp;&nbsp;Industrials — 4.92% | &nbsp;&nbsp;Industrials — 4.92% | &nbsp;&nbsp;Industrials — 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32304 | &nbsp;&nbsp; 1828192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eva Airways | 1837000 | &nbsp;&nbsp; 1682470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;503200 | &nbsp;&nbsp; 2668627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KOC Holding | 1758780 | &nbsp;&nbsp; 7871239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Aerospace Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84026 | &nbsp;&nbsp; 3395916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Larsen & Toubro | &nbsp;&nbsp;&nbsp;&nbsp;736228 | &nbsp;&nbsp; 18561880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wan Hai Lines | &nbsp;&nbsp;&nbsp;&nbsp;699300 | &nbsp;&nbsp; 1822451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiamen C & D Class A | &nbsp;&nbsp;&nbsp;&nbsp;995158 | &nbsp;&nbsp; 1954041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | &nbsp;&nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp; 1945682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YTO Express Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;331200 | &nbsp;&nbsp; 957148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZTO Express Cayman ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59679 | &nbsp;&nbsp; 1603575 |
|  |  | &nbsp;&nbsp; 44291221 |
| &nbsp;&nbsp;Information Technology — 21.83% | &nbsp;&nbsp;Information Technology — 21.83% | &nbsp;&nbsp;Information Technology — 21.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;299794 | &nbsp;&nbsp; 2794520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E Ink Holdings | &nbsp;&nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp; 2446259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eMemory Technology | &nbsp;&nbsp;&nbsp;&nbsp;113382 | &nbsp;&nbsp; 4924760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;151556 | &nbsp;&nbsp; 1903930 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | &nbsp;&nbsp;&nbsp;&nbsp;771000 | $2505992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | 1079360 | &nbsp;&nbsp; 19677152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Largan Precision | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp; 1194710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | 2074000 | &nbsp;&nbsp; 1703213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Innotek | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23687 | &nbsp;&nbsp; 4777159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;526879 | &nbsp;&nbsp; 10713975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nan Ya Printed Circuit Board | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 3323518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novatek Microelectronics | &nbsp;&nbsp;&nbsp;&nbsp;458000 | &nbsp;&nbsp; 4701371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parade Technologies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp; 1182053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22264 | &nbsp;&nbsp; 2312179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;961031 | &nbsp;&nbsp; 42182768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung SDI † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp; 1932167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silergy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70208 | &nbsp;&nbsp; 997081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51113 | &nbsp;&nbsp; 3049609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 4466404 | &nbsp;&nbsp; 65174869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | &nbsp;&nbsp;&nbsp;&nbsp;300810 | &nbsp;&nbsp; 11841508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unimicron Technology | 1291000 | &nbsp;&nbsp; 5040426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Microelectronics | 1668000 | &nbsp;&nbsp; 2208768 |
|  |  | &nbsp;&nbsp; 196587987 |
| &nbsp;&nbsp;Materials — 7.67% | &nbsp;&nbsp;Materials — 7.67% | &nbsp;&nbsp;Materials — 7.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Paints | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67617 | &nbsp;&nbsp; 2523807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83040 | &nbsp;&nbsp; 523920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindalco Industries | &nbsp;&nbsp;&nbsp;&nbsp;385946 | &nbsp;&nbsp; 2208238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoshine Silicon Industry Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30900 | &nbsp;&nbsp; 368665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;524201 | &nbsp;&nbsp; 2186779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Eastern Shenghong Class A | &nbsp;&nbsp;&nbsp;&nbsp;208360 | &nbsp;&nbsp; 390842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Chem | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376 | &nbsp;&nbsp; 6864961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POSCO Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12116 | &nbsp;&nbsp; 2651610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients | &nbsp;&nbsp;&nbsp;&nbsp;284020 | &nbsp;&nbsp; 11049421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol | &nbsp;&nbsp;&nbsp;&nbsp;344801 | &nbsp;&nbsp; 5467504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Mining † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84257 | &nbsp;&nbsp; 1450619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Basic Industries | &nbsp;&nbsp;&nbsp;&nbsp;419501 | &nbsp;&nbsp; 9979614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sichuan Yahua Industrial Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;414200 | &nbsp;&nbsp; 1385294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp; 1814486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;604723 | &nbsp;&nbsp; 10179986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta | 2064653 | &nbsp;&nbsp; 7696591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YongXing Special Materials Technology Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp; 1141568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunnan Aluminium Class A | &nbsp;&nbsp;&nbsp;&nbsp;715100 | &nbsp;&nbsp; 1143880 |
|  |  | &nbsp;&nbsp; 69027785 |

---

2 NQ-IV9630 [12/22] 2/23 (2747706)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Real Estate — 1.70% | &nbsp;&nbsp;Real Estate — 1.70% | &nbsp;&nbsp;Real Estate — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 1337500 | $3529905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Resources Land | 1486000 | &nbsp;&nbsp; 6806078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Country Garden Services Holdings | &nbsp;&nbsp;&nbsp;&nbsp;703000 | &nbsp;&nbsp; 1750869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;468594 | &nbsp;&nbsp; 747689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etalon Group GDR | 2791564 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings 144A #, \* | &nbsp;&nbsp;&nbsp;&nbsp;782500 | &nbsp;&nbsp; 2436086 |
|  |  | &nbsp;&nbsp; 15270627 |
| &nbsp;&nbsp;Utilities — 0.39% | &nbsp;&nbsp;Utilities — 0.39% | &nbsp;&nbsp;Utilities — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | &nbsp;&nbsp;&nbsp;&nbsp;445920 | &nbsp;&nbsp; 3557394 |
|  |  | &nbsp;&nbsp; 3557394 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $871,435,628)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $871,435,628)** | &nbsp;&nbsp; **889681115** |
| &nbsp;&nbsp;**Preferred Stocks — 1.21%** | &nbsp;&nbsp;**Preferred Stocks — 1.21%** | &nbsp;&nbsp;**Preferred Stocks — 1.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 39.56% | 1898778 | &nbsp;&nbsp; 8811035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile Class B 9.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25914 | &nbsp;&nbsp; 2095727 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks<br> (cost $7,910,559)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stocks<br> (cost $7,910,559)** | &nbsp;&nbsp; **10906762** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 0.04%** | &nbsp;&nbsp;**Bullion — 0.04%** | &nbsp;&nbsp;**Bullion — 0.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315591 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $394,317)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $394,317)** | **315591** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—100.06%<br> (cost $879,740,504)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—100.06%<br> (cost $879,740,504)** | **900903468** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral — 0.25%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.25%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 0.25% | &nbsp;&nbsp;Money Market Mutual Fund — 0.25% | &nbsp;&nbsp;Money Market Mutual Fund — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 2286574 | $2286574 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $2,286,574)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $2,286,574)** | &nbsp;&nbsp; **2286574** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.31%<br> (cost $882,027,078)** |  | &nbsp;&nbsp;**903,190,042■** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (0.25%)** |  | &nbsp;&nbsp;&nbsp; **(2286574)** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.06%)** |  | &nbsp;&nbsp;&nbsp; **(548314)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 53,234,804 Shares Outstanding—100.00%** |  | &nbsp;&nbsp; **$900355154** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Non-income producing security. |
| <sup>#</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $32,348,324, which represents 3.59% of the Fund's net assets. |
| <sup>=</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| <sup>\*</sup> | Fully or partially on loan. |
| ■ | Includes $3,760,721 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $1,643,384. |

---

NQ-IV9630 [12/22] 2/23 (2747706) 3

------

Delaware Ivy Systematic Emerging Markets Equity Fund (Unaudited)

The following foreign currency exchange contracts were outstanding at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM | BRL | &nbsp;&nbsp;(2161133) | USD | &nbsp;&nbsp;&nbsp;408775 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(189) |
| BNYM | ZAR | (33831726) | USD | 1983763 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6543) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6732) |

---

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| BNYM – Bank of New York Mellon |
| GDR – Global Depositary Receipt |
| PJSC – Private Joint Stock Company |

---

---

| |
|:---|
| **Summary of currencies:** |
| BRL – Brazilian Real |
| USD – US Dollar |
| ZAR – South African Rand |

---

4 NQ-IV9630 [12/22] 2/23 (2747706)

## 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:** Delaware Ivy 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $913803986.24

**Total Liabilities:** $11435435.64

**Net Assets:** $902368550.60

**Amount of Assets Invested in Other Investment Companies:** $315591.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073890 | -3.20%               | 15.46%               | -3.20%               |
| Class ID C000073889 | -3.25%               | 15.49%               | -3.17%               |
| Class ID C000073892 | -3.25%               | 15.41%               | -3.25%               |
| Class ID C000073894 | -3.14%               | 15.47%               | -3.11%               |
| Class ID C000146689 | -3.18%               | 15.50%               | -3.15%               |
| Class ID C000122158 | -3.24%               | 15.44%               | -3.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5982950.79             | $-22160726.20                              |
| Month 2  | $-5057144.19             | $141845718.15                              |
| Month 3  | $3007851.14              | $-36487913.51                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SK Hynix Inc                               | SK Hynix Inc                                                 | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     51113 | NS      | $3049608.64   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA                         | Banco do Brasil SA                                           | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   1757811 | NS      | $11562815.67  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                          | Bharti Airtel Ltd                                            | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   1830731 | NS      | $17838175.50  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd              | Geely Automobile Holdings Ltd                                | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |   3801000 | NS      | $5551428.81   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Brewery Co Ltd                   | Chongqing Brewery Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     36601 | NS      | $670661.19    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                                | Li Auto Inc                                                  | CUSIP: 000000000<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | CN        |    164200 | NS      | $1615609.61   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd                              | MTN Group Ltd                                                | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    586684 | NS      | $4395490.22   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                               | Silergy Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     70208 | NS      | $997081.29    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                                    | Ping An Insurance Group Co of China Ltd                      | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    337500 | NS      | $2233295.33   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Ltd                                    | ITC Ltd                                                      | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |   3039292 | NS      | $12180312.61  | 1.35%             |  |  |  | No            |                  1 | 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      |
| Samsung Electronics Co Ltd                 | Samsung Electronics Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    961031 | NS      | $42182767.61  | 4.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                            | Lojas Renner SA                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1261294 | NS      | $4892523.53   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Longfor Group Holdings Ltd                 | Longfor Group Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900UJX27B2F1JYR13 | Long             | EC               | CORP              | CN        |    782500 | NS      | $2436086.32   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| ZTO Express Cayman Inc                     | ZTO Express Cayman Inc                                       | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |     59679 | NS      | $1603574.73   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Unimicron Technology Corp                  | Unimicron Technology Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1291000 | NS      | $5040425.57   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd                        | Larsen & Toubro Ltd                                          | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    736228 | NS      | $18561880.36  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Dusit Medical Services             | Bangkok Dusit Medical Services PCL                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   1868700 | NS      | $1578157.21   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                       | Taiwan Semiconductor Manufacturing Co Ltd                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   4466404 | NS      | $65174869.26  | 7.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yang Ming Marine Transport Cor             | Yang Ming Marine Transport Corp                              | CUSIP: 000000000<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |    913000 | NS      | $1945681.70   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                    | Sberbank of Russia PJSC                                      | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   1032386 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TINCI                                      | Guangzhou Tinci Materials Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 836800Y28XV3QK34CB65 | Long             | EC               | CORP              | CN        |     83040 | NS      | $523919.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV                    | America Movil SAB de CV                                      | CUSIP: 000000000<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |  10950933 | NS      | $9890766.47   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA             | BB Seguridade Participacoes SA                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    445203 | NS      | $2842519.65   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| YONGXING MATERIALS                         | YongXing Special Materials Technology Co Ltd                 | CUSIP: 000000000<br>LEI: 300300ULJO6T9VWWOQ73 | Long             | EC               | CORP              | CN        |     86100 | NS      | $1141567.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc                         | POSCO Holdings Inc                                           | CUSIP: 000000000<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |     12116 | NS      | $2651609.93   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Novatek Microelectronics Corp              | Novatek Microelectronics Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    458000 | NS      | $4701371.38   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero              | Bank Rakyat Indonesia Persero Tbk PT                         | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  48301000 | NS      | $15327248.43  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| XSCE                                       | Shanxi Coking Coal Energy Group Co Ltd                       | CUSIP: 000000000<br>LEI: 3003006IEAP7EBNLIL41 | Long             | EC               | CORP              | CN        |    480700 | NS      | $805580.65    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA RES BEER                             | China Resources Beer Holdings Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1002000 | NS      | $7002684.02   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Aluminium Co Ltd                    | Yunnan Aluminium Co Ltd                                      | CUSIP: 000000000<br>LEI: 3003008AXWSVMLG3MX37 | Long             | EC               | CORP              | CN        |    715100 | NS      | $1143880.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruti Suzuki India Ltd                    | Maruti Suzuki India Ltd                                      | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |     23106 | NS      | $2344562.16   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                       | Tencent Holdings Ltd                                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   1081120 | NS      | $46261788.88  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CP ALL PCL                                 | CP ALL PCL                                                   | CUSIP: 000000000<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |   1465000 | NS      | $2886855.78   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc                     | eMemory Technology Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    113382 | NS      | $4924760.29   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Yandex NV                                  | Yandex NV                                                    | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | RU        |    195088 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| China Resources Land Ltd                   | China Resources Land Ltd                                     | CUSIP: 000000000<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | HK        |   1486000 | NS      | $6806077.80   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                     | KB Financial Group Inc                                       | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     37825 | NS      | $1449176.09   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd              | Tata Consultancy Services Ltd                                | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    300810 | NS      | $11841507.64  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                               | MediaTek Inc                                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    526879 | NS      | $10713974.88  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| YANGHE                                     | Jiangsu Yanghe Brewery Joint-Stock Co Ltd                    | CUSIP: 000000000<br>LEI: 655600IQ7FXTTBKI8H68 | Long             | EC               | CORP              | CN        |     45900 | NS      | $1059733.59   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Largan Precision Co Ltd                    | Largan Precision Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18000 | NS      | $1194709.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corp               | United Microelectronics Corp                                 | CUSIP: 000000000<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |   1668000 | NS      | $2208768.36   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Co                    | Saudi Arabian Mining Co                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     84257 | NS      | $1450619.45   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                 | BYD Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    160500 | NS      | $3960348.22   | 0.44%             |  |  |  | No            |                  1 | 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      | $2827126.31   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Innotek Co Ltd                          | LG Innotek Co Ltd                                            | CUSIP: 000000000<br>LEI: 988400KTHH2LMUX7EB48 | Long             | EC               | CORP              | KR        |     23687 | NS      | $4777158.85   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| DREYFUS INST PREF GOVT PLUS MMF - SL #4134 | DREYFUS INST PREF GOVT PLUS MMF - SL #4134                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2286573 | NS      | $2286573.42   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                             | China Overseas Land & Investment Ltd                         | CUSIP: 000000000<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |   1337500 | NS      | $3529905.39   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                  | Alibaba Group Holding Ltd                                    | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   1255000 | NS      | $13867714.23  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                   | Kia Corp                                                     | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |    175332 | NS      | $8249460.00   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd                | China Shenhua Energy Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |   2319500 | NS      | $6701051.83   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CG SERVICES                                | Country Garden Services Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 549300P2JRKENZSEBB42 | Long             | EC               | CORP              | CN        |    703000 | NS      | $1750868.94   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                  | Alibaba Group Holding Ltd                                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     87975 | NS      | $7749717.75   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanxi Fen Wine                            | Shanxi Xinghuacun Fen Wine Factory Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     85015 | NS      | $3485251.79   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                                      | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    604723 | NS      | $10179985.84  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sasol Ltd                                  | Sasol Ltd                                                    | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |    344801 | NS      | $5467504.36   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                | Infosys Ltd                                                  | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |   1079360 | NS      | $19677151.60  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Parade Technologies Ltd                    | Parade Technologies Ltd                                      | CUSIP: 000000000<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | US        |     47000 | NS      | $1182053.33   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp               | China Construction Bank Corp                                 | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   3020500 | NS      | $2446223.95   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de C             | Sociedad Quimica y Minera de Chile SA                        | CUSIP: 000000000<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EP               | CORP              | CL        |     25914 | NS      | $2095726.97   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                      | Delta Electronics Inc                                        | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    299794 | NS      | $2794520.38   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vedanta Ltd                                | Vedanta Ltd                                                  | CUSIP: 000000000<br>LEI: 335800XDKX9KB5EMCO07 | Long             | EC               | CORP              | IN        |   2064653 | NS      | $7696591.14   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                          | Bank of China Ltd                                            | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |   8299579 | NS      | $3772698.71   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                      | Emaar Properties PJSC                                        | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |    468594 | NS      | $747688.51    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                  | Baidu Inc                                                    | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |    165800 | NS      | $2372683.19   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alinma Bank                                | Alinma Bank                                                  | CUSIP: 000000000<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |    548427 | NS      | $4750212.57   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc                  | Wuxi Biologics Cayman Inc                                    | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | CN        |    596500 | NS      | $4573794.59   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Aerospace Industries Ltd             | Korea Aerospace Industries Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     84026 | NS      | $3395916.41   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Unilever Ltd                     | Hindustan Unilever Ltd                                       | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |    104115 | NS      | $3223059.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDI Co Ltd                         | Samsung SDI Co Ltd                                           | CUSIP: 000000000<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      4115 | NS      | $1932167.44   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd                | China Shenhua Energy Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |    479592 | NS      | $1905480.82   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                     | Kweichow Moutai Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     15501 | NS      | $3850889.28   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                | Naspers Ltd                                                  | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     41575 | NS      | $6910729.67   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                    | Meituan                                                      | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |    652300 | NS      | $14599646.40  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                 | China Mengniu Dairy Co Ltd                                   | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |   1899000 | NS      | $8612520.74   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                           | Lenovo Group Ltd                                             | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |   2074000 | NS      | $1703212.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd                     | Wuliangye Yibin Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    122161 | NS      | $3175233.55   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magazalar AS                  | BIM Birlesik Magazalar AS                                    | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |    333262 | NS      | $2439469.46   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Xingfa group                               | Hubei Xingfa Chemicals Group Co Ltd                          | CUSIP: 000000000<br>LEI: 300300VDBHR35WWCOK67 | Long             | EC               | CORP              | CN        |    524201 | NS      | $2186778.63   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electro-Mechanics Co L             | Samsung Electro-Mechanics Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     22264 | NS      | $2312178.46   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Fix Price Group PLC                        | Fix Price Group PLC                                          | CUSIP: 33835G106<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | RU        |   1489220 | NS      | $1130874.05   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank Central Asia Tbk PT                   | Bank Central Asia Tbk PT                                     | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  27910500 | NS      | $15329036.45  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaanxi Coal Industry Co Ltd               | Shaanxi Coal Industry Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1611000 | NS      | $4305764.06   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                     | Petroleo Brasileiro SA                                       | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   1898778 | NS      | $8811034.80   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Wall Motor Co Ltd                    | Great Wall Motor Co Ltd                                      | CUSIP: 000000000<br>LEI: 254900CR8AHWTMFZHH60 | Long             | EC               | CORP              | CN        |   1889500 | NS      | $2459476.39   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                              | Axis Bank Ltd                                                | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1071624 | NS      | $12095115.56  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomage Biotechnology Corp Lt             | Bloomage Biotechnology Corp Ltd                              | CUSIP: 000000000<br>LEI: 3003000JYMDZWD0IUE82 | Long             | EC               | CORP              | CN        |     62950 | NS      | $1225006.26   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                     | Petroleo Brasileiro SA                                       | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    318171 | NS      | $1689760.85   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                | NetEase Inc                                                  | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    753700 | NS      | $11056204.32  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Chengdu Co Ltd                     | Bank of Chengdu Co Ltd                                       | CUSIP: 000000000<br>LEI: 30030030JPOKGL9K5418 | Long             | EC               | CORP              | CN        |   1659800 | NS      | $3653054.65   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindalco Industries Ltd                    | Hindalco Industries Ltd                                      | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |    385946 | NS      | $2208238.11   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen C & D Inc                           | Xiamen C & D Inc                                             | CUSIP: 000000000<br>LEI: 300300NQXZDZZ0OSCN43 | Long             | EC               | CORP              | CN        |    995158 | NS      | $1954040.98   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                 | JD.com Inc                                                   | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    382161 | NS      | $10781166.01  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Etalon Group PLC                           | Etalon Group PLC                                             | CUSIP: 29760G103<br>LEI: 213800U2O9SKHOYSDY32 | Long             | EC               | CORP              | RU        |   2791564 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                             | ICICI Bank Ltd                                               | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   2309731 | NS      | $24871556.40  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd              | CSPC Pharmaceutical Group Ltd                                | CUSIP: 000000000<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | CN        |   5732000 | NS      | $6021741.22   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                    | Saudi National Bank/The                                      | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    676662 | NS      | $9092983.24   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Yankuang Energy Group Co Ltd               | Yankuang Energy Group Co Ltd                                 | CUSIP: 000000000<br>LEI: 3003005N7A6HYZ4Z0K39 | Long             | EC               | CORP              | CN        |    442000 | NS      | $1347724.99   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corp                | Saudi Basic Industries Corp                                  | CUSIP: 000000000<br>LEI: 213800ZCTFZZZJSK8645 | Long             | EC               | CORP              | SA        |    419501 | NS      | $9979614.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Co Ltd                               | Titan Co Ltd                                                 | CUSIP: 000000000<br>LEI: 549300RO9VJWPK37FE54 | Long             | EC               | CORP              | IN        |     55902 | NS      | $1755172.79   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon                | USD/BRL FORWARD                                              | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-189.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOC Holding AS                             | KOC Holding AS                                               | CUSIP: 000000000<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |   1758780 | NS      | $7871239.34   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ICBC                                       | Industrial & Commercial Bank of China Ltd                    | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  12798000 | NS      | $6591286.86   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV               | Wal-Mart de Mexico SAB de CV                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   3419669 | NS      | $12087691.52  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Imeik Technology Development C             | Imeik Technology Development Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     29574 | NS      | $2409372.51   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SANQI HUYU                                 | 37 Interactive Entertainment Network Technology Group Co Ltd | CUSIP: 000000000<br>LEI: 300300BE4IFCPHCUMI94 | Long             | EC               | CORP              | CN        |    200100 | NS      | $520996.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshine Silicon Industry Co Lt             | Hoshine Silicon Industry Co Ltd                              | CUSIP: 000000000<br>LEI: 300300RQV6XQFC4OVX72 | Long             | EC               | CORP              | CN        |     30900 | NS      | $368664.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Abu Dhabi Bank PJSC                  | First Abu Dhabi Bank PJSC                                    | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |    406246 | NS      | $1891522.79   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                                | LG Chem Ltd                                                  | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |     14376 | NS      | $6864961.22   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                              | Al Rajhi Bank                                                | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    670584 | NS      | $13418817.67  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nan Ya Printed Circuit Board C             | Nan Ya Printed Circuit Board Corp                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    450000 | NS      | $3323518.41   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                         | Trip.com Group Ltd                                           | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |     29747 | NS      | $1023296.80   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kasikornbank PCL                           | Kasikornbank PCL                                             | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    442300 | NS      | $1883622.06   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co              | Hon Hai Precision Industry Co Ltd                            | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    771000 | NS      | $2505991.44   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PTT Exploration & Production P             | PTT Exploration & Production PCL                             | CUSIP: 000000000<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |   1900600 | NS      | $9685459.80   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Co                           | Saudi Telecom Co                                             | CUSIP: 000000000<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |    613117 | NS      | $5971283.18   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| YTO Express Group Co Ltd                   | YTO Express Group Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    331200 | NS      | $957148.32    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica SAB de CV             | Sitios Latinoamerica SAB de CV                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |         1 | NS      | $0.31         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                          | Bank of China Ltd                                            | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |  34775000 | NS      | $12652825.91  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Marine Corp Taiwan L             | Evergreen Marine Corp Taiwan Ltd                             | CUSIP: 000000000<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |    503200 | NS      | $2668627.48   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| YAHUA GROUP                                | Sichuan Yahua Industrial Group Co Ltd                        | CUSIP: 000000000<br>LEI: 300300K1MUDTK55VMN82 | Long             | EC               | CORP              | CN        |    414200 | NS      | $1385294.24   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTERN SHENGHONG                          | Jiangsu Eastern Shenghong Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003WRWKC1GZHMH20 | Long             | EC               | CORP              | CN        |    208360 | NS      | $390841.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                    | Reliance Industries Ltd                                      | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    434439 | NS      | $13376079.06  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo Inc                              | Pinduoduo Inc                                                | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | CN        |     93962 | NS      | $7662601.10   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Daan Gene Co Ltd                           | Daan Gene Co Ltd                                             | CUSIP: 000000000<br>LEI: 30030092WPRQ87CXPM21 | Long             | EC               | CORP              | CN        |    736540 | NS      | $1648598.53   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB d             | Grupo Financiero Banorte SAB de CV                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    983000 | NS      | $7074432.04   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd                          | PetroChina Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |   5788000 | NS      | $2647273.38   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL                  | Advanced Info Service PCL                                    | CUSIP: 000000000<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |    710500 | NS      | $4000216.54   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd                       | HCL Technologies Ltd                                         | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    151556 | NS      | $1903930.26   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc                         | E Ink Holdings Inc                                           | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |    467000 | NS      | $2446259.21   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                       | Saudi Arabian Oil Co                                         | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |    861811 | NS      | $7361397.84   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Wan Hai Lines Ltd                          | Wan Hai Lines Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    699300 | NS      | $1822450.59   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology                        | Kuaishou Technology                                          | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |    246800 | NS      | $2246525.18   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp               | China Construction Bank Corp                                 | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  14273000 | NS      | $8941825.26   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Otomotiv Sanayi AS                    | Ford Otomotiv Sanayi AS                                      | CUSIP: 000000000<br>LEI: 7890006XJG6ZE2H34671 | Long             | EC               | CORP              | TR        |     60935 | NS      | $1708907.08   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eletrobras SA                              | Centrais Eletricas Brasileiras SA                            | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |    445920 | NS      | $3557393.89   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Asian Paints Ltd                           | Asian Paints Ltd                                             | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |     67617 | NS      | $2523806.77   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SABIC Agri-Nutrients Co                    | SABIC Agri-Nutrients Co                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |    284020 | NS      | $11049420.97  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                              | Credicorp Ltd                                                | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |     65638 | NS      | $8904451.08   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                              | FirstRand Ltd                                                | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   2166154 | NS      | $7919457.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                   | Ambev SA                                                     | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   3335313 | NS      | $9172545.06   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd             | Agricultural Bank of China Ltd                               | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | EC               | CORP              | CN        |  14155000 | NS      | $5925320.43   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eva Airways Corp                           | Eva Airways Corp                                             | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |   1837000 | NS      | $1682469.78   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                  | Baidu Inc                                                    | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     19197 | NS      | $2195752.86   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHOU INTL                              | Shenzhou International Group Holdings Ltd                    | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |    295700 | NS      | $3326196.44   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                           | Hyundai Motor Co                                             | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     84696 | NS      | $10136584.90  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| China Life Insurance Co Ltd                | China Life Insurance Co Ltd                                  | CUSIP: 000000000<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |    829000 | NS      | $1423185.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                          | Bajaj Finance Ltd                                            | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     29824 | NS      | $2370346.49   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CATL                                       | Contemporary Amperex Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     32304 | NS      | $1828191.62   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                | China Merchants Bank Co Ltd                                  | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    566500 | NS      | $3168007.61   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CR SANJIU                                  | China Resources Sanjiu Medical & Pharmaceutical Co Ltd       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    359300 | NS      | $2419384.18   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Steel Ltd                             | Tata Steel Ltd                                               | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |   1332556 | NS      | $1814486.08   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                     | Yum China Holdings Inc                                       | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     70297 | NS      | $3841731.05   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                             | Li Ning Co Ltd                                               | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |    767500 | NS      | $6661771.58   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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