# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043088
**Filing Date:** 2023-2
**Character Count:** 37999
**Document Hash:** 9e3707d963247d8b1407e8474d51d970
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043088.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043088

**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:** 23674024

**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 International Value Fund (Series ID: S000024834)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073921 | Class A      | ICDAX           |
| C000073922 | Class C      | ICDCX           |
| C000073924 | Class I      | ICVIX           |
| C000073925 | Class Y      | ICDYX           |
| C000122162 | Class R      | IYCUX           |
| C000146694 | Class R6     | ICNGX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy International Value Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ – 99.18%** | &nbsp;&nbsp;**Common StocksΔ – 99.18%** | &nbsp;&nbsp;**Common StocksΔ – 99.18%** |
| &nbsp;&nbsp;Denmark - 4.87% | &nbsp;&nbsp;Denmark - 4.87% | &nbsp;&nbsp;Denmark - 4.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk Class B | 39955 | $5394972 |
|  |  | &nbsp;&nbsp; 5394972 |
| &nbsp;&nbsp;Finland - 0.02% | &nbsp;&nbsp;Finland - 0.02% | &nbsp;&nbsp;Finland - 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nokia | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 16211 |
|  |  | &nbsp;&nbsp; 16211 |
| &nbsp;&nbsp;France - 16.84% | &nbsp;&nbsp;France - 16.84% | &nbsp;&nbsp;France - 16.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Liquide | 37190 | &nbsp;&nbsp; 5270849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amundi 144A # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bouygues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 12006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone | 76160 | &nbsp;&nbsp; 4013499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroapi † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange | 170970 | &nbsp;&nbsp; 1698561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe | 37290 | &nbsp;&nbsp; 2371873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp; 12041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 9617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 13993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodexo | 54390 | &nbsp;&nbsp; 5209684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technip Energies ADR | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 15640 |
|  |  | &nbsp;&nbsp; 18642079 |
| &nbsp;&nbsp;Germany - 12.98% | &nbsp;&nbsp;Germany - 12.98% | &nbsp;&nbsp;Germany - 12.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adidas AG | 32350 | &nbsp;&nbsp; 4413820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp; 15394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covestro 144A # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 7825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. | 75130 | &nbsp;&nbsp; 2458528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knorr-Bremse | 45460 | &nbsp;&nbsp; 2483742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | 48125 | &nbsp;&nbsp; 4965570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp; 18040 |
|  |  | &nbsp;&nbsp; 14362919 |
| &nbsp;&nbsp;Hong Kong - 0.01% | &nbsp;&nbsp;Hong Kong - 0.01% | &nbsp;&nbsp;Hong Kong - 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 13222 |
|  |  | &nbsp;&nbsp; 13222 |
| &nbsp;&nbsp;Japan - 10.64% | &nbsp;&nbsp;Japan - 10.64% | &nbsp;&nbsp;Japan - 10.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asahi Group Holdings | 38000 | &nbsp;&nbsp; 1192639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgestone | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp; 8293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp; 16028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 13862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iida Group Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 13722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Isuzu Motors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 7073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kao | 105600 | &nbsp;&nbsp; 4228345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDDI | 55600 | &nbsp;&nbsp; 1686980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Komatsu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 6574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lawson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 7665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Makita | 118400 | &nbsp;&nbsp; 2778665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 8462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven & i Holdings | 41200 | &nbsp;&nbsp; 1776836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 16141 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $6509 |
|  |  | &nbsp;&nbsp; 11779537 |
| &nbsp;&nbsp;Netherlands - 6.10% | &nbsp;&nbsp;Netherlands - 6.10% | &nbsp;&nbsp;Netherlands - 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 234860 | &nbsp;&nbsp; 6747734 |
|  |  | &nbsp;&nbsp; 6747734 |
| &nbsp;&nbsp;Spain - 5.32% | &nbsp;&nbsp;Spain - 5.32% | &nbsp;&nbsp;Spain - 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Group † | 113360 | &nbsp;&nbsp; 5891359 |
|  |  | &nbsp;&nbsp; 5891359 |
| &nbsp;&nbsp;Sweden - 10.53% | &nbsp;&nbsp;Sweden - 10.53% | &nbsp;&nbsp;Sweden - 10.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essity Class B | 177570 | &nbsp;&nbsp; 4650750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz Class B \* | 180600 | &nbsp;&nbsp; 1942581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitas Class B | 607649 | &nbsp;&nbsp; 5063912 |
|  |  | &nbsp;&nbsp; 11657243 |
| &nbsp;&nbsp;Switzerland - 13.74% | &nbsp;&nbsp;Switzerland - 13.74% | &nbsp;&nbsp;Switzerland - 13.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle | 55060 | &nbsp;&nbsp; 6379850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 18080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding | 12810 | &nbsp;&nbsp; 4024555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swatch Group | 16820 | &nbsp;&nbsp; 4784146 |
|  |  | &nbsp;&nbsp; 15206631 |
| &nbsp;&nbsp;United Kingdom - 18.13% | &nbsp;&nbsp;United Kingdom - 18.13% | &nbsp;&nbsp;United Kingdom - 18.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo | 147520 | &nbsp;&nbsp; 6509567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intertek Group | 68610 | &nbsp;&nbsp; 3346044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J Sainsbury | &nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp; 15239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Wood Group † | &nbsp;&nbsp;&nbsp;&nbsp;8270 | &nbsp;&nbsp; 13512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew | 396230 | &nbsp;&nbsp; 5314752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesco | &nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp; 15260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travis Perkins | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp; 10967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unilever | 95690 | &nbsp;&nbsp; 4837923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group | &nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp; 8911 |
|  |  | &nbsp;&nbsp; 20072175 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $126,474,525)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $126,474,525)** | &nbsp;&nbsp; **109784082** |
| &nbsp;&nbsp;**Exchange-Traded Funds – 0.16%** | &nbsp;&nbsp;**Exchange-Traded Funds – 0.16%** | &nbsp;&nbsp;**Exchange-Traded Funds – 0.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 23630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Trust iShares ESG Aware MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp; 132795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp; 23084 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $153,774)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $153,774)** | &nbsp;&nbsp; **179509** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral-99.34%<br> (cost $126,628,299)** |  | &nbsp;&nbsp; **109963591** |

---

NQ-IV951 [12/22] 2/23 (2747681) 1

------

Delaware Ivy International Value Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral – 0.60%** | &nbsp;&nbsp;**Securities Lending Collateral – 0.60%** | &nbsp;&nbsp;**Securities Lending Collateral – 0.60%** |
| &nbsp;&nbsp;Money Market Mutual Fund - 0.60% | &nbsp;&nbsp;Money Market Mutual Fund - 0.60% | &nbsp;&nbsp;Money Market Mutual Fund - 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 671665 | $671665 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $671,665)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $671,665)** | &nbsp;&nbsp; **671665** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-99.94%<br> (cost $127,299,964)** |  | &nbsp;&nbsp;**110,635,256■** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (0.61%)** | &nbsp;&nbsp;&nbsp; **(671665)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 0.66%** | &nbsp;&nbsp; **733701** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 8,138,224 Shares Outstanding — 100.00%** | &nbsp;&nbsp; **$110697292** |

---

---

| | |
|:---|:---|
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <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 $22,008, which represents 0.02% of the Fund's net assets. |
| <sup>†</sup> | Non-income producing security. |
| <sup>\*</sup> | Fully or partially on loan. |
| ■ | Includes $630,015 of securities loaned. |

---

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** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM CHF | (172551) | USD | 186372 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(320) |

---

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 |
| AG – Aktiengesellschaft |
| BNYM – Bank of New York Mellon |
| EAFE – Europe, Australasia, and Far East |
| ESG – Environmental, Social, and Governance |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |

---

---

| |
|:---|
| **Summary of currencies:** |
| CHF – Swiss Franc |
| USD – US Dollar |

---

2 NQ-IV951 [12/22] 2/23 (2747681)

## 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 International Value Fund

- **b. EDGAR series identifier (if any):** S000024834

- **c. LEI of Series:** Z61OVJZDJC6XNMTSF185

**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:** $111991119.77

**Total Liabilities:** $1056649.50

**Net Assets:** $110934470.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000122162 | 4.80%                | 10.89%               | -0.04%               |
| Class ID C000073922 | 4.78%                | 10.83%               | -0.04%               |
| Class ID C000073925 | 4.86%                | 10.88%               | 0.03%                |
| Class ID C000146694 | 4.86%                | 10.93%               | 0.03%                |
| Class ID C000073921 | 4.87%                | 10.85%               | 0.04%                |
| Class ID C000073924 | 4.88%                | 10.97%               | 0.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1790814.83             | $7113485.69                                |
| Month 2  | $-1355580.90             | $13054667.47                               |
| Month 3  | $-742120.25              | $656667.09                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Makita Corp                                   | Makita Corp                                   | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |    118400 | NS      | $2778665.04   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lawson Inc                                    | Lawson Inc                                    | CUSIP: 000000000<br>LEI: 529900IWO8XQO92PR233 | Long             | EC               | CORP              | JP        |       200 | NS      | $7665.35      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp                       | Panasonic Holdings Corp                       | CUSIP: 000000000<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |      1000 | NS      | $8461.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC                            | Travis Perkins PLC                            | CUSIP: 000000000<br>LEI: 2138001I27OUBAF22K83 | Long             | EC               | CORP              | GB        |      1020 | NS      | $10967.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                        | Sanofi                                        | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       100 | NS      | $9616.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                                     | KDDI Corp                                     | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     55600 | NS      | $1686979.58   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                   | Novartis AG                                   | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       200 | NS      | $18080.35     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                | Galaxy Entertainment Group Ltd                | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |      2000 | NS      | $13221.53     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF                         | iShares MSCI EAFE ETF                         | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |       360 | NS      | $23630.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Komatsu Ltd                                   | Komatsu Ltd                                   | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |       300 | NS      | $6574.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Euroapi SA                                    | Euroapi SA                                    | CUSIP: 000000000<br>LEI: 9695002FT7GGI3CKKJ14 | Long             | EC               | CORP              | FR        |         9 | NS      | $133.43       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amadeus IT Group SA                           | Amadeus IT Group SA                           | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |    113360 | NS      | $5891358.59   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC                            | Intertek Group PLC                            | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     68610 | NS      | $3346044.04   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                    | Diageo PLC                                    | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    147520 | NS      | $6509567.10   | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp                             | Suzuki Motor Corp                             | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |       200 | NS      | $6508.69      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                     | Nestle SA                                     | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     55060 | NS      | $6379850.11   | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                            | Smith & Nephew PLC                            | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    396230 | NS      | $5314751.96   | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                                     | Tesco PLC                                     | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |      5630 | NS      | $15259.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Iida Group Holdings Co Ltd                    | Iida Group Holdings Co Ltd                    | CUSIP: 000000000<br>LEI: 35380051BV8PV1I4S949 | Long             | EC               | CORP              | JP        |       900 | NS      | $13722.19     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                                     | Essity AB                                     | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |    177570 | NS      | $4650750.23   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Grou                | Sumitomo Mitsui Financial Group Inc           | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |       400 | NS      | $16141.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA                            | Publicis Groupe SA                            | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     37290 | NS      | $2371872.92   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co                | Fresenius Medical Care AG & Co KGaA           | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     75130 | NS      | $2458528.31   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies NV                           | Technip Energies NV                           | CUSIP: 87854Y109<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |      1000 | NS      | $15640.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp                              | Bridgestone Corp                              | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |       232 | NS      | $8292.53      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                   | Covestro AG                                   | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |       200 | NS      | $7824.99      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amundi SA                                     | Amundi SA                                     | CUSIP: 000000000<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |       250 | NS      | $14183.46     | 0.01%             |  |  |  | No            |                  1 | 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        |    671665 | NS      | $671665.08    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd                      | Asahi Group Holdings Ltd                      | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     38000 | NS      | $1192639.44   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                            | Vodafone Group PLC                            | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |      8750 | NS      | $8911.17      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                     | Danone SA                                     | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     76160 | NS      | $4013498.99   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                              | Roche Holding AG                              | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     12810 | NS      | $4024555.24   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven & i Holdings Co Ltd                     | Seven & i Holdings Co Ltd                     | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     41200 | NS      | $1776836.33   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                               | Knorr-Bremse AG                               | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     45460 | NS      | $2483742.01   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc                   | Fukuoka Financial Group Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       700 | NS      | $16027.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust iShares ESG Aware MSCI EAFE ETF | iShares Trust iShares ESG Aware MSCI EAFE ETF | CUSIP: 46435G516<br>LEI: 549300IT2A3OM8F0BB22 | Long             | EC               | RF                | US        |      2020 | NS      | $132794.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodexo SA                                     | Sodexo SA                                     | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     54390 | NS      | $5209684.47   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                    | Siemens AG                                    | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |       130 | NS      | $18040.51     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                     | Nokia Oyj                                     | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |      3500 | NS      | $16211.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB                     | H & M Hennes & Mauritz AB                     | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |    180600 | NS      | $1942581.25   | 1.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Securitas AB                                  | Securitas AB                                  | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |    607649 | NS      | $5063911.51   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                 | Koninklijke Ahold Delhaize NV                 | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    234860 | NS      | $6747734.01   | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd                            | Honda Motor Co Ltd                            | CUSIP: 000000000<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |       600 | NS      | $13861.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                       | BASF SE                                       | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |       310 | NS      | $15394.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                     | adidas AG                                     | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     32350 | NS      | $4413819.67   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd                              | Isuzu Motors Ltd                              | CUSIP: 000000000<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |       600 | NS      | $7072.54      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                               | J Sainsbury PLC                               | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |      5790 | NS      | $15238.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon                   | CHF/USD FORWARD                               | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-320.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                        | SAP SE                                        | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     48125 | NS      | $4965570.01   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wood Group PLC                           | John Wood Group PLC                           | CUSIP: 000000000<br>LEI: 549300PLYY6I10B6S323 | Long             | EC               | CORP              | GB        |      8270 | NS      | $13512.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S                              | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     39955 | NS      | $5394971.79   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                                      | Rexel SA                                      | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |       610 | NS      | $12040.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Developed Markets ETF           | Vanguard FTSE Developed Markets ETF           | CUSIP: 921943858<br>LEI: N/A                  | Long             | EC               | RF                | US        |       550 | NS      | $23083.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                  | Unilever PLC                                  | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     95690 | NS      | $4837922.67   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kao Corp                                      | Kao Corp                                      | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |    105600 | NS      | $4228345.02   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange SA                                     | Orange SA                                     | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    170970 | NS      | $1698560.70   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                         | Schneider Electric SE                         | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       100 | NS      | $13992.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                               | Mitsui & Co Ltd                               | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |       400 | NS      | $11743.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                                | Air Liquide SA                                | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     37190 | NS      | $5270848.70   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Swatch Group AG/The                           | Swatch Group AG/The                           | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |     16820 | NS      | $4784145.35   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bouygues SA                                   | Bouygues SA                                   | CUSIP: 000000000<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |       400 | NS      | $12006.17     | 0.01%             |  |  |  | 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