# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-25-010129
**Filing Date:** 2025-11
**Character Count:** 18262
**Document Hash:** 0b5c18ece029292f3d168431b42ee211
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010129.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010129

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260331

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 251515887

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Macquarie Natural Resources Fund (Series ID: S000024838)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073944 | Class C             | IGNCX           |
| C000073946 | Institutional Class | IGNIX           |
| C000073947 | Class R             | IGNRX           |
| C000073948 | Class Y             | IGNYX           |
| C000073949 | Class A             | IGNAX           |
| C000146698 | Class R6            | INRSX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** IVY FUNDS

- **b. Investment Company Act file number:** 811-06569

- **c. CIK number of Registrant:** 0000883622

- **d. LEI of Registrant:** UJ5MWG3K37CY01MVRY13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Macquarie Natural Resources Fund

- **b. EDGAR series identifier (if any):** S000024838

- **c. LEI of Series:** H5O0FZSRUYD7KTKCRI50

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $195859604.65

**Total Liabilities:** $546429.97

**Net Assets:** $195313174.68

**Cash Not Reported:** $6169688.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073946 | 0.64%                | 7.95%                | 7.69%                |
| Class ID C000073947 | 0.56%                | 7.95%                | 7.65%                |
| Class ID C000073944 | 0.54%                | 7.86%                | 7.64%                |
| Class ID C000073949 | 0.61%                | 7.91%                | 7.67%                |
| Class ID C000073948 | 0.59%                | 7.96%                | 7.65%                |
| Class ID C000146698 | 0.64%                | 7.95%                | 7.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2193047.61              | $-1020631.51                               |
| Month 2  | $1275355.99              | $11767485.36                               |
| Month 3  | $2018524.00              | $11636530.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Canfor Corp                    | Canfor Corp                        | CUSIP: 137576104<br>LEI: 549300DRE7WBHY02BD70 | Long             | EC               | CORP              | CA        |    184225 | NS      | $1621582.42   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                  | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     22915 | NS      | $2277063.55   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp                         | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    116319 | NS      | $3825731.91   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                   | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    224215 | NS      | $4206273.40   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC           | Endeavour Mining PLC               | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     96266 | NS      | $4025565.02   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp       | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     73222 | NS      | $8189148.48   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                     | Arcosa Inc                         | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     40384 | NS      | $3784384.64   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc            | Parex Resources Inc                | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    191208 | NS      | $2499154.65   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     67801 | NS      | $4585381.63   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                   | Metallus Inc                       | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |    180019 | NS      | $2975714.07   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd                  | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    257281 | NS      | $4691953.57   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP    | Kimbell Royalty Partners LP        | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    355192 | NS      | $4791540.08   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co         | International Paper Co             | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    119764 | NS      | $5557049.60   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| China Metal Recycling Holdings | China Metal Recycling Holdings Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |  30000000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CRH PLC                        | CRH PLC                            | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |     56596 | NS      | $6828224.96   | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp             | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     27533 | NS      | $2446031.72   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Methanex Corp                  | Methanex Corp                      | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |     93900 | NS      | $3733464.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                 | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     53351 | NS      | $5668010.24   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp                 | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     34780 | NS      | $5921642.80   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unit Corp                      | Unit Corp                          | CUSIP: 909218406<br>LEI: 549300XGK22FZCTN8B67 | Long             | EC               | CORP              | US        |     99487 | NS      | $2983117.70   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd                 | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     53659 | NS      | $2353870.77   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan SA                       | Titan SA                           | CUSIP: 000000000<br>LEI: 213800H2CDP9I374WH83 | Long             | EC               | CORP              | BE        |     42503 | NS      | $1741444.26   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                 | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     52893 | NS      | $7374870.99   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd      | West Fraser Timber Co Ltd          | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     60441 | NS      | $4108876.20   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc            | Hudbay Minerals Inc                | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |    544797 | NS      | $8259122.52   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining Inc                     | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |    167881 | NS      | $4099012.99   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC             | Anglo American PLC                 | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    160653 | NS      | $6057796.30   | 3.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd              | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     83459 | NS      | $5948932.48   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     27352 | NS      | $3914071.20   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     18412 | NS      | $4060398.36   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne Inc              | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |    154699 | NS      | $3417300.91   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp                  | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     24023 | NS      | $1611222.61   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                       | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    118945 | NS      | $10028252.95  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd                        | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    128203 | NS      | $7526798.13   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                   | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |    216533 | NS      | $2587569.35   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp             | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    179694 | NS      | $2300083.20   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp                   | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     53005 | NS      | $2774281.70   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                           | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     35223 | NS      | $1917187.89   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp                | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |    103379 | NS      | $2741611.08   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                | Bunge Global SA                    | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     51684 | NS      | $4199325.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc         | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     64542 | NS      | $5789417.40   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                          | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    269049 | NS      | $9589185.87   | 4.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ERO Copper Corp                | ERO Copper Corp                    | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |    304049 | NS      | $6158756.42   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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