# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207348
**Filing Date:** 2025-8
**Character Count:** 49805
**Document Hash:** e83a38096aae5e4cb33350f7be62af05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207348.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207348

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251261408

**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 Small Cap Growth Fund (Series ID: S000006286)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017268 | Class R             | WSGRX           |
| C000017269 | Class A             | WSGAX           |
| C000017271 | Class C             | WRGCX           |
| C000017272 | Class Y             | WSCYX           |
| C000045543 | Institutional Class | IYSIX           |
| C000146679 | Class R6            | IRGFX           |

## Nport-Ex

## Schedule of investments
Macquarie Small Cap Growth Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 98.54%♣** | &nbsp;&nbsp;**Common Stocks — 98.54%♣** | &nbsp;&nbsp;**Common Stocks — 98.54%♣** |
| &nbsp;&nbsp;Communication Services — 2.15% | &nbsp;&nbsp;Communication Services — 2.15% | &nbsp;&nbsp;Communication Services — 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;850675 | $23784873 |
|  |  | &nbsp;&nbsp; 23784873 |
| &nbsp;&nbsp;Consumer Discretionary — 12.46% | &nbsp;&nbsp;Consumer Discretionary — 12.46% | &nbsp;&nbsp;Consumer Discretionary — 12.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;81364 | &nbsp;&nbsp; 14672370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory | &nbsp;&nbsp;&nbsp;&nbsp;82374 | &nbsp;&nbsp; 5161555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;127045 | &nbsp;&nbsp; 15584610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports † | &nbsp;&nbsp;&nbsp;&nbsp;871063 | &nbsp;&nbsp; 9059055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;347270 | &nbsp;&nbsp; 10532699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;100299 | &nbsp;&nbsp; 9879451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;170137 | &nbsp;&nbsp; 22420654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;419327 | &nbsp;&nbsp; 8550078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;449883 | &nbsp;&nbsp; 12632715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | &nbsp;&nbsp;&nbsp;&nbsp;866991 | &nbsp;&nbsp; 29382325 |
|  |  | &nbsp;&nbsp; 137875512 |
| &nbsp;&nbsp;Consumer Staples — 3.60% | &nbsp;&nbsp;Consumer Staples — 3.60% | &nbsp;&nbsp;Consumer Staples — 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;271536 | &nbsp;&nbsp; 17326712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;43974 | &nbsp;&nbsp; 4619029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Farms † | &nbsp;&nbsp;&nbsp;&nbsp;462893 | &nbsp;&nbsp; 17830639 |
|  |  | &nbsp;&nbsp; 39776380 |
| &nbsp;&nbsp;Energy — 1.07% | &nbsp;&nbsp;Energy — 1.07% | &nbsp;&nbsp;Energy — 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy † | &nbsp;&nbsp;&nbsp;&nbsp;58771 | &nbsp;&nbsp; 11822962 |
|  |  | &nbsp;&nbsp; 11822962 |
| &nbsp;&nbsp;Financials — 8.24% | &nbsp;&nbsp;Financials — 8.24% | &nbsp;&nbsp;Financials — 8.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goosehead Insurance Class A | &nbsp;&nbsp;&nbsp;&nbsp;66723 | &nbsp;&nbsp; 7039944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;79950 | &nbsp;&nbsp; 11362494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;91436 | &nbsp;&nbsp; 16453908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;136509 | &nbsp;&nbsp; 21056513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global † | &nbsp;&nbsp;&nbsp;&nbsp;276745 | &nbsp;&nbsp; 5194503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | &nbsp;&nbsp;&nbsp;&nbsp;83498 | &nbsp;&nbsp; 2306215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;170666 | &nbsp;&nbsp; 13308535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 1252276 | &nbsp;&nbsp; 14413697 |
|  |  | &nbsp;&nbsp; 91135809 |
| &nbsp;&nbsp;Healthcare — 23.41% | &nbsp;&nbsp;Healthcare — 23.41% | &nbsp;&nbsp;Healthcare — 23.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | &nbsp;&nbsp;&nbsp;&nbsp;897194 | &nbsp;&nbsp; 16337903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;509065 | &nbsp;&nbsp; 5650621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;264831 | &nbsp;&nbsp; 17280223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;116065 | &nbsp;&nbsp; 12116025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareDx † | &nbsp;&nbsp;&nbsp;&nbsp;355342 | &nbsp;&nbsp; 6943383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caris Life Sciences † | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp; 2297920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;634570 | &nbsp;&nbsp; 13770169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;187394 | &nbsp;&nbsp; 22980126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;201344 | &nbsp;&nbsp; 18586065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;33006 | &nbsp;&nbsp; 1717632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;153805 | &nbsp;&nbsp; 8000936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;87736 | &nbsp;&nbsp; 2772458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;105593 | &nbsp;&nbsp; 11061923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health † | &nbsp;&nbsp;&nbsp;&nbsp;96128 | &nbsp;&nbsp; 4791981 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;79264 | $7977129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;182382 | &nbsp;&nbsp; 22427514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;300366 | &nbsp;&nbsp; 15285626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | &nbsp;&nbsp;&nbsp;&nbsp;95329 | &nbsp;&nbsp; 5490950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;551284 | &nbsp;&nbsp; 22332515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;63858 | &nbsp;&nbsp; 8557610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;403267 | &nbsp;&nbsp; 5968352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veracyte † | &nbsp;&nbsp;&nbsp;&nbsp;324175 | &nbsp;&nbsp; 8762450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;420253 | &nbsp;&nbsp; 17881765 |
|  |  | &nbsp;&nbsp; 258991276 |
| &nbsp;&nbsp;Industrials — 22.82% | &nbsp;&nbsp;Industrials — 22.82% | &nbsp;&nbsp;Industrials — 22.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;212558 | &nbsp;&nbsp; 14621865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions Class A † | 1123940 | &nbsp;&nbsp; 18230307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;25825 | &nbsp;&nbsp; 7358834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;529305 | &nbsp;&nbsp; 19420200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;164828 | &nbsp;&nbsp; 14231250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | &nbsp;&nbsp;&nbsp;&nbsp;296985 | &nbsp;&nbsp; 21296794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | &nbsp;&nbsp;&nbsp;&nbsp;89568 | &nbsp;&nbsp; 14747371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;58481 | &nbsp;&nbsp; 13519638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;181213 | &nbsp;&nbsp; 19259318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;295331 | &nbsp;&nbsp; 18762378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;232503 | &nbsp;&nbsp; 10181306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;61563 | &nbsp;&nbsp; 6551534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;260812 | &nbsp;&nbsp; 13653508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;94454 | &nbsp;&nbsp; 10865988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | &nbsp;&nbsp;&nbsp;&nbsp;96381 | &nbsp;&nbsp; 13256243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;81625 | &nbsp;&nbsp; 9257091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;308689 | &nbsp;&nbsp; 14347865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;108902 | &nbsp;&nbsp; 5865462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;67394 | &nbsp;&nbsp; 6939560 |
|  |  | &nbsp;&nbsp; 252366512 |
| &nbsp;&nbsp;Information Technology — 23.85% | &nbsp;&nbsp;Information Technology — 23.85% | &nbsp;&nbsp;Information Technology — 23.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;118154 | &nbsp;&nbsp; 15655405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;102411 | &nbsp;&nbsp; 11740397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 1104294 | &nbsp;&nbsp; 21323917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;768911 | &nbsp;&nbsp; 16862218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software † | &nbsp;&nbsp;&nbsp;&nbsp;14121 | &nbsp;&nbsp; 5745552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;121364 | &nbsp;&nbsp; 12336044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intapp † | &nbsp;&nbsp;&nbsp;&nbsp;125030 | &nbsp;&nbsp; 6454049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;152119 | &nbsp;&nbsp; 20023424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;251815 | &nbsp;&nbsp; 23937534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;118752 | &nbsp;&nbsp; 17015974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;142387 | &nbsp;&nbsp; 32017141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;80678 | &nbsp;&nbsp; 5165005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;125364 | &nbsp;&nbsp; 11231361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | &nbsp;&nbsp;&nbsp;&nbsp;490060 | &nbsp;&nbsp; 11202772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;147026 | &nbsp;&nbsp; 21665751 |

---

NQ- IV002 [0625] 0825 (4730775) 1

------

Macquarie Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **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;SoundHound AI Class A † | &nbsp;&nbsp;&nbsp;&nbsp;394866 | $4236912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;150478 | &nbsp;&nbsp; 9753984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Class A † | &nbsp;&nbsp;&nbsp;&nbsp;330513 | &nbsp;&nbsp; 11678677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;84640 | &nbsp;&nbsp; 5793608 |
|  |  | &nbsp;&nbsp; 263839725 |
| &nbsp;&nbsp;Materials — 0.94% | &nbsp;&nbsp;Materials — 0.94% | &nbsp;&nbsp;Materials — 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | &nbsp;&nbsp;&nbsp;&nbsp;127264 | &nbsp;&nbsp; 10389833 |
|  |  | &nbsp;&nbsp; 10389833 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $863,938,954)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $863,938,954)** | &nbsp;&nbsp;**1089982882** |
| &nbsp;&nbsp;**Short-Term Investments — 2.61%** | &nbsp;&nbsp;**Short-Term Investments — 2.61%** | &nbsp;&nbsp;**Short-Term Investments — 2.61%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.61% | &nbsp;&nbsp;Money Market Mutual Funds — 2.61% | &nbsp;&nbsp;Money Market Mutual Funds — 2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 7212185 | &nbsp;&nbsp; 7212185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 7212185 | &nbsp;&nbsp; 7212185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 7212186 | &nbsp;&nbsp; 7212186 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 7212186 | $7212186 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $28,848,742)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $28,848,742)** | &nbsp;&nbsp; **28848742** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—101.15%<br> (cost $892,787,696)** |  | &nbsp;&nbsp;**1118831624** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(1.15%)** |  | &nbsp;&nbsp;&nbsp; **(12714053)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 70,422,337 Shares Outstanding—100.00%** |  | **$1106117571** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

2 NQ- IV002 [0625] 0825 (4730775)

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000006286

- **c. LEI of Series:** E84UK33D68IU4QQ6WU59

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1118003343.38

**Total Liabilities:** $2395141.50

**Net Assets:** $1115608201.88

**Cash Not Reported:** $19.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146679 | 1.30%                | 8.65%                | 4.64%                |
| Class ID C000017269 | 1.24%                | 8.65%                | 4.59%                |
| Class ID C000017272 | 1.27%                | 8.64%                | 4.55%                |
| Class ID C000017271 | 1.21%                | 8.69%                | 4.39%                |
| Class ID C000017268 | 1.23%                | 8.61%                | 4.57%                |
| Class ID C000045543 | 1.32%                | 8.60%                | 4.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7691565.70              | $5296992.13                                |
| Month 2  | $19174306.34             | $70021989.82                               |
| Month 3  | $28076671.50             | $22484116.15                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |    850675 | NS      | $23784873.00  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     79264 | NS      | $7977128.96   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AvePoint Inc                                   | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1104294 | NS      | $21323917.14  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    121364 | NS      | $12336043.78  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings                  | Clearwater Analytics Holdings Inc              | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    768911 | NS      | $16862218.23  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                     | Tarsus Pharmaceuticals Inc                     | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    551284 | NS      | $22332514.84  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                            | Dorman Products Inc                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |    127045 | NS      | $15584610.15  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     89568 | NS      | $14747371.20  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                   | Life Time Group Holdings Inc                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    347270 | NS      | $10532699.10  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc                             | ADMA Biologics Inc                             | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    897194 | NS      | $16337902.74  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118752 | NS      | $17015974.08  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                                   | Veracyte Inc                                   | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    365338 | NS      | $9875086.14   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                     | Huron Consulting Group Inc                     | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     96381 | NS      | $13256242.74  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                      | Construction Partners Inc                      | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |    181213 | NS      | $19259317.64  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                                | OSI Systems Inc                                | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    142387 | NS      | $32017140.82  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   7212186 | NS      | $7212185.55   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                   | Catalyst Pharmaceuticals Inc                   | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |    634570 | NS      | $13770169.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                  | SailPoint Inc                                  | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    424601 | NS      | $9706378.86   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                        | Goosehead Insurance Inc                        | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     66723 | NS      | $7039943.73   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori                 | Seacoast Banking Corp of Florida               | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     83498 | NS      | $2306214.76   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                       | OneSpaWorld Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    419327 | NS      | $8550077.53   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                       | AAR Corp                                       | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |    212558 | NS      | $14621864.82  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    187394 | NS      | $22980126.22  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                            | Mercury Systems Inc                            | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    108902 | NS      | $5865461.72   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp                           | Gulfport Energy Corp                           | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     58771 | NS      | $11822962.07  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     58481 | NS      | $13519637.58  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   7212186 | NS      | $7212185.63   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                 | PriceSmart Inc                                 | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     43974 | NS      | $4619028.96   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                               | Leonardo DRS Inc                               | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |    308689 | NS      | $14347864.72  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                                | Vital Farms Inc                                | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |    462893 | NS      | $17830638.36  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                            | Sportradar Group AG                            | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |    449883 | NS      | $12632714.64  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |    125364 | NS      | $11231360.76  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                        | Modine Manufacturing Co                        | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    100299 | NS      | $9879451.50   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                       | Chefs' Warehouse Inc/The                       | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    271536 | NS      | $17326712.16  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I                 | Harmony Biosciences Holdings Inc               | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87736 | NS      | $2772457.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                   | American Superconductor Corp                   | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    529305 | NS      | $19420200.45  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                      | Halozyme Therapeutics Inc                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |    153805 | NS      | $8000936.10   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                         | Hims & Hers Health Inc                         | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     96128 | NS      | $4791980.80   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc                              | SoundHound AI Inc                              | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    394866 | NS      | $4236912.18   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                        | ANI Pharmaceuticals Inc                        | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    264831 | NS      | $17280222.75  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     63858 | NS      | $8557610.58   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                               | Knife River Corp                               | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127264 | NS      | $10389832.96  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                   | Agilysys Inc                                   | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |    102411 | NS      | $11740397.04  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                      | Itron Inc                                      | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |    152119 | NS      | $20023423.97  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                     | Rambus Inc                                     | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     80678 | NS      | $5165005.56   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                             | Remitly Global Inc                             | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    276745 | NS      | $5194503.65   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                           | GeneDx Holdings Corp                           | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    201344 | NS      | $18586064.64  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc                 | Advanced Energy Industries Inc                 | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    118154 | NS      | $15655405.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                    | Workiva Inc                                    | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     84640 | NS      | $5793608.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                 | Ollie's Bargain Outlet Holdings Inc            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    170137 | NS      | $22420653.86  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    116065 | NS      | $12116025.35  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                     | CareDx Inc                                     | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |    355342 | NS      | $6943382.68   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   7212186 | NS      | $7212185.66   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                       | Western Alliance Bancorp                       | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    170666 | NS      | $13308534.68  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The                     | Cheesecake Factory Inc/The                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     82374 | NS      | $5161554.84   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                    | SkyWest Inc                                    | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     67394 | NS      | $6939560.18   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94454 | NS      | $10865988.16  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                     | Vertex Inc                                     | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    330513 | NS      | $11678676.86  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     91436 | NS      | $16453908.20  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    232503 | NS      | $10181306.37  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                              | Genius Sports Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    871063 | NS      | $9059055.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                   | Vericel Corp                                   | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    420253 | NS      | $17881765.15  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                        | Caris Life Sciences Inc                        | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |     86000 | NS      | $2297920.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                                 | Flowserve Corp                                 | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    260812 | NS      | $13653508.20  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     79950 | NS      | $11362494.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                          | Lumentum Holdings Inc                          | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    251815 | NS      | $23937533.90  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                       | PROCEPT BioRobotics Corp                       | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95329 | NS      | $5490950.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                          | CyberArk Software Ltd                          | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     14121 | NS      | $5745552.48   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute                  | Universal Technical Institute Inc              | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    866991 | NS      | $29382324.99  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                                  | Synaptics Inc                                  | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    150478 | NS      | $9753983.96   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                              | AeroVironment Inc                              | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     25825 | NS      | $7358833.75   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                                 | WisdomTree Inc                                 | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |   1252276 | NS      | $14413696.76  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                           | Palomar Holdings Inc                           | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |    136509 | NS      | $21056513.25  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   7212185 | NS      | $7212184.75   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                          | Alphatec Holdings Inc                          | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    509065 | NS      | $5650621.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc                  | Everus Construction Group Inc                  | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    295331 | NS      | $18762378.43  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                      | Mirum Pharmaceuticals Inc                      | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |    300366 | NS      | $15285625.74  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                       | Travere Therapeutics Inc                       | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    403267 | NS      | $5968351.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                      | Brinker International Inc                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     81364 | NS      | $14672370.12  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    164828 | NS      | $14231249.52  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                     | Kirby Corp                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     81625 | NS      | $9257091.25   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                          | Integer Holdings Corp                          | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |    182382 | NS      | $22427514.54  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     61563 | NS      | $6551534.46   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |    147026 | NS      | $21665751.36  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                                     | Intapp Inc                                     | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125030 | NS      | $6454048.60   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                               | ACV Auctions Inc                               | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1123940 | NS      | $18230306.80  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                               | HealthEquity Inc                               | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    105593 | NS      | $11061922.68  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                                       | CBIZ Inc                                       | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |    296985 | NS      | $21296794.35  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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