# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207344
**Filing Date:** 2025-8
**Character Count:** 34154
**Document Hash:** 5dc96706defd8b8fcb9a2a0f0d33fcae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207344.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207344

**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:** 251261403

**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 Core Equity Fund (Series ID: S000006288)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017277 | Class A             | WCEAX           |
| C000017279 | Class C             | WTRCX           |
| C000017280 | Class Y             | WCEYX           |
| C000045545 | Institutional Class | ICIEX           |
| C000122149 | Class R             | IYCEX           |
| C000146680 | Class R6            | ICEQX           |

## Nport-Ex

## Schedule of investments
Macquarie Core Equity Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.99%♣** | &nbsp;&nbsp;**Common Stocks — 97.99%♣** | &nbsp;&nbsp;**Common Stocks — 97.99%♣** |
| &nbsp;&nbsp;Communication Services — 10.74% | &nbsp;&nbsp;Communication Services — 10.74% | &nbsp;&nbsp;Communication Services — 10.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;759386 | $133826595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T | 3169501 | &nbsp;&nbsp; 91725359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;215935 | &nbsp;&nbsp; 32666647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;154730 | &nbsp;&nbsp; 114204665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36353 | &nbsp;&nbsp; 48681393 |
|  |  | &nbsp;&nbsp; 421104659 |
| &nbsp;&nbsp;Consumer Discretionary — 8.43% | &nbsp;&nbsp;Consumer Discretionary — 8.43% | &nbsp;&nbsp;Consumer Discretionary — 8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;813578 | &nbsp;&nbsp; 178490878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22818 | &nbsp;&nbsp; 84705664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;183349 | &nbsp;&nbsp; 67223077 |
|  |  | &nbsp;&nbsp; 330419619 |
| &nbsp;&nbsp;Consumer Staples — 2.66% | &nbsp;&nbsp;Consumer Staples — 2.66% | &nbsp;&nbsp;Consumer Staples — 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;105193 | &nbsp;&nbsp; 104134759 |
|  |  | &nbsp;&nbsp; 104134759 |
| &nbsp;&nbsp;Energy — 0.45% | &nbsp;&nbsp;Energy — 0.45% | &nbsp;&nbsp;Energy — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;197387 | &nbsp;&nbsp; 17713509 |
|  |  | &nbsp;&nbsp; 17713509 |
| &nbsp;&nbsp;Financials — 22.74% | &nbsp;&nbsp;Financials — 22.74% | &nbsp;&nbsp;Financials — 22.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate | &nbsp;&nbsp;&nbsp;&nbsp;334343 | &nbsp;&nbsp; 67306589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial | 1222933 | &nbsp;&nbsp; 47633240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;&nbsp;231096 | &nbsp;&nbsp; 73715002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;132673 | &nbsp;&nbsp; 47332420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;347430 | &nbsp;&nbsp; 51968579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;389128 | &nbsp;&nbsp; 82790873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group | &nbsp;&nbsp;&nbsp;&nbsp;334554 | &nbsp;&nbsp; 92209774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv † | &nbsp;&nbsp;&nbsp;&nbsp;502089 | &nbsp;&nbsp; 86565165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;267106 | &nbsp;&nbsp; 77436700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. | &nbsp;&nbsp;&nbsp;&nbsp;473871 | &nbsp;&nbsp; 63039059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;125987 | &nbsp;&nbsp; 70797135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;428910 | &nbsp;&nbsp; 60416263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive | &nbsp;&nbsp;&nbsp;&nbsp;262313 | &nbsp;&nbsp; 70000847 |
|  |  | &nbsp;&nbsp; 891211646 |
| &nbsp;&nbsp;Healthcare — 5.64% | &nbsp;&nbsp;Healthcare — 5.64% | &nbsp;&nbsp;Healthcare — 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;684424 | &nbsp;&nbsp; 93088508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90407 | &nbsp;&nbsp; 17858999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;121633 | &nbsp;&nbsp; 46597602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73870 | &nbsp;&nbsp; 23045224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90940 | &nbsp;&nbsp; 40486488 |
|  |  | &nbsp;&nbsp; 221076821 |
| &nbsp;&nbsp;Industrials — 11.58% | &nbsp;&nbsp;Industrials — 11.58% | &nbsp;&nbsp;Industrials — 11.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus ADR | 1638559 | &nbsp;&nbsp; 85794949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems ADR | &nbsp;&nbsp;&nbsp;&nbsp;676288 | &nbsp;&nbsp; 71057580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;&nbsp;138062 | &nbsp;&nbsp; 45215305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton | &nbsp;&nbsp;&nbsp;&nbsp;209930 | &nbsp;&nbsp; 74942911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;768791 | &nbsp;&nbsp; 143095069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73373 | &nbsp;&nbsp; 33981971 |
|  |  | &nbsp;&nbsp; 454087785 |

---

---

| | | |
|:---|:---|:---|
|  | **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 — 30.25% | &nbsp;&nbsp;Information Technology — 30.25% | &nbsp;&nbsp;Information Technology — 30.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;262863 | $37300260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;585107 | &nbsp;&nbsp; 120046403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials | &nbsp;&nbsp;&nbsp;&nbsp;380112 | &nbsp;&nbsp; 69587104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;318508 | &nbsp;&nbsp; 87796730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;572738 | &nbsp;&nbsp; 284885609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 1374278 | &nbsp;&nbsp; 217122181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;259140 | &nbsp;&nbsp; 70664887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP ADR | &nbsp;&nbsp;&nbsp;&nbsp;199445 | &nbsp;&nbsp; 60651224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;236237 | &nbsp;&nbsp; 34096086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;591721 | &nbsp;&nbsp; 134018889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;124013 | &nbsp;&nbsp; 20917273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Class A † | &nbsp;&nbsp;&nbsp;&nbsp;157848 | &nbsp;&nbsp; 48674009 |
|  |  | &nbsp;&nbsp;1185760655 |
| &nbsp;&nbsp;Materials — 4.65% | &nbsp;&nbsp;Materials — 4.65% | &nbsp;&nbsp;Materials — 4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings | &nbsp;&nbsp;&nbsp;&nbsp;467712 | &nbsp;&nbsp; 48164982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde | &nbsp;&nbsp;&nbsp;&nbsp;134442 | &nbsp;&nbsp; 63077498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;131029 | &nbsp;&nbsp; 44990117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99640 | &nbsp;&nbsp; 25988105 |
|  |  | &nbsp;&nbsp; 182220702 |
| &nbsp;&nbsp;Utilities — 0.85% | &nbsp;&nbsp;Utilities — 0.85% | &nbsp;&nbsp;Utilities — 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;478766 | &nbsp;&nbsp; 33235936 |
|  |  | &nbsp;&nbsp; 33235936 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,890,076,053)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,890,076,053)** | &nbsp;&nbsp;**3840966091** |
| &nbsp;&nbsp;**Short-Term Investments — 2.19%** | &nbsp;&nbsp;**Short-Term Investments — 2.19%** | &nbsp;&nbsp;**Short-Term Investments — 2.19%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.19% | &nbsp;&nbsp;Money Market Mutual Funds — 2.19% | &nbsp;&nbsp;Money Market Mutual Funds — 2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 21468022 | &nbsp;&nbsp; 21468022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 21468022 | &nbsp;&nbsp; 21468022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 21468021 | &nbsp;&nbsp; 21468021 |

---

NQ- IV001 [0625] 0825 (4730775) 1

------

Macquarie Core Equity Fund

---

| | | |
|:---|:---|:---|
|  | **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%) | 21468022 | $21468022 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $85,872,087)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $85,872,087)** | &nbsp;&nbsp; **85872087** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.18%<br> (cost $1,975,948,140)** |  | &nbsp;&nbsp;**3926838178** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.18%)** |  | &nbsp;&nbsp;&nbsp; **(6871684)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 201,344,974 Shares Outstanding—100.00%** |  | **$3919966494** |

---

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

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

2 NQ- IV001 [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 Core Equity Fund

- **b. EDGAR series identifier (if any):** S000006288

- **c. LEI of Series:** W3XFT5PC8KN6APIOIR50

**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:** $3930395303.55

**Total Liabilities:** $5676323.54

**Net Assets:** $3924718980.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000045545 | -0.77%               | 6.74%                | 5.68%                |
| Class ID C000017277 | -0.79%               | 6.73%                | 5.68%                |
| Class ID C000146680 | -0.77%               | 6.72%                | 5.71%                |
| Class ID C000017279 | -0.89%               | 6.63%                | 5.63%                |
| Class ID C000017280 | -0.77%               | 6.72%                | 5.67%                |
| Class ID C000122149 | -0.81%               | 6.68%                | 5.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27641669.85             | $-57151291.38                              |
| Month 2  | $18487945.99             | $219785601.19                              |
| Month 3  | $12793980.35             | $198785470.57                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  21468022 | NS      | $21468021.61  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                 | Salesforce Inc                                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    259140 | NS      | $70664886.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                             | Home Depot Inc/The                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |    183349 | NS      | $67223077.36  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                          | Costco Wholesale Corp                          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    105193 | NS      | $104134758.42 | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |   3169501 | NS      | $91725358.94  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                  | Live Nation Entertainment Inc                  | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    215935 | NS      | $32666646.80  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare Inc                             | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    121633 | NS      | $46597602.30  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    236237 | NS      | $34096086.21  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                            | Abbott Laboratories                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    684424 | NS      | $93088508.24  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  21468022 | NS      | $21468022.29  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    131029 | NS      | $44990117.44  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                     | Fiserv Inc                                     | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    502089 | NS      | $86565164.49  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    813578 | NS      | $178490877.42 | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                         | UnitedHealth Group Inc                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     73870 | NS      | $23045223.90  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    334343 | NS      | $67306589.33  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc                                   | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    318508 | NS      | $87796730.20  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace Inc                           | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    768791 | NS      | $143095068.83 | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                   | KKR & Co Inc                                   | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    473871 | NS      | $63039059.13  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                             | Crown Holdings Inc                             | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |    467712 | NS      | $48164981.76  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                            | JPMorgan Chase & Co                            | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    267106 | NS      | $77436700.46  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                          | Applied Materials Inc                          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    380112 | NS      | $69587103.84  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                     | Vertex Pharmaceuticals Inc                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     90940 | NS      | $40486488.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                   | Danaher Corp                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     90407 | NS      | $17858998.78  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                 | Microsoft Corp                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    572738 | NS      | $284885608.58 | 7.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                 | Mastercard Inc                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    125987 | NS      | $70797134.78  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    591721 | NS      | $134018889.29 | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                 | Morgan Stanley                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    428910 | NS      | $60416262.60  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                     | Advanced Micro Devices Inc                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    262863 | NS      | $37300259.70  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                 | Blackstone Inc                                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    347430 | NS      | $51968579.40  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                   | AutoZone Inc                                   | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     22818 | NS      | $84705664.14  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                      | Linde PLC                                      | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |    134442 | NS      | $63077497.56  | 1.61%             |  |  |  | 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        |  21468021 | NS      | $21468020.86  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                           | Progressive Corp/The                           | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    262313 | NS      | $70000847.18  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                 | Eaton Corp PLC                                 | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |    209930 | NS      | $74942910.70  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                      | Apple Inc                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    585107 | NS      | $120046403.19 | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp                        | Zebra Technologies Corp                        | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |    157848 | NS      | $48674009.28  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                             | NextEra Energy Inc                             | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    478766 | NS      | $33235935.72  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                     | Capital One Financial Corp                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    389128 | NS      | $82790873.28  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                            | Vulcan Materials Co                            | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     99640 | NS      | $25988104.80  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                    | Cummins Inc                                    | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |    138062 | NS      | $45215305.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    199445 | NS      | $60651224.50  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                    | NVIDIA Corp                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1374278 | NS      | $217122181.22 | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                           | Lockheed Martin Corp                           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     73373 | NS      | $33981971.22  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    676288 | NS      | $71057580.16  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                        | Aon PLC                                        | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |    132673 | NS      | $47332419.48  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                            | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |    124013 | NS      | $20917272.71  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                   | Alphabet Inc                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    759386 | NS      | $133826594.78 | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                            | American Express Co                            | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    231096 | NS      | $73715002.08  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                             | Ally Financial Inc                             | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |   1222933 | NS      | $47633240.35  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |   1638559 | NS      | $85794949.24  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                  | CME Group Inc                                  | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    334554 | NS      | $92209773.48  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                 | ConocoPhillips                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    197387 | NS      | $17713509.38  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms Inc                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    154730 | NS      | $114204665.70 | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  21468022 | NS      | $21468022.30  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                    | Netflix Inc                                    | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     36353 | NS      | $48681392.89  | 1.24%             |  |  |  | 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