# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207513
**Filing Date:** 2025-8
**Character Count:** 53000
**Document Hash:** ca239aa679a57a4be554b35ee8221abe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207513.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207513

**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:** 251261559

**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 Systematic Emerging Markets Equity Fund (Series ID: S000024829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073889 | Class Y             | IPOYX           |
| C000073890 | Class A             | IPOAX           |
| C000073892 | Class C             | IPOCX           |
| C000073894 | Institutional Class | IPOIX           |
| C000122158 | Class R             | IYPCX           |
| C000146689 | Class R6            | IMEGX           |

## Nport-Ex

## Schedule of investments
Macquarie Systematic Emerging Markets Equity Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 95.76%♣** | &nbsp;&nbsp;**Common Stocks — 95.76%♣** | &nbsp;&nbsp;**Common Stocks — 95.76%♣** |
| &nbsp;&nbsp;Communication Services — 14.20% | &nbsp;&nbsp;Communication Services — 14.20% | &nbsp;&nbsp;Communication Services — 14.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;328975 | $7708817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China United Network Communications Class A | 1392900 | &nbsp;&nbsp; 1038041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Uplus | &nbsp;&nbsp;&nbsp;&nbsp;220885 | &nbsp;&nbsp; 2340438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Group | &nbsp;&nbsp;&nbsp;&nbsp;194360 | &nbsp;&nbsp; 1546207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;900600 | &nbsp;&nbsp; 24207364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Telecom | &nbsp;&nbsp;&nbsp;&nbsp;236468 | &nbsp;&nbsp; 9934600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;698720 | &nbsp;&nbsp; 44771771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 2263001 | &nbsp;&nbsp; 5464587 |
|  |  | &nbsp;&nbsp; 97011825 |
| &nbsp;&nbsp;Consumer Discretionary — 13.36% | &nbsp;&nbsp;Consumer Discretionary — 13.36% | &nbsp;&nbsp;Consumer Discretionary — 13.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1332900 | &nbsp;&nbsp; 18643739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bajaj Auto | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32403 | &nbsp;&nbsp; 3164733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 3419000 | &nbsp;&nbsp; 6951285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp | &nbsp;&nbsp;&nbsp;&nbsp;172925 | &nbsp;&nbsp; 8543616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 | &nbsp;&nbsp; 2983139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;382161 | &nbsp;&nbsp; 6226587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;173398 | &nbsp;&nbsp; 12449812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp; 3340886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meituan Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;611412 | &nbsp;&nbsp; 9759288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naspers Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20406 | &nbsp;&nbsp; 6357232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group 144A # | &nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp; 11105574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;119041 | &nbsp;&nbsp; 1791567 |
|  |  | &nbsp;&nbsp; 91317458 |
| &nbsp;&nbsp;Consumer Staples — 2.55% | &nbsp;&nbsp;Consumer Staples — 2.55% | &nbsp;&nbsp;Consumer Staples — 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev | 3131497 | &nbsp;&nbsp; 7660009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fix Price Group GDR 144A #, =, † | 1489220 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Unilever | &nbsp;&nbsp;&nbsp;&nbsp;101548 | &nbsp;&nbsp; 2717025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS BDR † | &nbsp;&nbsp;&nbsp;&nbsp;343204 | &nbsp;&nbsp; 4999195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | &nbsp;&nbsp;&nbsp;&nbsp;122161 | &nbsp;&nbsp; 2027066 |
|  |  | &nbsp;&nbsp; 17403492 |
| &nbsp;&nbsp;Energy — 2.82% | &nbsp;&nbsp;Energy — 2.82% | &nbsp;&nbsp;Energy — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal India | 2520034 | &nbsp;&nbsp; 11517343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC = | &nbsp;&nbsp;&nbsp;&nbsp;276569 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;965171 | &nbsp;&nbsp; 2748419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro | &nbsp;&nbsp;&nbsp;&nbsp;318171 | &nbsp;&nbsp; 1991094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Class A | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 1866136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Tractors | &nbsp;&nbsp;&nbsp;&nbsp;879700 | &nbsp;&nbsp; 1162277 |
|  |  | &nbsp;&nbsp; 19285269 |
| &nbsp;&nbsp;Financials — 22.06% | &nbsp;&nbsp;Financials — 22.06% | &nbsp;&nbsp;Financials — 22.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Class A | 7494900 | &nbsp;&nbsp; 6150305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | &nbsp;&nbsp;&nbsp;&nbsp;147558 | &nbsp;&nbsp; 2063334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 1058408 | &nbsp;&nbsp; 4318880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia | 12106200 | &nbsp;&nbsp; 6468820 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) | &nbsp;&nbsp;Financials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class A | 6168879 | $4838337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 32497000 | &nbsp;&nbsp; 18877358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 11247200 | &nbsp;&nbsp; 2590978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 1007004 | &nbsp;&nbsp; 6648365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding | 2118000 | &nbsp;&nbsp; 4553280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp; 3979279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 14375000 | &nbsp;&nbsp; 14503277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 1322000 | &nbsp;&nbsp; 2576653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;757491 | &nbsp;&nbsp; 1870730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2648052 | &nbsp;&nbsp; 11321390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90931 | &nbsp;&nbsp; 2122183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | 1496842 | &nbsp;&nbsp; 25234773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp; 10140646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78074 | &nbsp;&nbsp; 6415535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krung Thai Bank | 5003100 | &nbsp;&nbsp; 3278072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | &nbsp;&nbsp;&nbsp;&nbsp;387173 | &nbsp;&nbsp; 8082150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qifu Technology ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81565 | &nbsp;&nbsp; 3536658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 1155686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC = | 4129544 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;150726689 |
| &nbsp;&nbsp;Healthcare — 0.85% | &nbsp;&nbsp;Healthcare — 0.85% | &nbsp;&nbsp;Healthcare — 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp; 1950939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | &nbsp;&nbsp;&nbsp;&nbsp;196396 | &nbsp;&nbsp; 3837462 |
|  |  | &nbsp;&nbsp; 5788401 |
| &nbsp;&nbsp;Industrials — 7.40% | &nbsp;&nbsp;Industrials — 7.40% | &nbsp;&nbsp;Industrials — 7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics | 1243727 | &nbsp;&nbsp; 6112767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eva Airways | 5790000 | &nbsp;&nbsp; 7908428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp; 10862845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Aeronautics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33672 | &nbsp;&nbsp; 1912032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics 144A #, † | 2507400 | &nbsp;&nbsp; 4197127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Class A | 2565394 | &nbsp;&nbsp; 5506351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | 3557000 | &nbsp;&nbsp; 8657494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Class A | 1555800 | &nbsp;&nbsp; 5397696 |
|  |  | &nbsp;&nbsp; 50554740 |
| &nbsp;&nbsp;Information Technology — 28.44% | &nbsp;&nbsp;Information Technology — 28.44% | &nbsp;&nbsp;Information Technology — 28.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 3873408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 5731891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;322033 | &nbsp;&nbsp; 6490978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 1940000 | &nbsp;&nbsp; 10692181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | &nbsp;&nbsp;&nbsp;&nbsp;813976 | &nbsp;&nbsp; 15203204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp; 619204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;362879 | &nbsp;&nbsp; 15527822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novatek Microelectronics | &nbsp;&nbsp;&nbsp;&nbsp;333000 | &nbsp;&nbsp; 6212687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realtek Semiconductor | &nbsp;&nbsp;&nbsp;&nbsp;624000 | &nbsp;&nbsp;&nbsp; 12111735 |

---

NQ- IV9630 [0625] 0825 (4730784) 1

------

Macquarie Systematic Emerging Markets Equity 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;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;365690 | $16203514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 | &nbsp;&nbsp; 4971746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 2243404 | &nbsp;&nbsp; 81405184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services | &nbsp;&nbsp;&nbsp;&nbsp;347305 | &nbsp;&nbsp; 14020171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;163800 | &nbsp;&nbsp; 1250939 |
|  |  | &nbsp;&nbsp;194314664 |
| &nbsp;&nbsp;Materials — 1.99% | &nbsp;&nbsp;Materials — 1.99% | &nbsp;&nbsp;Materials — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp; 3051401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Class A | &nbsp;&nbsp;&nbsp;&nbsp;913500 | &nbsp;&nbsp; 2986994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Class A | 5799100 | &nbsp;&nbsp; 3099651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp; 2482383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;204603 | &nbsp;&nbsp; 1984609 |
|  |  | &nbsp;&nbsp; 13605038 |
| &nbsp;&nbsp;Real Estate — 2.09% | &nbsp;&nbsp;Real Estate — 2.09% | &nbsp;&nbsp;Real Estate — 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC | 2039514 | &nbsp;&nbsp; 7496988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1841151 | &nbsp;&nbsp; 6817964 |
|  |  | &nbsp;&nbsp; 14314952 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $474,460,220)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $474,460,220)** | &nbsp;&nbsp;**654322528** |
| &nbsp;&nbsp;**Preferred Stock — 1.76%** | &nbsp;&nbsp;**Preferred Stock — 1.76%** | &nbsp;&nbsp;**Preferred Stock — 1.76%** |
| &nbsp;&nbsp;Energy — 1.76% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 10.63% ω | 2088474 | &nbsp;&nbsp; 12058573 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $10,463,934)** | &nbsp;&nbsp; **12058573** |
| &nbsp;&nbsp;**Short-Term Investments — 2.89%** | &nbsp;&nbsp;**Short-Term Investments — 2.89%** | &nbsp;&nbsp;**Short-Term Investments — 2.89%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.89% | &nbsp;&nbsp;Money Market Mutual Funds — 2.89% | &nbsp;&nbsp;Money Market Mutual Funds — 2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 4936098 | &nbsp;&nbsp; 4936098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 4936099 | &nbsp;&nbsp; 4936099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 4936099 | &nbsp;&nbsp; 4936099 |

---

---

| | | |
|:---|:---|:---|
|  | **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%) | 4936099 | $4936099 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $19,744,395)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $19,744,395)** | &nbsp;&nbsp; **19744395** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.41%<br> (cost $504,668,549)** |  | &nbsp;&nbsp;**686125496** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.41%)** |  | &nbsp;&nbsp;&nbsp; **(2803072)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 32,046,645 Shares Outstanding—100.00%** |  | **$683322424** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $26,312,928, which represents 3.85% of the Fund's net assets. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| BDR – Brazilian Depositary Receipt |
| GDR – Global Depositary Receipt |
| PJSC – Private Joint Stock Company |

---

2 NQ- IV9630 [0625] 0825 (4730784)

## 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 Systematic Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000024829

- **c. LEI of Series:** 77VGKXRY5E61QSTHBN95

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

- **a. Date of fiscal year-end:** 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:** $689812552.29

**Total Liabilities:** $5388039.22

**Net Assets:** $684424513.07

**Cash Not Reported:** $360029.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073890 | 0.05%                | 5.18%                | 4.97%                |
| Class ID C000073889 | 0.05%                | 5.21%                | 5.00%                |
| Class ID C000073892 | 0.00%                | 5.17%                | 4.86%                |
| Class ID C000073894 | 0.05%                | 5.25%                | 4.99%                |
| Class ID C000146689 | 0.10%                | 5.22%                | 5.01%                |
| Class ID C000122158 | 0.05%                | 5.16%                | 4.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-353908.17              | $-2609914.33                               |
| Month 2  | $1285885.92              | $32115525.42                               |
| Month 3  | $6423112.01              | $24724449.08                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LUKOIL PJSC                                    | LUKOIL PJSC                                         | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    276569 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Asustek Computer Inc                           | Asustek Computer Inc                                | CUSIP: 000000000<br>LEI: 254900B3WB4OGRB7HM13 | Long             | EC               | CORP              | TW        |    260000 | NS      | $5731891.00   | 0.84%             |  |  |  | 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        |   4936099 | NS      | $4936099.05   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                       | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     90931 | NS      | $2122182.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                                  | FirstRand Ltd                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   2648052 | NS      | $11321389.87  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp                     | Realtek Semiconductor Corp                          | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |    624000 | NS      | $12111734.90  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical E                 | Shenzhen Mindray Bio-Medical Electronics Co Ltd     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     62200 | NS      | $1950938.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd                         | Wuliangye Yibin Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    122161 | NS      | $2027066.21   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   2243404 | NS      | $81405184.17  | 11.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero                  | Bank Rakyat Indonesia Persero Tbk PT                | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  11247200 | NS      | $2590978.01   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                       | Bank Central Asia Tbk PT                            | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  12106200 | NS      | $6468819.53   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd                           | Weichai Power Co Ltd                                | CUSIP: 000000000<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |   2565394 | NS      | $5506351.23   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co                               | Hyundai Motor Co                                    | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     19784 | NS      | $2983138.71   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   2088474 | NS      | $12058572.34  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd                                  | MTN Group Ltd                                       | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    194360 | NS      | $1546207.01   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Unilever Ltd                         | Hindustan Unilever Ltd                              | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |    101548 | NS      | $2717024.73   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                       | Ambev SA                                            | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   3131497 | NS      | $7660009.04   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                      | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   1496842 | NS      | $25234773.36  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Yutong Bus Co Ltd                              | Yutong Bus Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |   1555800 | NS      | $5397695.62   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                                  | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   1058408 | NS      | $4318879.71   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  14375000 | NS      | $14503277.09  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                                    | Infosys Ltd                                         | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    813976 | NS      | $15203203.79  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaanxi Coal Industry Co Ltd                   | Shaanxi Coal Industry Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    695000 | NS      | $1866136.35   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                       | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   4936099 | NS      | $4936099.05   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Auto Ltd                                 | Bajaj Auto Ltd                                      | CUSIP: 000000000<br>LEI: 335800DLAO5NCNN8G863 | Long             | EC               | CORP              | IN        |     32403 | NS      | $3164733.30   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                        | Saudi National Bank/The                             | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    120000 | NS      | $1155685.91   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                              | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |  32497000 | NS      | $18877358.45  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                         | Kweichow Moutai Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |         1 | NS      | $196.71       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co Ltd                              | SK Telecom Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |    236468 | NS      | $9934599.59   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                             | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   4129544 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Powszechna Kasa Oszczednosci B                 | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |    387173 | NS      | $8082149.77   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A                 | Turkcell Iletisim Hizmetleri AS                     | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |   2263001 | NS      | $5464586.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Qifu Technology Inc                            | Qifu Technology Inc                                 | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | CN        |     81565 | NS      | $3536658.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Eva Airways Corp                               | Eva Airways Corp                                    | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |   5790000 | NS      | $7908428.04   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    365690 | NS      | $16203513.63  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offsho                 | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     40056 | NS      | $10862845.29  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC                               | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   1841151 | NS      | $6817963.73   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| China Unicom                                   | China United Network Communications Ltd             | CUSIP: 000000000<br>LEI: 300300UTFDNZL9GJRR78 | Long             | EC               | CORP              | CN        |   1392900 | NS      | $1038041.45   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                        | Dubai Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |    757491 | NS      | $1870730.10   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd                  | Tata Consultancy Services Ltd                       | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    347305 | NS      | $14020171.53  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                        | Vale SA                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    204603 | NS      | $1984608.81   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co                  | Hon Hai Precision Industry Co Ltd                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   1940000 | NS      | $10692181.30  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                         | Emaar Development PJSC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2039514 | NS      | $7496988.24   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd                  | Geely Automobile Holdings Ltd                       | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |   3419000 | NS      | $6951285.04   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd                           | HCL Technologies Ltd                                | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    322033 | NS      | $6490977.66   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   1332900 | NS      | $18643739.13  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                   | MediaTek Inc                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    362879 | NS      | $15527822.47  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp                         | Accton Technology Corp                              | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    155000 | NS      | $3873408.19   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    698720 | NS      | $44771770.52  | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Maruti Suzuki India Ltd                        | Maruti Suzuki India Ltd                             | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |     23106 | NS      | $3340886.19   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                     | Harmony Gold Mining Co Ltd                          | CUSIP: 000000000<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    220666 | NS      | $3051401.17   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Steel Ltd                                 | Tata Steel Ltd                                      | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |   1332556 | NS      | $2482382.77   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Electronics Ltd                         | Bharat Electronics Ltd                              | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |   1243727 | NS      | $6112767.38   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                    | Naspers Ltd                                         | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |     20406 | NS      | $6357231.90   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coal India Ltd                                 | Coal India Ltd                                      | CUSIP: 000000000<br>LEI: 335800NLJQZNHM9LBB31 | Long             | EC               | CORP              | IN        |   2520034 | NS      | $11517342.89  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Financial Holding Co Lt                 | Cathay Financial Holding Co Ltd                     | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |   2118000 | NS      | $4553279.47   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil & Natural Gas Corp Ltd                     | Oil & Natural Gas Corp Ltd                          | CUSIP: 000000000<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               | CORP              | IN        |    965171 | NS      | $2748418.96   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                        | Meituan                                             | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |    611412 | NS      | $9759288.10   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Copper Co Ltd                          | Jiangxi Copper Co Ltd                               | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |    913500 | NS      | $2986993.93   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                    | NetEase Inc                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    900600 | NS      | $24207364.38  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                       | Kia Corp                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |    173398 | NS      | $12449811.94  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of China Ltd                              | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |   6168879 | NS      | $4838336.47   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk PT                         | United Tractors Tbk PT                              | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    879700 | NS      | $1162276.87   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   3020500 | NS      | $3979278.49   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                          | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   4936099 | NS      | $4936099.05   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     22979 | NS      | $4971745.70   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica SAB de CV                 | Sitios Latinoamerica SAB de CV                      | CUSIP: 000000000<br>LEI: 984500D2C0CDC0BFDD35 | Long             | EC               | CORP              | MX        |         1 | NS      | $0.17         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS NV                                         | JBS NV                                              | CUSIP: 000000000<br>LEI: 254900JSFON4WL81TW77 | Long             | EC               | CORP              | BR        |    343204 | NS      | $4999194.75   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    318171 | NS      | $1991094.22   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA                 | BB Seguridade Participacoes SA                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1007004 | NS      | $6648365.29   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Yang Ming Marine Transport Cor                 | Yang Ming Marine Transport Corp                     | CUSIP: 000000000<br>LEI: 254900WG2ACWNVSP6E13 | Long             | EC               | CORP              | TW        |   3557000 | NS      | $8657493.50   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                       | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |    147558 | NS      | $2063334.35   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                                    | Xiaomi Corp                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |    163800 | NS      | $1250939.18   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fix Price Group PLC                            | Fix Price Group PLC                                 | CUSIP: 33835G106<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | GB        |   1489220 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                                   | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    328975 | NS      | $7708817.16   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICBC                                           | Industrial & Commercial Bank of China Ltd           | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  12798000 | NS      | $10140645.48  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd                 | Agricultural Bank of China Ltd                      | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | EC               | CORP              | CN        |   7494900 | NS      | $6150305.21   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd                           | Vipshop Holdings Ltd                                | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |    119041 | NS      | $1791567.05   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NANSHAN ALUMINIUM                              | Shandong Nanshan Aluminum Co Ltd                    | CUSIP: 000000000<br>LEI: 836800YU5J3RT2VPUO65 | Long             | EC               | CORP              | CN        |   5799100 | NS      | $3099651.52   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek Microelectronics Corp                  | Novatek Microelectronics Corp                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    333000 | NS      | $6212686.57   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                               | Lenovo Group Ltd                                    | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |    516000 | NS      | $619203.94    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                  | LG Uplus Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    220885 | NS      | $2340438.28   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Aeronautics Ltd                      | Hindustan Aeronautics Ltd                           | CUSIP: 000000000<br>LEI: 335800AKDC7T933T3I86 | Long             | EC               | CORP              | IN        |     33672 | NS      | $1912032.48   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Krung Thai Bank PCL                            | Krung Thai Bank PCL                                 | CUSIP: 000000000<br>LEI: 54930007ZQMYCRFQGE36 | Long             | EC               | CORP              | TH        |   5003100 | NS      | $3278072.21   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA TAIPING                                  | China Taiping Insurance Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 529900C2G37NOIADYW07 | Long             | EC               | CORP              | HK        |   1322000 | NS      | $2576653.35   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                         | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   4936098 | NS      | $4936098.07   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hero MotoCorp Ltd                              | Hero MotoCorp Ltd                                   | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |    172925 | NS      | $8543616.11   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     78074 | NS      | $6415535.42   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Logistics Inc                               | JD Logistics Inc                                    | CUSIP: 000000000<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |   2507400 | NS      | $4197126.86   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Pharmaceutical Industries                  | Sun Pharmaceutical Industries Ltd                   | CUSIP: 000000000<br>LEI: 335800KJ7GE29LB4SS73 | Long             | EC               | CORP              | IN        |    196396 | NS      | $3837462.42   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pop Mart International Group L                 | Pop Mart International Group Ltd                    | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |    327000 | NS      | $11105573.92  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                     | JD.com Inc                                          | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    382161 | NS      | $6226586.40   | 0.91%             |  |  |  | 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