# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043065
**Filing Date:** 2023-2
**Character Count:** 65484
**Document Hash:** 73f3ad0fea85019c3a3b4b346a5a1530
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043065.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043065

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622
- **IRS NUMBER:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 23674000

**BUSINESS ADDRESS:**
- **STREET 1:** 6300 LAMAR AVE
- **CITY:** OVERLAND PARK
- **STATE:** KS
- **ZIP:** 66202
- **BUSINESS PHONE:** 9132362000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 29217
- **CITY:** SHAWNEE MISSION
- **STATE:** KS
- **ZIP:** 66201-9217

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

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

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

## Series and Classes Contracts Data

### Delaware Ivy International Small Cap Fund (Series ID: S000056044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176465 | Class A      | IVJAX           |
| C000176466 | Class C      | IVJCX           |
| C000176467 | Class I      | IVJIX           |
| C000176468 | Class R6     | IVJRX           |
| C000176469 | Class Y      | IVJYX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy International Small Cap Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks – 97.41%Δ** | &nbsp;&nbsp;**Common Stocks – 97.41%Δ** | &nbsp;&nbsp;**Common Stocks – 97.41%Δ** |
| &nbsp;&nbsp;Argentina - 0.96% | &nbsp;&nbsp;Argentina - 0.96% | &nbsp;&nbsp;Argentina - 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings Class A | &nbsp;&nbsp;&nbsp;&nbsp;42331 | $353887 |
|  |  | &nbsp;&nbsp; 353887 |
| &nbsp;&nbsp;Australia - 3.21% | &nbsp;&nbsp;Australia - 3.21% | &nbsp;&nbsp;Australia - 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB24 \* | &nbsp;&nbsp;&nbsp;&nbsp;24144 | &nbsp;&nbsp; 437098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPH | &nbsp;&nbsp;&nbsp;&nbsp;52466 | &nbsp;&nbsp; 311849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus \* | &nbsp;&nbsp;&nbsp;&nbsp;11661 | &nbsp;&nbsp; 438731 |
|  |  | &nbsp;&nbsp; 1187678 |
| &nbsp;&nbsp;Austria - 1.06% | &nbsp;&nbsp;Austria - 1.06% | &nbsp;&nbsp;Austria - 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DO & CO † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp; 196228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230 | &nbsp;&nbsp; 196899 |
|  |  | &nbsp;&nbsp; 393127 |
| &nbsp;&nbsp;Brazil - 2.88% | &nbsp;&nbsp;Brazil - 2.88% | &nbsp;&nbsp;Brazil - 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R PETROLEUM OLEO E GAS † | &nbsp;&nbsp;&nbsp;&nbsp;49655 | &nbsp;&nbsp; 355031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSN Mineracao SA | &nbsp;&nbsp;&nbsp;&nbsp;266907 | &nbsp;&nbsp; 206256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iguatemi | &nbsp;&nbsp;&nbsp;&nbsp;40552 | &nbsp;&nbsp; 142092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JHSF Participacoes | &nbsp;&nbsp;&nbsp;&nbsp;197193 | &nbsp;&nbsp; 187492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLC Agricola | &nbsp;&nbsp;&nbsp;&nbsp;19844 | &nbsp;&nbsp; 176312 |
|  |  | &nbsp;&nbsp; 1067183 |
| &nbsp;&nbsp;Canada - 11.15% | &nbsp;&nbsp;Canada - 11.15% | &nbsp;&nbsp;Canada - 11.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aritzia † | &nbsp;&nbsp;&nbsp;&nbsp;12230 | &nbsp;&nbsp; 427689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATS † | &nbsp;&nbsp;&nbsp;&nbsp;33427 | &nbsp;&nbsp; 1039101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power \* | &nbsp;&nbsp;&nbsp;&nbsp;21780 | &nbsp;&nbsp; 745249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerplus | &nbsp;&nbsp;&nbsp;&nbsp;18269 | &nbsp;&nbsp; 322474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084 | &nbsp;&nbsp; 259382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamieson Wellness | &nbsp;&nbsp;&nbsp;&nbsp;14014 | &nbsp;&nbsp; 363184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major Drilling Group International † | &nbsp;&nbsp;&nbsp;&nbsp;45132 | &nbsp;&nbsp; 350656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunOpta † | &nbsp;&nbsp;&nbsp;&nbsp;37742 | &nbsp;&nbsp; 317211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trisura Group \*, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9015 | &nbsp;&nbsp; 301543 |
|  |  | &nbsp;&nbsp; 4126489 |
| &nbsp;&nbsp;China - 3.11% | &nbsp;&nbsp;China - 3.11% | &nbsp;&nbsp;China - 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AK Medical Holdings | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp; 220748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIMC Enric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp; 109170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dongyue Group | &nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp; 177183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee & Man Paper Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp; 197882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sinotruk Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp; 193752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xtep International Holdings \* | &nbsp;&nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp; 253281 |
|  |  | &nbsp;&nbsp; 1152016 |
| &nbsp;&nbsp;Denmark - 2.04% | &nbsp;&nbsp;Denmark - 2.04% | &nbsp;&nbsp;Denmark - 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jyske Bank † | &nbsp;&nbsp;&nbsp;&nbsp;11610 | &nbsp;&nbsp; 754246 |
|  |  | &nbsp;&nbsp; 754246 |
| &nbsp;&nbsp;Finland - 0.80% | &nbsp;&nbsp;Finland - 0.80% | &nbsp;&nbsp;Finland - 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmet | &nbsp;&nbsp;&nbsp;&nbsp;11050 | &nbsp;&nbsp; 297604 |
|  |  | &nbsp;&nbsp; 297604 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;France - 3.00% | &nbsp;&nbsp;France - 3.00% | &nbsp;&nbsp;France - 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPSOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 | $498904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rothschild & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp; 270913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOITEC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp; 339999 |
|  |  | &nbsp;&nbsp; 1109816 |
| &nbsp;&nbsp;Germany - 1.84% | &nbsp;&nbsp;Germany - 1.84% | &nbsp;&nbsp;Germany - 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Befesa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp; 106116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUGO BOSS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095 | &nbsp;&nbsp; 411336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K+S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352 | &nbsp;&nbsp; 164280 |
|  |  | &nbsp;&nbsp; 681732 |
| &nbsp;&nbsp;India - 5.03% | &nbsp;&nbsp;India - 5.03% | &nbsp;&nbsp;India - 5.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affle India † | &nbsp;&nbsp;&nbsp;&nbsp;11752 | &nbsp;&nbsp; 153807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Bank | &nbsp;&nbsp;&nbsp;&nbsp;270307 | &nbsp;&nbsp; 454324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varun Beverages | &nbsp;&nbsp;&nbsp;&nbsp;64345 | &nbsp;&nbsp; 1028641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voltas | &nbsp;&nbsp;&nbsp;&nbsp;23113 | &nbsp;&nbsp; 223461 |
|  |  | &nbsp;&nbsp; 1860233 |
| &nbsp;&nbsp;Indonesia - 0.70% | &nbsp;&nbsp;Indonesia - 0.70% | &nbsp;&nbsp;Indonesia - 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AKR Corporindo | 2886800 | &nbsp;&nbsp; 259613 |
|  |  | &nbsp;&nbsp; 259613 |
| &nbsp;&nbsp;Ireland - 0.83% | &nbsp;&nbsp;Ireland - 0.83% | &nbsp;&nbsp;Ireland - 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glenveagh Properties † | &nbsp;&nbsp;&nbsp;&nbsp;340611 | &nbsp;&nbsp; 308458 |
|  |  | &nbsp;&nbsp; 308458 |
| &nbsp;&nbsp;Israel - 1.10% | &nbsp;&nbsp;Israel - 1.10% | &nbsp;&nbsp;Israel - 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmode † | &nbsp;&nbsp;&nbsp;&nbsp;11360 | &nbsp;&nbsp; 405552 |
|  |  | &nbsp;&nbsp; 405552 |
| &nbsp;&nbsp;Italy - 3.55% | &nbsp;&nbsp;Italy - 3.55% | &nbsp;&nbsp;Italy - 3.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azimut Holding | &nbsp;&nbsp;&nbsp;&nbsp;14226 | &nbsp;&nbsp; 318727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunello Cucinelli | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592 | &nbsp;&nbsp; 413629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reply | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 | &nbsp;&nbsp; 374540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinexta | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8487 | &nbsp;&nbsp; 207136 |
|  |  | &nbsp;&nbsp; 1314032 |
| &nbsp;&nbsp;Japan - 27.21% | &nbsp;&nbsp;Japan - 27.21% | &nbsp;&nbsp;Japan - 27.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amvis Holdings | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp; 806751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asics | &nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp; 872601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Consulting | &nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp; 442102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dip | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp; 415849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DMG Mori \* | &nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp; 476059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fujimi | &nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp; 600046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;37300 | &nbsp;&nbsp; 854057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldwin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp; 407498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IHI | &nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp; 706069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insource \* | &nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp; 485789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katitas | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp; 315255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kissei Pharmaceutical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp; 186757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mebuki Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;322500 | &nbsp;&nbsp; 820748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui High-Tec \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 116771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHO-BOND Holdings | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp; 496739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMS | &nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp; 472931 |

---

NQ-IV013 [12/22] 2/23 (2745493) 1

------

Delaware Ivy International Small Cap Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) | &nbsp;&nbsp;Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnoPro Holdings | &nbsp;&nbsp;&nbsp;&nbsp;30200 | $811148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toho Titanium | &nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp; 597371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Seimitsu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp; 185454 |
|  |  | &nbsp;&nbsp; 10069995 |
| &nbsp;&nbsp;Malaysia - 0.19% | &nbsp;&nbsp;Malaysia - 0.19% | &nbsp;&nbsp;Malaysia - 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliance Bank Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;85900 | &nbsp;&nbsp; 71567 |
|  |  | &nbsp;&nbsp; 71567 |
| &nbsp;&nbsp;Mexico - 3.67% | &nbsp;&nbsp;Mexico - 3.67% | &nbsp;&nbsp;Mexico - 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco del Bajio | &nbsp;&nbsp;&nbsp;&nbsp;111101 | &nbsp;&nbsp; 349954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;153041 | &nbsp;&nbsp; 362683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte | &nbsp;&nbsp;&nbsp;&nbsp;83887 | &nbsp;&nbsp; 644957 |
|  |  | &nbsp;&nbsp; 1357594 |
| &nbsp;&nbsp;Netherlands - 0.49% | &nbsp;&nbsp;Netherlands - 0.49% | &nbsp;&nbsp;Netherlands - 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just Eat Takeaway.com † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8638 | &nbsp;&nbsp; 182619 |
|  |  | &nbsp;&nbsp; 182619 |
| &nbsp;&nbsp;Norway - 3.68% | &nbsp;&nbsp;Norway - 3.68% | &nbsp;&nbsp;Norway - 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker Solutions | &nbsp;&nbsp;&nbsp;&nbsp;82178 | &nbsp;&nbsp; 313721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG † | &nbsp;&nbsp;&nbsp;&nbsp;10284 | &nbsp;&nbsp; 234372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsea 7 | &nbsp;&nbsp;&nbsp;&nbsp;35032 | &nbsp;&nbsp; 404251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOMRA Systems | &nbsp;&nbsp;&nbsp;&nbsp;24306 | &nbsp;&nbsp; 410856 |
|  |  | &nbsp;&nbsp; 1363200 |
| &nbsp;&nbsp;Republic of Korea - 3.03% | &nbsp;&nbsp;Republic of Korea - 3.03% | &nbsp;&nbsp;Republic of Korea - 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CJ CheilJedang | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp; 253584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hite Jinro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp; 190153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel Shilla | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp; 276341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEENO Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp; 230211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samyang Foods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp; 172881 |
|  |  | &nbsp;&nbsp; 1123170 |
| &nbsp;&nbsp;South Africa - 2.58% | &nbsp;&nbsp;South Africa - 2.58% | &nbsp;&nbsp;South Africa - 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Rainbow Minerals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp; 80919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clicks Group | &nbsp;&nbsp;&nbsp;&nbsp;17312 | &nbsp;&nbsp; 275178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motus Holdings | &nbsp;&nbsp;&nbsp;&nbsp;47625 | &nbsp;&nbsp; 310227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Capital | &nbsp;&nbsp;&nbsp;&nbsp;147186 | &nbsp;&nbsp; 286727 |
|  |  | &nbsp;&nbsp; 953051 |
| &nbsp;&nbsp;Spain - 1.97% | &nbsp;&nbsp;Spain - 1.97% | &nbsp;&nbsp;Spain - 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell | &nbsp;&nbsp;&nbsp;&nbsp;456680 | &nbsp;&nbsp; 430582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melia Hotels International † | &nbsp;&nbsp;&nbsp;&nbsp;60658 | &nbsp;&nbsp; 297256 |
|  |  | &nbsp;&nbsp; 727838 |
| &nbsp;&nbsp;Sweden - 1.79% | &nbsp;&nbsp;Sweden - 1.79% | &nbsp;&nbsp;Sweden - 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catena | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8787 | &nbsp;&nbsp; 327233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortnox | &nbsp;&nbsp;&nbsp;&nbsp;73955 | &nbsp;&nbsp; 335159 |
|  |  | &nbsp;&nbsp; 662392 |
| &nbsp;&nbsp;Taiwan - 1.84% | &nbsp;&nbsp;Taiwan - 1.84% | &nbsp;&nbsp;Taiwan - 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lotes | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 456866 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Taiwan (continued) | &nbsp;&nbsp;Taiwan (continued) | &nbsp;&nbsp;Taiwan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wafer Works | &nbsp;&nbsp;&nbsp;&nbsp;168000 | $223012 |
|  |  | &nbsp;&nbsp; 679878 |
| &nbsp;&nbsp;Thailand - 0.68% | &nbsp;&nbsp;Thailand - 0.68% | &nbsp;&nbsp;Thailand - 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land & Houses | &nbsp;&nbsp;&nbsp;&nbsp;877800 | &nbsp;&nbsp; 250909 |
|  |  | &nbsp;&nbsp; 250909 |
| &nbsp;&nbsp;United Kingdom - 7.84% | &nbsp;&nbsp;United Kingdom - 7.84% | &nbsp;&nbsp;United Kingdom - 7.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazley | &nbsp;&nbsp;&nbsp;&nbsp;54599 | &nbsp;&nbsp; 448521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp; 139578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diploma | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp; 188811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102 | &nbsp;&nbsp; 78149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grafton Group | &nbsp;&nbsp;&nbsp;&nbsp;11346 | &nbsp;&nbsp; 108170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inchcape | &nbsp;&nbsp;&nbsp;&nbsp;49110 | &nbsp;&nbsp; 486847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keywords Studios | &nbsp;&nbsp;&nbsp;&nbsp;20776 | &nbsp;&nbsp; 684191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagegroup | &nbsp;&nbsp;&nbsp;&nbsp;39731 | &nbsp;&nbsp; 221527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS GROUP | &nbsp;&nbsp;&nbsp;&nbsp;50404 | &nbsp;&nbsp; 545681 |
|  |  | &nbsp;&nbsp; 2901475 |
| &nbsp;&nbsp;United States - 1.18% | &nbsp;&nbsp;United States - 1.18% | &nbsp;&nbsp;United States - 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble † | &nbsp;&nbsp;&nbsp;&nbsp;11681 | &nbsp;&nbsp; 438029 |
|  |  | &nbsp;&nbsp; 438029 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $36,148,703)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $36,148,703)** | &nbsp;&nbsp; **36053383** |
| &nbsp;&nbsp;**Preferred Stock – 0.76%** | &nbsp;&nbsp;**Preferred Stock – 0.76%** | &nbsp;&nbsp;**Preferred Stock – 0.76%** |
| &nbsp;&nbsp;Brazil - 0.76% | &nbsp;&nbsp;Brazil - 0.76% | &nbsp;&nbsp;Brazil - 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metalurgica Gerdau SA 8.06% ω | &nbsp;&nbsp;&nbsp;&nbsp;114685 | &nbsp;&nbsp; 281730 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $300,568)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $300,568)** | &nbsp;&nbsp; **281730** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Short-Term Investments – 1.84%** | &nbsp;&nbsp;**Short-Term Investments – 1.84%** |
| &nbsp;&nbsp;Money Market Mutual Funds – 1.84% | &nbsp;&nbsp;Money Market Mutual Funds – 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;169853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | &nbsp;&nbsp;&nbsp;&nbsp;169854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;169853 |

---

2 NQ-IV013 [12/22] 2/23 (2745493)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **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 4.11%) | &nbsp;&nbsp;&nbsp;&nbsp;169854 | $169854 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $679,414)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $679,414)** | &nbsp;&nbsp; **679414** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral-100.01%<br> (cost $37,128,685)** |  | &nbsp;&nbsp; **37014527** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Securities Lending Collateral – 0.96%** | &nbsp;&nbsp;**Securities Lending Collateral – 0.96%** | &nbsp;&nbsp;**Securities Lending Collateral – 0.96%** |
| &nbsp;&nbsp;Money Market Mutual Fund - 0.96% | &nbsp;&nbsp;Money Market Mutual Fund - 0.96% | &nbsp;&nbsp;Money Market Mutual Fund - 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;357183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357183 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $357,183)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $357,183)** | **357183** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-100.97%<br> (cost $37,485,868)** |  | **37,371,710■** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — 0.97%** | &nbsp;&nbsp; **357183** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.01%)** | &nbsp;&nbsp;&nbsp; **(2667)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 4,202,307 Shares Outstanding — 100.00%** | &nbsp;&nbsp; **$37011860** |

---

---

| | |
|:---|:---|
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <sup>\*</sup> | Fully or partially on loan. |
| <sup>†</sup> | Non-income producing security. |
| <sup>ω</sup> | Perpetual security with no stated maturity date. |
| ■ | Includes $1,932,721 of securities loaned for which the counterparty pledged additional cash and non-cash collateral valued at $357,183 and $1,750,895 respectively. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | Currency to<br> Receive (Deliver) | Currency to<br> Receive (Deliver) | In Exchange For | In Exchange For | Settlement<br> Date | Unrealized<br> Depreciation |
| BNYM | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7398) | USD | &nbsp;&nbsp;&nbsp;&nbsp;7869 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(52) |
| BNYM | JPY | (33973626) | USD | 253987 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5055) |
| BNYM | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;244436 | USD | &nbsp;&nbsp;(14463) | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |
| BNYM | ZAR | &nbsp;&nbsp;&nbsp;1134413 | USD | &nbsp;&nbsp;(67081) | 1/5/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5635) |

---

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Aktiengesellschaft |
| BNYM – Bank of New York Mellon |

---

---

| |
|:---|
| **Summary of currencies:** |
| EUR – European Monetary Unit |
| JPY – Japanese Yen |
| USD – US Dollar |

---

NQ-IV013 [12/22] 2/23 (2745493) 3

------

Delaware Ivy International Small Cap Fund (Unaudited)

---

| |
|:---|
| **Summary of currencies: (continued)** |
| ZAR – South African Rand |

---

4 NQ-IV013 [12/22] 2/23 (2745493)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Delaware Ivy International Small Cap Fund

- **b. EDGAR series identifier (if any):** S000056044

- **c. LEI of Series:** 549300A6TP5WTNMXGY55

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $38095252.33

**Total Liabilities:** $1020061.47

**Net Assets:** $37075190.86

**Cash Not Reported:** $93137.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176467 | 6.21%                | 9.81%                | -1.56%               |
| Class ID C000176465 | 6.12%                | 9.76%                | -1.68%               |
| Class ID C000176468 | 6.09%                | 9.82%                | -1.56%               |
| Class ID C000176466 | 6.11%                | 9.71%                | -1.71%               |
| Class ID C000176469 | 6.13%                | 9.77%                | -1.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1016338.96             | $3337900.70                                |
| Month 2  | $-259310.32              | $3929460.69                                |
| Month 3  | $-519082.10              | $-111662.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Asics Corp                                     | Asics Corp                                           | CUSIP: 000000000<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     39300 | NS      | $872601.34    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aritzia Inc                                    | Aritzia Inc                                          | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     12230 | NS      | $427688.70    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reply SpA                                      | Reply SpA                                            | CUSIP: 000000000<br>LEI: 815600DAEFB0388F3521 | Long             | EC               | CORP              | IT        |      3270 | NS      | $374539.75    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amvis Holdings Inc                             | Amvis Holdings Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31700 | NS      | $806750.99    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC                                    | Beazley PLC                                          | CUSIP: 000000000<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     54599 | NS      | $448520.70    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AKR Corporindo Tbk PT                          | AKR Corporindo Tbk PT                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   2886800 | NS      | $259612.65    | 0.70%             |  |  |  | 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        |    169853 | NS      | $169853.22    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Motus Holdings Ltd                             | Motus Holdings Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     47625 | NS      | $310226.44    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kissei Pharmaceutical Co Ltd                   | Kissei Pharmaceutical Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9500 | NS      | $186757.09    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Catena AB                                      | Catena AB                                            | CUSIP: 000000000<br>LEI: 549300EMLM7AH5LDLY65 | Long             | EC               | CORP              | SE        |      8787 | NS      | $327233.09    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Bank Malaysia Bhd                     | Alliance Bank Malaysia Bhd                           | CUSIP: 000000000<br>LEI: 2JJF46RULNMN5RTBEC18 | Long             | EC               | CORP              | MY        |     85900 | NS      | $71567.08     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mebuki Financial Group Inc                     | Mebuki Financial Group Inc                           | CUSIP: 000000000<br>LEI: 353800K1RXV3E3JAE812 | Long             | EC               | CORP              | JP        |    322500 | NS      | $820748.25    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| 3R PETROLEUM OLEO E GAS SA                     | 3R PETROLEUM OLEO E GAS SA                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     49655 | NS      | $355031.25    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                                    | SunOpta Inc                                          | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | US        |     37742 | NS      | $317211.20    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group Internati                 | Major Drilling Group International Inc               | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |     45132 | NS      | $350656.31    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus Ltd                                | Pro Medicus Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     11661 | NS      | $438730.79    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                                   | Inchcape PLC                                         | CUSIP: 000000000<br>LEI: 213800RGEH1MPPNM2T57 | Long             | EC               | CORP              | GB        |     49110 | NS      | $486846.58    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker Solutions ASA                             | Aker Solutions ASA                                   | CUSIP: 000000000<br>LEI: 5967007LIEEXZXG42836 | Long             | EC               | CORP              | NO        |     82178 | NS      | $313720.52    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| IPSOS                                          | IPSOS                                                | CUSIP: 000000000<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |      7967 | NS      | $498904.10    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltas Ltd                                     | Voltas Ltd                                           | CUSIP: 000000000<br>LEI: 335800VVTQSSZ7NV7F51 | Long             | EC               | CORP              | IN        |     23113 | NS      | $223461.05    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| JHSF Participacoes SA                          | JHSF Participacoes SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    197193 | NS      | $187491.62    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Real Estate Investment                 | Granite Real Estate Investment Trust                 | CUSIP: 387437114<br>LEI: 549300A6I7CLE0ZC0396 | Long             | EC               | CORP              | CA        |      5084 | NS      | $259381.62    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Eat Takeaway.com NV                       | Just Eat Takeaway.com NV                             | CUSIP: 000000000<br>LEI: 724500FVZIBSSQ7SHI95 | Long             | EC               | CORP              | NL        |      8638 | NS      | $182619.31    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Sabadell SA                           | Banco de Sabadell SA                                 | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |    456680 | NS      | $430581.82    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG                                         | K+S AG                                               | CUSIP: 000000000<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      8352 | NS      | $164279.82    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui High-Tec Inc                            | Mitsui High-Tec Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2500 | NS      | $116770.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Rothschild & Co                                | Rothschild & Co                                      | CUSIP: 000000000<br>LEI: 549300ILF3L0BBIDPZ11 | Long             | EC               | CORP              | FR        |      6776 | NS      | $270913.34    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtep International Holdings Lt                 | Xtep International Holdings Ltd                      | CUSIP: 000000000<br>LEI: 529900ZZZZBTOKZQI549 | Long             | EC               | CORP              | CN        |    227500 | NS      | $253281.36    | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| IHI Corp                                       | IHI Corp                                             | CUSIP: 000000000<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |     24100 | NS      | $706069.03    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMC Enric Holdings Ltd                        | CIMC Enric Holdings Ltd                              | CUSIP: 000000000<br>LEI: 254900RKJGCDZN5ZOB09 | Long             | EC               | CORP              | HK        |    108000 | NS      | $109169.87    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco del Bajio SA                             | Banco del Bajio SA                                   | CUSIP: 000000000<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |    111101 | NS      | $349954.04    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Future PLC                                     | Future PLC                                           | CUSIP: 000000000<br>LEI: 213800K2581YRLEXV353 | Long             | EC               | CORP              | GB        |      5102 | NS      | $78149.36     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortnox AB                                     | Fortnox AB                                           | CUSIP: 000000000<br>LEI: 549300MSNMHPC3O60W78 | Long             | EC               | CORP              | SE        |     73955 | NS      | $335158.81    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Land & Houses PCL                              | Land & Houses PCL                                    | CUSIP: 000000000<br>LEI: 529900O7AEACUWP7KS87 | Long             | EC               | CORP              | TH        |    877800 | NS      | $250908.62    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerplus Corp                                  | Enerplus Corp                                        | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |     18269 | NS      | $322473.49    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Wafer Works Corp                               | Wafer Works Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    168000 | NS      | $223012.48    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dongyue Group Ltd                              | Dongyue Group Ltd                                    | CUSIP: 000000000<br>LEI: 529900EJNEZTJBHCHW95 | Long             | EC               | CORP              | CN        |    161000 | NS      | $177182.61    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Toho Titanium Co Ltd                           | Toho Titanium Co Ltd                                 | CUSIP: 000000000<br>LEI: 353800CQ82BJ87SIZZ65 | Long             | EC               | CORP              | JP        |     28100 | NS      | $597371.23    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagegroup PLC                                  | Pagegroup PLC                                        | CUSIP: 000000000<br>LEI: 213800JK5ZEQW4AB8G71 | Long             | EC               | CORP              | GB        |     39731 | NS      | $221527.24    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| dip Corp                                       | dip Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14400 | NS      | $415848.83    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinotruk Hong Kong Ltd                         | Sinotruk Hong Kong Ltd                               | CUSIP: 000000000<br>LEI: 529900BB4WA4W576X724 | Long             | EC               | CORP              | CN        |    139000 | NS      | $193751.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd                            | Varun Beverages Ltd                                  | CUSIP: 000000000<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |     64345 | NS      | $1028641.12   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Iguatemi SA                                    | Iguatemi SA                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     40552 | NS      | $142092.33    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA                         | Brunello Cucinelli SpA                               | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |      5592 | NS      | $413629.59    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LEE & MAN PAPER                                | Lee & Man Paper Manufacturing Ltd                    | CUSIP: 000000000<br>LEI: 30030066PNKQVCCC5G24 | Long             | EC               | CORP              | HK        |    449000 | NS      | $197882.25    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jamieson Wellness Inc                          | Jamieson Wellness Inc                                | CUSIP: 470748104<br>LEI: 254900EIXJ4NHQFFRO95 | Long             | EC               | CORP              | CA        |     14014 | NS      | $363184.09    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DMG Mori Co Ltd                                | DMG Mori Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     35600 | NS      | $476059.13    | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Hite Jinro Co Ltd                              | Hite Jinro Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9370 | NS      | $190153.00    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co Ltd                                     | SMS Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18500 | NS      | $472931.27    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jyske Bank A/S                                 | Jyske Bank A/S                                       | CUSIP: 000000000<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |     11610 | NS      | $754245.55    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Melia Hotels International SA                  | Melia Hotels International SA                        | CUSIP: 000000000<br>LEI: 959800JRKSZ6YZD4EL80 | Long             | EC               | CORP              | ES        |     60658 | NS      | $297255.75    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Azimut Holding SpA                             | Azimut Holding SpA                                   | CUSIP: 000000000<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     14226 | NS      | $318726.68    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Insource Co Ltd                                | Insource Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41000 | NS      | $485789.39    | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Trisura Group Ltd                              | Trisura Group Ltd                                    | CUSIP: 89679A209<br>LEI: 549300S7H452RZFP8305 | Long             | EC               | CORP              | CA        |      9015 | NS      | $301543.09    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Metalurgica Gerdau SA                          | Metalurgica Gerdau SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    114685 | NS      | $281730.09    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon                    | EUR/USD FORWARD                                      | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-52.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| African Rainbow Minerals Ltd                   | African Rainbow Minerals Ltd                         | CUSIP: 000000000<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |       843 | NS      | $14288.77     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Power Corp                             | Capital Power Corp                                   | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |     21780 | NS      | $745249.19    | 2.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                        | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    169853 | NS      | $169853.45    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon                    | JPY/USD FORWARD                                      | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5054.96     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd                                   | Lotes Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17000 | NS      | $456865.84    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HUGO BOSS AG                                   | HUGO BOSS AG                                         | CUSIP: 000000000<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |      7095 | NS      | $411336.68    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Transaction Capital Ltd                        | Transaction Capital Ltd                              | CUSIP: 000000000<br>LEI: 213800LKDMT3FP3FQU40 | Long             | EC               | CORP              | ZA        |    147186 | NS      | $286727.38    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Grafton Group PLC                              | Grafton Group PLC                                    | CUSIP: 000000000<br>LEI: 635400BE9SBAG61DJ963 | Long             | EC               | CORP              | IE        |     11346 | NS      | $108170.26    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ATS Corp                                       | ATS Corp                                             | CUSIP: 00217Y104<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | EC               | CORP              | CA        |     33427 | NS      | $1039100.76   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Samyang Foods Co Ltd                           | Samyang Foods Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1726 | NS      | $172881.37    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon                    | ZAR/USD FORWARD                                      | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-83.09       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal Bank Ltd                               | Federal Bank Ltd                                     | CUSIP: 000000000<br>LEI: 335800J8VWGE2HGWF417 | Long             | EC               | CORP              | IN        |    270307 | NS      | $454323.56    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vienna Insurance                               | Vienna Insurance Group AG Wiener Versicherung Gruppe | CUSIP: 000000000<br>LEI: 549300JCRU23I1THU176 | Long             | EC               | CORP              | AT        |      8230 | NS      | $196899.11    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnoPro Holdings Inc                         | TechnoPro Holdings Inc                               | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     30200 | NS      | $811147.52    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                           | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    169853 | NS      | $169853.45    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldwin Inc                                    | Goldwin Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5600 | NS      | $407497.71    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de                 | Corp Inmobiliaria Vesta SAB de CV                    | CUSIP: 000000000<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |    153041 | NS      | $362683.57    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Katitas Co Ltd                                 | Katitas Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13700 | NS      | $315254.50    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                    | Subsea 7 SA                                          | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |     35032 | NS      | $404251.14    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Affle India Ltd                                | Affle India Ltd                                      | CUSIP: 000000000<br>LEI: 335800VOXUF6XMCWSD89 | Long             | EC               | CORP              | IN        |     11752 | NS      | $153807.30    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola SA                                | SLC Agricola SA                                      | CUSIP: 000000000<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |     19844 | NS      | $176311.76    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Glenveagh Properties PLC                       | Glenveagh Properties PLC                             | CUSIP: 000000000<br>LEI: 635400QUQ2YYGMOAK834 | Long             | EC               | CORP              | IE        |    340611 | NS      | $308457.56    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro                 | Grupo Aeroportuario del Centro Norte SAB de CV       | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     83887 | NS      | $644956.78    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Befesa SA                                      | Befesa SA                                            | CUSIP: 000000000<br>LEI: 222100VXGA8L6J4ZWG61 | Long             | EC               | CORP              | LU        |      2200 | NS      | $106115.85    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DO & CO AG                                     | DO & CO AG                                           | CUSIP: 000000000<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |      2069 | NS      | $196227.83    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCurrent Consulting Inc                      | BayCurrent Consulting Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14100 | NS      | $442102.26    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RS GROUP PLC                                   | RS GROUP PLC                                         | CUSIP: 000000000<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |     50404 | NS      | $545681.13    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CJ CheilJedang Corp                            | CJ CheilJedang Corp                                  | CUSIP: 000000000<br>LEI: 9884008938PK154I3A92 | Long             | EC               | CORP              | KR        |       843 | NS      | $253583.62    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujimi Inc                                     | Fujimi Inc                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12600 | NS      | $600045.72    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Dechra Pharmaceuticals PLC                     | Dechra Pharmaceuticals PLC                           | CUSIP: 000000000<br>LEI: 213800J4UVB5OWG8VX82 | Long             | EC               | CORP              | GB        |      4410 | NS      | $139577.87    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                                     | Inmode Ltd                                           | CUSIP: 000000000<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | IL        |     11360 | NS      | $405552.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Keywords Studios PLC                           | Keywords Studios PLC                                 | CUSIP: 000000000<br>LEI: 2138007VR9ZYCWS7VE12 | Long             | EC               | CORP              | IE        |     20776 | NS      | $684191.04    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TOMRA Systems ASA                              | TOMRA Systems ASA                                    | CUSIP: 000000000<br>LEI: 549300J726JCFJU3VT89 | Long             | EC               | CORP              | NO        |     24306 | NS      | $410855.95    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmet Oyj                                     | Valmet Oyj                                           | CUSIP: 000000000<br>LEI: 213800D9O7FUQDH83V62 | Long             | EC               | CORP              | FI        |     11050 | NS      | $297604.37    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hotel Shilla Co Ltd                            | Hotel Shilla Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4184 | NS      | $276340.67    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Diploma PLC                                    | Diploma PLC                                          | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |      5626 | NS      | $188811.10    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LEENO Industrial Inc                           | LEENO Industrial Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1863 | NS      | $230211.12    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Tinexta Spa                                    | Tinexta Spa                                          | CUSIP: 000000000<br>LEI: 815600925CD848EDBA96 | Long             | EC               | CORP              | IT        |      8487 | NS      | $207135.93    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS INST PREF GOVT PLUS MMF - SL #4134     | DREYFUS INST PREF GOVT PLUS MMF - SL #4134           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    357183 | NS      | $357183.01    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                          | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    169853 | NS      | $169853.43    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SOITEC                                         | SOITEC                                               | CUSIP: 000000000<br>LEI: 969500ZR92SQCU9TST26 | Long             | EC               | CORP              | FR        |      2078 | NS      | $339998.79    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                                 | Noble Corp PLC                                       | CUSIP: 000000000<br>LEI: 549300I3HBUNXO0OG954 | Long             | EC               | CORP              | US        |     11681 | NS      | $438029.09    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                               | Clicks Group Ltd                                     | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     17312 | NS      | $275178.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IPH Ltd                                        | IPH Ltd                                              | CUSIP: 000000000<br>LEI: 529900KRTADQ17ANK140 | Long             | EC               | CORP              | AU        |     52466 | NS      | $311848.49    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CSN Mineracao SA                               | CSN Mineracao SA                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    266907 | NS      | $206256.08    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AK Medical Holdings Ltd                        | AK Medical Holdings Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    176000 | NS      | $220748.32    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc                     | Arcos Dorados Holdings Inc                           | CUSIP: 000000000<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | UY        |     42331 | NS      | $353887.16    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                                  | Golar LNG Ltd                                        | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |     10284 | NS      | $234372.36    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SHO-BOND Holdings Co Ltd                       | SHO-BOND Holdings Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11600 | NS      | $496738.80    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc                    | Fukuoka Financial Group Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     37300 | NS      | $854057.45    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB24 Ltd                                      | HUB24 Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     24144 | NS      | $437098.18    | 1.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Tokyo Seimitsu Co Ltd                          | Tokyo Seimitsu Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5700 | NS      | $185454.13    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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