# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043082
**Filing Date:** 2023-2
**Character Count:** 44706
**Document Hash:** 0bf00a3fb1afc2283f46cc0319c96e57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043082.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043082

**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**: 20230331

**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:** 23674017

**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 Core Equity Fund (Series ID: S000024840)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000073956 | Class Y      | IVVYX           |
| C000073958 | Class C      | IVIFX           |
| C000073960 | Class I      | ICEIX           |
| C000073961 | Class A      | IVIAX           |
| C000122166 | Class R      | IYITX           |
| C000146700 | Class R6     | IINCX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy International Core Equity Fund

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks – 97.31%Δ** | &nbsp;&nbsp;**Common Stocks – 97.31%Δ** | &nbsp;&nbsp;**Common Stocks – 97.31%Δ** |
| &nbsp;&nbsp;Australia - 1.46% | &nbsp;&nbsp;Australia - 1.46% | &nbsp;&nbsp;Australia - 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newcrest Mining | 1381518 | $19414119 |
|  |  | &nbsp;&nbsp; 19414119 |
| &nbsp;&nbsp;Austria - 1.01% | &nbsp;&nbsp;Austria - 1.01% | &nbsp;&nbsp;Austria - 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi | &nbsp;&nbsp;&nbsp;&nbsp;787425 | &nbsp;&nbsp; 13417840 |
|  |  | &nbsp;&nbsp; 13417840 |
| &nbsp;&nbsp;Brazil - 3.24% | &nbsp;&nbsp;Brazil - 3.24% | &nbsp;&nbsp;Brazil - 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 3459647 | &nbsp;&nbsp; 22757430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23986 | &nbsp;&nbsp; 20297913 |
|  |  | &nbsp;&nbsp; 43055343 |
| &nbsp;&nbsp;Canada - 5.87% | &nbsp;&nbsp;Canada - 5.87% | &nbsp;&nbsp;Canada - 5.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway | &nbsp;&nbsp;&nbsp;&nbsp;345241 | &nbsp;&nbsp; 25740088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama | &nbsp;&nbsp;&nbsp;&nbsp;463861 | &nbsp;&nbsp; 27129359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy | &nbsp;&nbsp;&nbsp;&nbsp;793989 | &nbsp;&nbsp; 25185988 |
|  |  | &nbsp;&nbsp; 78055435 |
| &nbsp;&nbsp;China - 11.86% | &nbsp;&nbsp;China - 11.86% | &nbsp;&nbsp;China - 11.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Mengniu Dairy † | 5342000 | &nbsp;&nbsp; 24227533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H World Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;703884 | &nbsp;&nbsp; 29858759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com ADR | &nbsp;&nbsp;&nbsp;&nbsp;329287 | &nbsp;&nbsp; 18482879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Li Ning | 2643000 | &nbsp;&nbsp; 22940798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosus | &nbsp;&nbsp;&nbsp;&nbsp;261046 | &nbsp;&nbsp; 18009695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SITC International Holdings | 3546000 | &nbsp;&nbsp; 7886613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;288800 | &nbsp;&nbsp; 12357929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZTO Express Cayman ADR \* | &nbsp;&nbsp;&nbsp;&nbsp;892771 | &nbsp;&nbsp; 23988757 |
|  |  | &nbsp;&nbsp; 157752963 |
| &nbsp;&nbsp;Denmark - 4.71% | &nbsp;&nbsp;Denmark - 4.71% | &nbsp;&nbsp;Denmark - 4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambu Class B \*, † | &nbsp;&nbsp;&nbsp;&nbsp;756934 | &nbsp;&nbsp; 9697577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Moller - Maersk Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp; 6947342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Moller - Maersk Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp; 12614182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78938 | &nbsp;&nbsp; 33419223 |
|  |  | &nbsp;&nbsp; 62678324 |
| &nbsp;&nbsp;France - 13.76% | &nbsp;&nbsp;France - 13.76% | &nbsp;&nbsp;France - 13.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;234512 | &nbsp;&nbsp; 27869725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;429380 | &nbsp;&nbsp; 24475288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capgemini | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73575 | &nbsp;&nbsp; 12282366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'Oreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19332 | &nbsp;&nbsp; 6903498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36899 | &nbsp;&nbsp; 26855054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thales | &nbsp;&nbsp;&nbsp;&nbsp;202511 | &nbsp;&nbsp; 25861603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies \* | &nbsp;&nbsp;&nbsp;&nbsp;532081 | &nbsp;&nbsp; 33405052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci | &nbsp;&nbsp;&nbsp;&nbsp;254336 | &nbsp;&nbsp; 25398573 |
|  |  | &nbsp;&nbsp; 183051159 |
| &nbsp;&nbsp;Germany - 11.42% | &nbsp;&nbsp;Germany - 11.42% | &nbsp;&nbsp;Germany - 11.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98271 | &nbsp;&nbsp; 13408052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer | &nbsp;&nbsp;&nbsp;&nbsp;470391 | &nbsp;&nbsp; 24333089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | 1478306 | &nbsp;&nbsp; 29493753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HeidelbergCement | &nbsp;&nbsp;&nbsp;&nbsp;291405 | &nbsp;&nbsp; 16619869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HelloFresh † | &nbsp;&nbsp;&nbsp;&nbsp;481727 | &nbsp;&nbsp; 10586596 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Germany (continued) | &nbsp;&nbsp;Germany (continued) | &nbsp;&nbsp;Germany (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWE | &nbsp;&nbsp;&nbsp;&nbsp;651721 | $29014629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;122188 | &nbsp;&nbsp; 12607440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens | &nbsp;&nbsp;&nbsp;&nbsp;114408 | &nbsp;&nbsp; 15876757 |
|  |  | &nbsp;&nbsp; 151940185 |
| &nbsp;&nbsp;Hong Kong - 1.81% | &nbsp;&nbsp;Hong Kong - 1.81% | &nbsp;&nbsp;Hong Kong - 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1767135 | &nbsp;&nbsp; 24087660 |
|  |  | &nbsp;&nbsp; 24087660 |
| &nbsp;&nbsp;India - 3.59% | &nbsp;&nbsp;India - 3.59% | &nbsp;&nbsp;India - 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 2501662 | &nbsp;&nbsp; 28235548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 9720053 | &nbsp;&nbsp; 19556423 |
|  |  | &nbsp;&nbsp; 47791971 |
| &nbsp;&nbsp;Japan - 10.20% | &nbsp;&nbsp;Japan - 10.20% | &nbsp;&nbsp;Japan - 10.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asahi Group Holdings | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp; 13244575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inpex \* | 1913000 | &nbsp;&nbsp; 20348583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone | &nbsp;&nbsp;&nbsp;&nbsp;439700 | &nbsp;&nbsp; 12604019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORIX | 1100209 | &nbsp;&nbsp; 17759774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven & i Holdings | &nbsp;&nbsp;&nbsp;&nbsp;565900 | &nbsp;&nbsp; 24405623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subaru | 1038749 | &nbsp;&nbsp; 16047421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 1455153 | &nbsp;&nbsp; 31350542 |
|  |  | &nbsp;&nbsp; 135760537 |
| &nbsp;&nbsp;Netherlands - 5.00% | &nbsp;&nbsp;Netherlands - 5.00% | &nbsp;&nbsp;Netherlands - 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASML Holding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24050 | &nbsp;&nbsp; 12969990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 1981308 | &nbsp;&nbsp; 24152708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell | 1038054 | &nbsp;&nbsp; 29424176 |
|  |  | &nbsp;&nbsp; 66546874 |
| &nbsp;&nbsp;Norway - 1.02% | &nbsp;&nbsp;Norway - 1.02% | &nbsp;&nbsp;Norway - 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank | &nbsp;&nbsp;&nbsp;&nbsp;686182 | &nbsp;&nbsp; 13619559 |
|  |  | &nbsp;&nbsp; 13619559 |
| &nbsp;&nbsp;Republic of Korea - 3.67% | &nbsp;&nbsp;Republic of Korea - 3.67% | &nbsp;&nbsp;Republic of Korea - 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG | &nbsp;&nbsp;&nbsp;&nbsp;376882 | &nbsp;&nbsp; 23336585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;581755 | &nbsp;&nbsp; 25535114 |
|  |  | &nbsp;&nbsp; 48871699 |
| &nbsp;&nbsp;Spain - 1.79% | &nbsp;&nbsp;Spain - 1.79% | &nbsp;&nbsp;Spain - 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 3960630 | &nbsp;&nbsp; 23886224 |
|  |  | &nbsp;&nbsp; 23886224 |
| &nbsp;&nbsp;Switzerland - 1.55% | &nbsp;&nbsp;Switzerland - 1.55% | &nbsp;&nbsp;Switzerland - 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcon | &nbsp;&nbsp;&nbsp;&nbsp;300356 | &nbsp;&nbsp; 20589404 |
|  |  | &nbsp;&nbsp; 20589404 |
| &nbsp;&nbsp;Taiwan - 1.91% | &nbsp;&nbsp;Taiwan - 1.91% | &nbsp;&nbsp;Taiwan - 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1741000 | &nbsp;&nbsp; 25405102 |
|  |  | &nbsp;&nbsp; 25405102 |
| &nbsp;&nbsp;United Kingdom - 8.26% | &nbsp;&nbsp;United Kingdom - 8.26% | &nbsp;&nbsp;United Kingdom - 8.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca | &nbsp;&nbsp;&nbsp;&nbsp;110847 | &nbsp;&nbsp; 15033071 |

---

NQ-IV961 [12/22] 2/23 (2747707) 1

------

Delaware Ivy International Core Equity 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;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca ADR | &nbsp;&nbsp;&nbsp;&nbsp;362703 | $24591263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon † | 3850915 | &nbsp;&nbsp; 15239988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings | 4718823 | &nbsp;&nbsp; 29419762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group | &nbsp;&nbsp;&nbsp;&nbsp;368856 | &nbsp;&nbsp; 25658724 |
|  |  | &nbsp;&nbsp; 109942808 |
| &nbsp;&nbsp;United States - 5.18% | &nbsp;&nbsp;United States - 5.18% | &nbsp;&nbsp;United States - 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15024 | &nbsp;&nbsp; 4720134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger | &nbsp;&nbsp;&nbsp;&nbsp;545828 | &nbsp;&nbsp; 29179965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;261213 | &nbsp;&nbsp; 13742416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stellantis | 1497357 | &nbsp;&nbsp; 21269764 |
|  |  | &nbsp;&nbsp; 68912279 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,243,280,011)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $1,243,280,011)** | &nbsp;&nbsp; **1294779485** |
| &nbsp;&nbsp;**Short-Term Investments – 0.09%** | &nbsp;&nbsp;**Short-Term Investments – 0.09%** | &nbsp;&nbsp;**Short-Term Investments – 0.09%** |
| &nbsp;&nbsp;Money Market Mutual Funds – 0.09% | &nbsp;&nbsp;Money Market Mutual Funds – 0.09% | &nbsp;&nbsp;Money Market Mutual Funds – 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | &nbsp;&nbsp;&nbsp;&nbsp;295661 | &nbsp;&nbsp; 295661 |
| &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;295661 | &nbsp;&nbsp; 295661 |
| &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;295661 | &nbsp;&nbsp; 295661 |
| &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;295661 | &nbsp;&nbsp; 295661 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,182,644)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $1,182,644)** | &nbsp;&nbsp; **1182644** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral-97.40%<br> (cost $1,244,462,655)** |  | &nbsp;&nbsp; **1295962129** |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | **Value (US $)** |
| &nbsp;&nbsp;**Securities Lending Collateral – 1.36%** | &nbsp;&nbsp;**Securities Lending Collateral – 1.36%** | &nbsp;&nbsp;**Securities Lending Collateral – 1.36%** |
| &nbsp;&nbsp;Money Market Mutual Fund - 1.36% | &nbsp;&nbsp;Money Market Mutual Fund - 1.36% | &nbsp;&nbsp;Money Market Mutual Fund - 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 18167099 | $18167099 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $18,167,099)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $18,167,099)** | &nbsp;&nbsp; **18167099** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-98.76%<br> (cost $1,262,629,754)** |  | &nbsp;&nbsp;**1,314,129,228■** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — (1.37%)** | &nbsp;&nbsp;&nbsp; **(18167099)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 2.61%** | &nbsp;&nbsp; **34666145** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 76,140,622 Shares Outstanding — 100.00%** | &nbsp;&nbsp; **$1330628274** |

---

---

| | |
|:---|:---|
| <sup>Δ</sup> | Securities have been classified by country of risk. |
| <sup>†</sup> | Non-income producing security. |
| <sup>\*</sup> | Fully or partially on loan. |
| ■ | Includes $63,177,058 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $48,222,665. |

---

2 NQ-IV961 [12/22] 2/23 (2747707)

------

(Unaudited)

The following foreign currency exchange contracts were outstanding at December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4278100) | USD | 4620777 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7935) |
| BNYM | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4257033) | USD | 4595391 | 1/4/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11021) |
| BNYM | KRW | (2147483648) | USD | 8349435 | 1/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51799) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(70755) |

---

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. 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:** |
| ADR – American Depositary Receipt |
| AG – Aktiengesellschaft |
| BNYM – Bank of New York Mellon |

---

---

| |
|:---|
| **Summary of currencies:** |
| CHF – Swiss Franc |
| KRW – South Korean Won |
| USD – US Dollar |

---

NQ-IV961 [12/22] 2/23 (2747707) 3

## 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 Core Equity Fund

- **b. EDGAR series identifier (if any):** S000024840

- **c. LEI of Series:** 08BZIW7S4NU6VLSVN005

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

- **a. Date of fiscal year-end:** 2023-03-31

- **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:** $1354264913.23

**Total Liabilities:** $22107935.26

**Net Assets:** $1332156977.97

**Cash Not Reported:** $11648961.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146700 | 4.59%                | 14.11%               | -0.83%               |
| Class ID C000073960 | 4.53%                | 14.16%               | -0.83%               |
| Class ID C000122166 | 4.59%                | 14.07%               | -0.88%               |
| Class ID C000073958 | 4.50%                | 14.04%               | -0.88%               |
| Class ID C000073961 | 4.58%                | 14.10%               | -0.88%               |
| Class ID C000073956 | 4.54%                | 14.12%               | -0.84%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1005678.36              | $54102183.28                               |
| Month 2  | $-16845340.19            | $187661293.37                              |
| Month 3  | $9700716.98              | $-23175922.25                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    581755 | NS      | $25535113.82  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                | ASML Holding NV                                | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     24050 | NS      | $12969989.68  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    261213 | NS      | $13742415.93  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                                  | Dollarama Inc                                  | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |    463861 | NS      | $27129359.37  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    122188 | NS      | $12607440.38  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                                           | Banco Bilbao Vizcaya Argentaria SA             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |   3960630 | NS      | $23886224.06  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc                      | Tokio Marine Holdings Inc                      | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |   1455153 | NS      | $31350541.81  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    295661 | NS      | $295661.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    362703 | NS      | $24591263.40  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                     | China Mengniu Dairy Co Ltd                     | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |   5342000 | NS      | $24227533.33  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcrest Mining Ltd                            | Newcrest Mining Ltd                            | CUSIP: 000000000<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |   1381518 | NS      | $19414118.79  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    254336 | NS      | $25398572.97  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambu A/S                                       | Ambu A/S                                       | CUSIP: 000000000<br>LEI: 5299008W2A69WX355710 | Long             | EC               | CORP              | DK        |    756934 | NS      | $9697576.73   | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| HeidelbergCement AG                            | HeidelbergCement AG                            | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |    291405 | NS      | $16619869.21  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                                      | Mondi PLC                                      | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    787425 | NS      | $13417840.31  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven & i Holdings Co Ltd                      | Seven & i Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |    565900 | NS      | $24405623.29  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    110847 | NS      | $15033071.36  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas SA                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    429380 | NS      | $24475287.97  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                                      | Thales SA                                      | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |    202511 | NS      | $25861603.46  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                                      | adidas AG                                      | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     98271 | NS      | $13408051.71  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                              | Suncor Energy Inc                              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    793989 | NS      | $25185987.85  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                         | RWE AG                                         | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |    651721 | NS      | $29014629.02  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                       | Bayer AG                                       | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    470391 | NS      | $24333089.47  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                     | L'Oreal SA                                     | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     19332 | NS      | $6903498.18   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                             | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   3459647 | NS      | $22757429.86  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd                              | H World Group Ltd                              | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |    703884 | NS      | $29858759.28  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |    295660 | NS      | $295660.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                                      | Alcon Inc                                      | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    300356 | NS      | $20589403.80  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                   | Capgemini SE                                   | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     73575 | NS      | $12282366.05  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                      | Prosus NV                                      | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    261046 | NS      | $18009694.72  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HelloFresh SE                                  | HelloFresh SE                                  | CUSIP: 000000000<br>LEI: 391200ZAF4V6XD2M9G57 | Long             | EC               | CORP              | DE        |    481727 | NS      | $10586595.62  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     23986 | NS      | $20297912.64  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S                         | AP Moller - Maersk A/S                         | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |      5610 | NS      | $12614182.07  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT                                            | Nippon Telegraph & Telephone Corp              | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    439700 | NS      | $12604018.59  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |   1981308 | NS      | $24152708.40  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    234512 | NS      | $27869724.78  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                                     | Inpex Corp                                     | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |   1913000 | NS      | $20348582.75  | 1.53%             |  |  |  | No            |                  1 | On Loan: —       |
| AP Moller - Maersk A/S                         | AP Moller - Maersk A/S                         | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |      3140 | NS      | $6947342.66   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co                 | SITC International Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | HK        |   3546000 | NS      | $7886612.56   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                                      | ORIX Corp                                      | CUSIP: 000000000<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |   1100209 | NS      | $17759774.20  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                        | LG Corp                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    376882 | NS      | $23336585.52  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                  | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   2501662 | NS      | $28235548.08  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                  | Stellantis NV                                  | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |   1497357 | NS      | $21269763.77  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                               | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    532081 | NS      | $33405052.14  | 2.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Roche Holding AG                               | Roche Holding AG                               | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     29630 | NS      | $9308943.92   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                               | Schlumberger Ltd                               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    545828 | NS      | $29179964.88  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1741000 | NS      | $25405101.59  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd                   | Canadian Pacific Railway Ltd                   | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    345241 | NS      | $25740087.85  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon                    | CHF/USD FORWARD                                | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7934.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon                    | KRW/USD FORWARD                                | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-51799.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    295661 | NS      | $295661.05    | 0.02%             |  |  |  | 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        |  18167099 | NS      | $18167098.95  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |   1478306 | NS      | $29493752.63  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC Ltd                                       | NTPC Ltd                                       | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |   9720053 | NS      | $19556422.36  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                     | Haleon PLC                                     | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   3850915 | NS      | $15239987.74  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                    | Reckitt Benckiser Group PLC                    | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    368856 | NS      | $25658723.66  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc                         | ZTO Express Cayman Inc                         | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    892771 | NS      | $23988756.77  | 1.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    295661 | NS      | $295661.05    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Asahi Group Holdings Ltd                       | Asahi Group Holdings Ltd                       | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    422000 | NS      | $13244574.82  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   1038054 | NS      | $29424176.27  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                              | HSBC Holdings PLC                              | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |   4718823 | NS      | $29419762.24  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                                     | Genmab A/S                                     | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |     78938 | NS      | $33419222.95  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                 | Prudential PLC                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |   1767135 | NS      | $24087660.35  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                     | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    114408 | NS      | $15876757.17  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                     | JD.com Inc                                     | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    329287 | NS      | $18482879.31  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                                   | DNB Bank ASA                                   | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    686182 | NS      | $13619558.42  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    288800 | NS      | $12357929.40  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                                    | Subaru Corp                                    | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |   1038749 | NS      | $16047421.50  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt                 | LVMH Moet Hennessy Louis Vuitton SE            | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     36899 | NS      | $26855053.64  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                 | Li Ning Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |   2643000 | NS      | $22940797.78  | 1.72%             |  |  |  | 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