# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207353
**Filing Date:** 2025-8
**Character Count:** 26015
**Document Hash:** 3ac37d7ecfdd660426fadcb72def2d9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207353.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207353

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 251261412

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

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

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

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

## Series and Classes Contracts Data

### Macquarie Mid Cap Income Opportunities Fund (Series ID: S000046881)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146475 | Class A             | IVOAX           |
| C000146476 | Class C             | IVOCX           |
| C000146478 | Institutional Class | IVOIX           |
| C000146479 | Class R             | IVORX           |
| C000146480 | Class Y             | IVOYX           |
| C000146481 | Class R6            | IVOSX           |

## Nport-Ex

## Schedule of investments
Macquarie Mid Cap Income Opportunities Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.43%♣** | &nbsp;&nbsp;**Common Stocks — 99.43%♣** | &nbsp;&nbsp;**Common Stocks — 99.43%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 20.05% | &nbsp;&nbsp;Consumer Discretionary — 20.05% | &nbsp;&nbsp;Consumer Discretionary — 20.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;117021 | $25507067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;125024 | &nbsp;&nbsp; 26095009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | 1408265 | &nbsp;&nbsp; 26038820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;319049 | &nbsp;&nbsp; 25970589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;481957 | &nbsp;&nbsp; 25432871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | &nbsp;&nbsp;&nbsp;&nbsp;504807 | &nbsp;&nbsp; 26053089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;161893 | &nbsp;&nbsp; 25438247 |
|  |  | &nbsp;&nbsp;180535692 |
| &nbsp;&nbsp;Consumer Staples — 5.45% | &nbsp;&nbsp;Consumer Staples — 5.45% | &nbsp;&nbsp;Consumer Staples — 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | &nbsp;&nbsp;&nbsp;&nbsp;146464 | &nbsp;&nbsp; 24305701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;327052 | &nbsp;&nbsp; 24797082 |
|  |  | &nbsp;&nbsp; 49102783 |
| &nbsp;&nbsp;Financials — 8.55% | &nbsp;&nbsp;Financials — 8.55% | &nbsp;&nbsp;Financials — 8.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;150754 | &nbsp;&nbsp; 26110593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;80167 | &nbsp;&nbsp; 25663060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;410206 | &nbsp;&nbsp; 25182546 |
|  |  | &nbsp;&nbsp; 76956199 |
| &nbsp;&nbsp;Healthcare — 8.58% | &nbsp;&nbsp;Healthcare — 8.58% | &nbsp;&nbsp;Healthcare — 8.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;155404 | &nbsp;&nbsp; 26107872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;142442 | &nbsp;&nbsp; 25586857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma Class A | &nbsp;&nbsp;&nbsp;&nbsp;708642 | &nbsp;&nbsp; 25532371 |
|  |  | &nbsp;&nbsp; 77227100 |
| &nbsp;&nbsp;Industrials — 25.61% | &nbsp;&nbsp;Industrials — 25.61% | &nbsp;&nbsp;Industrials — 25.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;106850 | &nbsp;&nbsp; 25967755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;618856 | &nbsp;&nbsp; 25991952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;102664 | &nbsp;&nbsp; 25752238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;353435 | &nbsp;&nbsp; 25889114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;177893 | &nbsp;&nbsp; 25876316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half | &nbsp;&nbsp;&nbsp;&nbsp;600257 | &nbsp;&nbsp; 24640550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;453284 | &nbsp;&nbsp; 25574283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;81373 | &nbsp;&nbsp; 25321650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | &nbsp;&nbsp;&nbsp;&nbsp;57928 | &nbsp;&nbsp; 25582163 |
|  |  | &nbsp;&nbsp;230596021 |
| &nbsp;&nbsp;Information Technology — 11.43% | &nbsp;&nbsp;Information Technology — 11.43% | &nbsp;&nbsp;Information Technology — 11.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;355410 | &nbsp;&nbsp; 25010202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;241941 | &nbsp;&nbsp; 25778814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;183682 | &nbsp;&nbsp; 26510823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;151590 | &nbsp;&nbsp; 25568685 |
|  |  | &nbsp;&nbsp;102868524 |
| &nbsp;&nbsp;Materials — 14.05% | &nbsp;&nbsp;Materials — 14.05% | &nbsp;&nbsp;Materials — 14.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | &nbsp;&nbsp;&nbsp;&nbsp;165318 | &nbsp;&nbsp; 25860695 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;144096 | $25284525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;133766 | &nbsp;&nbsp; 25208203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;233462 | &nbsp;&nbsp; 25643466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;563327 | &nbsp;&nbsp; 24538524 |
|  |  | &nbsp;&nbsp;126535413 |
| &nbsp;&nbsp;Real Estate — 5.71% | &nbsp;&nbsp;Real Estate — 5.71% | &nbsp;&nbsp;Real Estate — 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;174968 | &nbsp;&nbsp; 25797282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;&nbsp;745819 | &nbsp;&nbsp; 25589050 |
|  |  | &nbsp;&nbsp; 51386332 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $592,711,891)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $592,711,891)** | &nbsp;&nbsp;**895208064** |
| &nbsp;&nbsp;**Short-Term Investments — 2.67%** | &nbsp;&nbsp;**Short-Term Investments — 2.67%** | &nbsp;&nbsp;**Short-Term Investments — 2.67%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.67% | &nbsp;&nbsp;Money Market Mutual Funds — 2.67% | &nbsp;&nbsp;Money Market Mutual Funds — 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 6004466 | &nbsp;&nbsp; 6004466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 6004466 | &nbsp;&nbsp; 6004466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 6004466 | &nbsp;&nbsp; 6004466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 6004467 | &nbsp;&nbsp; 6004467 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $24,017,865)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $24,017,865)** | &nbsp;&nbsp; **24017865** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—102.10%<br> (cost $616,729,756)** |  | &nbsp;&nbsp;**919225929** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(2.10%)** |  | &nbsp;&nbsp;&nbsp;**(18919944)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 47,747,782 Shares Outstanding—100.00%** |  | **$900305985** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

NQ- IV012 [0625] 0825 (4730775) 1

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Macquarie Mid Cap Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000046881

- **c. LEI of Series:** 549300HSHG88TJ1MUX88

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $921518126.77

**Total Liabilities:** $1829788.96

**Net Assets:** $919688337.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146476 | -3.25%               | 5.98%                | 3.13%                |
| Class ID C000146475 | -3.14%               | 6.02%                | 3.21%                |
| Class ID C000146478 | -3.13%               | 6.07%                | 3.20%                |
| Class ID C000146479 | -3.20%               | 6.02%                | 3.15%                |
| Class ID C000146480 | -3.12%               | 5.97%                | 3.24%                |
| Class ID C000146481 | -3.13%               | 6.07%                | 3.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5611805.94             | $-24938599.72                              |
| Month 2  | $2144791.79              | $49716231.17                               |
| Month 3  | $16641560.79             | $10381194.40                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Robert Half Inc                                | Robert Half Inc                                | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |    600257 | NS      | $24640549.85  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                                 | AptarGroup Inc                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    165318 | NS      | $25860694.74  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                      | L3Harris Technologies Inc                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |    102664 | NS      | $25752237.76  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   6004466 | NS      | $6004466.17   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                           | Ares Management Corp                           | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    150754 | NS      | $26110592.80  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins Inc                                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |    453284 | NS      | $25574283.28  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                          | RPM International Inc                          | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    233462 | NS      | $25643466.08  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                            | Travel + Leisure Co                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |    504807 | NS      | $26053089.27  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   6004466 | NS      | $6004466.17   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    327052 | NS      | $24797082.64  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                    | Paychex Inc                                    | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    177893 | NS      | $25876315.78  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                  | Service Corp International/US                  | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    319049 | NS      | $25970588.60  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions                 | Broadridge Financial Solutions Inc             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    106850 | NS      | $25967755.50  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts Inc                               | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    161893 | NS      | $25438247.09  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                       | Microchip Technology Inc                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    355410 | NS      | $25010201.70  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                 | Hershey Co/The                                 | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |    146464 | NS      | $24305700.80  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                  | First American Financial Corp                  | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    410206 | NS      | $25182546.34  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                             | nVent Electric PLC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    353435 | NS      | $25889113.75  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                     | NetApp Inc                                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    241941 | NS      | $25778813.55  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                            | Avery Dennison Corp                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    144096 | NS      | $25284525.12  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                    | Snap-on Inc                                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     81373 | NS      | $25321650.14  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                            | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |    151590 | NS      | $25568685.30  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                     | Watsco Inc                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     57928 | NS      | $25582163.36  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd                                     | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |    125024 | NS      | $26095009.28  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                        | Arthur J Gallagher & Co                        | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     80167 | NS      | $25663060.04  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                             | Kilroy Realty Corp                             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    745819 | NS      | $25589049.89  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                         | Darden Restaurants Inc                         | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |    117021 | NS      | $25507067.37  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                             | Royalty Pharma PLC                             | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |    708642 | NS      | $25532371.26  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                              | Levi Strauss & Co                              | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |   1408265 | NS      | $26038819.85  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   6004466 | NS      | $6004466.17   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    481957 | NS      | $25432870.89  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                             | Sonoco Products Co                             | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    563327 | NS      | $24538524.12  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    183682 | NS      | $26510823.06  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                          | Quest Diagnostics Inc                          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    142442 | NS      | $25586856.46  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174968 | NS      | $25797281.92  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                      | Packaging Corp of America                      | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    133766 | NS      | $25208202.70  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    618856 | NS      | $25991952.00  | 2.83%             |  |  |  | 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        |   6004466 | NS      | $6004466.14   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                            | Cardinal Health Inc                            | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    155404 | NS      | $26107872.00  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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