# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-23-043262
**Filing Date:** 2023-2
**Character Count:** 79578
**Document Hash:** 95dc645dcb3db75f0b03183a937f09f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043262.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043262

**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:** 23674380

**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 Emerging Markets Local Currency Debt Fund (Series ID: S000043807)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135880 | Class A      | IECAX           |
| C000135881 | Class C      | IECCX           |
| C000135883 | Class I      | IECIX           |
| C000135885 | Class Y      | IECYX           |
| C000154020 | Class R6     | IMMCX           |

## Nport-Ex

## Schedule of investments
Delaware Ivy Emerging Markets Local Currency Debt Fund

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign Bonds — 94.32%** | &nbsp;&nbsp;**Sovereign Bonds — 94.32%** | &nbsp;&nbsp;**Sovereign Bonds — 94.32%** | &nbsp;&nbsp;**Sovereign Bonds — 94.32%** |
| &nbsp;&nbsp;Brazil — 11.09% | &nbsp;&nbsp;Brazil — 11.09% | &nbsp;&nbsp;Brazil — 11.09% | &nbsp;&nbsp;Brazil — 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.194% 7/1/24 ^ | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258000 | $198723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.419% 1/1/24 ^ | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp; 1053260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F 10.00% 1/1/27 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045000 | &nbsp;&nbsp; 1057681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F 10.00% 1/1/31 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672000 | &nbsp;&nbsp;&nbsp; 111159 |
|  |  |  | &nbsp;&nbsp; 2420823 |
| &nbsp;&nbsp;Chile — 2.82% | &nbsp;&nbsp;Chile — 2.82% | &nbsp;&nbsp;Chile — 2.82% | &nbsp;&nbsp;Chile — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica en pesos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A 2.30% 10/1/28 # | CLP | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp; 98097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A 2.80% 10/1/33 # | CLP | &nbsp;&nbsp;&nbsp;&nbsp;115000000 | &nbsp;&nbsp; 109039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% 3/1/26 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 | &nbsp;&nbsp; 101243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A 4.70% 9/1/30 # | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp; 45325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A 5.00% 10/1/28 # | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp; 91109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/1/35 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp; 80771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 1/1/43 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp; 90534 |
|  |  |  | &nbsp;&nbsp; 616118 |
| &nbsp;&nbsp;Colombia — 4.61% | &nbsp;&nbsp;Colombia — 4.61% | &nbsp;&nbsp;Colombia — 4.61% | &nbsp;&nbsp;Colombia — 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/3/27 | COP | 1420600000 | &nbsp;&nbsp; 222274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 4/28/28 | COP | 1141600000 | &nbsp;&nbsp; 176232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% 7/9/36 | COP | &nbsp;&nbsp;&nbsp;&nbsp;320300000 | &nbsp;&nbsp; 38208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 3/26/31 | COP | &nbsp;&nbsp;&nbsp;&nbsp;778500000 | &nbsp;&nbsp; 113739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 6/30/32 | COP | 1042100000 | &nbsp;&nbsp; 146663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% 10/18/34 | COP | &nbsp;&nbsp;&nbsp;&nbsp;885100000 | &nbsp;&nbsp; 120677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25% 10/26/50 | COP | &nbsp;&nbsp;&nbsp;&nbsp;421700000 | &nbsp;&nbsp; 49503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 9/18/30 | COP | &nbsp;&nbsp;&nbsp;&nbsp;896000000 | &nbsp;&nbsp; 139343 |
|  |  |  | &nbsp;&nbsp; 1006639 |
| &nbsp;&nbsp;Czech Republic — 8.13% | &nbsp;&nbsp;Czech Republic — 8.13% | &nbsp;&nbsp;Czech Republic — 8.13% | &nbsp;&nbsp;Czech Republic — 8.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% 2/10/27 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp; 57356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95% 5/15/30 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230000 | &nbsp;&nbsp; 273201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% 2/14/25 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010000 | &nbsp;&nbsp; 122271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% 4/24/40 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp; 45451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75% 6/23/32 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900000 | &nbsp;&nbsp; 432685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% 10/13/33 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp; 141942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40% 9/17/25 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp; 180847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% 8/25/28 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860000 | &nbsp;&nbsp; 187147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% 7/23/29 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470000 | &nbsp;&nbsp; 171799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.008% 12/12/24 ^ | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060000 | &nbsp;&nbsp; 162138 |
|  |  |  | &nbsp;&nbsp; 1774837 |
| &nbsp;&nbsp;Dominican Republic — 0.63% | &nbsp;&nbsp;Dominican Republic — 0.63% | &nbsp;&nbsp;Dominican Republic — 0.63% | &nbsp;&nbsp;Dominican Republic — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond 9.75% 6/5/26 | DOP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp; 136554 |
|  |  |  | &nbsp;&nbsp; 136554 |
| &nbsp;&nbsp;Hungary — 4.02% | &nbsp;&nbsp;Hungary — 4.02% | &nbsp;&nbsp;Hungary — 4.02% | &nbsp;&nbsp;Hungary — 4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% 11/26/25 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp; 102673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% 4/22/26 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp; 131195 |

---

NQ-IV011 [12/22] 2/23 (2740532) 1

------

Delaware Ivy Emerging Markets Local Currency Debt Fund (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** |
| &nbsp;&nbsp;Hungary (continued) | &nbsp;&nbsp;Hungary (continued) | &nbsp;&nbsp;Hungary (continued) | &nbsp;&nbsp;Hungary (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50% 8/26/26 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29820000 | $58407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50% 10/24/24 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58900000 | &nbsp;&nbsp; 135521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75% 12/22/26 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp; 111070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 10/27/38 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510000 | &nbsp;&nbsp; 12124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 4/28/51 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95680000 | &nbsp;&nbsp; 134979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 11/24/23 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42520000 | &nbsp;&nbsp; 106943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% 10/22/28 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100000 | &nbsp;&nbsp; 84205 |
|  |  |  | &nbsp;&nbsp; 877117 |
| &nbsp;&nbsp;Indonesia — 15.07% | &nbsp;&nbsp;Indonesia — 15.07% | &nbsp;&nbsp;Indonesia — 15.07% | &nbsp;&nbsp;Indonesia — 15.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% 5/15/28 | IDR | 21168000000 | &nbsp;&nbsp; 1332432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% 5/15/33 | IDR | 4980000000 | &nbsp;&nbsp; 311684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% 6/15/42 | IDR | 2270000000 | &nbsp;&nbsp; 146380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/15/32 | IDR | 1105000000 | &nbsp;&nbsp; 73575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 6/15/35 | IDR | 5300000000 | &nbsp;&nbsp; 351269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 4/15/31 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;979000000 | &nbsp;&nbsp; 65975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% 5/15/29 | IDR | 2683000000 | &nbsp;&nbsp; 185756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% 9/15/26 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;570000000 | &nbsp;&nbsp; 39192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% 5/15/31 | IDR | 5042000000 | &nbsp;&nbsp; 361694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% 2/15/44 | IDR | 1353000000 | &nbsp;&nbsp; 98682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% 3/15/29 | IDR | 2800000000 | &nbsp;&nbsp; 200436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50% 7/15/31 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;290000000 | &nbsp;&nbsp; 21674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50% 5/15/41 | IDR | 1307000000 | &nbsp;&nbsp; 99641 |
|  |  |  | &nbsp;&nbsp; 3288390 |
| &nbsp;&nbsp;Malaysia — 10.14% | &nbsp;&nbsp;Malaysia — 10.14% | &nbsp;&nbsp;Malaysia — 10.14% | &nbsp;&nbsp;Malaysia — 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.632% 4/15/31 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp; 138296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.733% 6/15/28 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp; 408446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.757% 4/20/23 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338000 | &nbsp;&nbsp; 757890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.757% 5/22/40 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149000 | &nbsp;&nbsp; 660973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.828% 7/5/34 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 43995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.232% 6/30/31 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 149611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.392% 4/15/26 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp; 54641 |
|  |  |  | &nbsp;&nbsp; 2213852 |
| &nbsp;&nbsp;Mexico — 7.11% | &nbsp;&nbsp;Mexico — 7.11% | &nbsp;&nbsp;Mexico — 7.11% | &nbsp;&nbsp;Mexico — 7.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 3/4/27 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 | &nbsp;&nbsp; 430166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% 3/9/23 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052200 | &nbsp;&nbsp; 257167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 5/29/31 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740000 | &nbsp;&nbsp; 130225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 11/23/34 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510000 | &nbsp;&nbsp; 209272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% 11/13/42 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp; 67243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 11/7/47 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 27482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% 11/18/38 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128100 | &nbsp;&nbsp; 249248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% 11/20/36 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270000 | &nbsp;&nbsp; 179745 |
|  |  |  | &nbsp;&nbsp; 1550548 |

---

2 NQ-IV011 [12/22] 2/23 (2740532)

------

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** |
| &nbsp;&nbsp;Peru — 3.70% | &nbsp;&nbsp;Peru — 3.70% | &nbsp;&nbsp;Peru — 3.70% | &nbsp;&nbsp;Peru — 3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% 8/12/40 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | $37227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% 8/12/34 \* | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp; 104615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% 2/12/29 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp; 188871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15% 8/12/32 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128000 | &nbsp;&nbsp; 261149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% 8/12/37 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 70752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95% 8/12/31 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586000 | &nbsp;&nbsp; 145520 |
|  |  |  | &nbsp;&nbsp; 808134 |
| &nbsp;&nbsp;Poland — 0.24% | &nbsp;&nbsp;Poland — 0.24% | &nbsp;&nbsp;Poland — 0.24% | &nbsp;&nbsp;Poland — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government Bond 2.50% 7/25/27 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp; 51754 |
|  |  |  | &nbsp;&nbsp; 51754 |
| &nbsp;&nbsp;Romania — 4.77% | &nbsp;&nbsp;Romania — 4.77% | &nbsp;&nbsp;Romania — 4.77% | &nbsp;&nbsp;Romania — 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% 4/29/24 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 120596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25% 6/24/26 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp; 34116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70% 11/25/24 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 38041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/25/23 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 148809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% 1/26/28 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 92684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15% 10/24/30 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 35036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% 9/25/23 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 184672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85% 4/22/26 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 180375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 2/12/29 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 94596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% 7/26/27 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp; 112905 |
|  |  |  | &nbsp;&nbsp; 1041830 |
| &nbsp;&nbsp;South Africa — 11.21% | &nbsp;&nbsp;South Africa — 11.21% | &nbsp;&nbsp;South Africa — 11.21% | &nbsp;&nbsp;South Africa — 11.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 2/28/41 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840021 | &nbsp;&nbsp; 67786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% 2/28/31 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8697600 | &nbsp;&nbsp; 413425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% 3/31/32 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp; 326296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% 1/31/37 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897009 | &nbsp;&nbsp; 228779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% 1/31/44 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580705 | &nbsp;&nbsp; 209999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75% 2/28/48 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704755 | &nbsp;&nbsp; 446591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% 2/28/35 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713558 | &nbsp;&nbsp; 283572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% 1/31/40 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310342 | &nbsp;&nbsp; 205367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% 12/21/26 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244000 | &nbsp;&nbsp; 264431 |
|  |  |  | &nbsp;&nbsp; 2446246 |
| &nbsp;&nbsp;Thailand — 8.96% | &nbsp;&nbsp;Thailand — 8.96% | &nbsp;&nbsp;Thailand — 8.96% | &nbsp;&nbsp;Thailand — 8.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% 12/17/29 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655000 | &nbsp;&nbsp; 156369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60% 6/17/35 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp; 20823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% 12/17/31 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8812000 | &nbsp;&nbsp; 245280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% 12/17/28 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32821000 | &nbsp;&nbsp; 990711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% 6/17/46 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp; 127988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30% 6/17/38 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220000 | &nbsp;&nbsp; 300107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40% 6/17/36 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440000 | &nbsp;&nbsp; 73163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.775% 6/25/32 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286000 | &nbsp;&nbsp; 40760 |
|  |  |  | &nbsp;&nbsp; 1955201 |

---

NQ-IV011 [12/22] 2/23 (2740532) 3

------

Delaware Ivy Emerging Markets Local Currency Debt Fund (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> amount** | **Value (US $)** |
| &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** | &nbsp;&nbsp;**Sovereign Bonds (continued)** |
| &nbsp;&nbsp;Turkey — 1.05% | &nbsp;&nbsp;Turkey — 1.05% | &nbsp;&nbsp;Turkey — 1.05% | &nbsp;&nbsp;Turkey — 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% 7/24/24 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | $47738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.40% 3/20/24 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 24314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.60% 2/11/26 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856637 | &nbsp;&nbsp; 47613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.40% 3/8/28 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130848 | &nbsp;&nbsp; 8130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.60% 10/1/25 | TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp; 100624 |
|  |  |  | &nbsp;&nbsp; 228419 |
| &nbsp;&nbsp;Ukraine — 0.49% | &nbsp;&nbsp;Ukraine — 0.49% | &nbsp;&nbsp;Ukraine — 0.49% | &nbsp;&nbsp;Ukraine — 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond 11.67% 11/22/23 | UAH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394000 | &nbsp;&nbsp; 106361 |
|  |  |  | &nbsp;&nbsp; 106361 |
| &nbsp;&nbsp;Uruguay — 0.28% | &nbsp;&nbsp;Uruguay — 0.28% | &nbsp;&nbsp;Uruguay — 0.28% | &nbsp;&nbsp;Uruguay — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25% 5/21/31 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109152 | &nbsp;&nbsp; 24097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% 3/15/28 | UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637000 | &nbsp;&nbsp; 37470 |
|  |  |  | &nbsp;&nbsp; 61567 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $23,931,346)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $23,931,346)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bonds<br> (cost $23,931,346)** | &nbsp;&nbsp;**20584390** |
| &nbsp;&nbsp;**Supranational Banks — 4.36%** | &nbsp;&nbsp;**Supranational Banks — 4.36%** | &nbsp;&nbsp;**Supranational Banks — 4.36%** | &nbsp;&nbsp;**Supranational Banks — 4.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% 8/24/23 | EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp; 267715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.943% 10/18/32 ^ | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10260000 | &nbsp;&nbsp; 249386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance<br> 7.00% 7/20/27 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9270000 | &nbsp;&nbsp; 433280 |
| &nbsp;&nbsp;&nbsp;**Total Supranational Banks<br> (cost $1,083,001)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks<br> (cost $1,083,001)** | &nbsp;&nbsp;&nbsp;**Total Supranational Banks<br> (cost $1,083,001)** | &nbsp;&nbsp; **950381** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.68%<br> (cost $25,014,347)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.68%<br> (cost $25,014,347)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Securities Lending Collateral—98.68%<br> (cost $25,014,347)** | &nbsp;&nbsp;**21534771** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Securities Lending Collateral — 0.51%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.51%** | &nbsp;&nbsp;**Securities Lending Collateral — 0.51%** |
| &nbsp;&nbsp;Money Market Mutual Fund — 0.51% | &nbsp;&nbsp;Money Market Mutual Fund — 0.51% | &nbsp;&nbsp;Money Market Mutual Fund — 0.51% |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111038 | &nbsp;&nbsp;&nbsp; 111038 |
| &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $111,038)** | &nbsp;&nbsp;&nbsp;**Total Securities Lending Collateral<br> (cost $111,038)** | &nbsp;&nbsp; **111038** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.19%<br> (cost $25,125,385)** |  | &nbsp;&nbsp;**21645809** |
| &nbsp;&nbsp;&nbsp;**Obligation to Return<br> Securities Lending<br> Collateral — 0.51%** |  | &nbsp;&nbsp; **111038** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 1.32%** |  | &nbsp;&nbsp; **288720** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 2,883,805 Shares Outstanding—100.00%** |  | **$21823491** |

---

<sup>^</sup> Zero-coupon security. The rate shown is the effective yield at the time of purchase.

4 NQ-IV011 [12/22] 2/23 (2740532)

------

(Unaudited)

---

| | |
|:---|:---|
| <sup>#</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $343,570, which represents 1.57% of the Fund's net assets. |
| <sup>\*</sup> | Fully or partially on loan. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> Appreciation | Unrealized<br> Depreciation |
| JPMCB | CNH | &nbsp;&nbsp;&nbsp;&nbsp;10421467 | USD | (1484914) | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| JPMCB | CZK | &nbsp;&nbsp;&nbsp;&nbsp;(12783980) | USD | &nbsp;&nbsp;&nbsp;&nbsp;540929 | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23533) |
| JPMCB | IDR | (2147483648) | USD | &nbsp;&nbsp;1045919 | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3633) |
| JPMCB | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5199708) | USD | &nbsp;&nbsp;&nbsp;&nbsp;262793 | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2206) |
| JPMCB | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6184032 | USD | (1343900) | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMCB | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5992096) | USD | &nbsp;&nbsp;&nbsp;&nbsp;344456 | 2/3/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7058) |
| 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;$88461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(36430) |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| JPMCB – JPMorgan Chase Bank |

---

---

| |
|:---|
| **Summary of currencies:** |
| BRL – Brazilian Real |
| CLP – Chilean Peso |
| CNH – Chinese Yuan Renminbi |
| COP – Colombian Peso |
| CZK – Czech Koruna |
| DOP – Dominican Peso |
| EGP – Egypt Pound |
| HUF – Hungarian Forint |
| IDR – Indonesian Rupiah |
| MXN – Mexican Peso |
| MYR – Malaysian Ringgit |
| PEN – Peruvian Sol |
| PLN – Polish Zloty |
| RON – Romania Leu |
| THB – Thai Baht |
| TRY – Turkish Lira |
| UAH – Ukrainian Hryvna |
| USD – US Dollar |
| UYU – Uruguayan Peso |
| ZAR – South African Rand |

---

NQ-IV011 [12/22] 2/23 (2740532) 5

## 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 Emerging Markets Local Currency Debt Fund

- **b. EDGAR series identifier (if any):** S000043807

- **c. LEI of Series:** 549300LP5LXX4EZMGT88

**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:** $22187640.86

**Total Liabilities:** $337353.13

**Net Assets:** $21850287.73

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 8.13136000 | **1-Year:** 55.34713000 | **5-Year:** 148.98661000 | **10-Year:** 280.48903000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135881 | -0.61%               | 7.36%                | 1.71%                |
| Class ID C000135880 | -0.44%               | 7.34%                | 1.64%                |
| Class ID C000154020 | -0.43%               | 7.50%                | 1.75%                |
| Class ID C000135883 | -0.43%               | 7.35%                | 1.75%                |
| Class ID C000135885 | -0.44%               | 7.34%                | 1.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-215111.49                                |
| Month 2  | $0.00                    | $1402930.95                                |
| Month 3  | $-127696.14              | $403093.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4470000 | PA      | $171799.16    | 0.79%             | 2029-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   100000000 | PA      | $98097.02     | 0.45%             | 2028-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2683000000 | PA      | $185756.09    | 0.85%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     9704755 | PA      | $446591.51    | 2.04%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     3149000 | PA      | $660972.51    | 3.03%             | 2040-05-22      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     2440000 | PA      | $73163.43     | 0.33%             | 2036-06-17      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     3270000 | PA      | $179744.70    | 0.82%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     5052200 | PA      | $257167.10    | 1.18%             | 2023-03-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  5042000000 | PA      | $361694.44    | 1.66%             | 2031-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4580705 | PA      | $209998.69    | 0.96%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | USD/IDR FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-3633.55     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      205000 | PA      | $35036.06     | 0.16%             | 2030-10-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    80000000 | PA      | $91108.71     | 0.42%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    95680000 | PA      | $134978.96    | 0.62%             | 2051-04-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | MXN/USD FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-2206.01     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                   | Uruguay Government International Bond          | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     1109152 | PA      | $24097.52     | 0.11%             | 2031-05-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      900000 | PA      | $180375.30    | 0.83%             | 2026-04-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     5128100 | PA      | $249248.32    | 1.14%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4244000 | PA      | $264431.20    | 1.21%             | 2026-12-21      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  5300000000 | PA      | $351268.58    | 1.61%             | 2035-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1700000 | PA      | $45450.88     | 0.21%             | 2040-04-24      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   115000000 | PA      | $109039.25    | 0.50%             | 2033-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | CZK/USD FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-23532.66    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                         | Peru Government Bond                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1128000 | PA      | $261148.94    | 1.20%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     8697600 | PA      | $413425.54    | 1.89%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                          | International Finance Corp                     | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | N/A       |     9270000 | PA      | $433280.27    | 1.98%             | 2027-07-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   290000000 | PA      | $21673.74     | 0.10%             | 2031-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                   | European Investment Bank                       | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | N/A       |     7000000 | PA      | $267715.10    | 1.23%             | 2023-08-24      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     5713558 | PA      | $283572.04    | 1.30%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    55000000 | PA      | $111069.48    | 0.51%             | 2026-12-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   570000000 | PA      | $39192.21     | 0.18%             | 2026-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     8510000 | PA      | $12123.98     | 0.06%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | 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        |      111038 | NS      | $111037.85    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | CNH/USD FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $25234.91     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      560000 | PA      | $112904.97    | 0.52%             | 2027-07-26      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      200000 | PA      | $43995.23     | 0.20%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2800000000 | PA      | $200436.28    | 0.92%             | 2029-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                   | Brazil Notas do Tesouro Nacional Serie F       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     6045000 | PA      | $1057681.10   | 4.84%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    70000000 | PA      | $80770.55     | 0.37%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |      839000 | PA      | $20822.67     | 0.10%             | 2035-06-17      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    90000000 | PA      | $101243.18    | 0.46%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1105000000 | PA      | $73575.05     | 0.34%             | 2032-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVERNMENT BOND                     | Turkey Government Bond                         | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      900000 | PA      | $47737.57     | 0.22%             | 2024-07-24      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   320300000 | PA      | $38208.18     | 0.17%             | 2036-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      505000 | PA      | $94596.02     | 0.43%             | 2029-02-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   896000000 | PA      | $139343.02    | 0.64%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      600000 | PA      | $27481.80     | 0.13%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                   | Uruguay Government International Bond          | CUSIP: 000000000<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     1637000 | PA      | $37469.79     | 0.17%             | 2028-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     3010000 | PA      | $122270.55    | 0.56%             | 2025-02-14      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     8812000 | PA      | $245279.62    | 1.12%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1820000 | PA      | $408446.19    | 1.87%             | 2028-06-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      580000 | PA      | $120595.98    | 0.55%             | 2024-04-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    58900000 | PA      | $135520.65    | 0.62%             | 2024-10-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     5000000 | PA      | $127988.03    | 0.59%             | 2046-06-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    32821000 | PA      | $990710.62    | 4.53%             | 2028-12-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    50000000 | PA      | $102673.30    | 0.47%             | 2025-11-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      865000 | PA      | $184671.87    | 0.85%             | 2023-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                         | Ukraine Government International Bond          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     5394000 | PA      | $106360.86    | 0.49%             | 2023-11-22      | Fixed         | 11.67%                | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   979000000 | PA      | $65975.20     | 0.30%             | 2031-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                   | European Investment Bank                       | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | CORP              | N/A       |    10260000 | PA      | $249386.01    | 1.14%             | 2032-10-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1500000 | PA      | $67242.71     | 0.31%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      675000 | PA      | $138295.94    | 0.63%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      180000 | PA      | $34115.84     | 0.16%             | 2026-06-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   885100000 | PA      | $120676.75    | 0.55%             | 2034-10-18      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     5655000 | PA      | $156369.04    | 0.72%             | 2029-12-17      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     8230000 | PA      | $273200.86    | 1.25%             | 2030-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVERNMENT BOND                     | Turkey Government Bond                         | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      450000 | PA      | $24313.92     | 0.11%             | 2024-03-20      | Fixed         | 10.40%                | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    10220000 | PA      | $300106.99    | 1.37%             | 2038-06-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4310342 | PA      | $205366.72    | 0.94%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    42520000 | PA      | $106943.46    | 0.49%             | 2023-11-24      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    65000000 | PA      | $131194.58    | 0.60%             | 2026-04-22      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                   | Brazil Notas do Tesouro Nacional Serie F       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      672000 | PA      | $111158.73    | 0.51%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     9600000 | PA      | $430166.12    | 1.97%             | 2027-03-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1420600000 | PA      | $222273.46    | 1.02%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    12900000 | PA      | $432684.78    | 1.98%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                           | Peruvian Government International Bond         | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      586000 | PA      | $145520.02    | 0.67%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | USD/ZAR FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-7057.91     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY GOVERNMENT BOND                     | Turkey Government Bond                         | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      130848 | PA      | $8129.79      | 0.04%             | 2028-03-08      | Fixed         | 12.40%                | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                     | Republic of Poland Government Bond             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      272000 | PA      | $51754.09     | 0.24%             | 2027-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVERNMENT BOND                     | Turkey Government Bond                         | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |      856637 | PA      | $47613.21     | 0.22%             | 2026-02-11      | Fixed         | 10.60%                | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      185000 | PA      | $38041.38     | 0.17%             | 2024-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1042100000 | PA      | $146662.86    | 0.67%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2740000 | PA      | $130224.70    | 0.60%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                    | Mexican Bonos                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     4510000 | PA      | $209272.42    | 0.96%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                   | Thailand Government Bond                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1286000 | PA      | $40760.09     | 0.19%             | 2032-06-25      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4250000 | PA      | $141941.86    | 0.65%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                         | Peru Government Bond                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      496000 | PA      | $104614.46    | 0.48%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4860000 | PA      | $187147.06    | 0.86%             | 2028-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1353000000 | PA      | $98681.87     | 0.45%             | 2044-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   778500000 | PA      | $113739.38    | 0.52%             | 2031-03-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                     | Brazil Letras do Tesouro Nacional              | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1258000 | PA      | $198723.64    | 0.91%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    36100000 | PA      | $84205.15     | 0.39%             | 2028-10-22      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                         | Peru Government Bond                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      190000 | PA      | $37226.93     | 0.17%             | 2040-08-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 21168000000 | PA      | $1332431.87   | 6.10%             | 2028-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1580000 | PA      | $57356.09     | 0.26%             | 2027-02-10      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      236000 | PA      | $54640.91     | 0.25%             | 2026-04-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2270000000 | PA      | $146379.46    | 0.67%             | 2042-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1307000000 | PA      | $99641.03     | 0.46%             | 2041-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1141600000 | PA      | $176232.46    | 0.81%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      650000 | PA      | $149610.71    | 0.68%             | 2031-06-30      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                     | Brazil Letras do Tesouro Nacional              | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     6300000 | PA      | $1053259.85   | 4.82%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     4897009 | PA      | $228779.27    | 1.05%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                         | Peru Government Bond                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      782000 | PA      | $188871.13    | 0.86%             | 2029-02-12      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVERNMENT BOND                     | Turkey Government Bond                         | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1700000 | PA      | $100624.26    | 0.46%             | 2025-10-01      | Fixed         | 12.60%                | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    40000000 | PA      | $45325.51     | 0.21%             | 2030-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association  | USD/PLN FORWARD                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $63226.31     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                       | Indonesia Treasury Bond                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  4980000000 | PA      | $311684.11    | 1.43%             | 2033-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                           | Peruvian Government International Bond         | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      300000 | PA      | $70752.39     | 0.32%             | 2037-08-12      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      500000 | PA      | $92684.22     | 0.42%             | 2028-01-26      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                        | Malaysia Government Bond                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     3338000 | PA      | $757890.02    | 3.47%             | 2023-04-20      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4060000 | PA      | $162138.42    | 0.74%             | 2024-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                    | Romania Government Bond                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      700000 | PA      | $148808.57    | 0.68%             | 2023-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                         | Dominican Republic International Bond          | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     8000000 | PA      | $136554.17    | 0.62%             | 2026-06-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                       | Colombian TES                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   421700000 | PA      | $49503.08     | 0.23%             | 2050-10-26      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     6500000 | PA      | $326295.89    | 1.49%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                   | Republic of South Africa Government Bond       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1840021 | PA      | $67785.55     | 0.31%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                      | Bonos de la Tesoreria de la Republica en pesos | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    70000000 | PA      | $90533.91     | 0.41%             | 2043-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                             | Czech Republic Government Bond                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4400000 | PA      | $180846.86    | 0.83%             | 2025-09-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                    | Hungary Government Bond                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    29820000 | PA      | $58407.22     | 0.27%             | 2026-08-26      | Fixed         | 1.50%                 | No            |                  2 | 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