# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0001752724-25-207349
**Filing Date:** 2025-8
**Character Count:** 67792
**Document Hash:** a91f05e8738d37847d0343eca652d7e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207349.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207349

**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:** 251261409

**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 Smid Cap Core Fund (Series ID: S000024831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073902 | Class Y             | IYSYX           |
| C000073903 | Class A             | IYSAX           |
| C000073905 | Class C             | IYSCX           |
| C000073907 | Institutional Class | IVVIX           |
| C000122159 | Class R             | IYSMX           |
| C000146691 | Class R6            | ISPVX           |

## Nport-Ex

## Schedule of investments
Macquarie Smid Cap Core Fund

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 90.56%♣** | &nbsp;&nbsp;**Common Stocks — 90.56%♣** | &nbsp;&nbsp;**Common Stocks — 90.56%♣** |
| &nbsp;&nbsp;Communication Services — 2.20% | &nbsp;&nbsp;Communication Services — 2.20% | &nbsp;&nbsp;Communication Services — 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;96826 | $2707255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group | &nbsp;&nbsp;&nbsp;&nbsp;83398 | &nbsp;&nbsp; 2041583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9329 | &nbsp;&nbsp; 1613451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp † | &nbsp;&nbsp;&nbsp;&nbsp;46531 | &nbsp;&nbsp; 1594617 |
|  |  | &nbsp;&nbsp; 7956906 |
| &nbsp;&nbsp;Consumer Discretionary — 8.33% | &nbsp;&nbsp;Consumer Discretionary — 8.33% | &nbsp;&nbsp;Consumer Discretionary — 8.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;72566 | &nbsp;&nbsp; 3038338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner | &nbsp;&nbsp;&nbsp;&nbsp;58210 | &nbsp;&nbsp; 1948871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International † | &nbsp;&nbsp;&nbsp;&nbsp;16203 | &nbsp;&nbsp; 2921887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods | &nbsp;&nbsp;&nbsp;&nbsp;24601 | &nbsp;&nbsp; 4866324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;22441 | &nbsp;&nbsp; 1188700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy | &nbsp;&nbsp;&nbsp;&nbsp;40802 | &nbsp;&nbsp; 1516610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;48995 | &nbsp;&nbsp; 1486018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats Class A † | &nbsp;&nbsp;&nbsp;&nbsp;33059 | &nbsp;&nbsp; 1036069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Madden | &nbsp;&nbsp;&nbsp;&nbsp;64735 | &nbsp;&nbsp; 1552345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home † | &nbsp;&nbsp;&nbsp;&nbsp;24286 | &nbsp;&nbsp; 1491646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | &nbsp;&nbsp;&nbsp;&nbsp;19366 | &nbsp;&nbsp; 3629382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers | &nbsp;&nbsp;&nbsp;&nbsp;19313 | &nbsp;&nbsp; 2204193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's | &nbsp;&nbsp;&nbsp;&nbsp;94378 | &nbsp;&nbsp; 1077797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;67690 | &nbsp;&nbsp; 2133589 |
|  |  | &nbsp;&nbsp; 30091769 |
| &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% | &nbsp;&nbsp;Consumer Staples — 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;41121 | &nbsp;&nbsp; 4434077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;12730 | &nbsp;&nbsp; 6495737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J & J Snack Foods | &nbsp;&nbsp;&nbsp;&nbsp;16150 | &nbsp;&nbsp; 1831572 |
|  |  | &nbsp;&nbsp; 12761386 |
| &nbsp;&nbsp;Energy — 3.46% | &nbsp;&nbsp;Energy — 3.46% | &nbsp;&nbsp;Energy — 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy | &nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp; 4478802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Seaways | &nbsp;&nbsp;&nbsp;&nbsp;20823 | &nbsp;&nbsp; 759623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy | &nbsp;&nbsp;&nbsp;&nbsp;257437 | &nbsp;&nbsp; 2955377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources | &nbsp;&nbsp;&nbsp;&nbsp;317279 | &nbsp;&nbsp; 4321340 |
|  |  | &nbsp;&nbsp; 12515142 |
| &nbsp;&nbsp;Financials — 16.07% | &nbsp;&nbsp;Financials — 16.07% | &nbsp;&nbsp;Financials — 16.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings | &nbsp;&nbsp;&nbsp;&nbsp;57942 | &nbsp;&nbsp; 6015538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System | &nbsp;&nbsp;&nbsp;&nbsp;162043 | &nbsp;&nbsp; 3788565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;68220 | &nbsp;&nbsp; 6888856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group | &nbsp;&nbsp;&nbsp;&nbsp;45809 | &nbsp;&nbsp; 2781980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;13935 | &nbsp;&nbsp; 1980442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kemper | &nbsp;&nbsp;&nbsp;&nbsp;70172 | &nbsp;&nbsp; 4528901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;186711 | &nbsp;&nbsp; 3984413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners | &nbsp;&nbsp;&nbsp;&nbsp;43454 | &nbsp;&nbsp; 4797756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America | &nbsp;&nbsp;&nbsp;&nbsp;22949 | &nbsp;&nbsp; 4552164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState | &nbsp;&nbsp;&nbsp;&nbsp;46823 | &nbsp;&nbsp; 4309121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;39217 | &nbsp;&nbsp; 4069940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial | &nbsp;&nbsp;&nbsp;&nbsp;31969 | &nbsp;&nbsp; 1654396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial | &nbsp;&nbsp;&nbsp;&nbsp;101858 | &nbsp;&nbsp; 5561447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial | &nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp; 3151500 |
|  |  | &nbsp;&nbsp; 58065019 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare — 11.87% | &nbsp;&nbsp;Healthcare — 11.87% | &nbsp;&nbsp;Healthcare — 11.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;130429 | $747358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;22851 | &nbsp;&nbsp; 2385416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;37544 | &nbsp;&nbsp; 1931639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines † | &nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp; 2955831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;30103 | &nbsp;&nbsp; 3691531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences † | &nbsp;&nbsp;&nbsp;&nbsp;43787 | &nbsp;&nbsp; 2326841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos † | &nbsp;&nbsp;&nbsp;&nbsp;19998 | &nbsp;&nbsp; 2065594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;47278 | &nbsp;&nbsp; 2459402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;43802 | &nbsp;&nbsp; 4408233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems † | &nbsp;&nbsp;&nbsp;&nbsp;11605 | &nbsp;&nbsp; 1505981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;26377 | &nbsp;&nbsp; 2159221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;22477 | &nbsp;&nbsp; 2555185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera † | &nbsp;&nbsp;&nbsp;&nbsp;16577 | &nbsp;&nbsp; 2800518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences † | &nbsp;&nbsp;&nbsp;&nbsp;26224 | &nbsp;&nbsp; 3296095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 12.5 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OmniAb 15 =, † | &nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;17348 | &nbsp;&nbsp; 2157744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;56637 | &nbsp;&nbsp; 1785198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;19111 | &nbsp;&nbsp; 2561065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical † | &nbsp;&nbsp;&nbsp;&nbsp;30335 | &nbsp;&nbsp; 1102981 |
|  |  | &nbsp;&nbsp; 42895833 |
| &nbsp;&nbsp;Industrials — 21.49% | &nbsp;&nbsp;Industrials — 21.49% | &nbsp;&nbsp;Industrials — 21.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries | &nbsp;&nbsp;&nbsp;&nbsp;49648 | &nbsp;&nbsp; 2343882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group † | &nbsp;&nbsp;&nbsp;&nbsp;34025 | &nbsp;&nbsp; 1736976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;10743 | &nbsp;&nbsp; 2497210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa | &nbsp;&nbsp;&nbsp;&nbsp;34008 | &nbsp;&nbsp; 2948834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp; 51113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp; 560026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade | &nbsp;&nbsp;&nbsp;&nbsp;27644 | &nbsp;&nbsp; 2400052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561 | &nbsp;&nbsp; 1703077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;25115 | &nbsp;&nbsp; 2897769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries † | &nbsp;&nbsp;&nbsp;&nbsp;12337 | &nbsp;&nbsp; 2031287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;14063 | &nbsp;&nbsp; 3251084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;99815 | &nbsp;&nbsp; 4370899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;36997 | &nbsp;&nbsp; 3937221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281 | &nbsp;&nbsp; 722566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial † | &nbsp;&nbsp;&nbsp;&nbsp;97107 | &nbsp;&nbsp; 2236374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco | &nbsp;&nbsp;&nbsp;&nbsp;28606 | &nbsp;&nbsp; 2459258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192 | &nbsp;&nbsp; 2283100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR | &nbsp;&nbsp;&nbsp;&nbsp;51049 | &nbsp;&nbsp; 2447289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby † | &nbsp;&nbsp;&nbsp;&nbsp;36755 | &nbsp;&nbsp; 4168385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings | &nbsp;&nbsp;&nbsp;&nbsp;52071 | &nbsp;&nbsp; 2303100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;19683 | &nbsp;&nbsp; 4080680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542 | &nbsp;&nbsp; 1717239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord | &nbsp;&nbsp;&nbsp;&nbsp;15289 | &nbsp;&nbsp; 2216294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp; 955951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360 | &nbsp;&nbsp; 1234125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass | &nbsp;&nbsp;&nbsp;&nbsp;19937 | &nbsp;&nbsp; 1542326 |

---

NQ- IV065 [0625] 0825 (4730784) 1

------

Macquarie Smid Cap Core Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech | &nbsp;&nbsp;&nbsp;&nbsp;75276 | $2706925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Class A | &nbsp;&nbsp;&nbsp;&nbsp;24150 | &nbsp;&nbsp; 1759569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International | &nbsp;&nbsp;&nbsp;&nbsp;22578 | &nbsp;&nbsp; 4181446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings | &nbsp;&nbsp;&nbsp;&nbsp;85321 | &nbsp;&nbsp; 2337795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;49479 | &nbsp;&nbsp; 3129052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO † | &nbsp;&nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp; 1513586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions | &nbsp;&nbsp;&nbsp;&nbsp;80191 | &nbsp;&nbsp; 2932585 |
|  |  | &nbsp;&nbsp; 77657075 |
| &nbsp;&nbsp;Information Technology — 12.64% | &nbsp;&nbsp;Information Technology — 12.64% | &nbsp;&nbsp;Information Technology — 12.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN † | &nbsp;&nbsp;&nbsp;&nbsp;28731 | &nbsp;&nbsp; 1434539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs † | &nbsp;&nbsp;&nbsp;&nbsp;18224 | &nbsp;&nbsp; 1647814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box Class A † | &nbsp;&nbsp;&nbsp;&nbsp;51305 | &nbsp;&nbsp; 1753092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;49423 | &nbsp;&nbsp; 4409026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace † | &nbsp;&nbsp;&nbsp;&nbsp;52053 | &nbsp;&nbsp; 2873846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software † | &nbsp;&nbsp;&nbsp;&nbsp;25326 | &nbsp;&nbsp; 5963007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;29482 | &nbsp;&nbsp; 4224476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;31887 | &nbsp;&nbsp; 2181708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9553 | &nbsp;&nbsp; 1646364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;39209 | &nbsp;&nbsp; 3669570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 † | &nbsp;&nbsp;&nbsp;&nbsp;32924 | &nbsp;&nbsp; 761532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;15441 | &nbsp;&nbsp; 1383359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech † | &nbsp;&nbsp;&nbsp;&nbsp;99554 | &nbsp;&nbsp; 4493867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;19024 | &nbsp;&nbsp; 2803377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce † | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp; 1551426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems † | &nbsp;&nbsp;&nbsp;&nbsp;70761 | &nbsp;&nbsp; 3591121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva † | &nbsp;&nbsp;&nbsp;&nbsp;18482 | &nbsp;&nbsp; 1265093 |
|  |  | &nbsp;&nbsp; 45653217 |
| &nbsp;&nbsp;Materials — 3.71% | &nbsp;&nbsp;Materials — 3.71% | &nbsp;&nbsp;Materials — 3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 | &nbsp;&nbsp; 1308383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntsman | &nbsp;&nbsp;&nbsp;&nbsp;166368 | &nbsp;&nbsp; 1733554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;28102 | &nbsp;&nbsp; 2245350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies | &nbsp;&nbsp;&nbsp;&nbsp;59752 | &nbsp;&nbsp; 3290543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance | &nbsp;&nbsp;&nbsp;&nbsp;15307 | &nbsp;&nbsp; 4804867 |
|  |  | &nbsp;&nbsp; 13382697 |
| &nbsp;&nbsp;Real Estate — 5.62% | &nbsp;&nbsp;Real Estate — 5.62% | &nbsp;&nbsp;Real Estate — 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group | &nbsp;&nbsp;&nbsp;&nbsp;126520 | &nbsp;&nbsp; 3294581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;33270 | &nbsp;&nbsp; 3749196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;67709 | &nbsp;&nbsp; 3258834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties | &nbsp;&nbsp;&nbsp;&nbsp;145005 | &nbsp;&nbsp; 2539038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle † | &nbsp;&nbsp;&nbsp;&nbsp;10225 | &nbsp;&nbsp; 2615351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;127446 | &nbsp;&nbsp; 2886652 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Real Estate (continued) | &nbsp;&nbsp;Real Estate (continued) | &nbsp;&nbsp;Real Estate (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty | &nbsp;&nbsp;&nbsp;&nbsp;34860 | $1954600 |
|  |  | &nbsp;&nbsp; 20298252 |
| &nbsp;&nbsp;Utilities — 1.64% | &nbsp;&nbsp;Utilities — 1.64% | &nbsp;&nbsp;Utilities — 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills | &nbsp;&nbsp;&nbsp;&nbsp;46990 | &nbsp;&nbsp; 2636139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire | &nbsp;&nbsp;&nbsp;&nbsp;45148 | &nbsp;&nbsp; 3295353 |
|  |  | &nbsp;&nbsp; 5931492 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $261,413,133)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $261,413,133)** | &nbsp;&nbsp;**327208788** |
| &nbsp;&nbsp;**Short-Term Investments — 2.20%** | &nbsp;&nbsp;**Short-Term Investments — 2.20%** | &nbsp;&nbsp;**Short-Term Investments — 2.20%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 2.20% | &nbsp;&nbsp;Money Market Mutual Funds — 2.20% | &nbsp;&nbsp;Money Market Mutual Funds — 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 1987566 | &nbsp;&nbsp; 1987566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 1987566 | &nbsp;&nbsp; 1987566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 1987566 | &nbsp;&nbsp; 1987566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 1987564 | &nbsp;&nbsp; 1987564 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,950,262)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,950,262)** | &nbsp;&nbsp; **7950262** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—92.76%<br> (cost $269,363,395)** |  | &nbsp;&nbsp;**335159050** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—7.24%** |  | &nbsp;&nbsp; **26164505** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 19,825,289 Shares Outstanding—100.00%** |  | **$361323555** |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |

---

2 NQ- IV065 [0625] 0825 (4730784)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Macquarie Smid Cap Core Fund

- **b. EDGAR series identifier (if any):** S000024831

- **c. LEI of Series:** OM63H9DPPVCCB437YV91

**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:** $335815959.07

**Total Liabilities:** $655844.29

**Net Assets:** $335160114.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073902 | -2.95%               | 5.24%                | 4.09%                |
| Class ID C000146691 | -2.90%               | 5.25%                | 4.08%                |
| Class ID C000073903 | -2.97%               | 5.28%                | 4.07%                |
| Class ID C000073905 | -3.01%               | 5.24%                | 3.94%                |
| Class ID C000073907 | -2.88%               | 5.21%                | 4.11%                |
| Class ID C000122159 | -2.96%               | 5.24%                | 4.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3251917.42              | $-12538406.51                              |
| Month 2  | $289479.98               | $15983083.99                               |
| Month 3  | $5517769.71              | $7486421.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Carpenter Technology Corp                      | Carpenter Technology Corp                      | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      4734 | NS      | $1308382.92   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                                 | Tecnoglass Inc                                 | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | US        |     19937 | NS      | $1542326.32   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                              | YETI Holdings Inc                              | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     67690 | NS      | $2133588.80   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                      | Taylor Morrison Home Corp                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     24286 | NS      | $1491646.12   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     33270 | NS      | $3749196.30   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc                      | International Seaways Inc                      | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     20823 | NS      | $759623.04    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |     19024 | NS      | $2803376.64   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                        | WESCO International Inc                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     22578 | NS      | $4181445.60   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                       | Procore Technologies Inc                       | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     31887 | NS      | $2181708.54   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                     | Ligand Pharmaceuticals Inc                     | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     22477 | NS      | $2555185.36   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                               | WNS Holdings Ltd                               | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |     49479 | NS      | $3129051.96   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                     | Brixmor Property Group Inc                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    126520 | NS      | $3294580.80   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                      | Halozyme Therapeutics Inc                      | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     47278 | NS      | $2459401.56   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                            | Varonis Systems Inc                            | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     70761 | NS      | $3591120.75   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc                        | Amicus Therapeutics Inc                        | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |    130429 | NS      | $747358.17    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In                 | Pinnacle Financial Partners Inc                | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     43454 | NS      | $4797756.14   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                        | KBR Inc                                        | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     51049 | NS      | $2447289.06   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                               | Essent Group Ltd                               | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |     45809 | NS      | $2781980.57   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                                | SouthState Corp                                | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     46823 | NS      | $4309120.69   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                         | Synovus Financial Corp                         | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     31969 | NS      | $1654395.75   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                        | Aramark                                        | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     72566 | NS      | $3038338.42   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10854 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Interpublic Group of Cos Inc/T                 | Interpublic Group of Cos Inc/The               | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     83398 | NS      | $2041583.04   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | Ultragenyx Pharmaceutical Inc                  | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     30335 | NS      | $1102980.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                     | Arcosa Inc                                     | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     34008 | NS      | $2948833.68   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc                               | UL Solutions Inc                               | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     24150 | NS      | $1759569.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp                         | J & J Snack Foods Corp                         | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               | CORP              | US        |     16150 | NS      | $1831571.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     96826 | NS      | $2707254.96   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     26224 | NS      | $3296094.56   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                   | La-Z-Boy Inc                                   | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     40802 | NS      | $1516610.34   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                     | Atkore Inc                                     | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      7938 | NS      | $560025.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     13935 | NS      | $1980442.20   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                                 | BorgWarner Inc                                 | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     58210 | NS      | $1948870.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                             | Expand Energy Corp                             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     38300 | NS      | $4478802.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                      | Casella Waste Systems Inc                      | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     25115 | NS      | $2897768.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                                   | Semtech Corp                                   | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     99554 | NS      | $4493867.56   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                                   | Glaukos Corp                                   | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     19998 | NS      | $2065593.42   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                     | Kadant Inc                                     | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      7192 | NS      | $2283100.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                          | Stifel Financial Corp                          | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     39217 | NS      | $4069940.26   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc                             | ABM Industries Inc                             | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     49648 | NS      | $2343882.08   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                    | Kemper Corp                                    | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     70172 | NS      | $4528900.88   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                    | Workiva Inc                                    | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     18482 | NS      | $1265092.90   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     36997 | NS      | $3937220.74   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                            | Exact Sciences Corp                            | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     43787 | NS      | $2326841.18   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                         | WillScot Holdings Corp                         | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     85321 | NS      | $2337795.40   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1987566 | NS      | $1987566.12   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor                 | Zurn Elkay Water Solutions Corp                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     80191 | NS      | $2932584.87   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                    | Inspire Medical Systems Inc                    | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     11605 | NS      | $1505980.85   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     19683 | NS      | $4080679.56   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                       | Saia Inc                                       | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3489 | NS      | $955951.11    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     49423 | NS      | $4409025.83   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                      | Spire Inc                                      | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     45148 | NS      | $3295352.52   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                         | Jones Lang LaSalle Inc                         | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     10225 | NS      | $2615350.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                             | Liberty Energy Inc                             | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    257437 | NS      | $2955376.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                               | Carlisle Cos Inc                               | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      4561 | NS      | $1703077.40   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29482 | NS      | $4224475.78   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                                 | Wendy's Co/The                                 | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     94378 | NS      | $1077796.76   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1987566 | NS      | $1987566.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc                              | Toll Brothers Inc                              | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     19313 | NS      | $2204192.69   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     14063 | NS      | $3251084.34   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                        | XPO Inc                                        | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     11985 | NS      | $1513585.65   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                                  | Huntsman Corp                                  | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    166368 | NS      | $1733554.56   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                                        | KB Home                                        | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     22441 | NS      | $1188699.77   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC                      | Gates Industrial Corp PLC                      | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |     97107 | NS      | $2236374.21   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                                        | Box Inc                                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     51305 | NS      | $1753091.85   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                       | Blueprint Medicines Corp                       | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     23060 | NS      | $2955830.80   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67709 | NS      | $3258834.17   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp                                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     37544 | NS      | $1931638.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                      | Dick's Sporting Goods Inc                      | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     24601 | NS      | $4866323.81   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                 | Applied Industrial Technologies Inc            | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     10743 | NS      | $2497210.35   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                                     | Rapid7 Inc                                     | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |     32924 | NS      | $761532.12    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                               | SPS Commerce Inc                               | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     11400 | NS      | $1551426.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho                 | Knight-Swift Transportation Holdings Inc       | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52071 | NS      | $2303100.33   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      7360 | NS      | $1234124.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     19111 | NS      | $2561065.11   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                          | Lantheus Holdings Inc                          | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     26377 | NS      | $2159221.22   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                            | Terreno Realty Corp                            | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34860 | NS      | $1954600.20   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     22851 | NS      | $2385415.89   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc                      | Minerals Technologies Inc                      | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     59752 | NS      | $3290542.64   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     43802 | NS      | $4408233.28   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc                   | Life Time Group Holdings Inc                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48995 | NS      | $1486018.35   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                         | Guidewire Software Inc                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     25326 | NS      | $5963006.70   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                     | Casey's General Stores Inc                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     12730 | NS      | $6495737.10   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                          | East West Bancorp Inc                          | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68220 | NS      | $6888855.60   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                            | WSFS Financial Corp                            | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     57300 | NS      | $3151500.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                               | Boise Cascade Co                               | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     27644 | NS      | $2400052.08   | 0.72%             |  |  |  | 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        |   1987566 | NS      | $1987566.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |       592 | NS      | $51113.28     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                                      | Graco Inc                                      | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     28606 | NS      | $2459257.82   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                            | Quanta Services Inc                            | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      4542 | NS      | $1717239.36   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                      | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    145005 | NS      | $2539037.55   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                 | BJ's Wholesale Club Holdings Inc               | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     41121 | NS      | $4434077.43   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                       | ASGN Inc                                       | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     28731 | NS      | $1434538.83   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                  | Dynatrace Inc                                  | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     52053 | NS      | $2873846.13   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                                | Q2 Holdings Inc                                | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     39209 | NS      | $3669570.31   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                               | Black Hills Corp                               | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     46990 | NS      | $2636139.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                            | Texas Roadhouse Inc                            | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     19366 | NS      | $3629382.06   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                           | Chart Industries Inc                           | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     12337 | NS      | $2031287.05   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                              | Steven Madden Ltd                              | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     64735 | NS      | $1552345.30   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     15441 | NS      | $1383359.19   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                         | Webster Financial Corp                         | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    101858 | NS      | $5561446.80   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1987564 | NS      | $1987563.52   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                        | Nexstar Media Group Inc                        | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      9329 | NS      | $1613450.55   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                  | Repligen Corp                                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     17348 | NS      | $2157744.24   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp                           | Kaiser Aluminum Corp                           | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28102 | NS      | $2245349.80   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     30103 | NS      | $3691530.89   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                             | Regal Rexnord Corp                             | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     15289 | NS      | $2216293.44   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                                | Astera Labs Inc                                | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18224 | NS      | $1647814.08   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                        | PTC Inc                                        | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      9553 | NS      | $1646364.02   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc                               | Malibu Boats Inc                               | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33059 | NS      | $1036069.06   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I                 | Reinsurance Group of America Inc               | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     22949 | NS      | $4552163.64   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6281 | NS      | $722566.24    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                   | Supernus Pharmaceuticals Inc                   | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     56637 | NS      | $1785198.24   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                      | Axis Capital Holdings Ltd                      | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     57942 | NS      | $6015538.44   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                   | Reliance Inc                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     15307 | NS      | $4804867.30   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                     | Natera Inc                                     | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16577 | NS      | $2800518.38   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                        | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127446 | NS      | $2886651.90   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                         | Permian Resources Corp                         | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    317279 | NS      | $4321339.98   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     99815 | NS      | $4370898.85   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                    | Columbia Banking System Inc                    | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162043 | NS      | $3788565.34   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                       | Yelp Inc                                       | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     46531 | NS      | $1594617.37   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                     | Kirby Corp                                     | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     36755 | NS      | $4168384.55   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                      | Brinker International Inc                      | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     16203 | NS      | $2921886.99   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                                 | API Group Corp                                 | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     34025 | NS      | $1736976.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                        | Old National Bancorp/IN                        | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    186711 | NS      | $3984412.74   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                 | Tetra Tech Inc                                 | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     75276 | NS      | $2706924.96   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                   | OmniAb, Inc.                                   | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10854 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | 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