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        <fairValLevel>2</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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          <ticker value="FIGXX"/>
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        <curCd>USD</curCd>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>3I GROUP PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SABESP - COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PRUDENTIAL PLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HENKEL AG &amp; CO. KGAA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOMPO HOLDINGS INC</name>
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          <isin value="JP3165000005"/>
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        <fairValLevel>2</fairValLevel>
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        <name>BLACKROCK LIQUIDITY FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ING GROEP NV</name>
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          <isin value="NL0011821202"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CNH INDUSTRIAL NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SIEMENS ENERGY AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EMBRAER - EMPRESA BRASILEIRA DE AERONAUTICA SA</name>
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        <title>EMBRAER - EMPRESA BRASILEIRA DE AERONAUTICA SA SPONSORED ADS</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CEMEX-CEMENTOS MEXICANOS SAB DE CV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AIRBUS SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>ASML HOLDING NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MERCADOLIBRE INC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ADIDAS AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NESTLE' SA/AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAMSUNG ELECTRONICS CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SMC CORP (JP)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARGENX SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SLB LTD</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB LTD COM STK</title>
        <cusip>806857108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CW</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LENOVO GROUP LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANCO DO BRASIL SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HENDERSON LAND DEVELOPMENT CO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SEA LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ADYEN NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BARCLAYS PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STMICROELECTRONICS NV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AXIS BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>EXPERIAN PLC</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>GRAB HOLDINGS LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ALIMENTATION COUCHE-TARD INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SK HYNIX INC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPOTIFY TECHNOLOGY SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BIONTECH SE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOYA CORP</name>
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        <name>COMPASS GROUP PLC</name>
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        <name>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD</name>
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        <name>WUXI APPTEC CO LTD</name>
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        <name>TFI INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS</name>
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        <title>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS GOVT PTF INSTL</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BHARTI AIRTEL LTD</name>
        <lei>335800KQ1FPKOQ84OR26</lei>
        <title>BHARTI AIRTEL LTD INR5</title>
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        </identifiers>
        <balance>1914307.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.65875000"/>
        <valUSD>37499830.28000000</valUSD>
        <pctVal>2.742470900392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIKIN INDUSTRIES LTD</name>
        <lei>549300Y7FWSTSHMW5Y57</lei>
        <title>DAIKIN INDUSTRIES LTD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3481800005"/>
          <ticker value="6367"/>
          <other otherDesc="SEDOL" value="6250724"/>
        </identifiers>
        <balance>297100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="162.59500000"/>
        <valUSD>45319277.86000000</valUSD>
        <pctVal>3.314329687089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOOKING HOLDINGS INC</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>BOOKING HOLDINGS INC COM</title>
        <cusip>09857L108</cusip>
        <identifiers>
          <isin value="US09857L1089"/>
          <ticker value="BKNG"/>
        </identifiers>
        <balance>110654.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19722968.96000000</valUSD>
        <pctVal>1.442397686556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
