# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008186
**Filing Date:** 2026-2
**Character Count:** 52944
**Document Hash:** 220d33fef883ba76c491e7e21e213bf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008186.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008186

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26683412

**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

### Nomura Systematic Emerging Markets Equity Fund (Series ID: S000024829)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073889 | Class Y             | IPOYX           |
| C000073890 | Class A             | IPOAX           |
| C000073892 | Class C             | IPOCX           |
| C000073894 | Institutional Class | IPOIX           |
| C000122158 | Class R             | IYPCX           |
| C000146689 | Class R6            | IMEGX           |

## Nport-Ex

## Schedule of investments
Nomura Systematic Emerging Markets Equity Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 96.42%Δ** | &nbsp;&nbsp;**Common Stocks — 96.42%Δ** | &nbsp;&nbsp;**Common Stocks — 96.42%Δ** |
| &nbsp;&nbsp;Brazil — 3.60% | &nbsp;&nbsp;Brazil — 3.60% | &nbsp;&nbsp;Brazil — 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev | 1068794 | &nbsp;&nbsp;$2703314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco | 2216013 | &nbsp;&nbsp;&nbsp; 6308646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 1293323 | &nbsp;&nbsp;&nbsp; 8532073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porto Seguro | &nbsp;&nbsp;&nbsp;&nbsp;365390 | &nbsp;&nbsp;&nbsp; 3224647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale | &nbsp;&nbsp;&nbsp;&nbsp;204603 | &nbsp;&nbsp;&nbsp; 2686844 |
|  |  | &nbsp;&nbsp;&nbsp; 23455524 |
| &nbsp;&nbsp;Chile — 0.17% | &nbsp;&nbsp;Chile — 0.17% | &nbsp;&nbsp;Chile — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Chile | 13280604 | &nbsp;&nbsp;&nbsp; 1090795 |
|  |  | &nbsp;&nbsp;&nbsp; 1090795 |
| &nbsp;&nbsp;China — 27.61% | &nbsp;&nbsp;China — 27.61% | &nbsp;&nbsp;China — 27.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp; 10741163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Class H | 23188000 | &nbsp;&nbsp;&nbsp; 13294318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class A | 3020500 | &nbsp;&nbsp;&nbsp; 4013386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Class H | 10075000 | &nbsp;&nbsp;&nbsp; 9972346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Class H | 4192000 | &nbsp;&nbsp;&nbsp; 2760212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 1715200 | &nbsp;&nbsp;&nbsp; 4130301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China United Network Communications Class A | 1392900 | &nbsp;&nbsp;&nbsp; 1019303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITIC | 6128000 | &nbsp;&nbsp;&nbsp; 9523643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 4937000 | &nbsp;&nbsp;&nbsp; 11418673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Class H | 12798000 | &nbsp;&nbsp;&nbsp; 10356218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD Logistics 144A #, † | 2507400 | &nbsp;&nbsp;&nbsp; 3689151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JD.com Class A | &nbsp;&nbsp;&nbsp;&nbsp;382161 | &nbsp;&nbsp;&nbsp; 5495184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Class A | &nbsp;&nbsp;&nbsp;&nbsp;913500 | &nbsp;&nbsp;&nbsp; 7175814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | &nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp; 613625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetEase | &nbsp;&nbsp;&nbsp;&nbsp;665800 | &nbsp;&nbsp;&nbsp; 18326274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Class H | 7254000 | &nbsp;&nbsp;&nbsp; 15250867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group 144A # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp; 2238960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;408020 | &nbsp;&nbsp;&nbsp; 31312899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;119041 | &nbsp;&nbsp;&nbsp; 2105835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Class A | 2565394 | &nbsp;&nbsp;&nbsp; 6313410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yutong Bus Class A | 1555800 | &nbsp;&nbsp;&nbsp; 7280133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Expressway Class H | 3254000 | &nbsp;&nbsp;&nbsp; 2997826 |
|  |  | &nbsp;&nbsp;&nbsp;180029738 |
| &nbsp;&nbsp;China/Hong Kong — 1.40% | &nbsp;&nbsp;China/Hong Kong — 1.40% | &nbsp;&nbsp;China/Hong Kong — 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qfin Holdings ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81565 | &nbsp;&nbsp;&nbsp; 1571757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Class A | 5799100 | &nbsp;&nbsp;&nbsp; 4462444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Class B 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;618800 | &nbsp;&nbsp;&nbsp; 3122980 |
|  |  | &nbsp;&nbsp;&nbsp; 9157181 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Hong Kong — 0.42% | &nbsp;&nbsp;Hong Kong — 0.42% | &nbsp;&nbsp;Hong Kong — 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orient Overseas International | &nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;$2749160 |
|  |  | &nbsp;&nbsp;&nbsp; 2749160 |
| &nbsp;&nbsp;Hungary — 0.49% | &nbsp;&nbsp;Hungary — 0.49% | &nbsp;&nbsp;Hungary — 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;359236 | &nbsp;&nbsp;&nbsp; 3219356 |
|  |  | &nbsp;&nbsp;&nbsp; 3219356 |
| &nbsp;&nbsp;India — 10.93% | &nbsp;&nbsp;India — 10.93% | &nbsp;&nbsp;India — 10.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharat Petroleum | 3255003 | &nbsp;&nbsp;&nbsp; 13924003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canara Bank | 1359411 | &nbsp;&nbsp;&nbsp; 2344494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal India | &nbsp;&nbsp;&nbsp;&nbsp;956664 | &nbsp;&nbsp;&nbsp; 4249612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies | &nbsp;&nbsp;&nbsp;&nbsp;179973 | &nbsp;&nbsp;&nbsp; 3252723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp | &nbsp;&nbsp;&nbsp;&nbsp;129398 | &nbsp;&nbsp;&nbsp; 8314756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hindustan Petroleum | &nbsp;&nbsp;&nbsp;&nbsp;257434 | &nbsp;&nbsp;&nbsp; 1430976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank | &nbsp;&nbsp;&nbsp;&nbsp;960882 | &nbsp;&nbsp;&nbsp; 14381119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Oil | 2108066 | &nbsp;&nbsp;&nbsp; 3908081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys | &nbsp;&nbsp;&nbsp;&nbsp;551743 | &nbsp;&nbsp;&nbsp; 9936275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maruti Suzuki India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 | &nbsp;&nbsp;&nbsp; 4297256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;965171 | &nbsp;&nbsp;&nbsp; 2582769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tata Steel | 1332556 | &nbsp;&nbsp;&nbsp; 2669450 |
|  |  | &nbsp;&nbsp;&nbsp; 71291514 |
| &nbsp;&nbsp;Indonesia — 0.62% | &nbsp;&nbsp;Indonesia — 0.62% | &nbsp;&nbsp;Indonesia — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 11247200 | &nbsp;&nbsp;&nbsp; 2463214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Tractors | &nbsp;&nbsp;&nbsp;&nbsp;879700 | &nbsp;&nbsp;&nbsp; 1555328 |
|  |  | &nbsp;&nbsp;&nbsp; 4018542 |
| &nbsp;&nbsp;Poland — 4.77% | &nbsp;&nbsp;Poland — 4.77% | &nbsp;&nbsp;Poland — 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna † | 1205238 | &nbsp;&nbsp;&nbsp; 2945558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | &nbsp;&nbsp;&nbsp;&nbsp;387173 | &nbsp;&nbsp;&nbsp; 9138057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 1027354 | &nbsp;&nbsp;&nbsp; 19015760 |
|  |  | &nbsp;&nbsp;&nbsp; 31099375 |
| &nbsp;&nbsp;Qatar — 0.26% | &nbsp;&nbsp;Qatar — 0.26% | &nbsp;&nbsp;Qatar — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;482702 | &nbsp;&nbsp;&nbsp; 1725938 |
|  |  | &nbsp;&nbsp;&nbsp; 1725938 |
| &nbsp;&nbsp;Russia — 0.00% | &nbsp;&nbsp;Russia — 0.00% | &nbsp;&nbsp;Russia — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fix Price Group GDR 144A #, = | 1489220 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LUKOIL PJSC =, † | &nbsp;&nbsp;&nbsp;&nbsp;276569 | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC =, † | 4129544 | &nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;Saudi Arabia — 0.19% | &nbsp;&nbsp;Saudi Arabia — 0.19% | &nbsp;&nbsp;Saudi Arabia — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 1211902 |
|  |  | &nbsp;&nbsp;&nbsp; 1211902 |
| &nbsp;&nbsp;South Africa — 4.68% | &nbsp;&nbsp;South Africa — 4.68% | &nbsp;&nbsp;South Africa — 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstRand | 2648052 | &nbsp;&nbsp;&nbsp; 14511308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining | &nbsp;&nbsp;&nbsp;&nbsp;220666 | &nbsp;&nbsp;&nbsp; 4427024 |

---

NQ- IV9630 [1225] 0226 (5191660) 1

------

Nomura Systematic Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;South Africa (continued) | &nbsp;&nbsp;South Africa (continued) | &nbsp;&nbsp;South Africa (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Group | 1127346 | &nbsp;&nbsp;$11541429 |
|  |  | &nbsp;&nbsp;&nbsp; 30479761 |
| &nbsp;&nbsp;South Korea — 17.06% | &nbsp;&nbsp;South Korea — 17.06% | &nbsp;&nbsp;South Korea — 17.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43441 | &nbsp;&nbsp;&nbsp; 2834377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp;&nbsp; 11302668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Glovis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 | &nbsp;&nbsp;&nbsp; 2462713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78074 | &nbsp;&nbsp;&nbsp; 6720976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75254 | &nbsp;&nbsp;&nbsp; 6379546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power | &nbsp;&nbsp;&nbsp;&nbsp;233178 | &nbsp;&nbsp;&nbsp; 7652828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Display † | &nbsp;&nbsp;&nbsp;&nbsp;380195 | &nbsp;&nbsp;&nbsp; 3123698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Uplus | 1178009 | &nbsp;&nbsp;&nbsp; 12037272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;439711 | &nbsp;&nbsp;&nbsp; 36854333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 | &nbsp;&nbsp;&nbsp; 13047873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Telecom | &nbsp;&nbsp;&nbsp;&nbsp;236468 | &nbsp;&nbsp;&nbsp; 8779727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111196011 |
| &nbsp;&nbsp;Taiwan — 18.84% | &nbsp;&nbsp;Taiwan — 18.84% | &nbsp;&nbsp;Taiwan — 18.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 5849235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 4519509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding | 1078000 | &nbsp;&nbsp;&nbsp; 2600336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp; 5399201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eva Airways | 2373000 | &nbsp;&nbsp;&nbsp; 2759392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 1536000 | &nbsp;&nbsp;&nbsp; 11259380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediaTek | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81879 | &nbsp;&nbsp;&nbsp; 3717731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1764404 | &nbsp;&nbsp;&nbsp; 86733311 |
|  |  | &nbsp;&nbsp;&nbsp;122838095 |
| &nbsp;&nbsp;Thailand — 0.46% | &nbsp;&nbsp;Thailand — 0.46% | &nbsp;&nbsp;Thailand — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCB X | &nbsp;&nbsp;&nbsp;&nbsp;677900 | &nbsp;&nbsp;&nbsp; 2980135 |
|  |  | &nbsp;&nbsp;&nbsp; 2980135 |
| &nbsp;&nbsp;Türkiye — 0.75% | &nbsp;&nbsp;Türkiye — 0.75% | &nbsp;&nbsp;Türkiye — 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri | 2263001 | &nbsp;&nbsp;&nbsp; 4899935 |
|  |  | &nbsp;&nbsp;&nbsp; 4899935 |
| &nbsp;&nbsp;United Arab Emirates — 4.17% | &nbsp;&nbsp;United Arab Emirates — 4.17% | &nbsp;&nbsp;United Arab Emirates — 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;757491 | &nbsp;&nbsp;&nbsp; 1911424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC | 2562572 | &nbsp;&nbsp;&nbsp; 10566788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 3851410 | &nbsp;&nbsp;&nbsp; 14699076 |
|  |  | &nbsp;&nbsp;&nbsp; 27177288 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $445,973,196)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $445,973,196)** | &nbsp;&nbsp;&nbsp;**628620250** |
| &nbsp;&nbsp;**Preferred Stocks — 2.89%** | &nbsp;&nbsp;**Preferred Stocks — 2.89%** | &nbsp;&nbsp;**Preferred Stocks — 2.89%** |
| &nbsp;&nbsp;Brazil — 2.89% | &nbsp;&nbsp;Brazil — 2.89% | &nbsp;&nbsp;Brazil — 2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco 7.55% ω | 2152180 | &nbsp;&nbsp;&nbsp; 7144150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro 9.79% ω | 2088474 | &nbsp;&nbsp;&nbsp; 11746296 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (cost $17,912,420)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stocks (cost $17,912,420)** | &nbsp;&nbsp;&nbsp; **18890446** |

---

---

| | | |
|:---|:---|:---|
|  | **Number ofshares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 0.83%** | &nbsp;&nbsp;**Short-Term Investments — 0.83%** | &nbsp;&nbsp;**Short-Term Investments — 0.83%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.83% | &nbsp;&nbsp;Money Market Mutual Funds — 0.83% | &nbsp;&nbsp;Money Market Mutual Funds — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 1347435 | &nbsp;&nbsp;$1347435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 1347435 | &nbsp;&nbsp;&nbsp; 1347435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 1347435 | &nbsp;&nbsp;&nbsp; 1347435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 1347436 | &nbsp;&nbsp;&nbsp; 1347436 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $5,389,741)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $5,389,741)** | &nbsp;&nbsp;&nbsp; **5389741** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.14%<br> (cost $469,275,357)** |  | &nbsp;&nbsp;&nbsp;**652900437** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets — (0.14%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(931145)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 29,851,463 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$651969292** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $9,051,091, which represents 1.39% of the Fund's net assets. |
| The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Perpetual security with no stated maturity date. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| PJSC – Private Joint Stock Company |

---

2 NQ- IV9630 [1225] 0226 (5191660)

## 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:** Nomura Systematic Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000024829

- **c. LEI of Series:** 77VGKXRY5E61QSTHBN95

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $657530026.66

**Total Liabilities:** $3782389.47

**Net Assets:** $653747637.19

**Cash Not Reported:** $1312109.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073889 | 4.32%                | -2.45%               | 3.66%                |
| Class ID C000073890 | 4.34%                | -2.47%               | 3.66%                |
| Class ID C000073892 | 4.28%                | -2.54%               | 3.60%                |
| Class ID C000073894 | 4.36%                | -2.44%               | 3.69%                |
| Class ID C000122158 | 4.33%                | -2.47%               | 3.65%                |
| Class ID C000146689 | 4.37%                | -2.42%               | 3.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8556749.15              | $21424745.57                               |
| Month 2  | $31260917.67             | $-47941782.54                              |
| Month 3  | $3089289.04              | $18180757.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HCL Technologies Ltd                           | HCL Technologies Ltd                                | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    179973 | NS      | $3252723.49   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Logistics Inc                               | JD Logistics Inc                                    | CUSIP: 000000000<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |   2507400 | NS      | $3689151.31   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                                     | JD.com Inc                                          | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    382161 | NS      | $5495184.14   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                    | MOL Hungarian Oil & Gas PLC                         | CUSIP: 000000000<br>LEI: 213800R83KX5FQFGXS67 | Long             | EC               | CORP              | HU        |    359236 | NS      | $3219355.96   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd                              | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |  23188000 | NS      | $13294318.27  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1764404 | NS      | $86733310.66  | 13.27%            |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                              | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     78074 | NS      | $6720976.03   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIC Ltd                                      | CITIC Ltd                                           | CUSIP: 000000000<br>LEI: 2549006I3Q3M98KHOT11 | Long             | EC               | CORP              | CN        |   6128000 | NS      | $9523642.85   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC                               | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   3851410 | NS      | $14699075.75  | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica SAB de CV                 | Sitios Latinoamerica SAB de CV                      | CUSIP: 000000000<br>LEI: 984500D2C0CDC0BFDD35 | Long             | EC               | CORP              | MX        |         1 | NS      | $0.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A                 | Turkcell Iletisim Hizmetleri AS                     | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |   2263001 | NS      | $4899934.47   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                         | Accton Technology Corp                              | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |    155000 | NS      | $5849234.88   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmony Gold Mining Co Ltd                     | Harmony Gold Mining Co Ltd                          | CUSIP: 000000000<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    220666 | NS      | $4427024.22   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                         | Kweichow Moutai Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |         1 | NS      | $197.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                         | Emaar Development PJSC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2562572 | NS      | $10566787.53  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Petroleum Corp Ltd                      | Bharat Petroleum Corp Ltd                           | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |   3255003 | NS      | $13924003.20  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    585000 | NS      | $10741162.92  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero                  | Bank Rakyat Indonesia Persero Tbk PT                | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  11247200 | NS      | $2463214.58   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Display Co Ltd                              | LG Display Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400P37K91W0SABO95 | Long             | EC               | CORP              | KR        |    380195 | NS      | $3123697.50   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Coal India Ltd                                 | Coal India Ltd                                      | CUSIP: 000000000<br>LEI: 335800NLJQZNHM9LBB31 | Long             | EC               | CORP              | IN        |    956664 | NS      | $4249611.62   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp                      | Korea Electric Power Corp                           | CUSIP: 000000000<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |    233178 | NS      | $7652828.06   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Porto Seguro SA                                | Porto Seguro SA                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    365390 | NS      | $3224647.18   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                    | NetEase Inc                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    665800 | NS      | $18326274.39  | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Dubai Islamic Bank PJSC                        | Dubai Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |    757491 | NS      | $1911424.46   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci B                 | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |    387173 | NS      | $9138057.69   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                   | SK hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     28811 | NS      | $13047873.22  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Yutong Bus Co Ltd                              | Yutong Bus Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |   1555800 | NS      | $7280132.80   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                       | Ambev SA                                            | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   1068794 | NS      | $2703313.99   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil & Natural Gas Corp Ltd                     | Oil & Natural Gas Corp Ltd                          | CUSIP: 000000000<br>LEI: 335800FPDZ9MRSNO7N41 | Long             | EC               | CORP              | IN        |    965171 | NS      | $2582768.76   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                       | Hana Financial Group Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     43441 | NS      | $2834376.85   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |   3020500 | NS      | $4013385.50   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangxi Copper Co Ltd                          | Jiangxi Copper Co Ltd                               | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |    913500 | NS      | $7175813.98   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd                               | Lenovo Group Ltd                                    | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |    516000 | NS      | $613624.89    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Eva Airways Corp                               | Eva Airways Corp                                    | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |   2373000 | NS      | $2759391.66   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Ooredoo QPSC                                   | Ooredoo QPSC                                        | CUSIP: 000000000<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |    482702 | NS      | $1725938.45   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Hero MotoCorp Ltd                              | Hero MotoCorp Ltd                                   | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |    129398 | NS      | $8314755.77   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                        | Vale SA                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    204603 | NS      | $2686843.72   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The                        | Saudi National Bank/The                             | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    120000 | NS      | $1211901.46   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk PT                         | United Tractors Tbk PT                              | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    879700 | NS      | $1555327.82   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                          | Hyundai Glovis Co Ltd                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |     19620 | NS      | $2462713.27   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                                      | SCB X PCL                                           | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |    677900 | NS      | $2980134.90   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd                           | Weichai Power Co Ltd                                | CUSIP: 000000000<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |   2565394 | NS      | $6313410.35   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                       | Kia Corp                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     75254 | NS      | $6379545.74   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund      | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   1347435 | NS      | $1347435.17   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co                  | Hon Hai Precision Industry Co Ltd                   | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   1536000 | NS      | $11259379.95  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel Chile SA                                  | Enel Chile SA                                       | CUSIP: 000000000<br>LEI: 549300YM5CWCAUVOPB53 | Long             | EC               | CORP              | CL        |  13280604 | NS      | $1090795.14   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                              | Banco Bradesco SA                                   | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |   2216013 | NS      | $6308645.98   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PICC P&C                                       | PICC Property & Casualty Co Ltd                     | CUSIP: 000000000<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |   7254000 | NS      | $15250866.94  | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                          | Delta Electronics Inc                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    177000 | NS      | $5399201.22   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                         | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    276569 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| China Construction Bank Corp                   | China Construction Bank Corp                        | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |  10075000 | NS      | $9972345.73   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Petroleum Corp Ltd                   | Hindustan Petroleum Corp Ltd                        | CUSIP: 000000000<br>LEI: 335800DWLXIP7HFFY564 | Long             | EC               | CORP              | IN        |    257434 | NS      | $1430975.82   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| NANSHAN ALUMINIUM                              | Shandong Nanshan Aluminum Co Ltd                    | CUSIP: 000000000<br>LEI: 836800YU5J3RT2VPUO65 | Long             | EC               | CORP              | CN        |   5799100 | NS      | $4462443.61   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Expressway Co Ltd                     | Zhejiang Expressway Co Ltd                          | CUSIP: 000000000<br>LEI: 213800X1ZRKM85U9H438 | Long             | EC               | CORP              | CN        |   3254000 | NS      | $2997825.95   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                  | LG Uplus Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |   1178009 | NS      | $12037272.21  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OOIL                                           | Orient Overseas International Ltd                   | CUSIP: 000000000<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | HK        |    170500 | NS      | $2749160.45   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ICBC                                           | Industrial & Commercial Bank of China Ltd           | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  12798000 | NS      | $10356217.51  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Steel Ltd                                 | Tata Steel Ltd                                      | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |   1332556 | NS      | $2669450.41   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Qfin Holdings Inc                              | Qfin Holdings Inc                                   | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | CN        |     81565 | NS      | $1571757.55   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                          | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1347435 | NS      | $1347435.17   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pop Mart International Group L                 | Pop Mart International Group Ltd                    | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |     92800 | NS      | $2238960.31   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                                      | Petroleo Brasileiro SA - Petrobras                  | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |   2088474 | NS      | $11746296.58  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Canara Bank                                    | Canara Bank                                         | CUSIP: 000000000<br>LEI: 335800E4RH82Z8XC3C30 | Long             | EC               | CORP              | IN        |   1359411 | NS      | $2344493.87   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                             | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   4129544 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MediaTek Inc                                   | MediaTek Inc                                        | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     81879 | NS      | $3717731.62   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruti Suzuki India Ltd                        | Maruti Suzuki India Ltd                             | CUSIP: 000000000<br>LEI: 335800D27PBEESKKD357 | Long             | EC               | CORP              | IN        |     23106 | NS      | $4297256.44   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA TAIPING                                  | China Taiping Insurance Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 529900C2G37NOIADYW07 | Long             | EC               | CORP              | HK        |   1715200 | NS      | $4130301.30   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                  | FirstRand Ltd                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   2648052 | NS      | $14511307.85  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Asustek Computer Inc                           | Asustek Computer Inc                                | CUSIP: 000000000<br>LEI: 254900B3WB4OGRB7HM13 | Long             | EC               | CORP              | TW        |    260000 | NS      | $4519508.86   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Geely Automobile Holdings Ltd                  | Geely Automobile Holdings Ltd                       | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |   4937000 | NS      | $11418672.59  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                         | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1347435 | NS      | $1347435.17   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                       | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1347435 | NS      | $1347435.17   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    408020 | NS      | $31312898.99  | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                              | Banco Bradesco SA                                   | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |   2152180 | NS      | $7144149.68   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PZU                                            | Powszechny Zaklad Ubezpieczen SA                    | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |   1027354 | NS      | $19015759.93  | 2.91%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                  | MTN Group Ltd                                       | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |   1127346 | NS      | $11541428.65  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                              | SK Telecom Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |    236468 | NS      | $8779727.28   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Fix Price Group PLC                            | Fix Price Group PLC                                 | CUSIP: 000000000<br>LEI: 549300EXJV1RPGZNH608 | Long             | EC               | CORP              | GB        |   1489220 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Infosys Ltd                                    | Infosys Ltd                                         | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    551743 | NS      | $9936274.95   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Vipshop Holdings Ltd                           | Vipshop Holdings Ltd                                | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |    119041 | NS      | $2105835.29   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    439711 | NS      | $36854332.76  | 5.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Cathay Financial Holding Co Lt                 | Cathay Financial Holding Co Ltd                     | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |   1078000 | NS      | $2600336.36   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| China Unicom                                   | China United Network Communications Ltd             | CUSIP: 000000000<br>LEI: 300300UTFDNZL9GJRR78 | Long             | EC               | CORP              | CN        |   1392900 | NS      | $1019302.66   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BB Seguridade Participacoes SA                 | BB Seguridade Participacoes SA                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1293323 | NS      | $8532072.90   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offsho                 | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     40056 | NS      | $11302667.81  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Oil Corp Ltd                            | Indian Oil Corp Ltd                                 | CUSIP: 000000000<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               | CORP              | IN        |   2108066 | NS      | $3908080.82   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                    | Xiaomi Corp                                         | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |    618800 | NS      | $3122980.01   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PGE Polska Grupa Energetyczna                  | PGE Polska Grupa Energetyczna SA                    | CUSIP: 000000000<br>LEI: 259400MP9VXR0E69MJ89 | Long             | EC               | CORP              | PL        |   1205238 | NS      | $2945557.69   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CNBM                                           | China National Building Material Co Ltd             | CUSIP: 000000000<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | CORP              | CN        |   4192000 | NS      | $2760211.73   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                      | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    960882 | NS      | $14381118.73  | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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