# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008197
**Filing Date:** 2026-2
**Character Count:** 26325
**Document Hash:** 2bfed5b6a4f13b1833a2e1cf39a60e45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008197.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008197

**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:** 26683435

**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 Mid Cap Income Opportunities Fund (Series ID: S000046881)

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

## Nport-Ex

## Schedule of investments
Nomura Mid Cap Income Opportunities Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.25%♣** | &nbsp;&nbsp;**Common Stocks — 99.25%♣** | &nbsp;&nbsp;**Common Stocks — 99.25%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 22.40% | &nbsp;&nbsp;Consumer Discretionary — 22.40% | &nbsp;&nbsp;Consumer Discretionary — 22.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT | 2729583 | &nbsp;&nbsp;$22027735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;117254 | &nbsp;&nbsp;&nbsp; 21577081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin | &nbsp;&nbsp;&nbsp;&nbsp;107066 | &nbsp;&nbsp;&nbsp; 21718338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | 1037877 | &nbsp;&nbsp;&nbsp; 21525569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;281869 | &nbsp;&nbsp;&nbsp; 21977326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | &nbsp;&nbsp;&nbsp;&nbsp;429070 | &nbsp;&nbsp;&nbsp; 21457790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure | &nbsp;&nbsp;&nbsp;&nbsp;304577 | &nbsp;&nbsp;&nbsp; 21481816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts | &nbsp;&nbsp;&nbsp;&nbsp;149455 | &nbsp;&nbsp;&nbsp; 19847624 |
|  |  | &nbsp;&nbsp;&nbsp;171613279 |
| &nbsp;&nbsp;Consumer Staples — 5.69% | &nbsp;&nbsp;Consumer Staples — 5.69% | &nbsp;&nbsp;Consumer Staples — 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey | &nbsp;&nbsp;&nbsp;&nbsp;119066 | &nbsp;&nbsp;&nbsp; 21667630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co. | &nbsp;&nbsp;&nbsp;&nbsp;321989 | &nbsp;&nbsp;&nbsp; 21930671 |
|  |  | &nbsp;&nbsp;&nbsp; 43598301 |
| &nbsp;&nbsp;Financials — 8.49% | &nbsp;&nbsp;Financials — 8.49% | &nbsp;&nbsp;Financials — 8.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Class A | &nbsp;&nbsp;&nbsp;&nbsp;130316 | &nbsp;&nbsp;&nbsp; 21062975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;85321 | &nbsp;&nbsp;&nbsp; 22080222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial | &nbsp;&nbsp;&nbsp;&nbsp;356886 | &nbsp;&nbsp;&nbsp; 21927076 |
|  |  | &nbsp;&nbsp;&nbsp; 65070273 |
| &nbsp;&nbsp;Healthcare — 8.63% | &nbsp;&nbsp;Healthcare — 8.63% | &nbsp;&nbsp;Healthcare — 8.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;108146 | &nbsp;&nbsp;&nbsp; 22224003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;125845 | &nbsp;&nbsp;&nbsp; 21837883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma Class A | &nbsp;&nbsp;&nbsp;&nbsp;571063 | &nbsp;&nbsp;&nbsp; 22065874 |
|  |  | &nbsp;&nbsp;&nbsp; 66127760 |
| &nbsp;&nbsp;Industrials — 22.66% | &nbsp;&nbsp;Industrials — 22.66% | &nbsp;&nbsp;Industrials — 22.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;97237 | &nbsp;&nbsp;&nbsp; 21700381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | &nbsp;&nbsp;&nbsp;&nbsp;527763 | &nbsp;&nbsp;&nbsp; 21179129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies | &nbsp;&nbsp;&nbsp;&nbsp;75200 | &nbsp;&nbsp;&nbsp; 22076464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric | &nbsp;&nbsp;&nbsp;&nbsp;215892 | &nbsp;&nbsp;&nbsp; 22014507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;&nbsp;193171 | &nbsp;&nbsp;&nbsp; 21669923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | &nbsp;&nbsp;&nbsp;&nbsp;362962 | &nbsp;&nbsp;&nbsp; 21784979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on | &nbsp;&nbsp;&nbsp;&nbsp;63399 | &nbsp;&nbsp;&nbsp; 21847296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco | &nbsp;&nbsp;&nbsp;&nbsp;63453 | &nbsp;&nbsp;&nbsp; 21380489 |
|  |  | &nbsp;&nbsp;&nbsp;173653168 |
| &nbsp;&nbsp;Information Technology — 11.20% | &nbsp;&nbsp;Information Technology — 11.20% | &nbsp;&nbsp;Information Technology — 11.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology | &nbsp;&nbsp;&nbsp;&nbsp;335017 | &nbsp;&nbsp;&nbsp; 21347283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp | &nbsp;&nbsp;&nbsp;&nbsp;198685 | &nbsp;&nbsp;&nbsp; 21277177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;78457 | &nbsp;&nbsp;&nbsp; 21606273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;95035 | &nbsp;&nbsp;&nbsp; 21621413 |
|  |  | &nbsp;&nbsp;&nbsp; 85852146 |
| &nbsp;&nbsp;Materials — 14.47% | &nbsp;&nbsp;Materials — 14.47% | &nbsp;&nbsp;Materials — 14.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup | &nbsp;&nbsp;&nbsp;&nbsp;180801 | &nbsp;&nbsp;&nbsp; 22050490 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) | &nbsp;&nbsp;Materials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;122585 | &nbsp;&nbsp;$22295760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;107439 | &nbsp;&nbsp;&nbsp; 22157145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International | &nbsp;&nbsp;&nbsp;&nbsp;210806 | &nbsp;&nbsp;&nbsp; 21923824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products | &nbsp;&nbsp;&nbsp;&nbsp;514049 | &nbsp;&nbsp;&nbsp; 22433098 |
|  |  | &nbsp;&nbsp;&nbsp;110860317 |
| &nbsp;&nbsp;Real Estate — 5.71% | &nbsp;&nbsp;Real Estate — 5.71% | &nbsp;&nbsp;Real Estate — 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | &nbsp;&nbsp;&nbsp;&nbsp;169712 | &nbsp;&nbsp;&nbsp; 22099897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | &nbsp;&nbsp;&nbsp;&nbsp;578931 | &nbsp;&nbsp;&nbsp; 21634651 |
|  |  | &nbsp;&nbsp;&nbsp; 43734548 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $496,483,873)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $496,483,873)** | &nbsp;&nbsp;&nbsp;**760509792** |
| &nbsp;&nbsp;**Short-Term Investments — 0.92%** | &nbsp;&nbsp;**Short-Term Investments — 0.92%** | &nbsp;&nbsp;**Short-Term Investments — 0.92%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.92% | &nbsp;&nbsp;Money Market Mutual Funds — 0.92% | &nbsp;&nbsp;Money Market Mutual Funds — 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 1772875 | &nbsp;&nbsp;&nbsp; 1772875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 1772875 | &nbsp;&nbsp;&nbsp; 1772875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 1772875 | &nbsp;&nbsp;&nbsp; 1772875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 1772876 | &nbsp;&nbsp;&nbsp; 1772876 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,091,501)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,091,501)** | &nbsp;&nbsp;&nbsp; **7091501** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.17%<br> (cost $503,575,374)** |  | &nbsp;&nbsp;&nbsp;**767601293** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.17%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1322079)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 45,058,026 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$766279214** |

---

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

NQ- IV012 [1225] 0226 (5191634) 1

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

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

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

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

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

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

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

**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:** $770892169.94

**Total Liabilities:** $2816277.52

**Net Assets:** $768075892.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146475 | -2.82%               | 0.88%                | -0.81%               |
| Class ID C000146476 | -2.92%               | 0.83%                | -0.88%               |
| Class ID C000146478 | -2.81%               | 0.88%                | -0.75%               |
| Class ID C000146479 | -2.87%               | 0.88%                | -0.82%               |
| Class ID C000146480 | -2.80%               | 0.87%                | -0.81%               |
| Class ID C000146481 | -2.81%               | 0.88%                | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7542847.38              | $-33656570.18                              |
| Month 2  | $16123143.67             | $-9979138.09                               |
| Month 3  | $12896180.84             | $-20890680.36                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kilroy Realty Corp                             | Kilroy Realty Corp                             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    578931 | NS      | $21634651.47  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                    | Paychex Inc                                    | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |    193171 | NS      | $21669922.78  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                                 | AptarGroup Inc                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    180801 | NS      | $22050489.96  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions                 | Broadridge Financial Solutions Inc             | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     97237 | NS      | $21700381.29  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US                  | Service Corp International/US                  | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    281869 | NS      | $21977325.93  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                          | Quest Diagnostics Inc                          | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    125845 | NS      | $21837882.85  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                          | McCormick & Co Inc/MD                          | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    321989 | NS      | $21930670.79  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                    | Snap-on Inc                                    | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     63399 | NS      | $21847295.40  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1772875 | NS      | $1772875.17   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                          | RPM International Inc                          | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    210806 | NS      | $21923824.00  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                     | NetApp Inc                                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    198685 | NS      | $21277176.65  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                 | Hershey Co/The                                 | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |    119066 | NS      | $21667630.68  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                     | Watsco Inc                                     | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     63453 | NS      | $21380488.35  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts Inc                               | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |    149455 | NS      | $19847624.00  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                       | Microchip Technology Inc                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    335017 | NS      | $21347283.24  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169712 | NS      | $22099896.64  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc                      | L3Harris Technologies Inc                      | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     75200 | NS      | $22076464.00  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |    527763 | NS      | $21179129.19  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                      | Packaging Corp of America                      | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    107439 | NS      | $22157144.97  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                           | Ares Management Corp                           | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    130316 | NS      | $21062975.08  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                             | Royalty Pharma PLC                             | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |    571063 | NS      | $22065874.32  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1772875 | NS      | $1772874.99   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                            | Cardinal Health Inc                            | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    108146 | NS      | $22224003.00  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    429070 | NS      | $21457790.70  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1772875 | NS      | $1772875.17   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins Inc                                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |    362962 | NS      | $21784979.24  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                            | Avery Dennison Corp                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    122585 | NS      | $22295759.80  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                 | Seagate Technology Holdings PLC                | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |     78457 | NS      | $21606273.23  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                            | Travel + Leisure Co                            | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |    304577 | NS      | $21481815.81  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                            | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     95035 | NS      | $21621412.85  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Levi Strauss & Co                              | Levi Strauss & Co                              | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |   1037877 | NS      | $21525568.98  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                                     | Garmin Ltd                                     | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |    107066 | NS      | $21718338.10  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                  | First American Financial Corp                  | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    356886 | NS      | $21927075.84  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                        | Arthur J Gallagher & Co                        | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     85321 | NS      | $22080221.59  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                             | nVent Electric PLC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    215892 | NS      | $22014507.24  | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc                         | Darden Restaurants Inc                         | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |    117254 | NS      | $21577081.08  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                             | Sonoco Products Co                             | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |    514049 | NS      | $22433098.36  | 2.92%             |  |  |  | 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        |   1772875 | NS      | $1772875.17   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                        | ADT Inc                                        | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2729583 | NS      | $22027734.81  | 2.87%             |  |  |  | No            |                  1 | 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