# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008188
**Filing Date:** 2026-2
**Character Count:** 25155
**Document Hash:** 39fb367483d717f0d53f5190b4e683ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008188.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008188

**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:** 26683414

**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 Real Estate Securities Fund (Series ID: S000024830)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073895 | Class Y             | IRSYX           |
| C000073896 | Class A             | IRSAX           |
| C000073898 | Class C             | IRSCX           |
| C000073900 | Institutional Class | IREIX           |
| C000073901 | Class R             | IRSRX           |
| C000146690 | Class R6            | IRSEX           |

## Nport-Ex

## Schedule of investments
Nomura Real Estate Securities Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.27%♣** | &nbsp;&nbsp;**Common Stocks — 99.27%♣** | &nbsp;&nbsp;**Common Stocks — 99.27%♣** |
| &nbsp;&nbsp;Internet Services & Infrastructure — 1.71% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.71% | &nbsp;&nbsp;Internet Services & Infrastructure — 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTDC † | 169479 | &nbsp;&nbsp;$1411078 |
|  |  | &nbsp;&nbsp;&nbsp; 1411078 |
| &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 3.38% | &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 3.38% | &nbsp;&nbsp;REIT Asset Management & CustodyBanks — 3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DigitalBridge Group | 181848 | &nbsp;&nbsp;&nbsp; 2789548 |
|  |  | &nbsp;&nbsp;&nbsp; 2789548 |
| &nbsp;&nbsp;REIT Data Center — 12.97% | &nbsp;&nbsp;REIT Data Center — 12.97% | &nbsp;&nbsp;REIT Data Center — 12.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;7586 | &nbsp;&nbsp;&nbsp; 1173630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix | 12421 | &nbsp;&nbsp;&nbsp; 9516473 |
|  |  | &nbsp;&nbsp;&nbsp;10690103 |
| &nbsp;&nbsp;REIT Healthcare — 19.03% | &nbsp;&nbsp;REIT Healthcare — 19.03% | &nbsp;&nbsp;REIT Healthcare — 19.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT | 52680 | &nbsp;&nbsp;&nbsp; 2479121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas | 50561 | &nbsp;&nbsp;&nbsp; 3912410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower | 50114 | &nbsp;&nbsp;&nbsp; 9301660 |
|  |  | &nbsp;&nbsp;&nbsp;15693191 |
| &nbsp;&nbsp;REIT Hotel — 3.59% | &nbsp;&nbsp;REIT Hotel — 3.59% | &nbsp;&nbsp;REIT Hotel — 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Class A | &nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp; 406892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties | 15198 | &nbsp;&nbsp;&nbsp; 1438035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 14751 | &nbsp;&nbsp;&nbsp; 1114585 |
|  |  | &nbsp;&nbsp;&nbsp; 2959512 |
| &nbsp;&nbsp;REIT Industrial — 15.61% | &nbsp;&nbsp;REIT Industrial — 15.61% | &nbsp;&nbsp;REIT Industrial — 15.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust | 65081 | &nbsp;&nbsp;&nbsp; 3727189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | 64074 | &nbsp;&nbsp;&nbsp; 1318526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust | 21168 | &nbsp;&nbsp;&nbsp; 1049509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis | 32209 | &nbsp;&nbsp;&nbsp; 4111801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty | 68806 | &nbsp;&nbsp;&nbsp; 2664168 |
|  |  | &nbsp;&nbsp;&nbsp;12871193 |
| &nbsp;&nbsp;REIT Multifamily — 7.15% | &nbsp;&nbsp;REIT Multifamily — 7.15% | &nbsp;&nbsp;REIT Multifamily — 7.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities | 19343 | &nbsp;&nbsp;&nbsp; 3507079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;9119 | &nbsp;&nbsp;&nbsp; 2386260 |
|  |  | &nbsp;&nbsp;&nbsp; 5893339 |
| &nbsp;&nbsp;REIT Office — 2.58% | &nbsp;&nbsp;REIT Office — 2.58% | &nbsp;&nbsp;REIT Office — 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty | 56907 | &nbsp;&nbsp;&nbsp; 2126615 |
|  |  | &nbsp;&nbsp;&nbsp; 2126615 |
| &nbsp;&nbsp;REIT Retail — 18.42% | &nbsp;&nbsp;REIT Retail — 18.42% | &nbsp;&nbsp;REIT Retail — 18.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadia Realty Trust | 62971 | &nbsp;&nbsp;&nbsp; 1293424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty | 40385 | &nbsp;&nbsp;&nbsp; 2908932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Capital Real Estate Investment Trust | 30660 | &nbsp;&nbsp;&nbsp; 422188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InvenTrust Properties | 19390 | &nbsp;&nbsp;&nbsp; 546992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macerich | 61714 | &nbsp;&nbsp;&nbsp; 1139241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSTREIT | 114313 | &nbsp;&nbsp;&nbsp; 2016481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income | 21717 | &nbsp;&nbsp;&nbsp; 1224187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group | 21407 | &nbsp;&nbsp;&nbsp; 3962650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanger | 50157 | &nbsp;&nbsp;&nbsp; 1673739 |
|  |  | &nbsp;&nbsp;&nbsp;15187834 |

---

---

| | | |
|:---|:---|:---|
|  | **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;REIT Self-Storage — 5.61% | &nbsp;&nbsp;REIT Self-Storage — 5.61% | &nbsp;&nbsp;REIT Self-Storage — 5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage | 10247 | &nbsp;&nbsp;$1334364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | 12671 | &nbsp;&nbsp;&nbsp; 3288125 |
|  |  | &nbsp;&nbsp;&nbsp; 4622489 |
| &nbsp;&nbsp;REIT Single Family — 3.44% | &nbsp;&nbsp;REIT Single Family — 3.44% | &nbsp;&nbsp;REIT Single Family — 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes | 102034 | &nbsp;&nbsp;&nbsp; 2835525 |
|  |  | &nbsp;&nbsp;&nbsp; 2835525 |
| &nbsp;&nbsp;REIT Specialty — 3.99% | &nbsp;&nbsp;REIT Specialty — 3.99% | &nbsp;&nbsp;REIT Specialty — 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties | 116939 | &nbsp;&nbsp;&nbsp; 3288325 |
|  |  | &nbsp;&nbsp;&nbsp; 3288325 |
| &nbsp;&nbsp;REIT Telecom Tower — 1.79% | &nbsp;&nbsp;REIT Telecom Tower — 1.79% | &nbsp;&nbsp;REIT Telecom Tower — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;&nbsp;8419 | &nbsp;&nbsp;&nbsp; 1478124 |
|  |  | &nbsp;&nbsp;&nbsp; 1478124 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $52,883,884)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $52,883,884)** | &nbsp;&nbsp;&nbsp;**81846876** |
| &nbsp;&nbsp;**Short-Term Investments — 0.27%** | &nbsp;&nbsp;**Short-Term Investments — 0.27%** | &nbsp;&nbsp;**Short-Term Investments — 0.27%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.27% | &nbsp;&nbsp;Money Market Mutual Funds — 0.27% | &nbsp;&nbsp;Money Market Mutual Funds — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 56176 | &nbsp;&nbsp;&nbsp; 56176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 56176 | &nbsp;&nbsp;&nbsp; 56176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 56175 | &nbsp;&nbsp;&nbsp; 56175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 56175 | &nbsp;&nbsp;&nbsp; 56175 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $224,702)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $224,702)** | &nbsp;&nbsp;&nbsp; **224702** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.54%<br> (cost $53,108,586)** |  | &nbsp;&nbsp;&nbsp;**82071578** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.46%** |  | &nbsp;&nbsp;&nbsp; **376081** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 6,384,165 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$82447659** |

---

♣ Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. <br> † Non-income producing security.

---

| |
|:---|
| **Summary of abbreviations:** |
| REIT – Real Estate Investment Trust |

---

NQ- IV063 [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 Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000024830

- **c. LEI of Series:** TLZV3CL2IEHXP4P6V227

**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:** $83069147.01

**Total Liabilities:** $731390.56

**Net Assets:** $82337756.45

**Cash Not Reported:** $48294.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073895 | -0.19%               | 1.84%                | -1.38%               |
| Class ID C000073896 | -0.19%               | 1.87%                | -1.42%               |
| Class ID C000073898 | -0.28%               | 1.73%                | -1.41%               |
| Class ID C000073900 | -0.13%               | 1.82%                | -1.32%               |
| Class ID C000073901 | -0.19%               | 1.81%                | -1.45%               |
| Class ID C000146690 | -0.19%               | 1.88%                | -1.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2444485.73              | $-2567634.63                               |
| Month 2  | $673346.79               | $844931.53                                 |
| Month 3  | $789078.98               | $-2417888.22                               |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kilroy Realty Corp                             | Kilroy Realty Corp                             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     56907 | NS      | $2126614.59   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |     56176 | NS      | $56175.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                           | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102034 | NS      | $2835524.86   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                            | Acadia Realty Trust                            | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     62971 | NS      | $1293424.34   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                              | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40385 | NS      | $2908931.55   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                 | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    114313 | NS      | $2016481.32   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Real Estate Inve                 | First Capital Real Estate Investment Trust     | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               | CORP              | CA        |     30660 | NS      | $422187.90    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     50561 | NS      | $3912410.18   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust                  | First Industrial Realty Trust Inc              | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65081 | NS      | $3727188.87   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                        | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10247 | NS      | $1334364.34   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                   | Wyndham Hotels & Resorts Inc                   | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     14751 | NS      | $1114585.56   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                  | Goodman Group                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     64074 | NS      | $1318525.56   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTDC Ltd                                     | NEXTDC Ltd                                     | CUSIP: 000000000<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |    169479 | NS      | $1411077.98   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     21407 | NS      | $3962649.77   | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp                              | Hyatt Hotels Corp                              | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      2538 | NS      | $406892.16    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |     56176 | NS      | $56175.65     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                     | Tanger Inc                                     | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     50157 | NS      | $1673739.09   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                      | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     19343 | NS      | $3507079.33   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |     56176 | NS      | $56175.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                             | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     21717 | NS      | $1224187.29   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I                 | Ryman Hospitality Properties Inc               | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     15198 | NS      | $1438034.76   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                           | LXP Industrial Trust                           | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     21168 | NS      | $1049509.44   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      9119 | NS      | $2386259.92   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                  | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     68806 | NS      | $2664168.32   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                        | DigitalBridge Group Inc                        | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    181848 | NS      | $2789548.32   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                       | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      7586 | NS      | $1173630.06   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8419 | NS      | $1478123.83   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     32209 | NS      | $4111800.94   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                | Macerich Co/The                                | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     61714 | NS      | $1139240.44   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                 | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     12671 | NS      | $3288124.50   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                            | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    116939 | NS      | $3288324.68   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     12421 | NS      | $9516473.36   | 11.56%            |  |  |  | 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        |     56176 | NS      | $56175.58     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                   | American Healthcare REIT Inc                   | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     52680 | NS      | $2479120.80   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                     | InvenTrust Properties Corp                     | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     19390 | NS      | $546991.90    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     50114 | NS      | $9301659.54   | 11.30%            |  |  |  | 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