# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008191
**Filing Date:** 2026-2
**Character Count:** 50933
**Document Hash:** 026b6070ab15c701c31b95b63055bafa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008191.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008191

**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:** 26683421

**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 Small Cap Growth Fund (Series ID: S000006286)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017268 | Class R             | WSGRX           |
| C000017269 | Class A             | WSGAX           |
| C000017271 | Class C             | WRGCX           |
| C000017272 | Class Y             | WSCYX           |
| C000045543 | Institutional Class | IYSIX           |
| C000146679 | Class R6            | IRGFX           |

## Nport-Ex

## Schedule of investments
Nomura Small Cap Growth Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.47%♣** | &nbsp;&nbsp;**Common Stocks — 99.47%♣** | &nbsp;&nbsp;**Common Stocks — 99.47%♣** |
| &nbsp;&nbsp;Communication Services — 2.74% | &nbsp;&nbsp;Communication Services — 2.74% | &nbsp;&nbsp;Communication Services — 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX † | &nbsp;&nbsp;&nbsp;&nbsp;788055 | &nbsp;&nbsp;$29126513 |
|  |  | &nbsp;&nbsp;&nbsp; 29126513 |
| &nbsp;&nbsp;Consumer Discretionary — 9.59% | &nbsp;&nbsp;Consumer Discretionary — 9.59% | &nbsp;&nbsp;Consumer Discretionary — 9.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;64014 | &nbsp;&nbsp;&nbsp; 11296550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products † | &nbsp;&nbsp;&nbsp;&nbsp;132683 | &nbsp;&nbsp;&nbsp; 16345219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive | &nbsp;&nbsp;&nbsp;&nbsp;26413 | &nbsp;&nbsp;&nbsp; 10388233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing † | &nbsp;&nbsp;&nbsp;&nbsp;75498 | &nbsp;&nbsp;&nbsp; 10079738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;170137 | &nbsp;&nbsp;&nbsp; 18648716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | &nbsp;&nbsp;&nbsp;&nbsp;557818 | &nbsp;&nbsp;&nbsp; 11569145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Class A † | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp; 9659230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group Class A † | &nbsp;&nbsp;&nbsp;&nbsp;449883 | &nbsp;&nbsp;&nbsp; 10693719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute † | &nbsp;&nbsp;&nbsp;&nbsp;117136 | &nbsp;&nbsp;&nbsp; 3060764 |
|  |  | &nbsp;&nbsp;&nbsp; 101741314 |
| &nbsp;&nbsp;Consumer Staples — 3.18% | &nbsp;&nbsp;Consumer Staples — 3.18% | &nbsp;&nbsp;Consumer Staples — 3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse † | &nbsp;&nbsp;&nbsp;&nbsp;271536 | &nbsp;&nbsp;&nbsp; 16924839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart | &nbsp;&nbsp;&nbsp;&nbsp;136833 | &nbsp;&nbsp;&nbsp; 16785304 |
|  |  | &nbsp;&nbsp;&nbsp; 33710143 |
| &nbsp;&nbsp;Energy — 1.87% | &nbsp;&nbsp;Energy — 1.87% | &nbsp;&nbsp;Energy — 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA | &nbsp;&nbsp;&nbsp;&nbsp;498118 | &nbsp;&nbsp;&nbsp; 12183966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;166515 | &nbsp;&nbsp;&nbsp; 7654695 |
|  |  | &nbsp;&nbsp;&nbsp; 19838661 |
| &nbsp;&nbsp;Financials — 8.27% | &nbsp;&nbsp;Financials — 8.27% | &nbsp;&nbsp;Financials — 8.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group | &nbsp;&nbsp;&nbsp;&nbsp;24026 | &nbsp;&nbsp;&nbsp; 6926215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axos Financial † | &nbsp;&nbsp;&nbsp;&nbsp;78250 | &nbsp;&nbsp;&nbsp; 6742020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings | &nbsp;&nbsp;&nbsp;&nbsp;117609 | &nbsp;&nbsp;&nbsp; 18744523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane Class A | &nbsp;&nbsp;&nbsp;&nbsp;31284 | &nbsp;&nbsp;&nbsp; 4201754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;70112 | &nbsp;&nbsp;&nbsp; 12212809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings Class A † | &nbsp;&nbsp;&nbsp;&nbsp;237456 | &nbsp;&nbsp;&nbsp; 7501235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking | &nbsp;&nbsp;&nbsp;&nbsp;563195 | &nbsp;&nbsp;&nbsp; 17695587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WisdomTree | 1130136 | &nbsp;&nbsp;&nbsp; 13776358 |
|  |  | &nbsp;&nbsp;&nbsp; 87800501 |
| &nbsp;&nbsp;Healthcare — 26.38% | &nbsp;&nbsp;Healthcare — 26.38% | &nbsp;&nbsp;Healthcare — 26.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies † | 1022356 | &nbsp;&nbsp;&nbsp; 16603061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics † | &nbsp;&nbsp;&nbsp;&nbsp;945690 | &nbsp;&nbsp;&nbsp; 17249386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;593131 | &nbsp;&nbsp;&nbsp; 12479476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;199442 | &nbsp;&nbsp;&nbsp; 15743951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artivion † | &nbsp;&nbsp;&nbsp;&nbsp;264726 | &nbsp;&nbsp;&nbsp; 12074153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;107582 | &nbsp;&nbsp;&nbsp; 19648777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;518821 | &nbsp;&nbsp;&nbsp; 12109282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health | &nbsp;&nbsp;&nbsp;&nbsp;191793 | &nbsp;&nbsp;&nbsp; 20356909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;115578 | &nbsp;&nbsp;&nbsp; 15032075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health † | &nbsp;&nbsp;&nbsp;&nbsp;141911 | &nbsp;&nbsp;&nbsp; 14494790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity † | &nbsp;&nbsp;&nbsp;&nbsp;121467 | &nbsp;&nbsp;&nbsp; 11127592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LENZ Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;265588 | &nbsp;&nbsp;&nbsp; 4249408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;281119 | &nbsp;&nbsp;&nbsp; 22205590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia † | &nbsp;&nbsp;&nbsp;&nbsp;541874 | &nbsp;&nbsp;&nbsp; 9168508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROCEPT BioRobotics † | &nbsp;&nbsp;&nbsp;&nbsp;95329 | &nbsp;&nbsp;&nbsp; 2999050 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen † | &nbsp;&nbsp;&nbsp;&nbsp;36391 | &nbsp;&nbsp;$5963029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp; 26447240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group † | &nbsp;&nbsp;&nbsp;&nbsp;46985 | &nbsp;&nbsp;&nbsp; 5715725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics † | &nbsp;&nbsp;&nbsp;&nbsp;553720 | &nbsp;&nbsp;&nbsp; 21157641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel † | &nbsp;&nbsp;&nbsp;&nbsp;420253 | &nbsp;&nbsp;&nbsp; 15133311 |
|  |  | &nbsp;&nbsp;&nbsp; 279958954 |
| &nbsp;&nbsp;Industrials — 22.89% | &nbsp;&nbsp;Industrials — 22.89% | &nbsp;&nbsp;Industrials — 22.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAR † | &nbsp;&nbsp;&nbsp;&nbsp;221317 | &nbsp;&nbsp;&nbsp; 18322834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment † | &nbsp;&nbsp;&nbsp;&nbsp;24896 | &nbsp;&nbsp;&nbsp; 6022093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Superconductor † | &nbsp;&nbsp;&nbsp;&nbsp;306390 | &nbsp;&nbsp;&nbsp; 8817904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI † | &nbsp;&nbsp;&nbsp;&nbsp;159676 | &nbsp;&nbsp;&nbsp; 18324418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Class A † | &nbsp;&nbsp;&nbsp;&nbsp;33154 | &nbsp;&nbsp;&nbsp; 2880751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBIZ † | &nbsp;&nbsp;&nbsp;&nbsp;152539 | &nbsp;&nbsp;&nbsp; 7695593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors † | &nbsp;&nbsp;&nbsp;&nbsp;21626 | &nbsp;&nbsp;&nbsp; 5070865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;143280 | &nbsp;&nbsp;&nbsp; 15553044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group † | &nbsp;&nbsp;&nbsp;&nbsp;225065 | &nbsp;&nbsp;&nbsp; 19256561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;290858 | &nbsp;&nbsp;&nbsp; 12344014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal | &nbsp;&nbsp;&nbsp;&nbsp;34066 | &nbsp;&nbsp;&nbsp; 3699227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve | &nbsp;&nbsp;&nbsp;&nbsp;232960 | &nbsp;&nbsp;&nbsp; 16162765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation | &nbsp;&nbsp;&nbsp;&nbsp;87626 | &nbsp;&nbsp;&nbsp; 17249178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group † | &nbsp;&nbsp;&nbsp;&nbsp;96381 | &nbsp;&nbsp;&nbsp; 16665239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;49499 | &nbsp;&nbsp;&nbsp; 3757469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legence Class A † | &nbsp;&nbsp;&nbsp;&nbsp;229596 | &nbsp;&nbsp;&nbsp; 9881812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS | &nbsp;&nbsp;&nbsp;&nbsp;320683 | &nbsp;&nbsp;&nbsp; 10932083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;62415 | &nbsp;&nbsp;&nbsp; 4244220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems † | &nbsp;&nbsp;&nbsp;&nbsp;92614 | &nbsp;&nbsp;&nbsp; 6761748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWest † | &nbsp;&nbsp;&nbsp;&nbsp;82202 | &nbsp;&nbsp;&nbsp; 8253903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;75385 | &nbsp;&nbsp;&nbsp; 15081523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standex International | &nbsp;&nbsp;&nbsp;&nbsp;39033 | &nbsp;&nbsp;&nbsp; 8481090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group † | &nbsp;&nbsp;&nbsp;&nbsp;72235 | &nbsp;&nbsp;&nbsp; 7487880 |
|  |  | &nbsp;&nbsp;&nbsp; 242946214 |
| &nbsp;&nbsp;Information Technology — 23.67% | &nbsp;&nbsp;Information Technology — 23.67% | &nbsp;&nbsp;Information Technology — 23.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries | &nbsp;&nbsp;&nbsp;&nbsp;104596 | &nbsp;&nbsp;&nbsp; 21899265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys † | &nbsp;&nbsp;&nbsp;&nbsp;140182 | &nbsp;&nbsp;&nbsp; 16659229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint † | 1097639 | &nbsp;&nbsp;&nbsp; 15246206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse Class B | &nbsp;&nbsp;&nbsp;&nbsp;24551 | &nbsp;&nbsp;&nbsp; 4164586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;111198 | &nbsp;&nbsp;&nbsp; 9747617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7418 | &nbsp;&nbsp;&nbsp; 3377267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;62643 | &nbsp;&nbsp;&nbsp; 23089583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;78293 | &nbsp;&nbsp;&nbsp; 13410025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;400007 | &nbsp;&nbsp;&nbsp; 9368164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS | &nbsp;&nbsp;&nbsp;&nbsp;66770 | &nbsp;&nbsp;&nbsp; 10669846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSI Systems † | &nbsp;&nbsp;&nbsp;&nbsp;125903 | &nbsp;&nbsp;&nbsp; 32112819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;146740 | &nbsp;&nbsp;&nbsp; 10588758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus † | &nbsp;&nbsp;&nbsp;&nbsp;105598 | &nbsp;&nbsp;&nbsp; 9703400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik Class A † | &nbsp;&nbsp;&nbsp;&nbsp;83707 | &nbsp;&nbsp;&nbsp; 6401911 |

---

NQ- IV002 [1225] 0226 (5191634) 1

------

Nomura Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **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;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) | &nbsp;&nbsp;Information Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SailPoint † | &nbsp;&nbsp;&nbsp;&nbsp;846944 | &nbsp;&nbsp;$17133677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan Class A † | &nbsp;&nbsp;&nbsp;&nbsp;94115 | &nbsp;&nbsp;&nbsp; 10023248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;118758 | &nbsp;&nbsp;&nbsp; 15521671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | &nbsp;&nbsp;&nbsp;&nbsp;71294 | &nbsp;&nbsp;&nbsp; 6608954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synaptics † | &nbsp;&nbsp;&nbsp;&nbsp;208515 | &nbsp;&nbsp;&nbsp; 15434280 |
|  |  | &nbsp;&nbsp;&nbsp; 251160506 |
| &nbsp;&nbsp;Materials — 0.88% | &nbsp;&nbsp;Materials — 0.88% | &nbsp;&nbsp;Materials — 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River † | &nbsp;&nbsp;&nbsp;&nbsp;132620 | &nbsp;&nbsp;&nbsp; 9329817 |
|  |  | &nbsp;&nbsp;&nbsp; 9329817 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $810,199,587)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $810,199,587)** | &nbsp;&nbsp;&nbsp;**1055612623** |
| &nbsp;&nbsp;**Short-Term Investments — 0.81%** | &nbsp;&nbsp;**Short-Term Investments — 0.81%** | &nbsp;&nbsp;**Short-Term Investments — 0.81%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.81% | &nbsp;&nbsp;Money Market Mutual Funds — 0.81% | &nbsp;&nbsp;Money Market Mutual Funds — 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 2159984 | &nbsp;&nbsp;&nbsp; 2159984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 2159985 | &nbsp;&nbsp;&nbsp; 2159985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 2159985 | &nbsp;&nbsp;&nbsp; 2159985 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 2159986 | &nbsp;&nbsp;$2159986 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $8,639,940)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $8,639,940)** | &nbsp;&nbsp;&nbsp; **8639940** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.28%<br> (cost $818,839,527)** |  | &nbsp;&nbsp;&nbsp;**1064252563** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.28%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2990508)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 71,140,278 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$1061262055** |

---

♣ 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:** |
| ADR – American Depositary Receipt |

---

2 NQ- IV002 [1225] 0226 (5191634)

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000006286

- **c. LEI of Series:** E84UK33D68IU4QQ6WU59

**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:** $1064752650.53

**Total Liabilities:** $2750553.10

**Net Assets:** $1062002097.43

**Cash Not Reported:** $458.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017268 | 3.35%                | 1.58%                | -1.88%               |
| Class ID C000017269 | 3.41%                | 1.55%                | -1.82%               |
| Class ID C000017271 | 3.31%                | 1.51%                | -1.86%               |
| Class ID C000017272 | 3.35%                | 1.60%                | -1.86%               |
| Class ID C000045543 | 3.41%                | 1.61%                | -1.79%               |
| Class ID C000146679 | 3.40%                | 1.62%                | -1.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13229779.86             | $24294805.65                               |
| Month 2  | $17710530.50             | $-647941.80                                |
| Month 3  | $33267277.28             | $-52308998.06                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Q2 Holdings Inc                                | Q2 Holdings Inc                                | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    146740 | NS      | $10588758.40  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                        | Axsome Therapeutics Inc                        | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    107582 | NS      | $19648776.48  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                  | SailPoint Inc                                  | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    846944 | NS      | $17133677.12  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                            | Sportradar Group AG                            | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |    449883 | NS      | $10693718.91  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     70112 | NS      | $12212809.28  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc                 | Advanced Energy Industries Inc                 | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |    104596 | NS      | $21899264.52  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                              | FTAI Aviation Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87626 | NS      | $17249178.10  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                  | Adaptive Biotechnologies Corp                  | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |   1022356 | NS      | $16603061.44  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                   | American Superconductor Corp                   | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    306390 | NS      | $8817904.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78293 | NS      | $13410025.04  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                                 | Flowserve Corp                                 | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    232960 | NS      | $16162764.80  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                 | PriceSmart Inc                                 | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |    136833 | NS      | $16785304.11  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                   | Phreesia Inc                                   | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    541874 | NS      | $9168508.08   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                     | Huron Consulting Group Inc                     | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     96381 | NS      | $16665238.71  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     75385 | NS      | $15081523.10  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                          | Lumentum Holdings Inc                          | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     62643 | NS      | $23089583.37  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     21626 | NS      | $5070864.48   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                                       | CBIZ Inc                                       | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |    152539 | NS      | $7695592.55   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                          | Alphatec Holdings Inc                          | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    593131 | NS      | $12479476.24  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc                        | ANI Pharmaceuticals Inc                        | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |    199442 | NS      | $15743951.48  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                              | Loar Holdings Inc                              | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62415 | NS      | $4244220.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                        | Mirion Technologies Inc                        | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    400007 | NS      | $9368163.94   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                        | ExlService Holdings Inc                        | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    290858 | NS      | $12344013.52  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                              | Willdan Group Inc                              | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |     72235 | NS      | $7487880.10   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Everus Construction Group Inc                  | Everus Construction Group Inc                  | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |    225065 | NS      | $19256561.40  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                         | Paymentus Holdings Inc                         | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237456 | NS      | $7501235.04   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                       | Travere Therapeutics Inc                       | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    553720 | NS      | $21157641.20  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                          | Encompass Health Corp                          | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    191793 | NS      | $20356909.02  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding                 | Ollie's Bargain Outlet Holdings Inc            | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    170137 | NS      | $18648716.57  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                        | Modine Manufacturing Co                        | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     75498 | NS      | $10079737.98  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                                 | WisdomTree Inc                                 | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |   1130136 | NS      | $13776357.84  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc                       | Silicon Laboratories Inc                       | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |    118758 | NS      | $15521670.60  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                     | Tarsus Pharmaceuticals Inc                     | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    323000 | NS      | $26447240.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                     | Rambus Inc                                     | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    105598 | NS      | $9703400.22   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc                  | Affiliated Managers Group Inc                  | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     24026 | NS      | $6926215.28   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                      | Construction Partners Inc                      | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |    143280 | NS      | $15553044.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The                       | Chefs' Warehouse Inc/The                       | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |    271536 | NS      | $16924838.88  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                          | TransMedics Group Inc                          | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     46985 | NS      | $5715725.25   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu                 | Kratos Defense & Security Solutions Inc        | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     49499 | NS      | $3757469.09   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                            | Mercury Systems Inc                            | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     92614 | NS      | $6761748.14   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                                   | Vericel Corp                                   | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    420253 | NS      | $15133310.53  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc                             | ADMA Biologics Inc                             | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    945690 | NS      | $17249385.60  | 1.62%             |  |  |  | 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        |   2159985 | NS      | $2159985.28   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                       | APA Corp                                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    433474 | NS      | $10602774.04  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                               | ServiceTitan Inc                               | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94115 | NS      | $10023247.50  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                                        | ATI Inc                                        | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    159676 | NS      | $18324417.76  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                   | Catalyst Pharmaceuticals Inc                   | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |    518821 | NS      | $12109282.14  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    111198 | NS      | $9747616.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute                  | Universal Technical Institute Inc              | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    144943 | NS      | $3787360.59   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                              | Bloom Energy Corp                              | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     33154 | NS      | $2880751.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                  | Repligen Corp                                  | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     36391 | NS      | $5963029.26   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                              | AeroVironment Inc                              | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     24896 | NS      | $6022093.44   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                   | Artivion Inc                                   | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |    264726 | NS      | $12074152.86  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   2159985 | NS      | $2159985.31   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                            | Federal Signal Corp                            | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     34066 | NS      | $3699226.94   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                                | Shake Shack Inc                                | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |    119000 | NS      | $9659230.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                    | SkyWest Inc                                    | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     82202 | NS      | $8253902.82   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                            | Dorman Products Inc                            | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |    132683 | NS      | $16345218.77  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo DRS Inc                               | Leonardo DRS Inc                               | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |    320683 | NS      | $10932083.47  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                       | PROCEPT BioRobotics Corp                       | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95329 | NS      | $2999050.34   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                      | IMAX Corp                                      | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    788055 | NS      | $29126512.80  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                               | Knife River Corp                               | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132620 | NS      | $9329817.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Legence Corp                                   | Legence Corp                                   | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    229596 | NS      | $9881811.84   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                                   | Bel Fuse Inc                                   | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     24551 | NS      | $4164586.13   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                   | Agilysys Inc                                   | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |    140182 | NS      | $16659228.88  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   2159984 | NS      | $2159984.03   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                               | HealthEquity Inc                               | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    121467 | NS      | $11127591.87  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                                | OSI Systems Inc                                | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    125903 | NS      | $32112819.18  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure                  | Solaris Energy Infrastructure Inc              | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    166515 | NS      | $7654694.55   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd                       | OneSpaWorld Holdings Ltd                       | CUSIP: 000000000<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    557818 | NS      | $11569145.32  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                                  | Synaptics Inc                                  | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |    208515 | NS      | $15434280.30  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2159985 | NS      | $2159985.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                        | MKS Inc                                        | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     66770 | NS      | $10669846.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                            | Guardant Health Inc                            | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    141911 | NS      | $14494789.54  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                     | Standex International Corp                     | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |     39033 | NS      | $8481090.24   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                         | Group 1 Automotive Inc                         | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |     26413 | NS      | $10388232.90  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                              | Hamilton Lane Inc                              | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     31284 | NS      | $4201754.04   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                      | Mirum Pharmaceuticals Inc                      | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |    281119 | NS      | $22205589.81  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori                 | Seacoast Banking Corp of Florida               | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    563195 | NS      | $17695586.90  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                         | Boot Barn Holdings Inc                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     64014 | NS      | $11296550.58  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp                 | Silicon Motion Technology Corp                 | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | TW        |     71294 | NS      | $6608953.80   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                       | Fabrinet                                       | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      7418 | NS      | $3377267.04   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                                       | AAR Corp                                       | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |    221317 | NS      | $18322834.43  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                             | Axos Financial Inc                             | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     78250 | NS      | $6742020.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                         | FirstCash Holdings Inc                         | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117609 | NS      | $18744522.42  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AvePoint Inc                                   | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1097639 | NS      | $15246205.71  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                           | GeneDx Holdings Corp                           | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115578 | NS      | $15032074.68  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                                     | Rubrik Inc                                     | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |     83707 | NS      | $6401911.36   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LENZ Therapeutics Inc                          | LENZ Therapeutics Inc                          | CUSIP: 52635N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265588 | NS      | $4249408.00   | 0.40%             |  |  |  | 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