# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008192
**Filing Date:** 2026-2
**Character Count:** 37108
**Document Hash:** 1fadca23044e2a65425c01d3d5a90d0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008192.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008192

**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:** 26683423

**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 International Core Equity Fund (Series ID: S000024840)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073956 | Class Y             | IVVYX           |
| C000073958 | Class C             | IVIFX           |
| C000073960 | Institutional Class | ICEIX           |
| C000073961 | Class A             | IVIAX           |
| C000122166 | Class R             | IYITX           |
| C000146700 | Class R6            | IINCX           |

## Nport-Ex

## Schedule of investments
Nomura International Core Equity Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 97.65%Δ** | &nbsp;&nbsp;**Common Stocks — 97.65%Δ** | &nbsp;&nbsp;**Common Stocks — 97.65%Δ** |
| &nbsp;&nbsp;Brazil — 7.25% | &nbsp;&nbsp;Brazil — 7.25% | &nbsp;&nbsp;Brazil — 7.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil | 4614661 | &nbsp;&nbsp;$18459486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embraer ADR | &nbsp;&nbsp;&nbsp;&nbsp;380688 | &nbsp;&nbsp;&nbsp; 24504887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17755 | &nbsp;&nbsp;&nbsp; 35763186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP Class A | 1246521 | &nbsp;&nbsp;&nbsp; 20405549 |
|  |  | &nbsp;&nbsp;&nbsp; 99133108 |
| &nbsp;&nbsp;Canada — 4.06% | &nbsp;&nbsp;Canada — 4.06% | &nbsp;&nbsp;Canada — 4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;404061 | &nbsp;&nbsp;&nbsp; 22067256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group † | &nbsp;&nbsp;&nbsp;&nbsp;196704 | &nbsp;&nbsp;&nbsp; 17256296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama | &nbsp;&nbsp;&nbsp;&nbsp;108526 | &nbsp;&nbsp;&nbsp; 16220191 |
|  |  | &nbsp;&nbsp;&nbsp; 55543743 |
| &nbsp;&nbsp;China — 8.58% | &nbsp;&nbsp;China — 8.58% | &nbsp;&nbsp;China — 8.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Class H | 5685000 | &nbsp;&nbsp;&nbsp; 38674472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;360251 | &nbsp;&nbsp;&nbsp; 13789572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group | 10682000 | &nbsp;&nbsp;&nbsp; 12702987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Group Class A | 2587694 | &nbsp;&nbsp;&nbsp; 28933344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings | &nbsp;&nbsp;&nbsp;&nbsp;301800 | &nbsp;&nbsp;&nbsp; 23161200 |
|  |  | &nbsp;&nbsp;&nbsp; 117261575 |
| &nbsp;&nbsp;Denmark — 1.27% | &nbsp;&nbsp;Denmark — 1.27% | &nbsp;&nbsp;Denmark — 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81099 | &nbsp;&nbsp;&nbsp; 17293551 |
|  |  | &nbsp;&nbsp;&nbsp; 17293551 |
| &nbsp;&nbsp;Finland — 1.19% | &nbsp;&nbsp;Finland — 1.19% | &nbsp;&nbsp;Finland — 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;437297 | &nbsp;&nbsp;&nbsp; 16333043 |
|  |  | &nbsp;&nbsp;&nbsp; 16333043 |
| &nbsp;&nbsp;France — 1.42% | &nbsp;&nbsp;France — 1.42% | &nbsp;&nbsp;France — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83722 | &nbsp;&nbsp;&nbsp; 19442257 |
|  |  | &nbsp;&nbsp;&nbsp; 19442257 |
| &nbsp;&nbsp;Germany — 9.04% | &nbsp;&nbsp;Germany — 9.04% | &nbsp;&nbsp;Germany — 9.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioNTech ADR † | &nbsp;&nbsp;&nbsp;&nbsp;122142 | &nbsp;&nbsp;&nbsp; 11627918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom | &nbsp;&nbsp;&nbsp;&nbsp;616550 | &nbsp;&nbsp;&nbsp; 20069354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KION Group | &nbsp;&nbsp;&nbsp;&nbsp;411312 | &nbsp;&nbsp;&nbsp; 32500727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;130780 | &nbsp;&nbsp;&nbsp; 31775424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94887 | &nbsp;&nbsp;&nbsp; 13311562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Healthineers 144A # | &nbsp;&nbsp;&nbsp;&nbsp;273798 | &nbsp;&nbsp;&nbsp; 14351844 |
|  |  | &nbsp;&nbsp;&nbsp; 123636829 |
| &nbsp;&nbsp;Hong Kong — 3.46% | &nbsp;&nbsp;Hong Kong — 3.46% | &nbsp;&nbsp;Hong Kong — 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development | 5658000 | &nbsp;&nbsp;&nbsp; 20489233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential | 1746069 | &nbsp;&nbsp;&nbsp; 26859915 |
|  |  | &nbsp;&nbsp;&nbsp; 47349148 |
| &nbsp;&nbsp;India — 6.59% | &nbsp;&nbsp;India — 6.59% | &nbsp;&nbsp;India — 6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Bank | 1930231 | &nbsp;&nbsp;&nbsp; 27294407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | 1537075 | &nbsp;&nbsp;&nbsp; 36077428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank | 2421269 | &nbsp;&nbsp;&nbsp; 26747505 |
|  |  | &nbsp;&nbsp;&nbsp; 90119340 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;Ireland — 3.75% | &nbsp;&nbsp;Ireland — 3.75% | &nbsp;&nbsp;Ireland — 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian | &nbsp;&nbsp;&nbsp;&nbsp;541549 | &nbsp;&nbsp;$24416593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON † | &nbsp;&nbsp;&nbsp;&nbsp;147303 | &nbsp;&nbsp;&nbsp; 26841553 |
|  |  | &nbsp;&nbsp;&nbsp; 51258146 |
| &nbsp;&nbsp;Japan — 10.09% | &nbsp;&nbsp;Japan — 10.09% | &nbsp;&nbsp;Japan — 10.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daikin Industries | &nbsp;&nbsp;&nbsp;&nbsp;107700 | &nbsp;&nbsp;&nbsp; 13773949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni | &nbsp;&nbsp;&nbsp;&nbsp;677200 | &nbsp;&nbsp;&nbsp; 18860019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 2167300 | &nbsp;&nbsp;&nbsp; 34397379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEC | &nbsp;&nbsp;&nbsp;&nbsp;440800 | &nbsp;&nbsp;&nbsp; 14914692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus | 1727500 | &nbsp;&nbsp;&nbsp; 21903413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98600 | &nbsp;&nbsp;&nbsp; 34115687 |
|  |  | &nbsp;&nbsp;&nbsp; 137965139 |
| &nbsp;&nbsp;Luxembourg — 1.51% | &nbsp;&nbsp;Luxembourg — 1.51% | &nbsp;&nbsp;Luxembourg — 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific | &nbsp;&nbsp;&nbsp;&nbsp;282901 | &nbsp;&nbsp;&nbsp; 20688107 |
|  |  | &nbsp;&nbsp;&nbsp; 20688107 |
| &nbsp;&nbsp;Netherlands — 7.07% | &nbsp;&nbsp;Netherlands — 7.07% | &nbsp;&nbsp;Netherlands — 7.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adyen 144A #, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006 | &nbsp;&nbsp;&nbsp; 19360573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argenx ADR † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27833 | &nbsp;&nbsp;&nbsp; 23406161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMCD | &nbsp;&nbsp;&nbsp;&nbsp;131053 | &nbsp;&nbsp;&nbsp; 11894686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | 1492755 | &nbsp;&nbsp;&nbsp; 41958707 |
|  |  | &nbsp;&nbsp;&nbsp; 96620127 |
| &nbsp;&nbsp;Singapore — 4.19% | &nbsp;&nbsp;Singapore — 4.19% | &nbsp;&nbsp;Singapore — 4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Class A † | 6133306 | &nbsp;&nbsp;&nbsp; 30605197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;209263 | &nbsp;&nbsp;&nbsp; 26695681 |
|  |  | &nbsp;&nbsp;&nbsp; 57300878 |
| &nbsp;&nbsp;South Korea — 5.49% | &nbsp;&nbsp;South Korea — 5.49% | &nbsp;&nbsp;South Korea — 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74184 | &nbsp;&nbsp;&nbsp; 6386107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics | &nbsp;&nbsp;&nbsp;&nbsp;379727 | &nbsp;&nbsp;&nbsp; 31826780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81224 | &nbsp;&nbsp;&nbsp; 36784577 |
|  |  | &nbsp;&nbsp;&nbsp; 74997464 |
| &nbsp;&nbsp;Spain — 2.46% | &nbsp;&nbsp;Spain — 2.46% | &nbsp;&nbsp;Spain — 2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 1433419 | &nbsp;&nbsp;&nbsp; 33624025 |
|  |  | &nbsp;&nbsp;&nbsp; 33624025 |
| &nbsp;&nbsp;Switzerland — 1.16% | &nbsp;&nbsp;Switzerland — 1.16% | &nbsp;&nbsp;Switzerland — 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73327 | &nbsp;&nbsp;&nbsp; 15813044 |
|  |  | &nbsp;&nbsp;&nbsp; 15813044 |
| &nbsp;&nbsp;Taiwan — 6.10% | &nbsp;&nbsp;Taiwan — 6.10% | &nbsp;&nbsp;Taiwan — 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 1698000 | &nbsp;&nbsp;&nbsp; 83469070 |
|  |  | &nbsp;&nbsp;&nbsp; 83469070 |
| &nbsp;&nbsp;United Kingdom — 9.73% | &nbsp;&nbsp;United Kingdom — 9.73% | &nbsp;&nbsp;United Kingdom — 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | 1244373 | &nbsp;&nbsp;&nbsp; 28639314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | 5127590 | &nbsp;&nbsp;&nbsp; 32822364 |

---

NQ- IV961 [1225] 0226 (5191660) 1

------

Nomura International Core Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) | &nbsp;&nbsp;United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group | &nbsp;&nbsp;&nbsp;&nbsp;958469 | &nbsp;&nbsp;$30369140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment † | &nbsp;&nbsp;&nbsp;&nbsp;111338 | &nbsp;&nbsp;&nbsp; 23942123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries | 2183114 | &nbsp;&nbsp;&nbsp; 17218099 |
|  |  | &nbsp;&nbsp;&nbsp; 132991040 |
| &nbsp;&nbsp;United States — 3.24% | &nbsp;&nbsp;United States — 3.24% | &nbsp;&nbsp;United States — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp; 13902437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;791108 | &nbsp;&nbsp;&nbsp; 30362725 |
|  |  | &nbsp;&nbsp;&nbsp; 44265162 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $1,020,071,126)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $1,020,071,126)** | &nbsp;&nbsp;&nbsp;**1335104796** |
| &nbsp;&nbsp;**Short-Term Investments — 1.18%** | &nbsp;&nbsp;**Short-Term Investments — 1.18%** | &nbsp;&nbsp;**Short-Term Investments — 1.18%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.18% | &nbsp;&nbsp;Money Market Mutual Funds — 1.18% | &nbsp;&nbsp;Money Market Mutual Funds — 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 4035056 | &nbsp;&nbsp;&nbsp; 4035056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 4035056 | &nbsp;&nbsp;&nbsp; 4035056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 4035056 | &nbsp;&nbsp;&nbsp; 4035056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 4035056 | &nbsp;&nbsp;&nbsp; 4035056 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $16,140,224)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $16,140,224)** | &nbsp;&nbsp;&nbsp; **16140224** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.83%<br> (cost $1,036,211,350)** |  | &nbsp;&nbsp;&nbsp;**1351245020** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities — 1.17%** |  | &nbsp;&nbsp;&nbsp; **16063112** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 60,250,980 Shares Outstanding — 100.00%** |  | &nbsp;&nbsp;**$1367308132** |

---

---

| |
|:---|
| Securities have been classified by country of risk. |
| Non-income producing security. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of Rule 144A securities was $33,712,417, which represents 2.47% of the Fund's net assets. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |

---

2 NQ- IV961 [1225] 0226 (5191660)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

- **a. Name of Series:** Nomura International Core Equity Fund

- **b. EDGAR series identifier (if any):** S000024840

- **c. LEI of Series:** 08BZIW7S4NU6VLSVN005

**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:** $1374288061.64

**Total Liabilities:** $6737319.54

**Net Assets:** $1367550742.10

**Cash Not Reported:** $11678418.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073956 | 0.72%                | -0.99%               | 1.78%                |
| Class ID C000073958 | 0.65%                | -1.06%               | 1.72%                |
| Class ID C000073960 | 0.71%                | -0.94%               | 1.79%                |
| Class ID C000073961 | 0.68%                | -0.96%               | 1.77%                |
| Class ID C000122166 | 0.68%                | -1.00%               | 1.74%                |
| Class ID C000146700 | 0.71%                | -0.94%               | 1.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11214047.13             | $2127687.18                                |
| Month 2  | $13960584.98             | $-28175143.35                              |
| Month 3  | $18577550.60             | $5055329.91                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Embraer SA                                     | Embraer SA                                     | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    380688 | NS      | $24504886.56  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                            | Ascendis Pharma A/S                            | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     81099 | NS      | $17293550.76  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                  | Eastroc Beverage Group Co Ltd                  | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |    360251 | NS      | $13789572.21  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                  | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1930231 | NS      | $27294406.92  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                      | Argenx SE                                      | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     27833 | NS      | $23406161.35  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc                         | KB Financial Group Inc                         | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     74184 | NS      | $6386106.59   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1698000 | NS      | $83469070.29  | 6.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                              | Grab Holdings Ltd                              | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |   6133306 | NS      | $30605196.94  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |   1492755 | NS      | $41958706.57  | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    130780 | NS      | $31775424.54  | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont SA                    | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     73327 | NS      | $15813044.20  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                         | Melrose Industries PLC                         | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |   2183114 | NS      | $17218098.77  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment PLC                      | Flutter Entertainment PLC                      | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |    111338 | NS      | $23942123.52  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                             | Midea Group Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   2587694 | NS      | $28933344.27  | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                           | Booking Holdings Inc                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      2596 | NS      | $13902436.68  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA                             | Banco do Brasil SA                             | CUSIP: 000000000<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |   4614661 | NS      | $18459486.13  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                   | SK hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     81224 | NS      | $36784577.21  | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| KION Group AG                                  | KION Group AG                                  | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |    411312 | NS      | $32500726.81  | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                              | Siemens Energy AG                              | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     94887 | NS      | $13311562.36  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                   | Barclays PLC                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   5127590 | NS      | $32822363.94  | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    616550 | NS      | $20069353.74  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   1537075 | NS      | $36077428.65  | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                                         | XP Inc                                         | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |   1246521 | NS      | $20405548.77  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                | BAE Systems PLC                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |   1244373 | NS      | $28639314.29  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    147303 | NS      | $26841552.66  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd                               | Lenovo Group Ltd                               | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |  10682000 | NS      | $12702986.58  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   2421269 | NS      | $26747504.86  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                       | SMC Corp                                       | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     98600 | NS      | $34115687.52  | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SLB Ltd                                        | SLB Ltd                                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    791108 | NS      | $30362725.04  | 2.22%             |  |  |  | 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        |   4035056 | NS      | $4035055.95   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                                   | Olympus Corp                                   | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |   1727500 | NS      | $21903412.66  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                       | NEC Corp                                       | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    440800 | NS      | $14914691.54  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BioNTech SE                                    | BioNTech SE                                    | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    122142 | NS      | $11627918.40  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                        | Sea Ltd                                        | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    209263 | NS      | $26695680.91  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   4035056 | NS      | $4035055.95   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                       | Adyen NV                                       | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     12006 | NS      | $19360573.06  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                              | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    958469 | NS      | $30369139.66  | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                        | Siemens Healthineers AG                        | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |    273798 | NS      | $14351843.57  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                                  | Marubeni Corp                                  | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    677200 | NS      | $18860019.18  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                          | Daikin Industries Ltd                          | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |    107700 | NS      | $13773948.99  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     83722 | NS      | $19442256.63  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BBVA                                           | Banco Bilbao Vizcaya Argentaria SA             | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |   1433419 | NS      | $33624024.82  | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   4035056 | NS      | $4035055.91   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     17755 | NS      | $35763186.30  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific SE                         | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |    282901 | NS      | $20688106.65  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   4035056 | NS      | $4035055.95   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    301800 | NS      | $23161200.23  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc/Th                 | Descartes Systems Group Inc/The                | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |    196704 | NS      | $17256295.68  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                                | Amer Sports Inc                                | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | FI        |    437297 | NS      | $16333042.95  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    379727 | NS      | $31826779.90  | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group                 | Mitsubishi UFJ Financial Group Inc             | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   2167300 | NS      | $34397378.65  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                   | Alimentation Couche-Tard Inc                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    404061 | NS      | $22067256.25  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HENDERSON LAND                                 | Henderson Land Development Co Ltd              | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |   5658000 | NS      | $20489232.88  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                        | IMCD NV                                        | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    131053 | NS      | $11894686.51  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                   | Experian PLC                                   | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    541549 | NS      | $24416593.43  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                    | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   5685000 | NS      | $38674472.01  | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollarama Inc                                  | Dollarama Inc                                  | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |    108526 | NS      | $16220191.35  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                                 | Prudential PLC                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | HK        |   1746069 | NS      | $26859915.07  | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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