# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008193
**Filing Date:** 2026-2
**Character Count:** 23741
**Document Hash:** a74761db1f27d18e4285cc7b8923453e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008193.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008193

**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:** 26683425

**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 Large Cap Growth Fund (Series ID: S000006291)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017289 | Class R             | WLGRX           |
| C000017290 | Class A             | WLGAX           |
| C000017292 | Class C             | WLGCX           |
| C000017293 | Class Y             | WLGYX           |
| C000045547 | Institutional Class | IYGIX           |
| C000146682 | Class R6            | ILGRX           |

## Nport-Ex

## Schedule of investments
Nomura Large Cap Growth Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.97%♣** | &nbsp;&nbsp;**Common Stocks — 99.97%♣** | &nbsp;&nbsp;**Common Stocks — 99.97%♣** |
| &nbsp;&nbsp;Communication Services — 7.61% | &nbsp;&nbsp;Communication Services — 7.61% | &nbsp;&nbsp;Communication Services — 7.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | 1394958 | &nbsp;&nbsp;$436621854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;109025 | &nbsp;&nbsp;&nbsp; 71966312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;831763 | &nbsp;&nbsp;&nbsp; 77986099 |
|  |  | &nbsp;&nbsp;&nbsp; 586574265 |
| &nbsp;&nbsp;Consumer Discretionary — 8.53% | &nbsp;&nbsp;Consumer Discretionary — 8.53% | &nbsp;&nbsp;Consumer Discretionary — 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | 2063172 | &nbsp;&nbsp;&nbsp; 476221361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;25120 | &nbsp;&nbsp;&nbsp; 134525890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;126802 | &nbsp;&nbsp;&nbsp; 46860947 |
|  |  | &nbsp;&nbsp;&nbsp; 657608198 |
| &nbsp;&nbsp;Consumer Staples — 0.92% | &nbsp;&nbsp;Consumer Staples — 0.92% | &nbsp;&nbsp;Consumer Staples — 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola | 1013350 | &nbsp;&nbsp;&nbsp; 70843299 |
|  |  | &nbsp;&nbsp;&nbsp; 70843299 |
| &nbsp;&nbsp;Financials — 13.97% | &nbsp;&nbsp;Financials — 13.97% | &nbsp;&nbsp;Financials — 13.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | 1482701 | &nbsp;&nbsp;&nbsp; 240138254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;361269 | &nbsp;&nbsp;&nbsp; 206241247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI | &nbsp;&nbsp;&nbsp;&nbsp;130677 | &nbsp;&nbsp;&nbsp; 74973315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;361976 | &nbsp;&nbsp;&nbsp; 189165038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa Class A | 1044050 | &nbsp;&nbsp;&nbsp; 366158775 |
|  |  | &nbsp;&nbsp;&nbsp;1076676629 |
| &nbsp;&nbsp;Healthcare — 9.10% | &nbsp;&nbsp;Healthcare — 9.10% | &nbsp;&nbsp;Healthcare — 9.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher | &nbsp;&nbsp;&nbsp;&nbsp;951467 | &nbsp;&nbsp;&nbsp; 217809826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;652206 | &nbsp;&nbsp;&nbsp; 80051764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;108371 | &nbsp;&nbsp;&nbsp; 73316232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical † | &nbsp;&nbsp;&nbsp;&nbsp;246375 | &nbsp;&nbsp;&nbsp; 139536945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;237453 | &nbsp;&nbsp;&nbsp; 78385610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;503316 | &nbsp;&nbsp;&nbsp; 112355231 |
|  |  | &nbsp;&nbsp;&nbsp; 701455608 |
| &nbsp;&nbsp;Industrials — 6.63% | &nbsp;&nbsp;Industrials — 6.63% | &nbsp;&nbsp;Industrials — 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions | &nbsp;&nbsp;&nbsp;&nbsp;425071 | &nbsp;&nbsp;&nbsp; 94863095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax | &nbsp;&nbsp;&nbsp;&nbsp;587223 | &nbsp;&nbsp;&nbsp; 127415646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;&nbsp;59702 | &nbsp;&nbsp;&nbsp; 9361274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics | &nbsp;&nbsp;&nbsp;&nbsp;592515 | &nbsp;&nbsp;&nbsp; 132539680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections | &nbsp;&nbsp;&nbsp;&nbsp;835205 | &nbsp;&nbsp;&nbsp; 146461549 |
|  |  | &nbsp;&nbsp;&nbsp; 510641244 |
| &nbsp;&nbsp;Information Technology — 50.27% | &nbsp;&nbsp;Information Technology — 50.27% | &nbsp;&nbsp;Information Technology — 50.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices † | &nbsp;&nbsp;&nbsp;&nbsp;429975 | &nbsp;&nbsp;&nbsp; 92083446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | 2430880 | &nbsp;&nbsp;&nbsp; 660859037 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Autodesk † | &nbsp;&nbsp;&nbsp;&nbsp;252159 | &nbsp;&nbsp;$74641586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;596890 | &nbsp;&nbsp;&nbsp; 206583629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit | &nbsp;&nbsp;&nbsp;&nbsp;326593 | &nbsp;&nbsp;&nbsp; 216341735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | 2209657 | &nbsp;&nbsp;&nbsp;1068634318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;103582 | &nbsp;&nbsp;&nbsp; 39705052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | 5834631 | &nbsp;&nbsp;&nbsp;1088158682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;519290 | &nbsp;&nbsp;&nbsp; 137565114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys † | &nbsp;&nbsp;&nbsp;&nbsp;256027 | &nbsp;&nbsp;&nbsp; 120261002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | &nbsp;&nbsp;&nbsp;&nbsp;558060 | &nbsp;&nbsp;&nbsp; 169588853 |
|  |  | &nbsp;&nbsp;&nbsp;3874422454 |
| &nbsp;&nbsp;Materials — 1.70% | &nbsp;&nbsp;Materials — 1.70% | &nbsp;&nbsp;Materials — 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;460055 | &nbsp;&nbsp;&nbsp; 131216887 |
|  |  | &nbsp;&nbsp;&nbsp; 131216887 |
| &nbsp;&nbsp;Real Estate — 1.24% | &nbsp;&nbsp;Real Estate — 1.24% | &nbsp;&nbsp;Real Estate — 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1421190 | &nbsp;&nbsp;&nbsp; 95560816 |
|  |  | &nbsp;&nbsp;&nbsp; 95560816 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,850,419,018)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $2,850,419,018)** | &nbsp;&nbsp;&nbsp;**7704999400** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.97%<br> (cost $2,850,419,018)** |  | &nbsp;&nbsp;&nbsp;**7704999400** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.03%** |  | &nbsp;&nbsp;&nbsp; **2644795** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 199,456,956 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$7707644195** |

---

♣ 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 |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's Financial Services LLC |

---

NQ- IV067 [1225] 0226 (5191660) 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 Large Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000006291

- **c. LEI of Series:** 55GF8UT7OPVYKJTN2Y17

**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:** $7742987481.81

**Total Liabilities:** $11897547.00

**Net Assets:** $7731089934.81

**Cash Not Reported:** $30438545.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017289 | 2.25%                | -2.20%               | 0.32%                |
| Class ID C000017290 | 2.29%                | -2.18%               | 0.34%                |
| Class ID C000017292 | 2.17%                | -2.24%               | 0.28%                |
| Class ID C000017293 | 2.28%                | -2.18%               | 0.36%                |
| Class ID C000045547 | 2.30%                | -2.18%               | 0.38%                |
| Class ID C000146682 | 2.32%                | -2.15%               | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-23286960.66            | $207762336.99                              |
| Month 2  | $61797845.55             | $-239339641.21                             |
| Month 3  | $78589817.45             | $-51677064.90                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visa Inc                       | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   1044050 | NS      | $366158775.50  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    246375 | NS      | $139536945.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1421190 | NS      | $95560815.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    652206 | NS      | $80051764.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    425071 | NS      | $94863095.07   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                              | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    252159 | NS      | $74641585.59   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc             | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     59702 | NS      | $9361273.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                      | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    592515 | NS      | $132539680.35  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    558060 | NS      | $169588853.40  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    831763 | NS      | $77986098.88   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                    | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |    103582 | NS      | $39705052.24   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    951467 | NS      | $217809825.64  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    256027 | NS      | $120261002.44  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    519290 | NS      | $137565113.90  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                     | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |    835205 | NS      | $146461548.80  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   5834631 | NS      | $1088158681.50 | 14.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc             | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |   1482701 | NS      | $240138253.96  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |   1013350 | NS      | $70843298.50   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    130677 | NS      | $74973315.21   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    326593 | NS      | $216341735.06  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    503316 | NS      | $112355230.68  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    109025 | NS      | $71966312.25   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   1394958 | NS      | $436621854.00  | 5.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2430880 | NS      | $660859036.80  | 8.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     25120 | NS      | $134525889.60  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    108371 | NS      | $73316232.63   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |    587223 | NS      | $127415646.54  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    361976 | NS      | $189165037.84  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    429975 | NS      | $92083446.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    361269 | NS      | $206241246.72  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   2063172 | NS      | $476221361.04  | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   2209657 | NS      | $1068634318.34 | 13.82%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    237453 | NS      | $78385609.83   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    460055 | NS      | $131216887.10  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    596890 | NS      | $206583629.00  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |    126802 | NS      | $46860947.12   | 0.61%             |  |  |  | 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