# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-008185
**Filing Date:** 2026-2
**Character Count:** 39173
**Document Hash:** 57e07fbc77dffd88531079d118b51aa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008185.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008185

**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:** 26683411

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Nomura Mid Cap Growth Fund (Series ID: S000006293)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000017298 | Class R             | WMGRX           |
| C000017299 | Class A             | WMGAX           |
| C000017301 | Class C             | WMGCX           |
| C000017302 | Class Y             | WMGYX           |
| C000045549 | Institutional Class | IYMIX           |
| C000146684 | Class R6            | IGRFX           |

## Nport-Ex

## Schedule of investments
Nomura Mid Cap Growth Fund

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks — 99.94%♣** | &nbsp;&nbsp;**Common Stocks — 99.94%♣** | &nbsp;&nbsp;**Common Stocks — 99.94%♣** |
| &nbsp;&nbsp;Communication Services — 0.98% | &nbsp;&nbsp;Communication Services — 0.98% | &nbsp;&nbsp;Communication Services — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stubhub Holdings Class A † | 2632532 | &nbsp;&nbsp;$35618158 |
|  |  | &nbsp;&nbsp;&nbsp; 35618158 |
| &nbsp;&nbsp;Consumer Discretionary — 18.82% | &nbsp;&nbsp;Consumer Discretionary — 18.82% | &nbsp;&nbsp;Consumer Discretionary — 18.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;983536 | &nbsp;&nbsp;&nbsp; 36735070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;212839 | &nbsp;&nbsp;&nbsp; 37559698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Class A † | &nbsp;&nbsp;&nbsp;&nbsp;764366 | &nbsp;&nbsp;&nbsp; 46794486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Class A † | 1070653 | &nbsp;&nbsp;&nbsp; 65192061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;163294 | &nbsp;&nbsp;&nbsp; 46906201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding Class A † | 1329427 | &nbsp;&nbsp;&nbsp; 61791767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness Class A † | &nbsp;&nbsp;&nbsp;&nbsp;333729 | &nbsp;&nbsp;&nbsp; 36199585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool | &nbsp;&nbsp;&nbsp;&nbsp;177871 | &nbsp;&nbsp;&nbsp; 40687991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;&nbsp;532935 | &nbsp;&nbsp;&nbsp; 148646230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja † | &nbsp;&nbsp;&nbsp;&nbsp;474024 | &nbsp;&nbsp;&nbsp; 53043286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;443506 | &nbsp;&nbsp;&nbsp; 56666762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply | 1163687 | &nbsp;&nbsp;&nbsp; 58195987 |
|  |  | &nbsp;&nbsp;&nbsp; 688419124 |
| &nbsp;&nbsp;Consumer Staples — 1.39% | &nbsp;&nbsp;Consumer Staples — 1.39% | &nbsp;&nbsp;Consumer Staples — 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;91870 | &nbsp;&nbsp;&nbsp; 50777468 |
|  |  | &nbsp;&nbsp;&nbsp; 50777468 |
| &nbsp;&nbsp;Financials — 8.75% | &nbsp;&nbsp;Financials — 8.75% | &nbsp;&nbsp;Financials — 8.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;605799 | &nbsp;&nbsp;&nbsp; 48282180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay † | &nbsp;&nbsp;&nbsp;&nbsp;168299 | &nbsp;&nbsp;&nbsp; 50646218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey | &nbsp;&nbsp;&nbsp;&nbsp;215301 | &nbsp;&nbsp;&nbsp; 37503281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group | &nbsp;&nbsp;&nbsp;&nbsp;116605 | &nbsp;&nbsp;&nbsp; 45606548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;254602 | &nbsp;&nbsp;&nbsp; 90936196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Class A † | 1321182 | &nbsp;&nbsp;&nbsp; 46915173 |
|  |  | &nbsp;&nbsp;&nbsp; 319889596 |
| &nbsp;&nbsp;Healthcare — 19.39% | &nbsp;&nbsp;Healthcare — 19.39% | &nbsp;&nbsp;Healthcare — 19.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology † | &nbsp;&nbsp;&nbsp;&nbsp;325585 | &nbsp;&nbsp;&nbsp; 50840098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;185839 | &nbsp;&nbsp;&nbsp; 73898878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;135799 | &nbsp;&nbsp;&nbsp; 28957779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne | 1260026 | &nbsp;&nbsp;&nbsp; 74102129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences † | &nbsp;&nbsp;&nbsp;&nbsp;798605 | &nbsp;&nbsp;&nbsp; 68081076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories † | &nbsp;&nbsp;&nbsp;&nbsp;210488 | &nbsp;&nbsp;&nbsp; 142401447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed † | &nbsp;&nbsp;&nbsp;&nbsp;237446 | &nbsp;&nbsp;&nbsp; 41325102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet † | &nbsp;&nbsp;&nbsp;&nbsp;295319 | &nbsp;&nbsp;&nbsp; 83941472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals † | &nbsp;&nbsp;&nbsp;&nbsp;663542 | &nbsp;&nbsp;&nbsp; 52492807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Class A † | &nbsp;&nbsp;&nbsp;&nbsp;221113 | &nbsp;&nbsp;&nbsp; 49359055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Holding † | 1333593 | &nbsp;&nbsp;&nbsp; 43675171 |
|  |  | &nbsp;&nbsp;&nbsp; 709075014 |
| &nbsp;&nbsp;Industrials — 22.81% | &nbsp;&nbsp;Industrials — 22.81% | &nbsp;&nbsp;Industrials — 22.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies | &nbsp;&nbsp;&nbsp;&nbsp;294845 | &nbsp;&nbsp;&nbsp; 50961010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Class A † | &nbsp;&nbsp;&nbsp;&nbsp;134345 | &nbsp;&nbsp;&nbsp; 14583150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart † | 1021925 | &nbsp;&nbsp;&nbsp; 40008364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal | 2143612 | &nbsp;&nbsp;&nbsp; 86023149 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) | &nbsp;&nbsp;Industrials (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;251425 | &nbsp;&nbsp;$55974748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;400157 | &nbsp;&nbsp;&nbsp; 54569410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Class A | &nbsp;&nbsp;&nbsp;&nbsp;289482 | &nbsp;&nbsp;&nbsp; 73073941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;406070 | &nbsp;&nbsp;&nbsp; 83252471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions † | &nbsp;&nbsp;&nbsp;&nbsp;484865 | &nbsp;&nbsp;&nbsp; 36806102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | &nbsp;&nbsp;&nbsp;&nbsp;310440 | &nbsp;&nbsp;&nbsp; 74393842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding † | &nbsp;&nbsp;&nbsp;&nbsp;346486 | &nbsp;&nbsp;&nbsp; 52839115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services | &nbsp;&nbsp;&nbsp;&nbsp;177315 | &nbsp;&nbsp;&nbsp; 74837569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins | 1064409 | &nbsp;&nbsp;&nbsp; 63885828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;365118 | &nbsp;&nbsp;&nbsp; 73045507 |
|  |  | &nbsp;&nbsp;&nbsp; 834254206 |
| &nbsp;&nbsp;Information Technology — 22.91% | &nbsp;&nbsp;Information Technology — 22.91% | &nbsp;&nbsp;Information Technology — 22.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Class B | &nbsp;&nbsp;&nbsp;&nbsp;873818 | &nbsp;&nbsp;&nbsp; 33349264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW | &nbsp;&nbsp;&nbsp;&nbsp;282604 | &nbsp;&nbsp;&nbsp; 38490665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Class A † | &nbsp;&nbsp;&nbsp;&nbsp;529742 | &nbsp;&nbsp;&nbsp; 104438635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent † | &nbsp;&nbsp;&nbsp;&nbsp;273205 | &nbsp;&nbsp;&nbsp; 50425447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Class A † | &nbsp;&nbsp;&nbsp;&nbsp;660074 | &nbsp;&nbsp;&nbsp; 89763463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot † | &nbsp;&nbsp;&nbsp;&nbsp;130870 | &nbsp;&nbsp;&nbsp; 52518131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron † | &nbsp;&nbsp;&nbsp;&nbsp;374148 | &nbsp;&nbsp;&nbsp; 34743383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;383042 | &nbsp;&nbsp;&nbsp; 65607434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates † | &nbsp;&nbsp;&nbsp;&nbsp;291236 | &nbsp;&nbsp;&nbsp; 50474111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;120361 | &nbsp;&nbsp;&nbsp; 109090396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta † | &nbsp;&nbsp;&nbsp;&nbsp;547418 | &nbsp;&nbsp;&nbsp; 65137268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Class A † | &nbsp;&nbsp;&nbsp;&nbsp;299974 | &nbsp;&nbsp;&nbsp; 65802297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies † | &nbsp;&nbsp;&nbsp;&nbsp;103494 | &nbsp;&nbsp;&nbsp; 46981101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler † | &nbsp;&nbsp;&nbsp;&nbsp;138566 | &nbsp;&nbsp;&nbsp; 31166265 |
|  |  | &nbsp;&nbsp;&nbsp; 837987860 |
| &nbsp;&nbsp;Materials — 1.99% | &nbsp;&nbsp;Materials — 1.99% | &nbsp;&nbsp;Materials — 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials | &nbsp;&nbsp;&nbsp;&nbsp;116992 | &nbsp;&nbsp;&nbsp; 72846239 |
|  |  | &nbsp;&nbsp;&nbsp; 72846239 |
| &nbsp;&nbsp;Real Estate — 2.90% | &nbsp;&nbsp;Real Estate — 2.90% | &nbsp;&nbsp;Real Estate — 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group † | 1579272 | &nbsp;&nbsp;&nbsp; 106190249 |
|  |  | &nbsp;&nbsp;&nbsp; 106190249 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $2,826,571,757)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $2,826,571,757)** | &nbsp;&nbsp;&nbsp;**3655057914** |
| &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** | &nbsp;&nbsp;**Short-Term Investments — 0.25%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% | &nbsp;&nbsp;Money Market Mutual Funds — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.65%) | 2327871 | &nbsp;&nbsp;&nbsp; 2327871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.67%) | 2327871 | &nbsp;&nbsp;&nbsp; 2327871 |

---

NQ- IV068 [1225] 0226 (5191660) 1

------

Nomura Mid Cap Growth Fund

---

| | | |
|:---|:---|:---|
|  | **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;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.68%) | 2327871 | &nbsp;&nbsp;$2327871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.69%) | 2327871 | &nbsp;&nbsp;&nbsp; 2327871 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $9,311,484)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $9,311,484)** | &nbsp;&nbsp;&nbsp; **9311484** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.19%<br> (cost $2,835,883,241)** |  | &nbsp;&nbsp;&nbsp;**3664369398** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.19%)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(7039806)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 146,692,458 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$3657329592** |

---

♣ 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- IV068 [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 Mid Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000006293

- **c. LEI of Series:** XSXMTLL0BOLLO6D4X454

**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:** $3671671137.61

**Total Liabilities:** $10398076.69

**Net Assets:** $3661273060.92

**Cash Not Reported:** $4307.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017298 | 0.16%                | -1.30%               | -2.70%               |
| Class ID C000017299 | 0.19%                | -1.29%               | -2.66%               |
| Class ID C000017301 | 0.11%                | -1.34%               | -2.68%               |
| Class ID C000017302 | 0.17%                | -1.30%               | -2.63%               |
| Class ID C000045549 | 0.20%                | -1.26%               | -2.60%               |
| Class ID C000146684 | 0.22%                | -1.28%               | -2.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $122750786.27            | $-110872904.21                             |
| Month 2  | $102483160.32            | $-158043317.55                             |
| Month 3  | $25983147.77             | $-124701305.41                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kinsale Capital Group Inc                      | Kinsale Capital Group Inc                      | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116605 | NS      | $45606547.60  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                   | Tapestry Inc                                   | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    443506 | NS      | $56666761.62  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                     | HEICO Corp                                     | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    289482 | NS      | $73073941.26  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                            | Ascendis Pharma A/S                            | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    135799 | NS      | $28957778.76  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                             | Planet Fitness Inc                             | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    333729 | NS      | $36199584.63  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol                 | MACOM Technology Solutions Holdings Inc        | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    383042 | NS      | $65607433.76  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                           | SPX Technologies Inc                           | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |    365118 | NS      | $73045507.08  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                           | Align Technology Inc                           | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |    325585 | NS      | $50840097.75  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                  | Hilton Worldwide Holdings Inc                  | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    163294 | NS      | $46906201.50  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                     | Copart Inc                                     | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |   1021925 | NS      | $40008363.75  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                     | Floor & Decor Holdings Inc                     | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |   1070653 | NS      | $65192061.17  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc                                     | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    237446 | NS      | $41325101.84  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc                      | Ionis Pharmaceuticals Inc                      | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    663542 | NS      | $52492807.62  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                    | Zscaler Inc                                    | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |    138566 | NS      | $31166264.72  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                              | Veeva Systems Inc                              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    221113 | NS      | $49359054.99  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                            | Quanta Services Inc                            | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    177315 | NS      | $74837568.90  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                         | IDEXX Laboratories Inc                         | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    210488 | NS      | $142401446.64 | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc                       | Ferguson Enterprises Inc                       | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    251425 | NS      | $55974747.75  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                      | Construction Partners Inc                      | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |    134345 | NS      | $14583149.75  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Stubhub Holdings Inc                           | Stubhub Holdings Inc                           | CUSIP: 86384P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2632532 | NS      | $35618157.96  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                     | Corpay Inc                                     | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |    168299 | NS      | $50646218.07  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu                 | Kratos Defense & Security Solutions Inc        | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    484865 | NS      | $36806102.15  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp                                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |   1260026 | NS      | $74102129.06  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                         | Tyler Technologies Inc                         | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |    103494 | NS      | $46981101.30  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                           | BWX Technologies Inc                           | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |    294845 | NS      | $50961009.80  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    273205 | NS      | $50425446.85  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                                 | Dutch Bros Inc                                 | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    764366 | NS      | $46794486.52  | 1.28%             |  |  |  | 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        |   2327871 | NS      | $2327870.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                           | Waystar Holding Corp                           | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1333593 | NS      | $43675170.75  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                     | LPL Financial Holdings Inc                     | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |    254602 | NS      | $90936196.34  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                     | Casey's General Stores Inc                     | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     91870 | NS      | $50777467.70  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace Inc                           | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    406070 | NS      | $83252471.40  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                     | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   2327871 | NS      | $2327870.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                              | Brown & Brown Inc                              | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    605799 | NS      | $48282180.30  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                      | Toast Inc                                      | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |   1321182 | NS      | $46915172.82  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                  | Snowflake Inc                                  | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    299974 | NS      | $65802296.64  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                    | Alnylam Pharmaceuticals Inc                    | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    185839 | NS      | $73898878.35  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                    | Royal Caribbean Cruises Ltd                    | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |    532935 | NS      | $148646230.20 | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                    | HubSpot Inc                                    | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |    130870 | NS      | $52518131.00  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                    | Fastenal Co                                    | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   2143612 | NS      | $86023149.56  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                    | Novanta Inc                                    | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    547418 | NS      | $65137267.82  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                       | Manhattan Associates Inc                       | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |    291236 | NS      | $50474111.16  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                  | On Holding AG                                  | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |   1329427 | NS      | $61791766.96  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   2327871 | NS      | $2327870.87   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                            | Bentley Systems Inc                            | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |    873818 | NS      | $33349263.97  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                      | Itron Inc                                      | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |    374148 | NS      | $34743383.28  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                              | Tractor Supply Co                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |   1163687 | NS      | $58195986.87  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                 | Cloudflare Inc                                 | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    529742 | NS      | $104438635.30 | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2327871 | NS      | $2327870.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                                 | SharkNinja Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    474024 | NS      | $53043285.60  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                    | CDW Corp/DE                                    | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    282604 | NS      | $38490664.80  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                    | Rollins Inc                                    | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |   1064409 | NS      | $63885828.18  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                                | Amer Sports Inc                                | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | FI        |    983536 | NS      | $36735069.60  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                  | Martin Marietta Materials Inc                  | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |    116992 | NS      | $72846238.72  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                         | Boot Barn Holdings Inc                         | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |    212839 | NS      | $37559698.33  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                               | CoStar Group Inc                               | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1579272 | NS      | $106190249.28 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                   | Monolithic Power Systems Inc                   | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |    120361 | NS      | $109090395.96 | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                         | Paylocity Holding Corp                         | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |    346486 | NS      | $52839115.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                   | Insulet Corp                                   | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |    295319 | NS      | $83941472.56  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                      | Edwards Lifesciences Corp                      | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |    798605 | NS      | $68081076.25  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                      | Pool Corp                                      | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |    177871 | NS      | $40687991.25  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                    | Datadog Inc                                    | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    660074 | NS      | $89763463.26  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                  | Lincoln Electric Holdings Inc                  | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |    310440 | NS      | $74393841.60  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                           | Generac Holdings Inc                           | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |    400157 | NS      | $54569410.09  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |    215301 | NS      | $37503281.19  | 1.02%             |  |  |  | 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